IC Markets - perfect legit scam

Cld_trade

Recruit
Messages
8
Before I will share my case public, I want to know if I can post screenshots of email conversations with the company itself (compliance and customer support) . I have lost over 40k with the company due to their nasty habits of increasing swaps or spread in a huge nasty manner.
Also on their platform it has happened to see price movement on gold of more than 100$ that actually never happened in reality.
They have given me back 20% of my losses and I have accepted due to the stress and my own stupidity specially that I was very sick at that moment and really needed any money.
I have accepted saying I will not form a complaint against them but never accepted or said anything about sharing our conversation or posting those emails down. So I wanna show the world what and how these companies are working and abusing their clients and their power into the financial markets.
Looking forward for an answer and I will start posting all emails if that is ok by law and I will make public all my case with them and how they have interfered in my trading attracting losses of all my funds
 

forexteamau

Sergeant
Messages
120
Hi mate,

I'm sorry for your loss. I'm on the same boat. They increased the swap against my trades. from positive to -15 !
First told me it depends on lot size "only"! later they restricted my leverage from 1:500 to 1:10 ! However I was told it never happened before! Sure you can post it here .I have shared my conversations too.
 

forexteamau

Sergeant
Messages
120
I forgot to mention if you already accepted their offer and agreed not to complain, you should ask a lawyer.
 

compu-forex

Sergeant
Messages
120
I have accepted saying I will not form a complaint against them but never accepted or said anything about sharing our conversation or posting those emails down.
Since the basis of any contract is consensus, if you are not aware of any limit to sharing your case then there can be no legal problem.

I would also suggest that there is nothing they can do even if you did a agree not to share, unless of course you still have money with them.

Since you have already opened the can of worms, this is probably of academic interest only. Why don't you start by posting the agreement and we can give you an opinion if there is a problem with you sharing.
 

Cld_trade

Recruit
Messages
8
For sure I will start posting but it will take some time as I wanna post all emails from beginning to the end and even invite the company here.
For me, several cases in abusing their services from spread on a major currency Gbp/usd increased from 2pips to over 100pips. Then they closed my orders on their own and remove a balance of 10k from my account which attracted more losses as they placed me in margin call after removing the 10k and eventually stop out. How can we invite the company here as well and watch them together if their replies when I will post all conversations with them ?
And even when they agreed to pay me the 20% or 25% whatever the exact number is, they started from offering me 1% as a “gesture of good will” and they negotiated until we reach almost 25%. I would still need my money although I don’t think there is anything that can be done now but at least I wanna make everything public so you all know what are we dealing with
 

Cld_trade

Recruit
Messages
8
this was the last email where we agreed and closed case.
I wanna post also the screenshots with the spread manipulation and pending positions triggered at a price that was never reached on other markets besides their platform which they manipulate the way they want

IC Markets Compliance
Apr 24, 07:03 EEST
Dear Mr ——-

We refer to your email dated 21 April 2020 and wish to address your dissatisfaction regarding your gold positions.

We refer to the order #92140370 at 10:23:58 (GMT+2) and confirm that there was a profit of USD 9,746.00. The amount of USD 9,739.00 was taken from the account subsequently at 18:04:59 (GMT+2) pursuant to the order #92382622 due to adjustment of pricing error on 26 March 2020.

We have checked your case thoroughly and hereby confirm that your Buy Limit Order #92140370should not have been triggered and filled based on the pricing error on 26 March 2020. We conclude that the mentioned adjustment was correct. The adjustment should not be taken into account when execution of stop-outs is considered due to the fact that the profit of USD 9,739.00 should not have existed in the first place, and it is your responsibility to maintain adequate equity in order to meet the margin requirement to avoid positions being stopped out. We enclose some relevant information below for your information. Kindly also refer to sections 3.3 and 5 in our Product Disclosure Statement (PDS).

We wish to draw your attention to the following in order for you to have a better understanding:
As set out in Section 6.4 and 6.5 of IC Markets Accounts Terms, we have the right to void the transactions:
“If we become aware that any of the factors set out in clause 6.5 (but we are not limited to only these factors) are not satisfied at the time you place an Order (in our reasonable opinion), we reserve the right to reject your Order. If we have already opened or Closed Out a Transaction prior to becoming aware that a factor set out in clause 6.5 has not been satisfied (in our reasonable opinion) we may, in our absolute discretion, either treat such a Transaction as void from the outset or Close Out the Transaction at the prevailing price or take any other steps that we consider necessary (as determined by us).
The factors referred to in clause 6.4 include, but are not limited to, the following:
(a) the Quote must be obtained from us;
(b) the Quote must not be expressed as being given on an “indicative only” or similar basis;
[...]
(d) if you obtain the Quote electronically via our Electronic Trading Services, your Order and our acceptance of it, must be given while the Quote is still valid;
(e) the Quote must not be a Manifest Error;
[...]”
Also in Section 12.6 of our Account Terms, it states that “If a Transaction or Open Position is based on a Manifest Error, we may (in addition to our other rights) without your consent do any or all of the following:
(a) amend the terms of a Transaction to reflect what we consider to have been the fair terms at the time the Transaction had been entered into had there been no Manifest Error;
(b) Close Out the Transaction and any Open Positions resulting from it;
(c) adjust or suspend your Account;
(d) treat the Transaction as void from its inception;
(e) refrain from taking action to amend or void the Transaction; or
(f) any other action that we believe is appropriate in the circumstances.”
IC Markets has acted in accordance with its Account Terms in relation to the matters disputed and you have acknowledged to have read and understood ICM’s Account Terms, which specifies the aforesaid responsibilities of the client, when you registered as a client with IC Markets.
We wish to reiterate our stance as per our email dated 14 April 2020 that IC Markets has acted in accordance with its Account Terms in relation to this matter. We have taken into account your recent complaint about the gold issues on 26 March 2020 and we wish to extend our final offer to you of USD 11,500 as an one-off gesture of goodwill. This is provided you agree to accept this in full settlement of your complaint and agree that you will not escalate the complaint with AFCA, and will not make any further claims or take any further actions against IC Markets in relation to your complaint.
In order to accept the above settlement please respond to this email stating:
“I accept USD 11,500 in full settlement of my complaint and confirm that I will not proceed my complaint with AFCA or any regulatory body and I agree that I will not make any further claims or take any further actions against IC Markets in relation to my complaint.”
We look forward to receiving your position.
Kind Regards,
Compliance Team | IC Markets
-------------------------------
initials of staff member: EK
Risk Warning: Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. International Capital Markets Pty Ltd. ACN 123 289 109. AFSL No. 335692.
Notice to recipient
The information in this email and any attachments may contain confidential and/or privileged information. It is intended solely for the addressee(s). If you are not the intended addressee, please notify the sender immediately (and destroy this email and any attachments from all computers). Any review, copying; redistribution in whole or in parts of this email or its attachments or any other action in reliance to this email or its attachments is strictly prohibited.
© 2020 International Capital Markets Pty Ltd | All rights reserved.
Financial Services Guide (http://www.icmarkets.com/wp-content/uploads/2013/03/Financial-Services-Guide-25.09.091.pdf) | Product Disclosure Statement (https://cdn.icmarkets.com/uploads/CFD-PDS.pdf) | Terms and Conditions (https://cdn.icmarkets.com/uploads/ICM-Account-Terms.pdf) |www.icmarkets.com
(http://www.icmarkets.com/)
 

Cld_trade

Recruit
Messages
8
So after this email could I share all my conversations with them and share it as well as uploading screenshots?
 

Pheniox123

Private, 1st Class
Messages
59
Hi there,

I am not a lawyer and hence can’t comment on the legality of sharing your information.

However, from a moral point of view; I personally wouldn’t go against a remedial agreement that I have signed with a company; specially when they admitted their errors.

I think it goes against common decency. However, the choice is ultimately yours.

Pheniox
 

Cld_trade

Recruit
Messages
8
Hi there,

I am not a lawyer and hence can’t comment on the legality of sharing your information.

However, from a moral point of view; I personally wouldn’t go against a remedial agreement that I have signed with a company; specially when they admitted their errors.

I think it goes against common decency. However, the choice is ultimately yours.

Pheniox
But their mistakes did much more damage to me than just that and due to my desperation that moment I had accepted an agreement much less than I have lost. And I am not talking about profits I am talking about my investment only
 

Pheniox123

Private, 1st Class
Messages
59
It’s totally your call...I guess you can explain to them that you were under duress at the time.

I am in the same boat at the moment (see my other scam thread) with them and waiting to see their admittance of their errors.

I say let a lawyer have a quick look at what ever you’ve signed and then decide what you want to do after.

Thanks
Pheniox
 
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