Hotspot FX Broker
|Company||Hotspot FX LLC|
|Offices in||Singapore, United Kingdom, United States|
|Payment options||Wire Transfer|
|Account currencies||United States Dollar|
|Regulated by||CFTC/NFA, FSA (UK)|
|US Traders welcome?||Yes|
|Website available in (languages)||English|
|Minimum account size||$7,500|
|Minimum position size||1 lot|
|Trading instruments (GOLD; CFD, etc. and the leverage)||Forex – 1:50, Gold & Silver – 1:50|
|Trading platforms||Meta Trader 4|
|Digits after the dot in quotes||4|
|Number of currency pairs||38|
Hotspot FX LLC which is a fully owned subsidiary of Hotspot FX Holdings was established in the year 2000 and also started its internet based online trading service the same year. The various features offered by the company to its customers is trailing stops, pending orders, mobile trading and automated trading. Mobile trading is a great boon to all the traders who are travelling most of the time. Automated trading allows you to have some spare time as the orders are placed automatically from your account. They allow the traders from United States to trade from their account. They have their offices in Singapore, United Kingdom and United States. The company is highly regulated by CFTC/NFA in United States and FSA in U.K. They allow only United States Dollar as the account currencies. Their website and customer support service is available only in English.
They do not offer any demo account and the only trading account offered is an ECN account. The minimum amount required to open an account with them is $7500 and the minimum position size is 1 lot. They charge a commission of $3 for every one way 1 Std. lot. The trading platform offered is Meta Trader 4 which is the most commonly used trading platform in the forex market and is also the most trusted and reliable. They offer 38 currency pairs to the traders to trade in and it includes all the major pairs. They offer trading in gold and silver along with forex and the leverage on each of them is 1:50. The only payment option that is offered by the company is wire transfer and it may be a cause of concern for many traders. The company has evolved into an institution broker who is specialized in meeting the requirements of the Institutional forex community.
The reviews have become the best medium to know about the company and the quality of service that they provide to their customers. The review of Hotspot FX broker is a bit mixed but the ratings given is very good. The most liked feature of the company is that it is well regulated in United States by CFTC and NFA both and in United Kingdom they are regulated by FSA. The execution of trade is very fast and is liked by many traders. The customer support service is very friendly and highly responsive. Many of them like the fact that there are 38 currency pairs to trade in and it includes all the major pairs. However, a few of the cons mentioned is that they payment option is just wire transfer and is a concern of many. Their website and customer support service is available only in English which is a concern for many of the clients. Also, the minimum amount required to open is $7500 which is pretty high for small scale traders. However, the overall rating given to the company by its various users is very positive and stands at 6.5 out of 10 which is pretty good score.