I would like to share my experience with the Forex community on my experience of HotForex (HF).
One of the basic & fundamental requirements for a forex broker is to provide an efficient & effective way for client to deposit fund and a responsive support team.
When such basic & fundamental requirements cannot be fulfilled, then the client will face serious consequences of financial loss leading to more complicated resolution.
On 3 crucial occasions, HF took more than 1 to 3 hours to process credit card deposit.
Though I have reported these 3 incidents to the account service manager and the management, there is no reply nor good explanations why similar incidents keep on happening.
A forward-looking and professional run broker will attempt to look into the root cause, address the gap and thereafter explain to the client.
But not for HF. They simply ignore this issue and try to divert the blame to the client for not managing their position. This does not speak well for HF.
And to make matter worse, after HF leisurely decide to update the deposit, client has to transfer this deposit from wallet to the trading account.
This means that the clients have to constantly and at the mercy of the HF backend staff to monitor that the deposit is updated to your wallet and then quickly transfer from the wallet to the trading account.
At every crucial moment, it is very difficult to get in touch with any HF staff including the live chat agent and account manager.
My experience with the HF live chat agent give me an impression that they are like a postman or middleman between the client and the HF backend support staff.
Frequently live chat agent is unable to resolve the matter. Instead the live chat agent would refer the client to email HF support or deposit team.
Though I am given a direct line to the account manager, the account service manager took just as long as the time needed for the HF to process the deposit.
Call to the account service manager direct line not picked. Messages sent to the account service manager direct line was responded 1 hour later.
Fortunately on those 3 occasions, the stop out level was not reached otherwise my positions will be force-closed which I am very sure HF will not compensate even though it is proven that the tardiness and fault is on their side.
This is my honest feedback and hope it will be useful in your evaluation of HF.
Thank you.
