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.