Resolved:❗️Eightcap.com serious issue "what exactly is this!?" -> (a sell below the Bid Candles)

[Trading.Angel881]

Hello Community I am running into an issue with Eightcap.

A sell below the bid candles? If the arrows are correctly drawn, that seems a serious broker issue. A sell deal (which closed my trade) is executed at Bid price. The chart for XAUJPY is using bid prices, sell deals should ALWAYS being within the chart bars. Of course there can be slippage, but on a bid chart, ALL bid prices should appear, there is no flying "bid price" from the order book.

What are your thoughts about this?

Note: -->> I traded the same Trade at IC-Markets, there everything worked well and I made a Profit. Same Opening and Closing time.

 

[FxMaster]

Hello Community I am running into an issue with Eightcap.

A sell below the bid candles? If the arrows are correctly drawn, that seems a serious broker issue. A sell deal (which closed my trade) is executed at Bid price. The chart for XAUJPY is using bid prices, sell deals should ALWAYS being within the chart bars. Of course there can be slippage, but on a bid chart, ALL bid prices should appear, there is no flying "bid price" from the order book.

What are your thoughts about this?

Note: -->> I traded the same Trade at IC-Markets, there everything worked well and I made a Profit. Same Opening and Closing time.

View attachment 84780

Did you get any reply from the company about it yet?

 

[Trading.Angel881]

Did you get any reply from the company about it yet?

I have already been in contact with the broker. They have looked at another trade of mine, but they think that the problem is not on their side. It was about this trade you can see in the screenshots.

in my opinion it should look like you can see in IC-Markets

For better overview:

Brokers answer was:
"Regarding deal 84881866, the order worked as it should. The TP triggered correctly when the bid price moved from 273836 to 273845 at 23:58:41.645 in 06/05/23.
The last modification made to this trade configurated the TP to trigger at price 273839.
There are several elements to take into consideration:
- A BUY position opens at the ask price and closes at the bid price, so the trade completes at the bid price. The chart only shows top of book bid prices.
- TPs are not a guarantee of price, but rather a price limit to trigger the order. Once this is met, the trade gets filled at the best next available price. The same applies with SLs.
- Not all executable prices are available on the chart as it only quotes top of book. The trade could’ve been executed at a different price, and that’s why it doesn’t necessarily show on the tick data.
- He was trading 5.94 lots of 100 contracts each. In order to fill all of the volume, it got filled in different prices.


They have also sent me a excel sheet (you can find it in my attachment). According to the Tick data, and the Excel sheet provided by the broker, the position was closed at a bid price of 273845.

So, the data is congruent. However, the Broker's response does not explain how the position was closed at 273022.

My opinion is that the broker's own response shows that the price data in the OHLC and tick data is correct and that the position's exit price is incorrect. I think that their (Excel sheet) proves that there is an error on their side. I did a prop challenge and it is very annoying.

 

[4evermaat]

@Eightcap Support would you like to respond here please?

 

[KnifeS2]

In these cases if u are not satisfied with their response or they do not response, u can try to contact the regulators; i see that EightCap have a lot of good regulators:

Australia: ASIC n 391441
United Kingdom: FCA n 921296
Cyprus: CySEC n 246/14

So in accordance to where u live u can contact the regulation agency.

 

[KnifeS2]

@4evermaat another laugh emoji, i'm very curious to know why? and if i said something that is wrong i will be very happy to listen your reasons

 

[The Punisher]

@4evermaat another laugh emoji, i'm very curious to know why? and if i said something that is wrong i will be very happy to listen your reasons

The regulators are slow to reply and not very inclined to help traders. Thousands of scam brokers have registered with ASIC and only recently did ASIC get sued and hauled into court. Turns out they investigated less than 5% of all reported fraud. So Yes you can contact these dbags but getting them to sit up and do anything is very very difficult.

 

[4evermaat]

@4evermaat another laugh emoji, i'm very curious to know why? and if i said something that is wrong i will be very happy to listen your reasons

Regulatory action is after-the-fact. It's not a replacement for your own common sense. Many of the rules fx cfd regulators have are designed to not deal with the core issue of how companies rip off their clients. But rather, to better statistics of incidences....so that they can claim political victory.

Because the gambling/gaming impulse impulse is so strong, most victims disabled their common sense to chase the dream of fast riches. And they end up here.

 

[Trading.Angel881]

@Eightcap Support would you like to respond here please?

I think @Eightcap Support won´t response here

 

[4evermaat]

I think @Eightcap Support won´t response here

you may certainly email Eightcap support/compliance emails and ask them to discuss this issue in a public forum.