Following the Swiss National Bank’s decision yesterday to remove the Swiss Franc cap and the subsequent spike in volatility, the market experienced a period of extreme lack of liquidity for trading in CHF pairs. This led to significant losses for many market participants.
We would like to reassure you that HotForex is operating as normal, and was not affected in any material way.Our strict Risk Management procedures minimized the impact of this event.
Furthermore, we have stayed true to our motto of Honesty, Openness and Transparency. As testament to our commitment to fairness, all negative account balances have been reset to zero and any clients that bought CHF have been paid in full.
We are very proud of our reputation in the market and we are confident that after this event our reputation will grow even stronger. We would also like to take this opportunity to thank all of our clients and partners for their continued loyalty and we are looking forward to a strong 2015.
As a last note, please exercise extreme caution if entering the markets today as the volatility seems to be set to continue.