Hotforex shuts down Zulutrade, What will now be the fate of Traders?

I don’t know what came into their heads, but the so called “award winning” forex broker, Hotforex has decided to drop Zulutrade platform.

What the hell is wrong with Zulutrade that they decided to close it.

This is the quote of the email message i received from Hotforex regarding the Zulutrade suspension on 18th December, 2013.

Dear Client,

In light of recent events surrounding the ZuluTrade Platform and MetaQuotes, we are writing to inform you that as of the 4th January 2014 we will no longer be offering the ZuluTrade Platform as a product to our clients.

The ZuluTrade positions must all be closed prior to this date and in the event that any positions are left open they will be closed at the prevailing market prices on the close of market on Friday the 4th January 2014.

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Whilst this is unavoidable, rest assured that HotForex remains committed to providing you with the excellent service that you have become accustomed to combined with the product offering you expect to receive.

We will therefore be launching new social trading services in the near future.

We would like to apologise for any inconvenience this may cause you. If you have any questions please email us at [email protected]

Best regards,

The HotForex Management

A repeat of the same email was also sent to me on 2nd January, 2014 as a reminder to the closure of Zulutrade.  That was the time i realized that Hotforex meant what they said.

I wonder the kind of bad events in Zulutrade that had made Hotforex to take such a hasty decision. They didn’t even consider the fact that up to 35% of Zulutraders are using Hotforex broker.

Who knows, majority of their members are losing while trading with the zulutrade platform. I just thanked God i didn’t go further to connect my Hotforex account with Zulutrade because they didn’t accept my favourite payment processor 😉 .

Today, am happily trading and making huge profits with that same Zulutrade and my Nordfx account with my own setup.

I sense that majority of traders fail because they’ve not realized how to set up Zulutrade efficiently to minimize all risks.

A single draw down of up to 250 pips from a signal provider is enough to wipe off most traders’ accounts up to the level of margin call. I suspect, this is the reason why they’ve decided to suspend Zulutrade permanently until they find another suitable social trading platform

Tell us what you feel about this recent happening on Hotforex below. For me, i don’t think it’s worth closing down Zulutrade entirely.