…from what we see here IC Markets misconduct involves of course criminal offence, manipulating rigging whatever can be rigged is longtime standard for many reckless bucket shops……next we see them all the time on first page scam alert
....quite often FOS in fact financial mediators don’t really qualify ruling over such company’s criminal behaviors, it sure need’s one step higher…also must report to ASIC
https://www.asic.gov.au/about-asic/contact-us/how-to-complain/report-misconduct-to-asic/
suppose it may need some Australian Law Office ? Best is to check with the Italian Consulate, for sure they provide a listing of authentic Law Offices (no further scammers please)
if you wish, you may share fos reply, also your trading account history (dropBox
Actually, the FOS (now the AFCA) is where you will get a chance to receive binding arbitration. ASIC you may report misconduct but they will not really lift a finger. In fact, they will tell you to use AFCA for those complaints....
after 2-4 months of them making their formal reply.
Believe it or not, the regulator should be the
last resort. Victims should
first use ounce of prevention to avoid becoming a victim:
1. Transacting only with
Prime of Prime brokers (or retail brokers you can verify send their flow to PoP).
2. Get a better understanding of
market microstructure; again so you understand how your broker is arranging your trades.
3. keep good records of your trading activity, including:
a. screen recording your trading terminal with terminal logs, market watch, charts, etc clearly showing the behavior during the trading session. (advanced tip: Try to include have a separate broker side-by-side with a similar trading strategy that does not show the problem.)
b1. Install software like
SnagIt and
Bandicam to help with this. You should do this now (about 5-10 minutes to setup and familiarize yourself). This is the social media age and screen recording is very easy.
b2. For your mobile phone screen, you can use
A-Z recorder.
As a last resort, you can use your mobile camera to record the screen. But this method is awkward and clumsy. Use screen recording software above.
c. screenshots of the above (if video is unavailable) For mobile phone, use the native screenshot utility and
Screen Master longshot photo editing tools.
d. copies of relevant trading logs (account trading history), platform journal (transactions to/from broker server), etc. The trading platform should have this already, but some things like the account trading history you may have to generate a hard copy yourself.
4. keep good records of all communication with broker, including:
a. screenshots of withdraw and deposit requests, and any other major requests
b. archived email communication.
c. if communication/transaction is stored, online, grab a long screenshot (or several screenshots) of the all of communication.
d. install
automatic call recording software on your phone. In the event of a unexpected phone call, you are not caught off guard. Tell the caller that they should email any legitimate request/offers and end the call.
If you are a victim of foul play, then you should take additional action:
5. Create a timeline of relevant events. Focus your efforts on
assembling evidence that tells a clear, concise story of each wrongdoing.
If you were doing #3-4 above, this makes your life much easier.
6. Contact the broker's support/compliance department. Notify them of the error(s) that you observed and tell them how you want them to resolve it. Wait 1-2 business days and follow-up to see what their resolution will be. They may ask for more time; you can negotiate the amount you think is fair. But still follow up at least every 2-3 days to see if progress has been made.
7. Create a scam alert thread/review in a forex forum, such
as FPA. Attempt to get help/advice from others in the trading community. Invite/encourage the broker to discuss their actions publically.
8. Contact regulator ombudsman/mediator. You will formally present your case clearly and concisely to them.
9. Consider other legal remedies, such as filing police report or filing a civil lawsuit.
This list is sorted ascending with the path of least resistance/most control for the trader/least stress to trader starting at #1. You may realize that you did #1-2 above, you will likely never even need to use whatever is gathered in #3-4, or implement #5-9. You would still do #3-4 anyway, because it doubles and helping your trading anyway (comparing brokers, improve your trading strategy, etc).
Thank you for your time. I will eventually make this into its own blog post.