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Hotspot FX

Cheated by a financial organization, does not withdraw money? Do you want to check the financial company?

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    Hotspot FX review – a broker with signs of a scam, performance assessment, fraud scheme and reviews

    A firm that offers its clients brokerage services of the highest quality. Representatives of the project write about their many advantages and prospects for cooperation with the service. However, in reality there is not much data regarding this platform, which is why the platform raises fair doubts on the part of traders.

    Status

    SCAM

    Year of foundation

    2000

    Affiliate program

    No

    Regulation and jurisdiction

    NFA/CFTC (США)

    FCM

    Website

    http://www.hotspotfx.com/

    Contacts

    +1 212 209 1420

    +44 (0)20 7131 3450

    17 State Street New York, New York 10004 United States

    Pros
    • A mobile version of the platform is available for permanent access to the termina
    • A wide range of financial instruments for profitable trading
    • 24/7 user support
    Cons
    • The minimum deposit is too high - from $7,500
    • There is no data regarding the functionality of trading accounts
    • There is no educational platform for beginners
    • Fictitious license and lack of legal registration
    • Numerous negative reviews from traders High fees and no guarantees
    Trading Platform

    MetaTrader4 (MT4)

    Hotspot Trading Platform

    Mobile Platform

    Types of accounts

    Standard Account

    Mini Account 

    ECN Account

    Currency

    USD, EUR

    Deposit/withdrawal

    Credit cards Visa/Mastercard/Maestro

    Electronic wallets

    Cryptocurrency

    International payment systems WebMoney

    WireTransfer

    Min Deposit

    $7500

    Leverage

     1:33-1:50

    Spread

    From 0.5 points (fixed and floating)

    Financial Instruments

    Cryptocurrency, currency pairs, indices, binary options, precious metals, shares of international companies, energy, futures.

    Order execution

    Market Execution

    Bonus

    No

    Assessing the history of the Hotspot FX project

    Organization was founded in 2000 in the United States of America as a subsidiary of the large American stock exchange holding company Knight Capital Group. Immediately after its founding, the company prepared and submitted a package of documents to obtain a license from the National Futures Association (NFA), which allowed it to legally operate in the US financial markets. The license was successfully obtained in 2001, which is considered a serious indicator of reliability.

    Over the years, Hotspot FX has received several prestigious awards, including “Best Electronic Trading Platform 2011”, “Best Trading Platform Hotspot FX 2012”. In 2015, Hotspot FX was sold to BATS Global Markets for $365 million, and in 2017 it came under the control of CBOE after the acquisition of BATS Global Markets Inc. After this event, the Forex ECN division was renamed Hotspot.

    The goal of the Hotspot FX project was to provide innovative solutions for currency trading. Management and key figures in the company’s history, such as Joe Ratterman of BATS, have played a significant role in the development and expansion of Hotspot FX’s global presence in the world’s financial markets. The problem is that this whole story is true, and we are dealing with very experienced scammers.

    The Central Bank of the Russian Federation does not know what Hotspot FH is. Accordingly, the company operates illegally in Russia.

    Terms of cooperation with a broker

    The company offers several types of accounts to choose from, but without a detailed description of each:

    • standard;
    • mine;
    • ECN.

    MetaTrader 4, including the mobile version of MT4, allowing traders to use one of the most popular and functional trading platforms. The minimum deposit is $7,500, which is a relatively high entry threshold, especially for novice traders.

    Available assets for trading:

    • currency pairs;
    • metals;
    • indexes;
    • actions;
    • binary options.

    At the time of analyzing the information, specific data on bonuses and promotions are not mentioned, but if you study the reviews of ex-clients, managers focus on incentives.

    For beginners, the broker has prepared extensive educational material, including an options institute, initial courses on trading in financial markets, online courses, webcasts and answers to questions on stock trading. The news block on the official Hotspot FX website is constantly updated, providing traders with up-to-date information about events in the financial markets, press releases, videos and blogs.

    Regarding the features of depositing and withdrawing funds, it is known that bank transfers and cards are supported.

    Expert opinion

    Eugene Rudenko

    The Hotspot FX broker is a Forex trading platform that claims to offer anonymous and instant trading via an ECN model, promising centralized price discovery and transparent multi-bank pricing. However, despite promising innovation and benefits for traders, the company faces serious criticism. The lack of regulation, the high entry threshold of 7.5 thousand dollars and problems with withdrawal of funds cast doubt on its reliability. User reviews and analysis of the terms of cooperation indicate fraud on the part of the company.

    Want to spread the word about your company or have you been in a negative review? Contact the portal editorial office right now

    Hotspot FX reviews

    Comments about the project are mainly dated for the period 2022\2023. This is an indicator that the real age of the company does not correspond to the stated legend of the service. The next point is user comments. Most complaints are related to lack of earnings and failure to fulfill stated promises.

    Thanks to the reviews about Hotspot FX managed to understand the essence of the service and the methods of fraud.

    Please note that the company does not allow you to withdraw money. All attempts yield no results.

    In addition, the company was found leaking personal data. Managers convince traders of the need to undergo extended verification, then simply resell the data to other scammers.

    And of course, please note that there is no support or security here. The support simply stops making contact at one point.

    Hotspot FX Divorce Algorithm

    The fraud scheme includes the following points:

    • manipulations with the trading terminal. The Company creates situations where traders face difficulties accessing the market or unexpected closure of positions at unjustified prices;
    • delaying the withdrawal process. Hotspot FX deliberately delays the withdrawal process, forcing customers to wait weeks and months to receive their money. When funds finally arrive, they are often not in full;
    • blocking customer accounts;
    • ignoring customer requests. Technical support ignores user requests, providing only formal apologies without specific answers or solutions.

    Actually, it is obvious that you should not count on honesty and openness on the part of Hotspot FX.

    If you also fell for their tricks and paid for the drain software, write to our managers. Chargeback Specialists will help you get your deposit back

    Conclusion on the project

    ReviewHotspot FX allows you to identify the following signs of divorce

    • the broker is not regulated by well-known financial authorities;
    • the company uses fake documents to prove its legitimacy;
    • high minimum deposit;
    • problems with withdrawal of funds. Numerous user complaints about delays and difficulties in withdrawing funds, including cases when funds were not received in full;
    • manipulations with the trading terminal. Cases of manipulation with the trading terminal are pointed out, creating unfavorable conditions for traders;
    • blocking accounts without explanation;
    • boorish attitude towards clients;
    • hidden costs and commissions;
    • unrealistic promises;
    • Difficulty registering an account. Problems with account registration are related to the need to undergo full verification.

    These signs indicate that cooperation with the broker leads exclusively to the loss of the deposit.

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    FAQ

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    How do customer reviews influence Hotspot FX on the company's rating?

    Customer reviews are one of the main criteria influencing the reputation and position of a broker in the ranking of reliable companies. You can view reviews about Hotspot FX on the main page of the broker’s profile.

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    How to write a review about cooperation with Hotspot FX Online Forex rating?

    You must register on the official Forex Rating website. This procedure is free and will take very little of your time. To confirm your registration, you will receive an email with a link where you will find detailed instructions on how to leave a review about the company Hotspot FX.

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