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I have seen several people recommend HotSpot FX on various forex forums so I began to find out what all the fuss was about.

Live & Demo Differences

Several things stuck out immediately about HotSpot FX’s demo platform, these were:
1. You could not use the “Orders” button – this hampered my ability to place stop orders, limit orders and OCO orders; and
2. Prices were delayed.

I was a little disappointed with their demo platform.

Not knowing about their “Order” process (due to the demo limitation) I decided to read their user guide to find more about it. Here’s what I found:
1. Stop, limit and OCO orders must be placed within 10 pips of the current market price… nothing new here, but…
2. If the market was within 10 pips of a stop/limit/OCO order you could not amend or cancel that order!!!

Be careful when placing your orders people!!

What We Liked About HotspotFX

The ability to place limit orders inside the spread. Strangely enough when a limit order is placed on the screen the limit order can be amended and cancelled, it is only when you click on the “Order” button and enter a limit order that allows the previous problems mentioned above to be encountered.

I loved the market depth idea as this gives a whole new dimension to the forex market.

You can split your position, which is handy for those who like legging out of their position.

What We Didn’t Like About HotspotFX

I needed US$7,500 as the initial opening deposit. I don’t know why they demand such a high price, but it could be to get rid of all those pesky reviewers who like to place only small amounts of cash in, and who ask so many annoying questions.

Another minor issue was that they also charged commission of US$3 per 100k lot – which amounts to US$6 round turn. This is a minor cost as each tick is US$10 (for those currencies where the USD is
the base, such as EURUSD, GBPUSD etc), so once you have made one tick you are already in front.

The highest leverage that HotSpot FX offer is 50:1 and once your account exceeds US$100k they drop this to 33:1.

In summary…

Hotspot FX PROS

• Market Depth
• Place limit orders inside the spread
• Ability to split positions

Hotspot FX CONS

• Cannot amend or cancel orders within 10 pips of the market price
• US$7,500 opening balance required
• Commission of US$6 round turn per 100k contract
• No mini accounts
• Highest leverage set at 50:1

Is there a whole lot to like about HotSpot FX? For me personally – not a whole lot. Which surprised me as I had seen so many good recommendations from professional forex traders and was expecting something BIG, but maybe that’s the difference – professional forex traders like it. For little people (like me) I think HotSpot FX wouldn’t be our preferred broker, but they have made one giant step in the right direction with market depth and allowing the user to interact inside the spread.

If you have had experience with HotspotFX we would like to know how you have gone with it, please add your review below by clicking on “Leave A Comment”