Hotfxlive – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Hotfxlive - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://hotfxlive.com
Founded: 2022
Regulations: None
Languages: English, All Google Translate Languages
Deposit Methods: Cryptocurrencies (Dogecoin, Ethereum, Bitcoin, Litecoin)
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Crypto Trading
Trading Accounts and Conditions
Htofxlive offers their clients 5 different account types to choose from: Basic (40% Welcome Bonus), Bronze (40% Welcome Bonus), Silver (60% Welcome Bonus), Gold (80% Welcome Bonus) and Platinum (100% Welcome Bonus).
There is, however, contradictory information on their client dashboard, where the account types offered are completely different. Here, the account types mentioned are: Starter, Premium and Professional.
On their Account Types page, the broker does not mention anything with regard to their trading conditions. The broker references their minimum deposit requirement in two separate sections of their website. However, the minimum deposit mentioned is $250, and then second time, that amount is $500.
Leverages are only mentioned in the FAQ section, where we find out that the maximum leverage ratio offered is 1:500. There is also a so-called clearance fee of 0.5% for every trade you carry out. There are also monthly maintenance fees which is 0.5% of your total account balance.
Hotfxlive – Advantages
There are no advantages to trading with Hotfxlive.
Hotfxlive – Disadvantages
Read this section to find out why we would strongly discourage all traders from dealing with Hotfxlive:
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Lies About Regulation
The first indication of Hotfxlive being a scam is their lack of regulation, and their lies about their regulation status. We are dealing with an anonymous and unregulated broker here.
Here’s how we know: This broker has provided no clear corporate information. The only thing we have to go by is an incomplete California address. Regulated brokers are required to provide full and transparent information about their corporate identity.
As for their regulation status, this broker provides no details of that either. Instead, there is a vague statement that they offer their services to residents of all jurisdictions – including the United States.
First of all, the lack of any registration number or license number or even reference to a regulatory authority is a dead giveaway that we are dealing with an unlicensed entity. Furthermore, to even offer services to residents of the US, brokers need to be registered with not one but two government authorities in the country – the CFTC (Commodity Futures Trading Commission) and the NFA (National Futures Association). And when you check the online registers of either of these two authorities, you definitely do not find any entity by the name of Hotfxlive listed with them.
To further add to this confusion, in their Terms and Conditions, Hotfxlive states that their clearing and billing services are taken care of by TLC Consulting Ltd., a company that is based in Marshall Islands – an offshore location that is known to not have any regulations in place for forex brokers.
All of this clearly tells us that we are dealing with a scammer here and that investing with them would be dangerous.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Links to Other Fraudulent Brokers
When we checked up on TLC Consulting Ltd, we found out that this company was also linked with other brokers that were revealed as frauds – www.foxycryptofx.com, www.amymaxtrade.com, www.pcmtrades.com and www.mt4-trades.com.
Thus, we can safely say that we are most probably dealing with a serial scammer here – people who open one domain after another with the express purpose of scamming unwary and novice traders.
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Issues with Trading Software
We also have issues with the claims Hotfxlive makes about the trading software they offer. This broker claims to have their own in-house-developed trading software. The broker also claims that this software is available in all versions – web-based, desktop and mobile.
However, when we checked their client dashboard, we did not find any trading platform at all. Instead, there was a personal trading chart that had no trading functionality.
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Issues with Trading Accounts and Conditions
As we mentioned in the Trading Accounts section of our review, there are many issues with regard to the types of trading accounts and conditions this broker offers.
First, the types of trading accounts: This broker claims on their website to offer 5 different trading accounts. However, in the client area, there are only three types of trading accounts – and they are not even close to matching the types talked about on their website.
Next, the trading conditions: this broker does not make it easy to figure out what the trading conditions are. There is no mention of the trading conditions on their Account Types page or even in the client area. And since there is no trading platform, we could not check that either. There are only off-handed references to trading conditions in different parts of their website.
And these trading conditions are not even fair. The leverage is not only high, it is also illegal, there are no spreads and the fees they charge are ridiculously high.
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Bonuses Offered
Bonuses are so contentious that most jurisdictions have banned them. So, the fact that this broker offers illegal bonuses is another sign of their scam. Sure enough, this broker states that if you use the bonuses they offer, there are conditions to withdrawals, however, they omit mentioning what these conditions are.
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Issues with Payment Methods
Hotfxlive continues with their lies. On their website, the broker boasts of offering multiple payment options – Visa, Discover, MasterCard, American Express, Neteller, BPay, and Wire Transfer.
However, when you check their payments section, there is only one type of option – cryptocurrencies. The broker gives you four crypto options with which to make your payments – Bitcoin, Litecoin, Ethereum and Dogecoin.
Scammers love using crypto payment options since such transactions are anonymous, untraceable and permanent. There is no way a trader can get their money back – which suits scammers perfectly.
Conclusion
Hotfxlive is a serial scammer and must be avoided at all costs.
Hotfxlive
Pros
- None
Cons
- LLies About Regulation
- Links to Other Fraudulent Brokers
- Issues with Trading Software
- Issues with Trading Accounts and Conditions
- Bonuses Offered
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.