Hotspot FX - Forex Broker information, rating, reviews

Hotspot FXhttp://www.hotspotfx.com/
Status
Regulation The company is registered in the US, and is registered with CFTC. It is a member of the NFA.
Trading software FX ECN trading interface
Headquartered 545 Washington Boulevard, Jersey City, New Jersey 07310, United States;+1 212 209 1420

Hotspot FX which is one of the prime brokers brings the powerful benefits of an independent, transparent ECN marketplace structure to institutional foreign exchange trading. These benefits include full depth-of-book view, centralized price discovery, direct and anonymous market access, instantaneous trading on live, streaming prices and robust real-time pricing, benchmark, and reference data. For hedge funds, commodity trading advisors (CTAs), corporate treasuries, and institutional asset managers, Hotspot FX's FX ECN model provides full market transparency and greater control of the trading process, enabling better trade execution and lower execution costs.

These capabilities and other Hotspot FX features were revolutionary when first introduced and they continue to set the Hotspot FX marketplace apart from other platforms. Hotspot FX's electronic foreign exchange marketplaces offer benefits to foreign exchange traders, which has resulted in its growth into the top rank of FX multibank platforms.

Residence, Regulation, and Company Management Structure: hotspot fx broker is registered in the US, and is registered with CFTC. It is a member of the NFA. An office address is given, with its address is indicated. The managers of company and its basic subdivisions are given, and their personal e-mails are mentioned.

Company's Market Position: The company describes itself as client-to-client and bank-to-client - ECN. The banks-partners (liquidity suppliers) are not indicated. A company offers a standard trading account for private traders, and also a set of services for institutional clients (banks, funds, corporations, etc.). A "developed partner program" is also offered (for introduced brokers, a "White Label" program).

Types Services Offered: hotspot fx forex trades major currencies, its but list of instruments, on the site wasn't discovered. Information about basic term-of-trades is placed mainly in the FAQ. The minimum size of lots is made by 100000 units of trading currency. The size of credit leverage is determined by the size of initial margin and depends on the size of daily volume trading deposit. For trading volumes less than $100000 an initial margin is set to 2% from the volume of position that determines a credit leverage of 50:1. An initial margin is identical, for all of the currencies, except for the Polish zloty (PLN), for operations with which 4% from the volume of transaction is required. A supporting margin is 100% from the initial, the level of liquidation (Lockout Level) is set to 75% from a supporting margin. Information about the sizes of spreads cannot be found on the site. The transfer of positions, to the next day, is carried out by the standard SWAP system, but the sizes of rates are not specified. Initial deposits and balances of accounts are conducted only in USD. A minimum deposit is set at $7500. Depositing the money on an account and withdrawing from it can be made through a bank order or cheque. The company deducts a payment fee of $50 for every operation of the withdrawal of money. The relations of company and trader are verified with a "hard" copy agreement, and the remote opening of a trading account is not available. The broker’s trading platform is metatrader which is the worlds most popular trading software.

Traders Support: The general strategy of hotspot fx trading in organisation of its support of clients consists of readdressing of other companies. There is no page, for beginners, on the site. There a text document, describing the principles of Forex and the services of an "On-line Trading Academy" are offered - for the study of the fundamentals of trading. Fundamental and analytical mt4 is out of contact and not available. For Live Account" clients, the news from "Market News International" is available and is translated - technical analysis from "FXTrek" is offered. Interactive support of users is only available by phone. An auction platform is separate application (executable) which executes basic auction services. The site has obviously been done by minimalists - all is simple and brief and although navigation is comfortable, there are many things left to be desired.

Advantages: Registered in the USA, accountability to the CFTC. Documentary and the registration of customer relations. The spreads are tight and the commission is low, free demo account is available, comfortable trading hours and conditions.

Disadvantages: Extraordinarily avaricious informative news filling on the site. The absence of major information I.e. the list of trading instruments, sizes of spreads, rates of SWAP etc. The absence of self-analytical support for clients.

Hotspot FX trading information

WWW http://www.hotspotfx.com/
Address
Headquarters 545 Washington Boulevard, Jersey City, New Jersey 07310, United States
Free phone +1 212 209 1420
24 hour support
Free education
Mobile trading
24 hour trading
Digits after the dot in quotes
Minimum position size
Pip spread on majors 3
Spread Type
Leverage 50:1
ECN, $
Standard account, $ 7500
Mini account, $ 7500
Other payment methods
Popular payment methods Credit Card, BankTransfer
Account currencies
Other instruments CDFs, currency pairs
Other languages
Languages English
Platforms FX ECN trading interface
Broker type
Regulation CFTC, NFA
Foundation 2010
Hotspot FX latest reviews

I write this post for everyone who is not sure whether to open a real account with Hotspot or another broker. If you have no stable performance on demo, then there is no reason to open live account for you. Hotspot has everything that every trader needs and cover all aspects of forex trading, starting from trading platform, support, access to CBOE and ending with favorable terms for order execution. There are no issues with features like hedging and high leverage. I trade with them around a year and have made tens of withdraws from my account without any delay. However, if you trade profitably, you won't probably leave bad comments on this company. There are no complaints about this broker even if it’s not well known by community of traders.

C. Thinker   25 April, 2017  

No metatrader platform. Looks like more for institutional traders. The biggest point to trade is many types of order available for each customer. If you care about anonymous access to the market, you can get it here. It is all really matter but I cannot open account with few thousand dollars. I would say: "Forget about it if you don't have hundreds of thousands dollars for initial deposit and extra money to pay fees for additional services". Not for small guys.

Lewis_C   27 July, 2016  

Don't think so.

Forextramp   30 May, 2007  
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smiley   6 April, 2007  

first off hotspotfxi.com is not the same as hotspotfx.com thats why i hate all these forums and stupid sites nobody knows anything

hotspotfxi   26 September, 2006  
  


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