I considered IC Markets as a fair and trustworthy broker until a scam event I experienced on EURUSD trade. In a perfectly calm market, they teleported the price right above my SL with unbelievable spread of... wait for it...
20 pips.
I really recommend you all to look at the screenshots so you can imagine how magicaly far it was from the actual price.
The support staff explained to me that after the rollover time, the spreads may be a little wider and that this is a normal event.
Well, the trade ended 6 minutes after midnight. During this time, spreads usualy are really a little higher. But according to ForexBenchmark spread tracking, the average spread on EURUSD for IC Markets during 1 hour after the rollover is only about 1 pip. Off course it can go a little higher, 2, 3, maybe even 5 pips. But 20 pips in a perfectly calm market (as you can see on the screenshots) is pretty far from "normal".
Basicaly what IC Markets says by excusing this is "Hey, we can end any EURUSD trade we want if you carry it to another day, all we need is the price to be 20 pips or closer to your SL. Aaaaand bang - you are in loss and we (our LP) in profit.
IC will argue that as an ECN broker, they cannot control or manipulate the price. Maybe it is a truth, but what they should control is what they are getting from their LPs. They just cannot let their LPs manipulate a sh*t from you and then just point a finger on them and say "It was them and we cant do anything to make it right"
What do you guys think about this?
20 pips.
I really recommend you all to look at the screenshots so you can imagine how magicaly far it was from the actual price.
The support staff explained to me that after the rollover time, the spreads may be a little wider and that this is a normal event.
Well, the trade ended 6 minutes after midnight. During this time, spreads usualy are really a little higher. But according to ForexBenchmark spread tracking, the average spread on EURUSD for IC Markets during 1 hour after the rollover is only about 1 pip. Off course it can go a little higher, 2, 3, maybe even 5 pips. But 20 pips in a perfectly calm market (as you can see on the screenshots) is pretty far from "normal".
Basicaly what IC Markets says by excusing this is "Hey, we can end any EURUSD trade we want if you carry it to another day, all we need is the price to be 20 pips or closer to your SL. Aaaaand bang - you are in loss and we (our LP) in profit.
IC will argue that as an ECN broker, they cannot control or manipulate the price. Maybe it is a truth, but what they should control is what they are getting from their LPs. They just cannot let their LPs manipulate a sh*t from you and then just point a finger on them and say "It was them and we cant do anything to make it right"
What do you guys think about this?