HiwayFX- Got my over $1,000 live trading account into a negative balance.

[fadem]

I opened a live Fx trading account with HiwayFX and made a deposit of $1000 on Monday, 5/09/16 with an understanding that my deposit qualifies for a tradable 100% bonus

 

[fadem]

HiwayFX failed to credit my account with the offered tradable bonus despite repeated requests. The said bonus could have prevented my account from been closed in negative balance in the early hours of Friday, October 7, 2016.
Also, am not in the know of the spread they had for EUR/GBP as the asset price never spiked near 0.98000, but my two positions on the pair was said to have been closed at about 0.98576 for a pair that never spiked close to 0.95000.
Several contacts have been made to both the Nigerian Rep and the parent company to no avail.
In addition to the attached files, there others to support my complaint.
They claimed I was to have requested for the bonus within 24hours of deposit which I did through their Nigerian Rep who handled the opening of the account and make the deposit as detailed in the WhatsApp chat screen shot.
It's been over 12 weeks now, yet am being made to suffer the omission of their Rep who failed to effect the crediting of the bonus, which in itself is not withdrawable but can only be traded and used to protect an account from been wiped out.
I will be most appreciative if you can assist in getting a deserved relief.
Thanks.

 

[Pharaoh]

I have a suggestion. Don't accept bonuses. If you do, tradeable or not, don't count on a bonus to save you from a margin call. Don't trade like there is more money in your account than your current trading statement shows you.

The good news is that some regulators are banning bonuses.

Trade ONLY with your own funds and keep your SL tight enough that 100 pips slippage won't wipe you out. Otherwise, the next flash crash will likely wipe you out again.

 

[FxMaster]

I opened a live Fx trading account with HiwayFX and made a deposit of $1000 on Monday, 5/09/16 with an understanding that my deposit qualifies for a tradable 100% bonus

Few steps that you must follow to draw their attention to your issue,
Follow the suggested steps below:

Invite them to join this thread via email (Send an email to every possible address).


Go to their website and invite them to here via Live Chat

You will find their email and address here https://www.hiwayfx.com/contact-us

Also, Share your story as a review here https://www.forexpeacearmy.com/forex-reviews/11207/www.hiwayfx.com


You can also share your story on their social media pages mentioned below:

https://www.facebook.com/hiwayfx/ (Click on more and you will find write review option there)

https://www.twitter.com/hiwayfx

https://plus.google.com/+Hiwayfx

https://www.linkedin.com/company/hiwayfx

https://www.youtube.com/user/HiWayFX

https://www.pinterest.com/hiwayfx

 

[fadem]

Am yet yo get s response from HiwayFX.

 

[Jozefntou]

Fadem, I am not sure that you have a case. If you needed the tradable bonus why haven't you waiting for the tradable bonus to be on your trading account before placing the trades? Normally when you fund you need to wait till the add the bonus and after trade.

 

[fadem]

But, what about the EURGBP Positions that were closed at 0.98756 on October u, 2016 while the actual price of the asset didn't get to 0.94000?

 

[Pharaoh]

Although they should have gotten the bonus deposited, it's hard to call a delayed bonus a scam. Especially since nearly all brokers give themselves the right to remove the bonus at any time for any reason.

Since the bonus wasn't there, why did you place trades large enough to risk wiping out your account if it didn't arrive?

 

[fadem]

Thanks for your response.
Am okay with the bonus, but is that the reason for a fraudulent closure of trade positions at a quoted price that was never reached?

Pls see attached files above.

Although they should have gotten the bonus deposited, it's hard to call a delayed bonus a scam. Especially since nearly all brokers give themselves the right to remove the bonus at any time for any reason.

Since the bonus wasn't there, why did you place trades large enough to risk wiping out your account if it didn't arrive?

 

[fadem]

Please see below the responses of HiwayFX to my complaint:

Dear Mr. Emmanuel Durojaiye,

We have completed the investigation of your request. Please find the conclusions below.

All orders you were referring to were short orders (or sell orders). The short order (or sell orders) opens by the BID price and closes by the ASK price.

The difference between BID and ASK price is called SPREAD. Our company provides a market spread to the customers so our spread is moving depending on the market conditions.

All charts in Metatrader 4 platform are made based on BID price.

If you click F8 inside MT4 the menu will be opened where you can choose to show ASK price or not.

To summarise the written above, your SELL orders were closed by the ASK price. You Can’t see the Ask price on the chart because the chart created from the Bid price.

Do not hesitate to contact us in case of other questions.

Kind regards,

Dear Mr. Emmanuel Durojaiye,

All orders you mentioned were closed without any mistakes by the ASK price. Please find the servers logs in attachment where you can see the time when your orders reached a stop out and the exact price which was on the server.

The spread at that time for EURGBP was around 460 pips. This is happening when force majeure event is happening on the market.

Unfortunately we don’t keep Ask ticks longer than 1 month. Server logs shows the exact price the server had at the time when order was closed.

Kind regards,
Complaints Department


Please I really need to be educated here; is spread not a one off cost taken once a trade position is opened, hence a negative initial trade balance? So will spread come in to play with trade positions that were opened on 5th and 6th of October, 2016, on the 7th of October, 2016; clearly a day of the last position was opened?

Complaints Department