Fellow forexfactory members just wanted to alert you of a potential trap by a broker. Don't let what happened to me happen to you.
This is what happened:
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.
Upon a 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.
Did anyone else trade the ZAR at that time and got hit with a margin call or a SL due to the spread widening?
This is what happened:
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.
Upon a 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.
Did anyone else trade the ZAR at that time and got hit with a margin call or a SL due to the spread widening?