IC Markets denied withdrawal request

[KennyW]

Anyone having issue on withdrawal with IC Markets?

They denied my withdrawal request. When I contacted the live support, the company said that has a new procurement and only allow clients to withdrawal every first week of the month.

As far as I understand, clients can withdraw anytime they want. why is this a problem now? Is this normal or something that I have to worry about?

 

[Pharaoh]

Go ahead and leave a review to let others know of this new policy. I also suggest closing all open trades and testing the ability to withdraw your entire account balance on July 1st. Make sure to report back here what happens.

 

[RahmanSL]

Due to many recent unresolved issues and problems, I believe ICMarkets has turned into a very bad broker and is initiating steps to prevent their clients from withdrawing their funds too quickly which will sent the company into a spiral to eventual insolvency.

As ICM CEO has encouraged, file a formal complaint to FOS.

 

[psunardi]

any news from this rouge broker ?

 

[RahmanSL]

any news from this rouge broker ?

The CEO a.k.n @IrishMist has posted a reply to @KennyW (posting under the name @SDTrader at myFXbook site):

"You have 2 posts since you have been on myfxbook seems another broker thinks you are running a dodgy script by your post here
Axiory Review And Rating, axiory.com | Myfxbook"

I guess @IrishMist would not post here at the FPA because our Asst Moderator will trace the IP straight back to ICBucketshop (I-See-Bucketshop)

 

[psunardi]

The CEO a.k.n @IrishMist has posted a reply to @KennyW (posting under the name @SDTrader at myFXbook site):

"You have 2 posts since you have been on myfxbook seems another broker thinks you are running a dodgy script by your post here
Axiory Review And Rating, axiory.com | Myfxbook"

I guess @IrishMist would not post here at the FPA because our Asst Moderator will trace the IP straight back to ICBucketshop (I-See-Bucketshop)

did you try to withdrawal your fund ? any issue ?

 

[RahmanSL]

Any updates on your withdrawal status with this bucketshop broker???

 

[Master Yoda]

They must be really out of money if they do that

 

[ICMarkets Partners]

Hello Kenny,

Hope you are well.

I know we resolved your case earlier this month, however, we would like to comment here so everything is clear for other visitors.

There is NO change related to client live account withdrawals. Clients can withdraw any time.

IB Agent commission withdrawals can also be processed any time after the accounts have been checked by our relevant departments. IC Markets review all accounts once per month. Once an agent account has been approved for processing our Partners will continue to withdraw or transfer funds any time they request.

With the rapid growth & success of the IC Markets Partners Program we have been revising our internal processes and also taking extra measures to prevent fraudulent activity. We would like to apologize if there has been any misunderstanding or miscommunication on this matter.

All valued partners are encouraged to email partners@icmarkets.com regarding any IB/Affiliate related queries.

Many Thanks

 

[Umar7592]

I am Partner with ICMarkets “1200015193” and introduced around 5 clients to this broker in first month, I have lots of traders who follow my trading analysis and copy my trades with some other brokers.

For two weeks my client trading with ICMarkets, it made me around 90$ agent commission and this week I tried withdrawing my commission and I got very strange response from broker “Please note, prior to approval and processing of the IB commission related withdrawals, we are required to review both funding and trading activity of your account and of your introduced clients.
The above procedure is in compliance with our withdrawal policy which is imposed on us by the authoritative bodies that we operate with.
Once the overview of all the accounts is completed, you will be informed accordingly.” this was reponse from one of their representative “Elina Strauta”.

There is no update so far, but with my first agent withdrawl I received such a response which have really put me in doubts about the credibility of this broker, and i am definitely concerned about my trading account withdrawls as well. I have been an IB with 2 other brokers with around 35 clients introduced and never had such a response when making a withdrawl. But I will wait for their response and will asses if its trustworthy to keep business with this broker.

Will keep you guys posted here for updates.

Kind Regards,
Umar, CFA L3.