Problem Crunch time! My case with ICMarkets

[dkami]

You mean like the ICM sample chart Angus so kindly emailed me (along with 3 other charts from different ASIC regulated brokers for comparison) as in attachment?

...hmmmm...nope! ICM Support "forgot" to do that but if they had provided me with that chart and "reminded" me where to look for these charts, I would have promptly gone to the myfxbook sites to look for and to see for myself and this thread and my issues/dispute with ICM would not exist.

Anywhere, it is all too little too late and I will just leave it to the Australian Authorities to do whatever they want with my report submission.

So I take it you have no proof that you asked for the tick data from ICM on the 5/3/15 as you didn't post your proof but instead just blame ICM support that they "forgot" to give it to you!

Even you have said spread widens during news (on another thread on FPA) so why wouldn't they during cad news?

If I have got this right this is what you want ICM to prove to you that the spread widened during cad news!

P.S. I seen your post on FF and to put you straight like I have said a few time on this thread I am not taking sides, I want to see if there was any manipulation just as much as you do, but you are not providing any hard proof!

Like I said talk is cheap and I ain't buying, I need to see proof of your claims against ICM!

 

[RahmanSL]

So I take it you have no proof that you asked for the tick data from ICM on the 5/3/15 as you didn't post your proof but instead just blame ICM support that they "forgot" to give it to you!
Even you have said spread widens during news (on another thread on FPA) so why wouldn't they during cad news?
If I have got this right this is what you want ICM to prove to you that the spread widened during cad news!
P.S. I seen your post on FF and to put you straight like I have said a few time on this thread I am not taking sides, I want to see if there was any manipulation just as much as you do, but you are not providing any hard proof!
Like I said talk is cheap and I ain't buying, I need to see proof of your claims against ICM!

Okay, in that case I am very sure ICMarkets has absolutely nothing to worry then and the Australian Authorities will hang my report up on the wall and laugh at it for the next 10 years
...BUT, we shall see!

 

[dkami]

Okay, in that case I am very sure ICMarkets has absolutely nothing to worry then and the Australian Authorities will hang my report up on the wall and laugh at it for the next 10 years
...BUT, we shall see!

Well I hope you give ASIC more proof than you have given in this thread as you wont even post your proof that you asked ICM for their tick data 0n the 5/3/15

 

[RahmanSL]

Oh, you mean my 1st & 2nd email to ICM?...ok, just to humor you
========================
From: RahmanSL Sadat
Date: Thu, Mar 5, 2015 at 11:08 PM
Subject: Account 317165
To: Sung Choi

Dear Sung Choi,
Please check my above account because, like previously, the account suddenly got wipe out completely without any warning. All opened positions were well hedged and there were no major news and spikes when that happened because I was looking and monitoring the account at the time.
I was also monitoring and trading 3 other accounts from different brokers and none of them show or have any spikes either.
Attachment is a screenshot immediately when account got wiped out.
Thank you and best regards
RahmanSL
================
Rahman Sadat

Mar 6, 17:39

Dear Tony,
I have attached 5 attachments showing trading account 317165 almost immediately when the account was wiped out, and few minutes later to show that there wasn't really very much movements in the market when that happened.
Two screenshots are trading platforms two other brokers (taken some minutes later) that basically show that the USD/CAD has no spikes and sudden price movements at the material time too.
Besides ICMarkets, I was also trading on a couple other brokers' trading platform and was switching back and forth monitoring my ICMarkets trading account to ensure that the level of free and available margin are good and that it does not require additional recapitalization.
The last time that the account was also wiped out in a very similar manner (i.e all hedged positions and on one single currency pair) and the explanation given by Sung Choi was really not very convincing to me, but I was not monitoring the trading account when that happened and so was unable to dispute that event.
However, this time the account sudden wipe-out happen almost before my eyes and I really am quite shocked & puzzled by what had happened.
Please do look into my case carefully this time because I think there might be something going on in the trading platform which causes such happenings without warning which might be very difficult to explain.
Another strange event which Sung Choi has also not adequately explained to me was how the same pending order currency pair was triggered on one of my ICMarkets trading account but not on another ICMarkets trading account. It was triggered way above what was shown and recorded on the MT4 trading charts, and the pending position that was triggered eventually wiped out that account too.
Thank you and best regards
RahmanSL
=============================

Like I said, if ICM has done nothing wrong, then there absolutely have nothing to worry about

 

[RahmanSL]

So I take it you have no proof that you asked for the tick data from ICM on the 5/3/15 as you didn't post your proof but instead just blame ICM support that they "forgot" to give it to you!
Even you have said spread widens during news (on another thread on FPA) so why wouldn't they during cad news?
If I have got this right this is what you want ICM to prove to you that the spread widened during cad news!
P.S. I seen your post on FF and to put you straight like I have said a few time on this thread I am not taking sides, I want to see if there was any manipulation just as much as you do, but you are not providing any hard proof!
Like I said talk is cheap and I ain't buying, I need to see proof of your claims against ICM!

Contrary to what you might think, if you check on scam thread on FXOpen (and a couple other brokers whom I have forgotten who) I defended them because I believe there was arbitration trades being made there.
And if you check older ICM discussion threads, I have posted a few love songs & poems on them too

So, all in all, the old timers at FPA are pretty fair in evaluating brokers

 

[RahmanSL]

Due to some pressing outstation project works, I will not be around for a couple days or so.
After I/we have submitted our report to the Australian authorities, I will post the date here and then we wait for any response(s) which I will also post here too.

 

[Alabama]

I'm an outsider to this situation (with no involvement to any of these parties, any brokers, or any finance related firms or websites). I've read the whole thing because I was on my way to setting up with ICM but this and few other issues changed my mind.

@Rahman: trading 6 lots for that small account (and I think you were using a robot cause there are many random buys/sells), i have to say that you were calling for something like this to happen.

I recommend you to post 4-5 charts (for that time period that icm "got to you") from other brokers here for evidence.

Also, I would like to suggest you this website that was recommended to me by a journalist called www.tradeproofer.com. There, you can actually put your exact trade and the website will compare that to other brokers and then can tell you if the broker really "bucket shopped" (not sure if i can use that as a verb) you or not for THAT exact trade! Again, I'm not affiliated with them!

@angus: In my opinion, ICM (does) have the shittiest customer service in this area. In your arguments with Rahman (I get that now you guys are like enemy), your speech and tone are unacceptable and demeaning to some extent. If Rahman or any other customer has any issues with you, you should just take it nicely and work out a way to solve it.

One thing that bothers me is that why you would not post the chart for the exact time that this issue occurred. YOU STILL HAVE NOT!

Also, he had hundreds of open positions, why were not they closed one by one but all at the same time? Again, you might say the "market issue" but again, we need you to post the chart here to see.

> In regards to ICM is a true ECN broker or bucket shop arguments: I'd like to bring their own PDS doc into our attention: http://www.icmarkets.com/wp-content/uploads/IC-Markets-CFD-PDS.pdf

1. According to their document, (page 5) "IC Markets offers its CFDs based on a modified Direct Market Access pricing model. IC Markets makes hedge contracts at around the same time as itissues the CFD to you by making a corresponding hedge contract with its Hedge Counterparty (not by placing orders directly into the market)". SO they are not what they claim (with all that true ecn thing) but at the same time, they are passing the ball to a third-party (hedging) so that they can say on their website as they are not market makers. Then the next point is:

2. According to their document, (page 5) "IC Markets does not itself seek to make a market or speculate. [GREAT] IC Markets’ Hedge Counterparty may in turn choose to hedge directly into the market or it may make a market in its pricing to IC Markets [HIMMMMM], depending on the market for the underlying investment and the exchange hours. IC Markets’ bid and offer prices to you are based on the corresponding prices offered by the Hedge Counterparty to IC Markets." SO this means that they may not touch your position but they also don't guarantee us that they don't have a dealing desk in the hedging party's office or have a special agreement with them!!!

3. According to their document (page 5), "Generally the prices of IC Markets’ CFDs are set on the trading platform to give competitive pricing but you should be aware that IC Markets is responsible for setting the prices of opening and closing CFDs. IC Markets does not act a s your agent to find you
the best prices." SO THEY ARE NOT A TRUE BROKER AS FCA (UK REG) PUTS IT.

4. Finally, according to their document (page 15), "IC Markets clients should be aware that some practices in placing orders can constitute market manipulation or creating a false market which is conduct prohibited under the Corporations Act 2001. It is the client’s responsibility to be aware of unacceptable market practices and the legal implications."

So there you have it about IC Markets' position.

For UK regulations, this firm would be banned in 1 second but can live forever in Australia, mate! I would F...NG go to consumer rights office where I am based to complain about variety of issues about them but in Australia (as this "broker" biz is bringing money, their gov wont give a damn about this).

@forexpeacearmy, I would like to suggest you guys to make this forum more visible. For example, I was on your icmarkets page and there were no signs of this forum!!!

In conclusion, I wont open an account with them (ever) and good luck to you Rahman and others who are with them.

 

[Angus Walker]

I'm an outsider to this situation (with no involvement to any of these parties, any brokers, or any finance related firms or websites). I've read the whole thing because I was on my way to setting up with ICM but this and few other issues changed my mind.

@Rahman: trading 6 lots for that small account (and I think you were using a robot cause there are many random buys/sells), i have to say that you were calling for something like this to happen.

I recommend you to post 4-5 charts (for that time period that icm "got to you") from other brokers here for evidence.

Also, I would like to suggest you this website that was recommended to me by a journalist called www.tradeproofer.com. There, you can actually put your exact trade and the website will compare that to other brokers and then can tell you if the broker really "bucket shopped" (not sure if i can use that as a verb) you or not for THAT exact trade! Again, I'm not affiliated with them!

@angus: In my opinion, ICM (does) have the shittiest customer service in this area. In your arguments with Rahman (I get that now you guys are like enemy), your speech and tone are unacceptable and demeaning to some extent. If Rahman or any other customer has any issues with you, you should just take it nicely and work out a way to solve it.

One thing that bothers me is that why you would not post the chart for the exact time that this issue occurred. YOU STILL HAVE NOT!

Also, he had hundreds of open positions, why were not they closed one by one but all at the same time? Again, you might say the "market issue" but again, we need you to post the chart here to see.

> In regards to ICM is a true ECN broker or bucket shop arguments: I'd like to bring their own PDS doc into our attention: http://www.icmarkets.com/wp-content/uploads/IC-Markets-CFD-PDS.pdf

1. According to their document, (page 5) "IC Markets offers its CFDs based on a modified Direct Market Access pricing model. IC Markets makes hedge contracts at around the same time as itissues the CFD to you by making a corresponding hedge contract with its Hedge Counterparty (not by placing orders directly into the market)". SO they are not what they claim (with all that true ecn thing) but at the same time, they are passing the ball to a third-party (hedging) so that they can say on their website as they are not market makers. Then the next point is:

2. According to their document, (page 5) "IC Markets does not itself seek to make a market or speculate. [GREAT] IC Markets’ Hedge Counterparty may in turn choose to hedge directly into the market or it may make a market in its pricing to IC Markets [HIMMMMM], depending on the market for the underlying investment and the exchange hours. IC Markets’ bid and offer prices to you are based on the corresponding prices offered by the Hedge Counterparty to IC Markets." SO this means that they may not touch your position but they also don't guarantee us that they don't have a dealing desk in the hedging party's office or have a special agreement with them!!!

3. According to their document (page 5), "Generally the prices of IC Markets’ CFDs are set on the trading platform to give competitive pricing but you should be aware that IC Markets is responsible for setting the prices of opening and closing CFDs. IC Markets does not act a s your agent to find you
the best prices." SO THEY ARE NOT A TRUE BROKER AS FCA (UK REG) PUTS IT.

4. Finally, according to their document (page 15), "IC Markets clients should be aware that some practices in placing orders can constitute market manipulation or creating a false market which is conduct prohibited under the Corporations Act 2001. It is the client’s responsibility to be aware of unacceptable market practices and the legal implications."

So there you have it about IC Markets' position.

For UK regulations, this firm would be banned in 1 second but can live forever in Australia, mate! I would F...NG go to consumer rights office where I am based to complain about variety of issues about them but in Australia (as this "broker" biz is bringing money, their gov wont give a damn about this).

@forexpeacearmy, I would like to suggest you guys to make this forum more visible. For example, I was on your icmarkets page and there were no signs of this forum!!!

In conclusion, I wont open an account with them (ever) and good luck to you Rahman and others who are with them.

Some good questions Alabama.

Noted re my tone when dealing with Rahman on the thread. I will write a deserving response to your questions, however, it might not be until later in the week due to current work demands.

Something to consider in the meantime; Rahman was provided with 120 trade confirmations which consisted of 60 from Integral and 60 from the bridge.

 

[Hendrik]

In my opinion, ICM (does) have the shittiest customer service in this area. In your arguments with Rahman (I get that now you guys are like enemy), your speech and tone are unacceptable and demeaning to some extent. If Rahman or any other customer has any issues with you, you should just take it nicely and work out a way to solve it.

You have mentioned that you won't open a account with them ever, so I believe you have never had a account with them in the past. But, I'm not really sure what made you come to a conclusion that they have the worst customer service "in this area"(not really sure which
" area" you mean?)

But seriously, don't you look at the irony here. You are actually replying to one of their staff, if at all they are shitty like you mention, they would not care to reply to this thread here and try to clarify all the facts and claims raised by the OP. I think it is plain common sense, if at all they had done something wrong, they would definitely not try wasting their time here. Only because they are confident of proving that they have don't nothing wrong, they are ready to take their time and provide evidence here in public forum.

 

[AsstModerator]

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