IC Markets big scam!

simonlim

Recruit
Messages
4
I submitted a withdrawal request one day before the deadline. The next day, I contacted the online chat support to check why my withdrawal was still pending. They told me this :" I assume it was not processed due to the fact that there are a lot of requests, it will be processed on the next day. "
1. First of all, what does I assume mean? did he actually check?
2. too many requests and hence it is not processed??
This is the first time ever I encountered that a financial institution replies in such unprofessional manner. Payments are to be processed if submitted before the cut-off time, if it was not done so, the institution basically missed my payment and is technically in fault. These support staff replies as if it is normal that payments are not processed in time. Does anyone has information on this company financials? In my 20 years of trading experience, this is the first broker that appears to me to be intentionally blocking or delaying clients from redeeming money from their accounts.
 

Vanessa.P

Corporal
Messages
101
 

The Reaper of F

Sergeant
Messages
198
"appears to me to be intentionally blocking or delaying clients from redeeming money from their accounts."

Not you, but of the many here whom experienced the same. They are nothing but a crook of thieves. Stay away from IC Markets for now. Also, sometimes you may encounter a delay in having your withdrawal process and that's just fine, however, in this case: It's IC Markets. Oh well.
 

Vanessa.P

Corporal
Messages
101
look at my post and let everyone know it
 

4evermaat

2nd Lieutenant
Messages
1,906
@simonlim can we have more info?

--> What date/time did you make withdrawal request? how much was the request.
--> what method were you withdrawing to? (bank account, neteller, etc)​

--> do you keep transcripts of the contact you make with support?
--> have you filed a formal complaint with both support and compliance departments yet? (and put the words "formal complaint" at the top and bottom of the email)

A screenshot of communications with IC Markets and the withdrawal request confirmation would be very helpful.
 

simonlim

Recruit
Messages
4
Hi, so the withdrawal has been processed in due time. I submitted one day before the cut-off time for USD10k. Today I just submitted another withdrawal for usd40k. (I am gonna close my account with this broker after i withdraw all my money out) Lets see how they handle it.. To me, as a financial institution, you just have to process clients request professionally. Though their answers whether it is through chat or emails, are either very robotic or not very helpful. I keep all my communication with them, just in case there is a dispute in the future. Also I had this weird message whne i executed through MT4 last week, "trade is disabled", I checked with, answer is increased volatility. I mean...super nonsense...VIX, libor/ois etc are lower, liquidity in many assets improved (judging from b/o spreads and volume)...
So to me if you trade with them normally, then thats fine. However, once there is some abnormality, it will be start of nightmare to deal with these guyz. Also I called their office number..guess what, its an answering machine with 3 options. I tried all three of them, all end up hanging up your phone.
 

4evermaat

2nd Lieutenant
Messages
1,906
Today I just submitted another withdrawal for usd40k. (I am gonna close my account with this broker after i withdraw all my money out) Lets see how they handle it..
Request that they provide a bank transfer transaction confirmation report. This will have complete details of the wire transfer on a single page (or maybe 2 pages). Including the date/time sent, currency, value date, sender's bank, beneficiary/recipient bank, and in some cases intermediary bank.
 

FxMaster

Lt. Colonel
Messages
9,350
Hi, so the withdrawal has been processed in due time. I submitted one day before the cut-off time for USD10k. Today I just submitted another withdrawal for usd40k. (I am gonna close my account with this broker after i withdraw all my money out) Lets see how they handle it.. To me, as a financial institution, you just have to process clients request professionally. Though their answers whether it is through chat or emails, are either very robotic or not very helpful. I keep all my communication with them, just in case there is a dispute in the future. Also I had this weird message whne i executed through MT4 last week, "trade is disabled", I checked with, answer is increased volatility. I mean...super nonsense...VIX, libor/ois etc are lower, liquidity in many assets improved (judging from b/o spreads and volume)...
So to me if you trade with them normally, then thats fine. However, once there is some abnormality, it will be start of nightmare to deal with these guyz. Also I called their office number..guess what, its an answering machine with 3 options. I tried all three of them, all end up hanging up your phone.
One advice, don't share your next steps publicly when your funds are on other hands.

I hope you are smart enough to understand my point :)
 

The Reaper of F

Sergeant
Messages
198
One advice, don't share your next steps publicly when your funds are on other hands.

I hope you are smart enough to understand my point :)
Agreed. Most of the time when clients did that, the opposite visits. Be sure that you nailed them down to the coffin before you can be 100% assured that the funds is in your bank account at present.
 
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