Crunch time! My case with ICMarkets

NanaR

Corporal
Messages
104
Very strange. Pretty sure the pdf file I had that time didnt have point 3 & 4 you mentioned, about the "market manipulation or creating a false market which is conduct prohibited under the Corporations Act 2001" ;o not sure about the other points, but for this 100% sure hmm.

So my suspicion last time was right then if the TOS was updated with these :D So, doesnt that mean our orders may possibly actually be placed into a "dark pool" which they manage. Google the term "dark pool" which explains many things... theres so much misinformation in the forex retail world and theres no central law or body (because it is OTC) which governs it all which leads to confusion and "creativity" in filling orders process.

ps: interested to know how this develops.

nior top executives of ICMarkets have or should have vast and extensive experiences in the forex brokerage business and, as such, are or should be very well equipped to deal with cases such as or similar to RahmanSL case issues/disputes with ICM which, to begin with, was pretty straight forward.
I'm an outsider to this situation (with no involvement to any of these parties, any brokers, or any finance related firms or websites). I've read the whole thing because I was on my way to setting up with ICM but this and few other issues changed my mind.

@Rahman: trading 6 lots for that small account (and I think you were using a robot cause there are many random buys/sells), i have to say that you were calling for something like this to happen.

I recommend you to post 4-5 charts (for that time period that icm "got to you") from other brokers here for evidence.

Also, I would like to suggest you this website that was recommended to me by a journalist called www.tradeproofer.com. There, you can actually put your exact trade and the website will compare that to other brokers and then can tell you if the broker really "bucket shopped" (not sure if i can use that as a verb) you or not for THAT exact trade! Again, I'm not affiliated with them!

@angus: In my opinion, ICM (does) have the shittiest customer service in this area. In your arguments with Rahman (I get that now you guys are like enemy), your speech and tone are unacceptable and demeaning to some extent. If Rahman or any other customer has any issues with you, you should just take it nicely and work out a way to solve it.

One thing that bothers me is that why you would not post the chart for the exact time that this issue occurred. YOU STILL HAVE NOT!

Also, he had hundreds of open positions, why were not they closed one by one but all at the same time? Again, you might say the "market issue" but again, we need you to post the chart here to see.

> In regards to ICM is a true ECN broker or bucket shop arguments: I'd like to bring their own PDS doc into our attention: http://www.icmarkets.com/wp-content/uploads/IC-Markets-CFD-PDS.pdf

1. According to their document, (page 5) "IC Markets offers its CFDs based on a modified Direct Market Access pricing model. IC Markets makes hedge contracts at around the same time as itissues the CFD to you by making a corresponding hedge contract with its Hedge Counterparty (not by placing orders directly into the market)". SO they are not what they claim (with all that true ecn thing) but at the same time, they are passing the ball to a third-party (hedging) so that they can say on their website as they are not market makers. Then the next point is:

2. According to their document, (page 5) "IC Markets does not itself seek to make a market or speculate. [GREAT] IC Markets’ Hedge Counterparty may in turn choose to hedge directly into the market or it may make a market in its pricing to IC Markets [HIMMMMM], depending on the market for the underlying investment and the exchange hours. IC Markets’ bid and offer prices to you are based on the corresponding prices offered by the Hedge Counterparty to IC Markets." SO this means that they may not touch your position but they also don't guarantee us that they don't have a dealing desk in the hedging party's office or have a special agreement with them!!!

3. According to their document (page 5), "Generally the prices of IC Markets’ CFDs are set on the trading platform to give competitive pricing but you should be aware that IC Markets is responsible for setting the prices of opening and closing CFDs. IC Markets does not act a s your agent to find you
the best prices." SO THEY ARE NOT A TRUE BROKER AS FCA (UK REG) PUTS IT.

4. Finally, according to their document (page 15), "IC Markets clients should be aware that some practices in placing orders can constitute market manipulation or creating a false market which is conduct prohibited under the Corporations Act 2001. It is the client’s responsibility to be aware of unacceptable market practices and the legal implications."

So there you have it about IC Markets' position.

For UK regulations, this firm would be banned in 1 second but can live forever in Australia, mate! I would F...NG go to consumer rights office where I am based to complain about variety of issues about them but in Australia (as this "broker" biz is bringing money, their gov wont give a damn about this).

@forexpeacearmy, I would like to suggest you guys to make this forum more visible. For example, I was on your icmarkets page and there were no signs of this forum!!!

In conclusion, I wont open an account with them (ever) and good luck to you Rahman and others who are with them.
 

RahmanSL

Major
Messages
2,536
I have been kept extremely busy on some project works these many months and have time only to make some quick trades on some of my live accounts with two brokers.

As an update, ASIC finally got back to me some months back to informed they cannot do very much with my complaint against ICBucketshop and asked whether I need their assistance to help file a complaint report against that bucketshop broker with my country's ministry of international trade.
So, looks like ASIC really does not have the necessary manpower & resources to follow-up with smaller fraud cases against ASIC regulated brokers.

As is the case, I would advise all Traders who have issues with ICBucketshop to go ahead and file their complaints with ASIC since the more complaints ASIC received will eventually forced them to conduct an investigation on that bucketshop broker.
To those Traders using and am happy-happy with ICBucketshop, well, good for you, but do keep a close watch on your trading account.
 

RahmanSL

Major
Messages
2,536
REMINDER:
STOP wasting your precious money and time with ICBucketshop a.k.a ICMarkets and move on to other better brokers.

And there are a lot of 5 stars positive ratings given on this broker with dates on the same day or the day after.
This strongly suggest all these positive reviews on this bucketshop broker are as fake and dishonest as the broker...i.e. ICBucketshop
 
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dkami

Sergeant
Messages
748
I have finally closed my account with ICM and would never ever recommend this broker!

I am sick to death of there fake prices!
 

RahmanSL

Major
Messages
2,536
As we head into another new year, this is a reminder to stay away from this bucketshop broker ICMarkets a.k.a I-See_Bucketshop

Merry X'mas & Happy & Prosperous New Year 2017 to one and all
 

RahmanSL

Major
Messages
2,536
2017 NEW YEAR'S RESOLUTION

Check, test, and scrutinize all forex Brokers carefully before rushing in to open real live trading account and depositing money with manipulative brokers such as ICMarkets a.k.a I-See-Bucketshop
 

RahmanSL

Major
Messages
2,536
2017 NEW YEAR'S RESOLUTION

Check, test, and scrutinize all forex Brokers carefully before rushing in to open real live trading account and depositing money with manipulative brokers such as ICMarkets a.k.a I-See-Bucketshop
I see I-See-Bucketshop people are still posting lots of fake nauseating good reviews on their company.

I want to remind readers to stay away from this creepy broker!
 
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