Caught ICmarkets Fake spike price stop out trades

jetlooi

Private
Messages
14
To all who affected by icmarkets,
They without reply and just void the gold trade and adjusted the trade to 0, means no profit nor loss, even though when it happened your trading was running in profit before the spike all not into account, I’m not sure what is your thinking but to me is really is a not fair and not professional enough to deal with the error, nevertheless I will withdraw all my balance and start looking advise from professional, if you are in the same page as me then feel free to input your advise or option to against them.
I’m not sure here FPA is going to help us or not but hope they will look into it and give us an advise.
Thanks
 

4evermaat

2nd Lieutenant
Messages
2,014
To all who affected by icmarkets,
They without reply and just void the gold trade and adjusted the trade to 0, means no profit nor loss, even though when it happened your trading was running in profit before the spike all not into account, I’m not sure what is your thinking but to me is really is a not fair and not professional enough to deal with the error, .......

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.

edit: although I do understand that another option might have been to restore any open trades to pre-spike condition (+/- any market movement that has occurred since then. But when you are dealing with a broker who has traded against you, then it is easiest to just "zero everything out" and start over.

nevertheless I will withdraw all my balance and start looking advise from professional, if you are in the same page as me then feel free to input your advise or option to against them.
I’m not sure here FPA is going to help us or not but hope they will look into it and give us an advise.
Thanks

First I recommend you study this article fully: https://www.forexpeacearmy.com/comm...ime-of-prime-the-keys-to-understanding.59542/


And then also look at this discussion: https://www.forexpeacearmy.com/community/threads/so-are-there-any-brokers-anyone-likes.11411/
 
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jetlooi

Private
Messages
14

edit: although I do understand that another option might have been to restore any open trades to pre-spike condition (+/- any market movement that has occurred since then. But when you are dealing with a broker who has traded against you, then it is easiest to just "zero everything out" and start over.



First I recommend you study this article fully: https://www.forexpeacearmy.com/comm...ime-of-prime-the-keys-to-understanding.59542/


And then also look at this discussion: https://www.forexpeacearmy.com/community/threads/so-are-there-any-brokers-anyone-likes.11411/
Hi 4evermatt,
Are you from ICmarkets or represent FPA or just a nobody?
 

Man X

Recruit
Messages
2
Hi,I am facing the same issue, I set a sl at break even but end up get wipe out at loss at price around $1500. So far,I don't see any other brokers that have gold price reaching $1500 yesterday .Not only I suffered in loss and my positions could have in profits now if such thing never happened. I am agree we need to stand together
It's criminal activities they need to be exposed and pay our money I experienced the same thing was stopped out too.
 

H.guan

Recruit
Messages
5
To all who affected by icmarkets,
They without reply and just void the gold trade and adjusted the trade to 0, means no profit nor loss, even though when it happened your trading was running in profit before the spike all not into account, I’m not sure what is your thinking but to me is really is a not fair and not professional enough to deal with the error, nevertheless I will withdraw all my balance and start looking advise from professional, if you are in the same page as me then feel free to input your advise or option to against them.
I’m not sure here FPA is going to help us or not but hope they will look into it and give us an advise.
Thanks
This is just like wiping out most of the gold traders who are in profits and end up getting zero. I appreciate Icmarkets resolved this quite quickly and refunded our losses but in the first place this losses shouldn't be occured at all and we are supposed in profits. Don't mentioned about last closing price of 1621,I am already in profits when the price is at 1601 before the false spike down.One thing I commended icmarket for admitting on their mistake and made the necessary adjustment but this is not good or fair enough by taking away our profits
 

H.guan

Recruit
Messages
5
@Man X @H.guan and everyone else: did you read post #20 or #22 of this thread yet?
Thanks for your comment. I have read it but just feel that it is not fair to us as a trader,I had a position at 1560 which is in profits end up got wiped out at loss and now just adjusted to zero .Does it mean that this is already the best scenario and nothing more we can do?
 

4evermaat

2nd Lieutenant
Messages
2,014
Thanks for your comment. I have read it but just feel that it is not fair to us as a trader,I had a position at 1560 which is in profits end up got wiped out at loss and now just adjusted to zero .Does it mean that this is already the best scenario and nothing more we can do?

You could file a formal complaint with the broker (mention that "this is a formal complaint" at the top of the email). In the complaint, demand an explanation as to why they did not immediately return the trade to the that the position(s) be returned to the pre-spike condition, which is in the best interest of the client. If they did, why have no profits been paid. Make sure to mention again that pre-spike you were in profit.

Include charts and pre-spike trading records (you screen record your screen, correct?)


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Then if that doesn't work, file an AFCA complaint showing that they completely zeroed out the trade instead of returning the trade to the pre-spike condition. And this prevented you from having an opportunity to close the trade out at a profit. Or if they closed the trade out pre-spike, your profits pre-spike should be honored 100
 

4evermaat

2nd Lieutenant
Messages
2,014
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As I've mentioned numerous times before you lay down with dogs, you will likely catch fleas. So what do you expect from a non-agency model brokerage???? Of course they zeroed everything out. Compare this with what a "true ECN" would do...

Snag_5e113e19.png


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Let us know how the complaint works out.

BTW, if it doesn't work out, then open a SEPARATE scam alert thread and submit evidence there. Each person's complaint should be in its own scam alert.

 
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Vanessa.P

Sergeant
Messages
131
 
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