Hot forex

[trade2bpro]

Just tried.. Seems you need to open live first and then you can open unlimited numbers of demo accs through personal cabinet. Amount of capital is adjustable there.

sorry but what is personal cabinet? You meant on the web?

 

[gerryg]

sorry but what is personal cabinet? You meant on the web?

Yes it's called MyНotforex there

 

[trade2bpro]

Traderboard is my favourite. Do you trade on exotic pairs, Gerryg?

 

[gerryg]

Traderboard is my favourite. Do you trade on exotic pairs, Gerryg?

No I trade only on majors, gold and sometimes CFD on US stocks. Exotics are really risky, spreads are too high for my scalping style

 

[ph_trader]

venturing into metals seeems to be a good options, been looking at some some good results from other traders, makes me wonder if metals are easier to trade than majors.

 

[gerryg]

venturing into metals seeems to be a good options, been looking at some some good results from other traders, makes me wonder if metals are easier to trade than majors.

Gold may be challenging instrument with it's high volatility and sharp spikes, but quite profitable for day traders. HF offers pairs with gold and silver, though I haven't tried silver yet

 

[amazingfx]

I'm currently trading with Hot Forex and as far as I know they are based in Cyprus, regulated by CySec and registered under FCA. That's why I chose this broker some time ago and I haven't had any issue with them for the time being.

 

[gerryg]

I'm currently trading with Hot Forex and as far as I know they are based in Cyprus, regulated by CySec and registered under FCA. That's why I chose this broker some time ago and I haven't had any issue with them for the time being.

Which type of account do you have with them?

 

[moka2]

I'm currently trading with Hot Forex and as far as I know they are based in Cyprus, regulated by CySec and registered under FCA. That's why I chose this broker some time ago and I haven't had any issue with them for the time being.

Which FCA? UK? or Cypru's own version?

Because the million dollar question is is Cyprus's Financial regulatory authority as robust as UKs?
There is a reason why many "Borkers" go to places like Cyprus
- Low barrier to entry
- Less regulatory burden

It might be a good choice for them but as a trader consumer one should look at his/ her own interest first.
As On today Uk's FCA seems to be the only jurisdiction which offer a reasonable Client money protection for OTC product like FX , nothing even in US or Australia

 

[gerryg]

Which FCA? UK? or Cypru's own version?

Because the million dollar question is is Cyprus's Financial regulatory authority as robust as UKs?
There is a reason why many "Borkers" go to places like Cyprus
- Low barrier to entry
- Less regulatory burden

It might be a good choice for them but as a trader consumer one should look at his/ her own interest first.
As On today Uk's FCA seems to be the only jurisdiction which offer a reasonable Client money protection for OTC product like FX , nothing even in US or Australia

What do you mean under "Money Protection" ? Reimbursements in case broker goes bust, additional transparency or what? OTC is unregulated market and it's really difficult to prove who is honest with their services and who's not..

 

[moka2]

What do you mean under "Money Protection" ? Reimbursements in case broker goes bust, additional transparency or what? OTC is unregulated market and it's really difficult to prove who is honest with their services and who's not..

1) Yes , "Reimbursements in case broker goes bust"
Irrespective of OTC or exchange traded the client money protection should be important for any client! should it not be?

For OTC
UK FSCS has that
US = NOne
Australia = None
What protection does Cysec do?> and cna you trust a small jurisdiction like that

For Exchange traded ( Equity)
UK = FSCS
US = SIPC
AUS = Investment protection fund

2) Barrier to entry, a high barrier/ capital requirement will help reduce the chances of $2 companies starting a "Broker " business

Disclaimer: I do not work in this industry these are common sense observations


Now you

 

[Fxtradingmagazine]

has anyone used hot forex?

http://www.********.com/

the only thing that's putting me off is they are based in Mauritius (and regulated there) and have found little in the way of reviews. however they offer great spreads, are ECN and have a 20% bonus.

or can anyone recommend a broker (for forex mainly) which is ECN, has tight spreads (EU no more then 1 pip, GU no more then 2 pips) are regulate (i'm in UK and would idealy like it to be the same) and preferably offer some sort of joining bonus........thanks

Forex is always Hot.Nothing can be said about forex.Its unpredictable

 

[alexaherself]

the million dollar question is is Cyprus's Financial regulatory authority as robust as UKs?
There is a reason why many "Borkers" go to places like Cyprus
- Low barrier to entry
- Less regulatory burden

It might be a good choice for them but as a trader consumer one should look at his/ her own interest first.

This. Exactly.

I think this post from 2010 said what needed to be said.

 

[trade2bpro]

I do hear there are hundreds forex broker in Cyprus so I think broker is Cyprus is not a problem. Just review other conditions.

 

[moka2]

I do hear there are hundreds forex broker in Cyprus so I think broker is Cyprus is not a problem. Just review other conditions.

How does this fact ( if it is true) makes it better than the FSCS coverage you get for UK regulated brokers?

The Main Conditions should be
A) that your money is likely to be safe and protected in case of default
and
B) There is no conflict of interest between you and the OTC provider

 

[alexaherself]

I do hear there are hundreds forex broker in Cyprus so I think broker is Cyprus is not a problem.

It's the word "so" that concerns me, with that logic.

Call me a skepchick but I instinctively suspect the exact opposite, myself: that there might be hundreds registered there specifically because regulation there is so easy, and that their customers are therefore worse protected, and that it is therefore a potential problem?

 

[moka2]

It's the word "so" that concerns me, with that logic.

Call me a skepchick but I instinctively suspect the exact opposite, myself: that there might be hundreds registered there specifically because regulation there is so easy, and that their customers are therefore worse protected, and that it is therefore a potential problem?

That is exactly the reason ...if anybody is interested have a look at the presentation by Boston technology who provides Mt4 technical services
They have a table detailing "Regulations " cost and it starts around $3500 in country like Seychelles

 

[gerryg]

What protection does Cysec do?> and cna you trust a small jurisdiction like that

CySec as any other regulator provides compensation fund for investors (I suppose it's standard requirement for any official state regulator, otherwise how it dares to call a state regulator of themselves).

Here is what I found on Нotforex about compensations http://bit.ly/1EcUePh

7.4 The total payable compensation to each covered Client of the Company may not exceed the
amount of twenty thousand Euros (EUR 20,000), irrespective of the number of accounts held,
currency and place of offering the investment service.

Hold around 8K in HF's account so I guess there's nothing to fret over

 

[moka2]

CySec as any other regulator provides compensation fund for investors (I suppose it's standard requirement for any official state regulator, otherwise how it dares to call a state regulator of themselves).

Here is what I found on Нotforex about compensations http://bit.ly/1EcUePh



Hold around 8K in HF's account so I guess there's nothing to fret over

But why would you promote a broker from small jurisdiction when there is choice with UK's 50000 pound protection?,

 

[gerryg]

But why would you promote a broker from small jurisdiction when there is choice with UK's 50000 pound protection?,

Wise choice is not always obvious and lays on the surface. I was trading with both UK and offshore brokers, both are not free of drawbacks, but our goal is to pick lesser of two evils