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IC Markets is a true scammer

Discussion in 'Scam Alerts' started by NanaR, Nov 28, 2014.

  1. NanaR

    NanaR Corporal

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    Initially I did leave them a bad review here ICMarkets.com | Forex Brokers Reviews | Forex Peace Army because I wanted to open a case. Tried to make ID but until now no validation link? So using facebook to post.

    1. They are actually etoro asia pacific. do yourself a favour and check ASIC register and you will see it too. I have email and screenshot. So, since etoro is MM, how can ICM be ECN? It's 2 opposite ends of the spectrum. And yes ICM is also known as ETORO ASIA PACIFIC based on ASIC records. Wish I had known this before getting started...

    2. This would explain the strange phenomenon retail traders faced. For me it is the constant white screen and lag and freeze especially when I was very profitable. First it lasts 20-30 minutes then it goes for a few hours. Unable to access orders to change profit stops was terrible

    3. When reported to them, they told me to get VPS. Signed up their recommended provider, and still same issues only with them? Other brokers running smooth so its definitely ICM related issue.

    4. So many procedural failures here, too many to list you can check my review earlier done too.

    5. They show you different prices on their different platforms for the same pair at the same point in time

    6. Read their legal document. They mentioned they will counter trade (hedge) you each time u place an order. Is that what a true ECN broker would do? Apparently, no according to investopedia... only MM models love to do this.

    Well, I am not sure if my post will appear *since my other posts dont* so I will only attach when I am certain it will show up.

    Thanks and btw guys, let's all report to the australian authorities. more complaints = they will look into the matter.
     
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  2. NanaR

    NanaR Corporal

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    For some reason I cant find the edit button... so gonna just post links here. ICM is definitely NOT a true ECN since they follow MM model in their business. Further proofs here.

    1. ASIC register proving ICM = ETORO ASIA PACIFIC though Sung Choi denied this under review
    Gyazo - 9fc77fc0f0826ce976dcae6d21cd93ed.png note that ETORO is a MM and even said so in their main site.

    2. Further confirmation from ASIC officer Gyazo - 9632d4da4b3e7f62d102ac9644cdab99.png Funny thing if you go to ICM website, you dont see any signs of etoro there. They apparently took pains to remove any association there to fool people into believing they are true ecn.

    3. But etoro.com.au says "Clients from Asia Pacific can trade through IC Markets Ltd licensed by The Australian Securities and Investments Commission (ASIC)". Not too sure why ICM and not AXI or Pepperstone or other brokers, unless of cos they are related or ICM is also operating as etoro for this region.
    Regulation and License | eToro

    4. Since there was problem attaching the pdf earlier in other post, gonna just post link here. Look at this PDS product disclosure statement from etoro. Here it specifically mentions that ICM will "hedge" against all trades done by clients. Again, showing you there is a link between ICM and Etoro since PDS mentions "This PDS relates to CFD and Forex Contracts traded on the eToro trading platform offered by IC Markets."

    https://www.etoro.com/au/wp-content...disclosure-statement-terms-and-conditions.pdf

    5. Compare this with ICM's own PDS http://www.icmarkets.com/wp-content/uploads/IC-Markets-CFD-PDS.pdf read it and see it admits to hedging/counter trading against every trade by client

    Since etoro and ICM have same procedure of hedging/counter trading against every client order, what is the difference between the 2? Oh yea... at least etoro is more "honest" by claiming to be MM while ICM still insists to be a "true ECN" despite doing the same thing as etoro. Yet we all know a real ECN broker will never counter trade its clients cos it will be a conflict of interest... Now we establish ICM is a MM, it is no longer a surprise to see them jamming/freezing profitable traders account terminals, orders not being filled as programmed, widening spreads for no good reason, price show differently on their different platforms, and so on. Afterall, our win = their loss since they counter trade us with their liquidity providers. If they let us win, they only gain that measly commission $7 per round lot, but if they make us lose they get that PLUS they dont have to pay us for our wins and possibly earn from the "hedges" too. So there is more incentive for them to make traders lose, really.

    Bottom line: ICM is actually a MM disguising itself as a ECN broker to fool retail traders. They advertise themselves as having really "tight" spreads but hop on a while and you realise you are probably better off with the other non-ECN brokers who don't freeze/jam people for no reason. Another thing to note is you have NO account manager here, and the support/helpdesk really sucks and is a total waste of time. Incompetent and unprofessional, unable to troubleshoot any issue and always insist they are 100% perfect, flawless and right and all problems e.g. slippage etc is always client fault lol. Reported them to the Financial Ombudsman Services in Australia, so if anyone else has a problem with them please do that too.
     
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  3. JacobD

    JacobD Private

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    This sucks about ICM. I was considering them and about to use them to trade... What other ECN or any other non-scam broker can you recommend for scalp trading?

    Moderation Team Note: Do NOT recommend brokers inside of the Scam Alerts folder.
     
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  4. scream007

    scream007 Private, 1st Class

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    Hello , me as a client with them , i can confirm that the platform freezes sometimes , but lucky me i was not affected by this, about the speed and execution of orders it s the best , the spread and commission is good and very low , however i didnt make a withdraw yet , i hope that you can post more informations about your issue , so we can know the truth .
     
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  5. NanaR

    NanaR Corporal

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    Honestly, I have found better brokers elsewhere, covered by insurance too... here idk if they even have insurance - you should inquire if you intend to trade long term in case we have more SNB upsets again. And see, even u notice platform freezes at times right? It happens very often here for me even on 2 VPS, and when I raised my issue to live help they always say "nobody else has this", and when I mentioned other reviewers online complained, they said "not very credible source" of information etc. I asked them what is considered a credible source then (they said FPA isnt), and got no reply...

    As for withdrawal, I think credit card withdrawal is probably the best/fastest. Do note though it will be processed as a "refund" but you will not get the 3% funding fees back according to people at forexfactory (you should check with them)... I did a bank transfer though, hence the BIG delays.

    Tbh, I was happy first 2 months with them. The trouble only starts really bad from month 3 onwards... and yes, if you google, you can see a lot of complaints against them in other forex forums too. In the end, I think the older guys are right - always go for FCA UK or FDIC regulated brokers. They usually have insurance, and more stringent in the industry.
     
  6. Ed_Forex

    Ed_Forex Private, 1st Class

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    I confirm icmarkets widens spread on pair client trades. More than a year ago opened an account with them, deposited the minimum to test its execution, slippage, everything related to trading, at a time they widened the spread on the pair i have an open trade to 45 pips, all other pairs had normal spread, it was not related to any news, checked with other brokers to see any similar price, found no spread widen. Requested a phone call from account manager, he started explaining confusing things wasn't convinced about, decided to end my business with icmarkets for good, loosing a small amount better than depositing more and loosing big on spread widen.
     
  7. NanaR

    NanaR Corporal

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    I noticed wide spreads on nzdusd 20 pips ++ before for no reason before. went live help and was told near rollover time, liquidity low and so on yet I dont see this happening on other brokers, like u noticed too. wow if you had an account manager, because I never had any even though i deposited way more than the minimum???

    Anyway, as mentioned on my reply in other thread, they are very unhappy with my "vigilante" efforts sharing my experience, findings and helping other victims. Andrew said he "may consider legal action." On the other hand, I have written back for him to address the major concerns I had earlier, which I wrote about on this thread since he failed to address them in his reply. I also asked for transaction receipts of orders filled directly with LP which he should have no problem showing, assuming ICM is a true ECN as they claim to be.

    Will update if anything.

    ps: internet review is all about freedom of speech, so it is indeed odd he is threatening me to stop me from sharing my findings and (bad) experiences with ICM, after ICM failed to handle in a satisfactory manner.
     
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  8. Master Yoda

    Master Yoda Captain

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    They are all threatening like a barking dog
     
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  9. psunardi

    psunardi Corporal

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    icm not just widen the spread and big slip page , they burn out my account using price in another server wipeoutmyaccount.
     
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  10. Ed_Forex

    Ed_Forex Private, 1st Class

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    For correction, don't name them ICM, name them icmarkets because there are brokers with ICM first name.
     
: ic markets

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