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GUILTY Case# 2016-054 | WARROH vs hiwayfx.com

Discussion in 'Guilty Verdicts' started by WARROH, Feb 21, 2016.

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Based on the available evidence, do you believe that HiwayFx.com is guilty?

Poll closed Mar 20, 2016.
  1. Guilty

    71 vote(s)
    97.3%
  2. Not Guilty

    2 vote(s)
    2.7%
  1. WARROH

    WARROH Recruit

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    Original FPA Traders Court Submission by WARROH:

    I am submitting the case against: www.hiwayfx.com

    My Case is: Dear Sir/Madam
    My account number with Hiwayfx is 8232.I first deposited $1000USD on 26 Oct 2015 and Hiwayfx (under Lucro Capital Ltd) offered a tradable bonus of $350USD. I made a profit of about $1092USD (not inclusive of bonus) and withdrew $2092USD successfully to my Skrill account on 29 October 2015. The reason for the withdrawal was because I did not want to keep so much cash with a forex broker, after hearing stories of forex brokers winding up their businesses. I made another deposit of $1000USD on 30 Oct 2015 and Hiwayfx again credited me with a tradable bonus of $350USD. I again made a profit of about $1374USD and requested a withdrawal of $2374USD on 5 Nov 2015. This time round, Hiwayfx accused me of performing fraudulent transactions which were in breach of their terms and conditions (T&Cs), and denied payment. I was totally puzzled.
    Firstly, I accepted the bonus because it was what Hiwayfx has so brazenly advertised and offered. I had simply hoped to hold my trades longer with the tradable bonus given. Further, I had no need for the bonus to hold my trades when my trades were always in the green. Neither did I attempt to remove the bonus. What I had done is simply making deposits and withdrawals, whenever I made some profits. How is that fraudulent?

    Secondly, even if I did not claim the bonus, I would have made the same amount of profit of $1374. In other words, the bonus had no effect on my earnings. Therefore, it is ridiculous for Hiwayfx to cancel the results of my trades and forfeit my profits and my deposit of $1000USD on 30 Oct 2015 based on their one-sided allegations. By refusing payment, Hiwayfx, apart from profiteering from the spreads, is also effectively pocketing $2374 from my trades and deposit illegally.

    I have attempted to get in touch with my account manager Mr Omar, Head of Operation Mr Alexey, the Finance and the Compliance Departments. The same reply I received from them was that this is their policy and I had breached the T&Cs. It did not come as a surprise because all of them are staff of Hiwayfx and had to sing the same tune. There was no further assistance and no/unclear explanation of how my trades were fraudulent.

    I am of the view that Hiwayfx is a rogue broker and is out to scam small time investors like me by imposing unfair T&Cs. They had since allowed me to withdraw only $308USD on 11 Nov 2015. In short, Hiwayfx still owes me a total of $2065 USD(ie $1000USD is my original amount deposited on 30 Oct 2015 and $1065 is my remaining profits). Grateful if you could investigate the matter and assist me in my recourse against Hiwayfx.

    New thread in the Scam Alerts Folder:
    www.forexpeacearmy.com/community/threads/hiwayfx-is-a-scammer.43612/

    Review is submitted by WARROH on 01/14/16

    The company was first contacted about the issue on 11/08/15, the last contact was on 11/24/15

    Details: (1)Dear Oh Keng Cheng,

    Our previous e-mail refers to fraudulent actions with bonuses. Specifically,
    your actions are classified as "bonus hunting".

    Thus, in accordance with the terms of the bonus offer
    (https://www.hiwayfx.com/sites/default/files/uploads/35-tradable-bonus-hiway
    fx.pdf), we have cancelled the trading results on your account 8232.

    Please note that your original funds are unaffected and you are free to
    withdraw the balance of your original funds on account 8232 at any time.

    Kind regards,
    Finance
    HiWayFX

    ===================================================================

    (2)Dear Oh Keng Cheng,

    Your total deposits to trading account 8232 amounted to $2,302.36. We also
    credited your account with a total of $119.64 as refunds of your deposit
    fees. Your total approved withdrawals amounted to $2,422, which amounts to
    your total deposits and the fees you paid for those deposits.

    Further, as previously explained, your trading results were cancelled in
    accordance with point 20 of the "35% Bonus Terms & Conditions" and in
    accordance with point 20 of the Terms & Conditions. To be specific, our risk
    department classified your trading strategy as "bonus hunting". "Bonus
    Hunting" involves opening opposite trades in two different brokers with a
    view to get risk free profits using bonuses received from both brokers. And
    that's what your trading activity showed clear signs of.

    Please note that the above decision regarding cancellation of your trading
    results is final and no further correspondence on that matter shall be
    entered into.

    Company representatives' emails:
    Finance <finance@hiwayfx.com>
    Compliance<compliance@hiwayfx.com>
    Alexey S <alexeys@hiwayfx.com>
    Omar Kutchuk <omar.kutchuk@hiwayfx.com>

    Attached Files:

    1. Transactions Records.JPG

     
  2. Pharaoh

    Pharaoh Colonel

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    Yo AsstMod! When yo have a chance, can you please send HiwayFx a polite invitation to return to Warroh's Scam Alerts thread. As it stands, they are tossing accusations without providing evidence.
     
  3. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    Invitation issued.
     
  4. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    Hiway Fx wrote back claiming they'd already answered. I pointed out that the need to provide a client with evidence, not just accusations. I'm waiting to see if they reply.
     
  5. WARROH

    WARROH Recruit

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    Hi, what else can we do if Hiwayfx refuses to respond with evidence? Grateful for your advice, pl
     
  6. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    I've sent them a final warning. If they don't bother to make a serious reply and present evidence, then this case can go to a vote next week.
     
  7. WARROH

    WARROH Recruit

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    I see. Thank you.
     
  8. alxa1038

    alxa1038 Private

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    Your one of the luckier guys, at least you made no big loss and got back your invested money. I wish you all the best for getting something back from the rest but I have my dough's on this.
     
  9. ruseneca

    ruseneca Master Sergeant

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    Did you really return your investment, WARROW?
    According to HiWayFX, you abused the bonus terms. This is what I understood from the case as a possible excuse for the broker. Can you please tell us wether you have used any type of robot during your trading?

    If the broker really wants to defend their reputation, they will really need to explain to us whether and how the client breached broker's ToS. I hope that they will come here and explain the whole situation and tell us why client's deposit has not been credited back?
     
  10. JohanL66

    JohanL66 Corporal

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    @WARROH, waow amazing that you won good money from them...heehh can you be my teacher?
    I am really glad to see that there is someone that makes profit from FX Retail brokers...
    you should open a signal service for FX signals...but then use the trusted and regulated FX brokers and/or brokers that are there for a long time....

    However .NEVER GIVE UP!!!!!
    I had to wait for 9 months and never was thinking to give up..but at the and I got my money and my profits
    This..thanks to FPA members.....it was really amazing

    I hope you get your money back...because they now take the time to have good excuses and get some fake evidence why they have take most of your money back..

    Never give up!!!!
     
    Izza0123 likes this.

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