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Problem IC Markets,Traders who lost money unfairly join here

I am having an issue with a company
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I've not had a bad experience with them yet but this is eye opening. Certainly vindicates my decision to not have too big a bank with any broker.
Better don't keep so much money with them, read your contract with them again, they don't guarantee stop loss trigger,you can get a negative balance with them, means you can lose more money than what you have in your account
 
I have lost 40k AUD with IC market due to the price manipulation on the XTIUSD pair.

You can see from my attachments of the price of XTIUSD during the same period. On both Dawinex and myfxbook the lowest it went was around 10, but on IC Market's platform it went as low as 3.42. Completely ridiculous how far apart the price was.

I really hope we we have a higher chance of getting our money back by banding together and raising a case against them.
 

Attachments

  • IC Market XTI.png
    IC Market XTI.png
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  • Dawinex.png
    Dawinex.png
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  • XTIUSD fxbook.png
    XTIUSD fxbook.png
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I have lost 40k AUD with IC market due to the price manipulation on the XTIUSD pair.

You can see from my attachments of the price of XTIUSD during the same period. On both Dawinex and myfxbook the lowest it went was around 10, but on IC Market's platform it went as low as 3.42. Completely ridiculous how far apart the price was.

I really hope we we have a higher chance of getting our money back by banding together and raising a case against them.

Hi, the reason why ICMarkets price went that low until 3.42 is because you are trading with the broker only, not the market price. broker has own market maker liquidity and price could differ significantly from the real market. also known as B-book broker

contact @forexteamau how he can help
 
But previously when i signed up, they say they operate on an ECN model.
Hi, the reason why ICMarkets price went that low until 3.42 is because you are trading with the broker only, not the market price. broker has own market maker liquidity and price could differ significantly from the real market. also known as B-book broker

contact @forexteamau how he can help

But previously when I signed up, it says on their website that they operate on an ECN model. B-booking means they did not execute my trades on the market right?
 
Back in April when the XTIUSD pair crashed, the difference in price between IC Market and other brokers/charts (eg.GlobalPrime, Darwinex, TradingView, myfxbook) is over $6 or 600+ points.

Now I see the price is starting to normalize and IC Market's XTIUSD chart is starting to match other broker's chart. After they trapped and bust client's account, they now try to bring it back to normal. Its really doesnt make sense how they price that particular pair, seeing as how cross-checking it with 3-4 other different sources shows all of them having very similar prices except for IC Market.
 

Attachments

  • XTIUSD Darwinex May.png
    XTIUSD Darwinex May.png
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  • XTIUSD GlobalPrime May.png
    XTIUSD GlobalPrime May.png
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  • XTIUSD IC Market May.png
    XTIUSD IC Market May.png
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  • XTIUSD fxbook May.png
    XTIUSD fxbook May.png
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But previously when I signed up, it says on their website that they operate on an ECN model. B-booking means they did not execute my trades on the market right?

yes, they do not follow the market price in this case

there are slightly correction regarding my previous post. refer chart from wall street journal & bloomberg, (as reliable source) WTI price dropped until negative

in my opinion...assuming you had enough margin even price dropped to zero & didnt get margin call, your trade should be invalid and should be refunded. hypothetically speaking, if you are long and price went into negative zone, your long position is no longer losing, instead suppose to be making profit (if you close the position in negative zone) but of course, broker and trading system is not ready for negative price trading

however, if you do not have enough margin level to sustain price drop until zero & negative, the losing money would be on your own. btw, its not just you affected by this, interactive broker client lost around 104 million, but for those affected, company will reimburse the loss to customer as it is invalid

Code:
https://financefeeds.com/interactive-brokers-revises-estimate-loss-related-crude-oil-contracts-trading/
https://www.bloomberg.com/quote/CL1:COM
https://www.wsj.com/market-data/quotes/futures/CL.1?mod=md_cmd_overview_quote
 
yes, they do not follow the market price in this case

there are slightly correction regarding my previous post. refer chart from wall street journal & bloomberg, (as reliable source) WTI price dropped until negative

in my opinion...assuming you had enough margin even price dropped to zero & didnt get margin call, your trade should be invalid and should be refunded. hypothetically speaking, if you are long and price went into negative zone, your long position is no longer losing, instead suppose to be making profit (if you close the position in negative zone) but of course, broker and trading system is not ready for negative price trading

however, if you do not have enough margin level to sustain price drop until zero & negative, the losing money would be on your own. btw, its not just you affected by this, interactive broker client lost around 104 million, but for those affected, company will reimburse the lost to customer as it is invalid

Code:
https://financefeeds.com/interactive-brokers-revises-estimate-loss-related-crude-oil-contracts-trading/
https://www.bloomberg.com/quote/CL1:COM
https://www.wsj.com/market-data/quotes/futures/CL.1?mod=md_cmd_overview_quote

But I think XTI is slightly different from WTI. When I check the price of the XTI across 3-4 different brokers, none of their charts had the XTI price went as low as 3.42. That was far too low, not to mention IC Market actually freezed trading and when they finally got a price feed, the next bar opened with a price gap of over 100points, which did not happen with any of the other brokers which can be seen on my previous attached pictures. There was no such gap on the chart of the other brokers.
 
But previously when I signed up, it says on their website that they operate on an ECN model. B-booking means they did not execute my trades on the market right?

yes, not so easy to understand or explain, and company’s T/C make it even more complicated, but that’s the main idea behind this misleading thievery industry

in short, you as your fellow traders clients are the MARKET :oops: you are just betting on price action of whatever asset, theory the losers pay the winners in order to keep it matched the House takes appropriate action, in this case just rig the price….etc…and disregard all the LP talks, excuses and so on

My advice, get some motivated Lawyers file your complaints to ASIC and drag them all in to some criminal courts
 
yes, not so easy to understand or explain, and company’s T/C make it even more complicated, but that’s the main idea behind this misleading thievery industry

in short, you as your fellow traders clients are the MARKET :oops: you are just betting on price action of whatever asset, theory the losers pay the winners in order to keep it matched the House takes appropriate action, in this case just rig the price….etc…and disregard all the LP talks, excuses and so on

My advice, get some motivated Lawyers file your complaints to ASIC and drag them all in to some criminal courts

Yeah, I'm currently looking for people who face similar situations to take legal action against IC Market for their misleading advertising about being a "True ECN" broker and performing possibly shady activities behind clients' back. Once we gather enough evidence, we will then see what are the available options to take against them.
 
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