I have a complaint against FxPig.
On December 9th 2015 I entered several trades on the USDZAR and EURZAR pairs. Shortly after I was hit with a margin call losing about USD 11791 putting the account in negative USD 3016.
This was not a rookie mistake, I was not over-leveraged. Simply this was a sort of a stop loss hunt by the broker, more like a margin call hunt. Upon more detailed review I discovered that the spread on the USDZAR increased to nearly 10000 pips when I got hit with the margin call. To put this into perspective the USDZAR spread is normally under 200 pips, so this was 50 times the regular spread. the EURZAR was similar. How do I know the spread was about 10000 pips, well take a look at the screenshot of the trades, there are both short and long trades on the USDZAR closed at the same time by the margin call, ticket 2509663 and ticket 2509677, the respective prices 14.60664 and 15.59301, which is 9863 pips spread, not exactly 10000 pips but really close to it. this must be some sort of record for the biggest spread.
Had the spread not widened to 10000 pips I would have been able to close these position at about USD 500 profit 10 minutes later. How can anyone make a profit in this scenario? Did they widen the spread on purpose to hit me with a margin call? I don't know, but it sure looks very bad for the broker.
As I use an EA to enter trades I did not see this right away, but several hours later. I checked all charts and other trades on the same pairs that my EA entered.
I have been in touch with Kevin Murcko(the CEO of FxPig) I thought as this is such an obvious 'glitch' they'd reverse the trades right away and call it a day. But they are saying this is legitimate and can not reverse the trades.
The other two attachments are screenshots sent to me by Kevin. Those attachments are enough proof to reverse the following tickets 2509657, 2509663 for USDZAR as it clearly shows the price was never at 14.60664 for the closeout of the long orders. The following tickets 2509684, 2509682, 2509679, 2509680, show as closed at 15.64-15.74 this is also above the USDZAR chart, so those can be reversed using this as proof. The EURZAR attachment is proof to reverse the following tickets 2509621, 2509619, 2509616 as this chart shows the high at under 17.2 but my orders were closed at 17.3-17.4.
As a final note, I want to say that I am very disappointed by FxPig, they advertise direct market access. But is this what DMA means? If it means 10000 pip spreads then no thank you, I'd rather stick with a regular bucket shop.
On December 9th 2015 I entered several trades on the USDZAR and EURZAR pairs. Shortly after I was hit with a margin call losing about USD 11791 putting the account in negative USD 3016.
This was not a rookie mistake, I was not over-leveraged. Simply this was a sort of a stop loss hunt by the broker, more like a margin call hunt. Upon more detailed review I discovered that the spread on the USDZAR increased to nearly 10000 pips when I got hit with the margin call. To put this into perspective the USDZAR spread is normally under 200 pips, so this was 50 times the regular spread. the EURZAR was similar. How do I know the spread was about 10000 pips, well take a look at the screenshot of the trades, there are both short and long trades on the USDZAR closed at the same time by the margin call, ticket 2509663 and ticket 2509677, the respective prices 14.60664 and 15.59301, which is 9863 pips spread, not exactly 10000 pips but really close to it. this must be some sort of record for the biggest spread.
Had the spread not widened to 10000 pips I would have been able to close these position at about USD 500 profit 10 minutes later. How can anyone make a profit in this scenario? Did they widen the spread on purpose to hit me with a margin call? I don't know, but it sure looks very bad for the broker.
As I use an EA to enter trades I did not see this right away, but several hours later. I checked all charts and other trades on the same pairs that my EA entered.
I have been in touch with Kevin Murcko(the CEO of FxPig) I thought as this is such an obvious 'glitch' they'd reverse the trades right away and call it a day. But they are saying this is legitimate and can not reverse the trades.
The other two attachments are screenshots sent to me by Kevin. Those attachments are enough proof to reverse the following tickets 2509657, 2509663 for USDZAR as it clearly shows the price was never at 14.60664 for the closeout of the long orders. The following tickets 2509684, 2509682, 2509679, 2509680, show as closed at 15.64-15.74 this is also above the USDZAR chart, so those can be reversed using this as proof. The EURZAR attachment is proof to reverse the following tickets 2509621, 2509619, 2509616 as this chart shows the high at under 17.2 but my orders were closed at 17.3-17.4.
As a final note, I want to say that I am very disappointed by FxPig, they advertise direct market access. But is this what DMA means? If it means 10000 pip spreads then no thank you, I'd rather stick with a regular bucket shop.