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Min Deposit |
7500 USD |
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Spread | 2 pips on EUR/USD
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Min Lot Size | 1 Lot
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Leverage |
1:50 |
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Hotspot FXr LLC has 8 reviews
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| HotSpot has transfered all accounts to FXCM - they are not longer interested in retail business.
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This broker has too much slippage – up to 25 pips.
They don’t have any technical support for problems with the platform.
Withdrawal is very slow - 2 weeks!!!
I do not reccomend them.
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| Hotspot has it advantages and disadvantages. If you try to trade between 20.00GMT and 02.00GMT, you will find their spread is an absolute shocker! sometimes more than 25pips. I have a video recording of their live platform and as soon as i find a site to post these, i will give you guys the link. imagine placing an entry order to buy, for example, eurusd for 1.4458 and the order was filled at 1.4469 and price never got to 1.4469 as evidence by the charting software they provided. Trailing stops do not exist. If you close your trade as a market order and failed to cancel your stoploss/take profit orders, hotspot fxr platform willl execute these as market orders if price gets to those levels.
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| poor execution, unfriendly service, slow deposits and withdrawals. I will close my acconut and look for a better one.
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| Hot spot is an true ECN broker and they will never trade against you but you need a min of 7500USD to open an account with them. Spreads and commission are low but they have only a lerverage of 1:50 and it will be changed to 1:33 if you have an account bigger than 100.000 USD.
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Live & Demo Differences
Several things stuck out immediately about HotSpot FX’s demo platform, these were:
1. You could not use the “Orders” button – this hampered my ability to place stop orders, limit orders and OCO orders; and
2. Prices were delayed.
I was a little disappointed with their demo platform.
Not knowing about their “Order” process (due to the demo limitation) I decided to read their user guide to find more about it. Here’s what I found:
1. Stop, limit and OCO orders must be placed within 10 pips of the current market price… nothing new here, but…
2. If the market was within 10 pips of a stop/limit/OCO order you could not amend or cancel that order!!!
Be careful when placing your orders people!!
What We Liked About HotspotFX
The ability to place limit orders inside the spread. Strangely enough when a limit order is placed on the screen the limit order can be amended and cancelled, it is only when you click on the “Order” button and enter a limit order that allows the previous problems mentioned above to be encountered.
I loved the market depth idea as this gives a whole new dimension to the forex market.
You can split your position, which is handy for those who like legging out of their position.
What We Didn’t Like About HotspotFX
I needed US$7,500 as the initial opening deposit. I don’t know why they demand such a high price, but it could be to get rid of all those pesky reviewers who like to place only small amounts of cash in, and who ask so many annoying questions.
Another minor issue was that they also charged commission of US$3 per 100k lot – which amounts to US$6 round turn. This is a minor cost as each tick is US$10 (for those currencies where the USD is
the base, such as EURUSD, GBPUSD etc), so once you have made one tick you are already in front.
The highest leverage that HotSpot FX offer is 50:1 and once your account exceeds US$100k they drop this to 33:1.
In summary…
Hotspot FX PROS
Market Depth
Place limit orders inside the spread
Ability to split positions
Hotspot FX CONS
Cannot amend or cancel orders within 10 pips of the market price
US$7,500 opening balance required
Commission of US$6 round turn per 100k contract
No mini accounts
Highest leverage set at 50:1
Is there a whole lot to like about HotSpot FX? For me personally – not a whole lot. Which surprised me as I had seen so many good recommendations from professional forex traders and was expecting something BIG, but maybe that’s the difference – professional forex traders like it. For little people (like me) I think HotSpot FX wouldn’t be our preferred broker, but they have made one giant step in the right direction with market depth and allowing the user to interact inside the spread.
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| Great execution but lack good charting. Allows placing order in between spread. However, price data is vague on news and spreads are quite wide.
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| Excellent company i trade Fx & options i have had very good service. They are an execution only broker. We are proud to have such a proffesional company in Kuwait. The Board members are well known in the community.
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