Hantec Markets

hi guys,

i've recently come across this new uk subsidiary of a larger asian financial firm and would like to provide exposure and open a discussion on any experiences or thoughts regarding the firm.

i would like to state that i have recently opened an account and im not an agent or earning any referral fees for this, however i have been impressed with the level of pre-account opening support that they provide.

their website is www.hantecfx.com and they launched in august 2010. I came across this broker when looking for a ECN or NDD (basically non market maker) broker. They trade FX/gold atm and spread is 1.8 pips on eur/usd. they are a NDD broker, with 200:1 leverage and minimum deposit of $1000 with support for MT4 and currunex(min $50k)

as i have just opened an account with them, i am limited on experience but i posed several questions to them in their live chat module and the level of service has been good initially.

does anyone have any direct experience of trading with them?

i'll provide more input once i start trading with them in the next 2-3 months.

Their FSA registration states they are not allowed to hold client money. Did you verify this before sending them your money?


http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=221472

pboyles said:

Their FSA registration states they are not allowed to hold client money. Did you verify this before sending them your money?


http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=221472

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hi pboyles, thanks for your reply.

yes i did verify thiswhen talking about funding with them. i havent funded the account yet, i queried why they have the funding options situated with westpac in australia and, as a traditional sort of chap, i told them that i would feel more comfortable funding my account with a uk bank and they assured me that the uk funding arrangement will be in place within a month. Until then, i have been using mt4 for demo trading and finalising things.

The prime reason that i went for them is the parent company and its reputation, the fact that they are NDD broker and there arent that many of them around and for those that are around, have had very bad reviews on service, slippage, etc.

so as yet, i am waiting for the uk funding bit to be set up. i will know in a month or so's time whether these guys are genuine or lying.

Hi, they stole my money by apply wrong margin call before, be smart, just stay away from them.

matinfxhk said:

Hi, they stole my money by apply wrong margin call before, be smart, just stay away from them.

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matinfxhk,
I would be very interested to know how we may have stolen your money by applying a wrong margin call, especially as an STP broker.
I see that you joined the forum today and have posted a total of 2 posts both recommending people to stay away. If you are an actual client of ours please do get in contact with us and we will be more than happy to look into any complaint you may have.
I don't think that incorrect,unsubstantiated and strong statements such as yours are that helpful to people who want to have honest feedback about a new broker.

Andrew

pboyles said:

Their FSA registration states they are not allowed to hold client money. Did you verify this before sending them your money?


http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=221472

Click to expand...

hi pboyles,
our client funds are kept with our sister company Hantec Markets Australia, which is ASIC regulated (ABN 54 129 943 086)
All client funds are therefore kept in a segregated designated client account, as per ASIC requirements.
If you have any questions please feel free to let me know.

Andrew

My Name is Martin, I live in Hong Kong, I invested USD 10K with Hantec( www.hantecmarkets.com / www.hantecfx.com) at 15th Nov 2010, according to their contract the STOP OUT MARGIN LEVEL is LESS OR EQUAL TO 30% OF the MARGIN, their leverage is 1:100. On 3rd Dec 2010, I was selling AUDUSD - 700,000 contracts, my balance at that point was 10159 and the used margin(open position margin) was USD 6953, so my available trading margin was 3206, unfortunelty, the AUD increased more and Hantec didn't apply the right margin call* and only closed my positions after I lose all the trading margin plus the most of my open position trading margin, I couldn't hedge the position because I didn't have trading margin available, but Hantec kept the positions opened, they only sold out the positions after -233% of the margin, that generated a big loss, my left balance was/is USD 1818, if they had apply the right margin call I should loss around USD 2280. On Monday I contacted with Mr. Leo Cui and he told me that Hantec has applied the right margin call and I know they didn't do that and it is not fair, if I couldn't open any new position even a hedge one because I didn't have free margin available, how could I have money(margin) to keep the losing positions opened? I am sure that Hantec is trying to cheated me, so I am here to tell everybody how they "work" and also to ask for the HELP of the FPA to solve this problem, if FPA or anybody else who can help me, please feel free to contact me via email or MSN([email protected] ), thanks in advance and happy / safe trading for everybody!

*The right margin calculation can be found here >>> http://bit.ly/dHKLp5

matinfxhk said:

My Name is Martin, I live in Hong Kong, I invested USD 10K with Hantec( www.hantecmarkets.com / www.hantecfx.com) at 15th Nov 2010, according to their contract the STOP OUT MARGIN LEVEL is LESS OR EQUAL TO 30% OF the MARGIN, their leverage is 1:100. On 3rd Dec 2010, I was selling AUDUSD - 700,000 contracts, my balance at that point was 10159 and the used margin(open position margin) was USD 6953, so my available trading margin was 3206, unfortunelty, the AUD increased more and Hantec didn't apply the right margin call* and only closed my positions after I lose all the trading margin plus the most of my open position trading margin, I couldn't hedge the position because I didn't have trading margin available, but Hantec kept the positions opened, they only sold out the positions after -233% of the margin, that generated a big loss, my left balance was/is USD 1818, if they had apply the right margin call I should loss around USD 2280. On Monday I contacted with Mr. Leo Cui and he told me that Hantec has applied the right margin call and I know they didn't do that and it is not fair, if I couldn't open any new position even a hedge one because I didn't have free margin available, how could I have money(margin) to keep the losing positions opened? I am sure that Hantec is trying to cheated me, so I am here to tell everybody how they "work" and also to ask for the HELP of the FPA to solve this problem, if FPA or anybody else who can help me, please feel free to contact me via email or MSN([email protected] ), thanks in advance and happy / safe trading for everybody!

*The right margin calculation can be found here >>> http://bit.ly/dHKLp5

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Hi Martin,
Before I begin I would like to mention that your account was held with Hantec Markets Australia, which is a sister company of ours (we are Hantec Markets Ltd. , www.hantecfx.com, based in the UK and part of the Hantec Group). However I will try and answer your grievance as best I can. I have forwarded your complaint to HMA. I will notify you by email as soon as I have further news.
However , from reading your post I think I can see where you may be confused. As you mentioned at the beginning, your agreement with HMA was that your positions would be closed if the “STOP OUT MARGIN LEVEL IS LESS OR EQUAL TO 30% OF THE MARGIN”. Your Margin you say was $6953. 30% of $6953 is $2085.9. Once your Equity reached that amount, instruction would have been given to close your position. Depending on the price at the actual time of the order being filled (bearing in mind your order was at $70 a pip!) I can see how your remaining balance could be around your $1818 mark. Again, I have not seen your account history in detail but these are just rough calculations.
Now these would have been the options available to you before your position was stopped out. You could have either increased the funds on your account (which I appreciate may or may not have been possible), you could have either closed your losing position entirely, or you could have closed it partially.
Please remember that it is the trader’s responsibility to monitor his trades and minimise his losses, not the broker’s. The forced liquidation level is there to protect both the trader and the broker, it is not a Money Management tool.
Which brings me to another issue which you may have to take into consideration if you decide to continue in Forex. These 3 rules are key to being successful:
1. Good money management, manage how you trade
2. Use a stop loss for every position, especially if you don't have adequate margin
3. Do not over trade
I think it is clear to see that you failed to implement any of the above.
I hope this helps in explaining to you how what has happened to you is not “evidence” of the broker being a “scam”, but more of an indication to you that you may have a few “holes in your game” when it comes to forex trading.
Regards
Andrew

munchiedude said:

...........
so as yet, i am waiting for the uk funding bit to be set up. i will know in a month or so's time whether these guys are genuine or lying.

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Hello munchiedude,
I would be interested in an update on your experiences so far.

I have received an email promoting Hantec Markets and I notice in the small print at the bottom, it states that client funds are held by their Austrailian sister company and therefore the UK financial services compensation scheme etc does not apply.
That sounds as if there is no UK based funding set up yet.