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Regarding PIP value in NZDHKD, PIP Value seems to be wrong
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SSK2009
post May 20 2010, 02:23 PM
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In the current InstaForex Sniper contest the PIP Value of NZDHKD seems to wrong. For example in account no 579248 (in several accounts the position is same), under ticket no 30669893 sold 1 lot NZDHKD at 5.3990 and closed at 5.3090. The profit is shown as USD 1153.52. It should be USD 115.35 only. Please clarify.
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tenderex
post May 20 2010, 11:20 PM
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QUOTE (SSK2009 @ May 20 2010, 03:23 PM) *
In the current InstaForex Sniper contest the PIP Value of NZDHKD seems to wrong. For example in account no 579248 (in several accounts the position is same), under ticket no 30669893 sold 1 lot NZDHKD at 5.3990 and closed at 5.3090. The profit is shown as USD 1153.52. It should be USD 115.35 only. Please clarify.

I have also come accross this interesting situation in other contests as well.

Discussed a similar case with Live Chat Desk this morning (20 May) and the guy there could not give me a straight answer. He/she eventually said they would refer the matter to their technical department to investigate.

According to the information I have gathered, I figured it out that there are different pip values for different groups of currency pairs. For all the majors and semi-majors the pip values for competition purposes are more or less the same as those obtained by using the calculator on the website and which pip values are the same as those credited/debited to a LIVE trading account.

When it comes to the exotic currency pairs, different rules apparently apply.

I have found that completely different values apply for competition purposes. A flat rate of 1 USD for 1 pip is normally applied (except for NZD/HKD which earns approx. 1.28 USD/pip) whereas the "official" rates obtained by calculator and the formula are as low as 5 cents, 8 cents, 13 cents, 17 cents, etc. for 1 single pip.

This is how I understand the situation. Would however very much appreciate it if Admin will clarify the situation for all of us, especially since there have already been a number of winners of contests who have made use of this apparent discrepancy, if in fact any such discrepancy does actually exist ?

Is my reasoning correct ?
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IFX Katerine
post May 21 2010, 09:23 AM
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Dear Sirs,

We will check the results again. Thank you for your attentiveness.



Regards, official representative


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