Hotspot FX

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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.

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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.

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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

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.

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.

Reviews

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Victor

Hello! I share my results of cooperation. -700 bucks, +80 for insurance and another 40 for a personal manager. It’s normal that they cheated me out of money like that. You had to think with your head before believing unlicensed scammers. Who knew him? You had to check everything yourself and not be fooled by fairy tales and nonsense.

Arsenic

the best thing that happened to me during this time was charbjback. I at least believe that it will be possible to return some part of the funds. It was the swindlers who were ready to take the last one. They also wanted to get my personal data... it’s good that I thought in advance that this was strange.

Boldarev

Hello to everyone who wanted quick money like me. Now we are in the same boat, and we don’t know how to return the funds. I would like to believe that the company will stop working in the near future.... Since cheating so many users for money without punishment is already an excess.

Veronica

I will say this, the platform is truly completely under the control of managers. BUT! You don’t understand this right away, but gradually when you increase the size of your transactions. And then everything falls into place and he realizes that you are working with scammers... Unfortunately, they managed to cheat me out of $600. Fortunately, it’s not 7,000, the manager made concessions and said that you can start with any amount. It’s good that this amount cost me and not more... In short, don’t even think about cooperating with the company. Trust suckers like me. No quick money!

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