Caught ICmarkets Fake spike price stop out trades

Vanessa.P

Sergeant
Messages
131
 

Tribble

Recruit
Messages
5
A couple of points to bear in mind :-

1.Trading metals at this point is time is extremely risky. Some brokers have sent out warnings about liquidity issues in the spot metals markets due to extreme shortages of physical gold in the financial markets. The day before yesterday, I was watching gold spreads sitting at $9 which is about 50 x the normal spread.....in the middle of the day.

2.Clearly there has been a pricing issue with IC Markets and they have stated they need 3 days to investigate. Perhaps you should wait for an outcome before shouting scam. I am pretty sure they will rectify the issue and the spike will also be removed from the chart.
A couple of things for you to bear in mind-

1.all trading at this point in time is extremely risky. whilst the leading stock market averages (Dow, S&P and NASDAQ) move in swings of 7-12% per day, gold is actually less risky from a % point of view as it's daily price ranges from 1.5-4%

2. just because someone states he will investigate, and even conclude that there's a mistake and compensation is in order, doesn't necessarily make us wrong in suspecting this might be a scam.
It also doesn't dissolve our frustration and mental trading issues due to this case, unprecidented in Gold trading history.
 

H.guan

Recruit
Messages
5
A couple of things for you to bear in mind-

1.all trading at this point in time is extremely risky. whilst the leading stock market averages (Dow, S&P and NASDAQ) move in swings of 7-12% per day, gold is actually less risky from a % point of view as it's daily price ranges from 1.5-4%

2. just because someone states he will investigate, and even conclude that there's a mistake and compensation is in order, doesn't necessarily make us wrong in suspecting this might be a scam.
It also doesn't dissolve our frustration and mental trading issues due to this case, unprecidented in Gold trading history.
Yes,and don't forgetting we are also losing all our profits as most likely ICmarkets will only compensate for our losses due to the error.For example,my position at $1560 with sl at BE is closed at $1500 and the 600pips losses might be refunded but before the spike down,gold is at $1601 and I am already in profits of 410 pips which is now gone
 

jetlooi

Private
Messages
14
A couple of points to bear in mind :-

1.Trading metals at this point is time is extremely risky. Some brokers have sent out warnings about liquidity issues in the spot metals markets due to extreme shortages of physical gold in the financial markets. The day before yesterday, I was watching gold spreads sitting at $9 which is about 50 x the normal spread.....in the middle of the day.

2.Clearly there has been a pricing issue with IC Markets and they have stated they need 3 days to investigate. Perhaps you should wait for an outcome before shouting scam. I am pretty sure they will rectify the issue and the spike will also be removed from the chart.

I really hope it is not a scam but the fact is $100 drop in a sec for gold trading is impossible so that also show that other brokers or any other source of price chart or records have NO such price movement but icmarket, if they can do $100 move on our charts with them, think $5, $10, $20... to against your trade would it possible?
sorry for early judgement before they reply but I have no other words to describe in my mind now and they leave us waiting in this trauma
 

compu-forex

Sergeant
Messages
149
1.all trading at this point in time is extremely risky. whilst the leading stock market averages (Dow, S&P and NASDAQ) move in swings of 7-12% per day, gold is actually less risky from a % point of view as it's daily price ranges from 1.5-4%
Up to you if you don't think trading spot metals now is more risky than normal.

just because someone states he will investigate, and even conclude that there's a mistake and compensation is in order, doesn't necessarily make us wrong in suspecting this might be a scam
You can suspect scam as much as you like but until the broker has had a chance to investigate and respond you are simply crying wolf. Your approach does not come across as reasonable.
 

compu-forex

Sergeant
Messages
149
I really hope it is not a scam but the fact is $100 drop in a sec for gold trading is impossible so that also show that other brokers or any other source of price chart or records have NO such price movement but icmarket, if they can do $100 move on our charts with them, think $5, $10, $20... to against your trade would it possible?
sorry for early judgement before they reply but I have no other words to describe in my mind now and they leave us waiting in this trauma
I have been where you are so I know the trauma well. Someone posted an email earlier where ICM have acknowledged the pricing error and will be voiding all trades affected. I know it is hard to relax but try and do so for the sake of your health. The broker needs time to investigate and identify a course of action.

I saw the same thing the other day with ThinkMarkets. They had a spike on Silver of 1100 pips. They fixed it up within about 2 days. I'm sure ICM will do the same.
 

jetlooi

Private
Messages
14
Up to you if you don't think trading spot metals now is more risky than normal.


You can suspect scam as much as you like but until the broker has had a chance to investigate and respond you are simply crying wolf. Your approach does not come across as reasonable.

haha, crying wolf, I’m not crying yet yet
 

jetlooi

Private
Messages
14
I have been where you are so I know the trauma well. Someone posted an email earlier where ICM have acknowledged the pricing error and will be voiding all trades affected. I know it is hard to relax but try and do so for the sake of your health. The broker needs time to investigate and identify a course of action.

I saw the same thing the other day with ThinkMarkets. They had a spike on Silver of 1100 pips. They fixed it up within about 2 days. I'm sure ICM will do the same.
Hope you are right, thanks for your input
 

H.guan

Recruit
Messages
5
I have been where you are so I know the trauma well. Someone posted an email earlier where ICM have acknowledged the pricing error and will be voiding all trades affected. I know it is hard to relax but try and do so for the sake of your health. The broker needs time to investigate and identify a course of action.

I saw the same thing the other day with ThinkMarkets. They had a spike on Silver of 1100 pips. They fixed it up within about 2 days. I'm sure ICM will do the same.
In fact I am in trauma when this happen,my account is nearly blow up during the spike.I am now keep on worrying if such things will happen again and this affect me a lot mentally
 

4evermaat

2nd Lieutenant
Messages
2,014
There was a pricing misquote from Credit Sussie. The difference is that PoP broker will resolve the issue quite quickly after hearing back from LP. Those making a market might need a few days to assess the internal damage. This particular case was 100% LP pricing error. So both profits and losses would be invalidated.

I do agree with @compu-forex on this issue; too much hastiness to scream scam without more evidence coming to light. I do think that if more brokers made it a point to not scam their clients, the quick judgement would be lessened over time.
 
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