Introduction

  1. HiWayFX (the “Company”) is promoting the World Rally Forex Competition, hereinafter ‘’WRF’’ or “Competition”.
  2. These Terms and Conditions (“Terms”) constitute the basis of the Competition. 
  3. By Participating in this Competition, the eligible Client acknowledges that he has read, understood and agreed to these Competition Terms as well as the Hiwayfx Terms and Conditions (https://www.hiwayfx.com/terms-conditions
  4. These Terms do not substitute the Hiwayfx Terms and Conditions.
  5. These Terms are valid for 2016 as per the Competition commencement date and period announced and indicated on the Company’s website.

Eligibility

  1. Subject to all the other Terms and Eligibility Criteria herein, only Clients registered with www.hiwayfx.com may participate in the Competition.
  2. All clients wishing to participate in the WRF must complete the WRF registration form. Individual credentials will be sent to each participating client’s registered email address.
  3. Clients are only eligible to register once for each competition.
  4. Clients may not register for a competition that has already begun.
  5. The Company reserves the right to prolong the registration period.
  6. The Company reserves the right to restrict participation in this Competition geographically its discretion. Clients participating or intending to participate in the Offer should regularly consult the most recent version of the Terms and Conditions of the Offer which shall be made available online at www.hiwayfx.com

Competition Terms

  1. The Competition will commence once the first 30 positions have been filled, otherwise the registration period may be prolonged for 30 days.
  2. Participants may trade in all available instruments during the Competition.
  3. The trading conditions applicable to Clients participating in the Competition are those of the Standard Demo Account, available here : https://www.hiwayfx.com/trading-accounts/forex-demo-account
  4. The leverage of the Competition Demo Account will be set at 1:100.
  5. Each Participant’s Competition Demo Account will be denominated in USD and each participant will receive USD 100,000 virtual money exclusively for the Competition.
  6. The Participant acknowledges and authorizes HiWayFX to announce on its website the daily results of the WRF and each Participant’s nickname.
  7. At the end of the WRF, HiWayFX will automatically close any running/open trades at the last quoted price on the MT4 trading platform.

Winners and Prizes

  1. The winner will be determined through an addition of the points accumulated for each of the three following factors categories:  
    1. Percentage in Profit Factor (“PinP” points)
    2. Maximal Balance Relative Drawdown Factor (“DD” points)
    3. Profit Factor (“PF points”)
    • The Participant with the highest number of total points will be the winner of the Competition.
  2. Points will begin being awarded once the Participant starts trading.
  3. The points attributed to each factor are as follows:
    1. Percentage in Profit Factor (“PinP” points) – maximum points awarded - 40 points. The Participant with the highest PinP points will receive 40 points; the  Participant with the second highest PinP points will receive 39 points; and so on. The Participant ranked 40th in PinP points will receive 1 point; the Participant ranked 41st will receive zero points.
    2. Maximal Balance Relative Drawdown Factor (“DD” points) – maximum points awarded - 30 points. The Participant with the highest DD points will receive 30 points, the  Participant with the second highest PinP points will receive 39 points; and so on. The Participant ranked 30th in PinP points will receive 1 point; the Participant ranked 31st will receive zero points.
    3. Profit Factor (“PF points”) -  maximum points awarded - 30 points. The Participant with the highest DD points will receive 30 points, the  Participant with the second highest PinP points will receive 39 points; and so on. The Participant ranked 30th in PinP points will receive 1 point; the Participant ranked 31st will receive zero points.
  4. Winners will be announced within 5 working days from the end of the WRF Competition on the www.hiwayfx.com website.
  5. In order to be eligible to claim his prize:
    1. The Winner must transmit to the Company his proof of identification (ID/passport) and proof of address (utility bill/bank statement). The Client’s information on these documents must match the information he provided  during the WRF registration and during his registration with HiWayFX.
    2. The Winner’s Profile with HiWayFX must have successfully passed the Company’s Profile verification procedures.
  6. The winner’s cash prize will be added to Client’s trading account under the Credit field. The prize will be given in the form of a tradeable bonus.
  7. Cash prizes credited to Clients’ trading accounts may not be transferred to other trading account holder(s).
  8. If two or more participants have the same sum of points and hold the same position in the rankings table, each will receive an equal percentage of the prize.
  9. Winners of a WFR prize accept and agree to participate in various promotional events that will be publicly announced in various venues, including the HiWayFX website. Promotional events may include, but are not limited to, interviews, photos, listing announcements of their full names, nicknames, countries of origin, and prizes received.
  10. In order to receive a WRF prize, Client’s must meet all requirements set out in these Terms and Conditions.

Example of how the final winner is determined at the end of the competition:

# Nick Name PinP % DD % PF points FR points
1 (40 points) Client 1 80      
2 (39 points) Client 2 75      
3 (38 points) Client 3 60      
4 (37 points) Client 4 50      

 

# Nick Name PinP % DD % PF points FR points
1 (30 points) Client 2   5%    
2 (29 points) Client 3   10%    
3 (28 points) Client 4   15%    
4 (27 points) Client 1   20%    

 

# Nick Name PinP % DD % PF points FR points
1 (30 points) Client 3     20  
2 (29 points) Client 4     15  
3 (28 points) Client 1     10  
4 (27 points) Client 2     5  

 

# Nick Name PinP % DD % PF points FR points
1 (30 points) Client 3 60 (38) 20 (29) 10 (30) 38+29+30=97
2 (29 points) Client 2 75 (39) 5 (30) 5 (27) 39+30+27=96
3 (28 points) Client 1 80 (40) 10 (27) 50 (28) 40+27+28=95
4 (27 points) Client 1 50 (37) 15 (28) 15 (29) 37+28+29=94

The winner in this example is Client 3

  1. The Prizes and conditions are as follows:
Place Prize Amount Lots to complete to cash a prize
1 $1500 75
2 $1000 50
3 $800 40
4 $200 10
5 $150 7.5
6 $100 5
7 $90 4.5
8 $70 3.5
9 $50 2.5
10 $40 2

Total $4,000

  1. The following calculations will apply to Participants in the Competition
    1. Percentage in Profit
      • Formula: Percentage in Profit (PinP) = (Net Profit / Initial Deposit) x 100% Where: Net Profit – sum of the results of all trades on the account. Initial deposit – amount credited at the beginning of the contest (100,000 USD)
    2. Maximal Balance Relative Drawdown
      • ​​The maximal fall of balance relative to the local maximum of balance in percent.

Drawdown is the difference between one of the highest peaks and the closest lowest peak. In the above image, the main stages of the relative drawdown movement are displayed in numeric form. The final amount of the relative drawdown is the drawdown below number 3. Relative Drawdown 3 has a lower value in money than the value of Drawdown 4, however has a higher percentage value.

Drawdown Calculation Example

DrawDown1 = H1 — L1 = 10,000 — 9,550 = 450
DrawDown2 = H2 — L2 = 10,040 — 9,525 = 515
DrawDown3 = H3 — L3 = 10,410 — 9,590 = 820
DrawDown4 = H4 — L4 = 10,775 — 9,820 = 955

Drawdown Calculation Example For The Image Above

Relativedrawdown1 = (H1—L1)/H1 х 100 = (10,000—9,550)/10,000 х 100 = 4.5%
Relativedrawdown2 = (H2—L2)/H2 х 100 = (10,040—9,525)/10,040 х 100 = 5.13%
Relativedrawdown3 = (H3—L3)/H3 х 100 = (10,410—9,590)/10,410 х 100 = 7.88%
Relativedrawdown4 = (H4—L4)/H4 х 100 = (10,775—9,820)/10,775 х 100 = 8.86%
Maximal Balance Relative Drawdown = 7.82%

  1. Profit Factor
    • Formula: Profit Factor (PF) = Gross Profit / Gross Loss -- Where
      1. Gross Profit – total sum of profit from all profitable trades
      2. Gross Loss – total sum of loss from all losing trades

The current reading for the Profit Factor index can be obtained as follows:

  1. launch MetaTrader 4
  2. Choose “Terminal” in the “View” menu or press CTRL+T
  3. Click on "Account History"
  4. and then right click the mouse and select "Save as Detailed Report" in the context window that presents itself (see the above figures)

 

  1. Current Equity Drawdown shows the drawdown between the Maximum balance and current floating Profit/loss. This parameter is updated every 10 min and can be used to check how the opened trades may affect the Maximum Balance Relative Drawdown factor if they will be closed now.

Additional Terms

  1. Prizes are awarded to winners of the Competition in the form of bonus funds to their trading accounts. Bonus funds can only be withdrawn when the Client closes the required number of lots indicated in the Clause 28 table, in the “Lots to Complete” column.
  2. Profits made through trading activity with the Prize Bonus funds may be withdrawn at any time.
  3. All credited bonus funds will expire one month after the date they are credited.
  4. The Company reserves the right to bar participation or disqualify from the WRF any Client in the following circumstances:
    1. Using fake/incomplete details or providing fake/unacceptable documents during the WRF registration
    2. Having more than one WRF Competition trading account
    3. Having the same IP address as another WRF participant. In this case both may be disqualified.
    4. Using anonymous HTTP/socks proxy servers.
    5. Any other reasons substantiated by the Company.
  5. The Company reserves the right, at its sole discretion, to unilaterally exclude an Eligible Client from participating or intending to participate in the Competition if that Client is deemed by the Company to be interfering to attempting to interfere with the operation of the Competition or to be in breach of these Terms and Conditions and/or the General Terms and Conditions. The Company reserves the right, if necessary, to cancel temporarily or permanently any terms and conditions with respect to the Client and/or to suspend or terminate the Client’s access to the service and/or his Account.
  6. If the Company suspects a participant of abusing/having abused the rules of the WRF by hedging his positions internally (using other trading accounts held with HiWayFX) or externally (using other trading accounts held with other brokers), the Company reserves the right to unilaterally immediately disqualify the Participant from the WRF.
  7. The Company reserves the right, at its sole discretion to deny, withhold or withdraw from the Eligible Client any awarded Bonus funds if the Client raises any suspicion of fraud or any other form of untrustworthy behaviour. If the Company suspects that the Client conducted any fraudulent activity in order to gain profit by manipulating any of the Company’s Competitions or Promotions to his advantage, the Company reserves the right to nullify the results of any trade made using this demeanour. The Company reserves the right, if necessary, to cancel temporarily or permanently any terms and conditions with respect to the Client and/or to suspend or terminate the Client’s access to the service and/or his Account.
  8. HiWayFX has the right to suspend or terminate the competition if the Company deems that circumstances have occurred making the conditions unfair or unfavourable to a majority of the participating contestants.
  9. If the Competition is not resumed after suspension or is not properly completed, the results at the time of the suspension will not be considered to form grounds for entitlement to prizes.

Other Information:

  1. The WRF Terms and Conditions are dated 11 February 2016.
  2. The Company reserves the right to unilaterally modify, withdraw or terminate this Offer and/or any part of it without prior notice.
  3. The Company is not responsible for notifying Clients about (i) any amendments to these Terms (ii) the suspension or termination of the Competition. Eligible clients participating or intending to participate in the Competition should regularly consult the most recent information and version of these Terms which shall be made available at https://www.hiwayfx.com.
  4. Any complaints received will be handled according to the Company’s complaints handling policy available at www.hiwayfx.com. The Company has the right to reject any complaint that contradicts the Terms and Conditions.
  5. Any disagreement or/and circumstances not covered by these Terms, will be resolved exclusively by the Company’s management, in a manner it considers to be most fair and equitable to all parties involved. The outcome shall be final and binding upon all participating Clients.
  6. Any translations of the Terms are for informational purposes only. Should a dispute arise, the binding version is the English version of the Terms.
  7. The headings and examples contained in these Terms and Conditions are for reference and indicative purposes only.
  8. Any questions about the Competition should be directed to our customer support department at support@hiwayfx.com