Ic Market scam on Oil transaction

Tradervn

Recruit
Messages
9
This topic I'm talking about is one broker, ICMARKET which mentioned they are ECN by themself. But is that true?
I'm talking with you about my story. 4/21/2020 i have opened the short position for symbol XTIUSD, ( they mentioned it WTI Crude Oil Spot vs United States Dollar ) my volume is 16300 barrel with the price on this market is 11.83.
The first thing that makes me confused is that they got different prices for WTI and I can't find any chart of other brokers or tradingview. You can check it yourself and you will see that. It makes me think they can make the price change.
So now the problem appears when the price goes down to 5.76 . in a few minutes. and believe me you can't find that price on any broker except ICMarket at that time (4pm33 in 04/21/2020 UTC+7)
I'm ready to close my short position with profit around $99000
And you know what happened, They pause the oil market, then i can't close the position, the only thing i can do at that time is using Stoploss at $6 to keep my profit. But boom!!!
They waiting the price up and open market again. The gap appear and my stoploss is moving to new price 10.31 and i lost many profit.

In this picture below, first one is time market close for no reason , and you guy will see the gap at m15 and m1 chart, the green line on picture is dealmap, Anyone trade oil on Icmarket in 21/04 will see that problem,
IT's not the weekend, and other brokers such as exness, XM, Tickmill are fine at that time.
I have already contacted them, and you said like it’s the market problem, not their responsibility, And no more response from them.
I’m telling the story just want you guys be careful with this broker, for me they are totally scammers, THEY ARE THE REAL MARKET MAKER, DIFFERENT PRICE AND PAUSE MARKET AND OPEN GAP ANY TIME THEY WANT.
now it's 5/09/2020 and no response from them
( sorry for my bad english)
 

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iani_3d

Recruit
Messages
7
4/21/2020 i have opened the short position for symbol XTIUSD
Looks like more traders fall in that ICMarkets trap on 4/21/2020. It was 100% price manipulation to stop out trades with big losses. They faked the price, but got real losses from clients !

I'm ready to close my short position with profit around $99000
I believe you wouldn't if you tried, and I sure they prepared servers for that: big slippage, freezing, or other kind of surprises.
What kind of regulated broker is this ICMarkets, if it manipulates the price from the lowest price on that day-> 9.93 down to non-existent price-> 5.76, even allowing clients to open trades with that fake price? After that, offering and absurd and stupid answer like "it’s the market problem ".
It's not the market problem, it's the ICMarkets' problem.
I'm sure regulations have some terms and conditions to not to allow brokers to mock clients in such dirty way.
 

forexteamau

Private, 1st Class
Messages
65
Hi Mate ,

I recently lost almost all my account balance with this broker . They use all sorts of techniques to trade against you. IC claims that they are getting their price feed from variety of liquidity providers .
Probably in east Africa where they are registered.Your transaction log looks fine as evidence
.Don't waste your time with their support if you've said enough. That's how they behave, Ignore your e-mails or reply very late . Go straight with AFCA and ASIC. AFCA cannot punish them but might be able to get your money back. But still there is a conflict of interest .That's a non Gov organisation in Australia but try them first . If you were not successful. I'm from Australia and working on my case with a lawyer so we might be able to join as one case to take legal action.
Let me know if you need help with lodging complaint with those two as first stage.
Cheers.
 

Tradervn

Recruit
Messages
9
Here is the last email i got from them :
"
Dear...,

Please note that the case is still under investigation via our team.

Regarding further complaint, kindly be advised that your email profile is registered under Seychelles ( FSA) entity.

Thank you,


Kind Regards,
.... | Senior Customer Support Executive | IC Markets
"
does it mean ASIC or AFCA can't cover my case? as they said my account is registered under Seychelles ( FSA) entity.
 

forexteamau

Private, 1st Class
Messages
65
Here is the last email i got from them :
"
Dear...,

Please note that the case is still under investigation via our team.

Regarding further complaint, kindly be advised that your email profile is registered under Seychelles ( FSA) entity.

Thank you,


Kind Regards,
.... | Senior Customer Support Executive | IC Markets
"
does it mean ASIC or AFCA can't cover my case? as they said my account is registered under Seychelles ( FSA) entity.
They are giving you the the runaround. Seychelles is in east Africa where I doubt you could reach any fair outcome. Their site says they are registered with ASIC as well. How many corespondents did you have with them ? if you had couple of rounds of e-mails with no result, Go straight with AFCA and ASIC .
 

Tradervn

Recruit
Messages
9
They are giving you the the runaround. Seychelles is in east Africa where I doubt you could reach any fair outcome. Their site says they are registered with ASIC as well. How many corespondents did you have with them ? if you had couple of rounds of e-mails with no result, Go straight with AFCA and ASIC .
Yes, i have report my case to AfCa and ASic as well
 

The Reaper of F

Sergeant
Messages
198
It's disheartening to see many traders falling into the pitfalls of a potential scam. Nevertheless, to clarify something out of the ordinary, XTIUSD is not WTI. It's a derivative made up of a slightly different calculations prime on WTI's asset classification. If you see XTI anywhere, don't trade it. I highly doubt this asset to date and as to why brokers offered this. Not many offered this, and not even the ones that I traded with concurrently as they had only WTI.

Plus, you should know the financial instrument that you're invested in. Never trade nor invest in something you don't know, risk comes from not knowing what you're doing. In spite of that, yes... IC Markets is a bucketshop.
 
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