IC Markets - perfect legit scam

Cld_trade

Private
Messages
14
Also always manual trading.
volume was quite high when spread manipulation was done and was also at a moment where things were getting tight
 

Cld_trade

Private
Messages
14
ok so finally i got some time and start uploading.
first of all, after i started this post, they have disabled not just my trading account but also the account on their website. luckily, i have account statements and screenshots but i need a bit of time to organise them all.
for now i will add what i have on this computer

once again, the story in short, has started like this:
1. first complain from me, has been related to their platform (MT5) when i couldn't access my account for almost 2 days. They have blamed meta quotes for this and saying that they have done something that have created for all of us not to be able to access our accounts. with running trades, i had big losses on that as i couldn't access anything. i told them that they should be responsible for their own products and not blame meta quotes but they said no obviously. when mt5 was not accessible, they havent even send an email about it.
2. after this situation, they have started playing with the spread and swaps. only after i increased the volume traded obviously.
3. swaps and spreads manipulation when account goes in low margin
4. pending orders triggered without the price being reached but due to massive increase in spread.
5. due to an error system from their side, one of my pending gold trades have been triggered and after that they have removed the balance from my account of 10k and on top of that they have left my account in critical margin and basically forced in stop out. now, they have become responsible for their services when the gold trade shouldn't have been triggered. i wonder how many clients that day have suffered losses on gold moving down more than 100$ but not real movement, just on their platform.
6. in order to withdraw the rest of my money from another trading account, i had to cover a negative balance on other account of almost 5k due to their own mistakes (when gold movement has happened and when they have withdrew with force 10k of my account)

All the attachment uploaded today are just a small part. More will come once i put order in all my files.
There are so many things that happened in those few months trading with them, we will have a lot to talk about and show
I am posting screenshots of most emails as well, hope it will make sense or if not, let me know to clarify with more screenshots.
In the process of the complain, 3 people have tried to stop me and tell me its my fault and not their fault.
And then from 1.500$ compensation they have reached to 11.500$ as a gesture of good will but i have lost more than 40k with them.
 

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Cld_trade

Private
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14
continuation :
 

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compu-forex

Sergeant
Messages
149
IF able, please can you upload a complete statement. It is unclear what the exact problem is. Looks like they had a pricing error on a trade and when they voided the trade(profit) it caused a stopout? Were the stopped out trades correctly priced, or was there a problem with them? Also you need to be specific about the date. Are we talking 28th February? or 19th. Comparing with other brokers the price move of around $83(28th) seems to match. Please can you provide a screenshot of the move at IC Markets that is not mirrored at other brokers?

I see in your email you claimed price manipulation. Please can you expand on this.

A couple of thoughts from my side :-

1. I am not familiar with MT5 but my thoughts are to stay away from it. There are clearly still problems with it. Did you download and update MT5 when instructed and did it fix the problem? I won't try defend the broker in this respect but they are not wrong when they point out that it is third party software. It's not great but unfortunately they have a level of deniability when it comes to technical issues with the platform. Reduce the risk by going with MT4 instead and you will find it doesn't happen often..........
2. Please can you expand on the issue with the swaps? Same for the spreads.....have you calculated the spread that your pending trade was activated at, and how much was it?
3. System error.......here you have a valid gripe, but it will get you nowhere. Manifest error is the term they use in their email and it drives me crazy. I might even start a thread dedicated to manifest error. Unfortunately this is common to all brokers, so you will have this risk no matter where you go. As you have seen it is also covered in their T&C so we agree to accept it. I just feel a broker should be responsible for any contract errors. I had a broker lift 5000 euro off me early this year because they made a cock up.
4. It is unclear if they have closed your account or not? Your last post suggests it was closed on 24th April but the agreement you have with them on 29th April says they will pay into your MT4 account?? I would point out that it is not unreasonable for a broker to terminate your account if you litigate. The decision to escalate the matter points to a repudiation of the terms and conditions.

I generally don't buy into complaints about swaps, spreads and so on but the manifest error on their part was serious and, if the world was fair, they should bear the consequences for their balls-up. The authorities need more complaints in this respect but I guess you have made a decision in this respect. Sometime a bird in the hand, and all that. Well done in getting some form of compensation from them.
 

Pheniox123

Corporal
Messages
93
continuation :

Cld_trade, if I can summarise what you’ve just posted in one word; it would be WOW . This is such damning evidence beyond reasonable double. The world now sees how these crooks do all they can to take money off not suspecting honest traders.

The fight goes on...let’s warn everyone and keep on shaming these scammers.

Thanks
Pheniox
 

forexteamau

Sergeant
Messages
141
Wow impressive. Thanks for sharing these evidences and shedding light to issues that would affect the future victims .Please note that all these guys who were dealing with your case are all from Cyprus. I have been in contact with the same team. They use same technique and refer victims to PDS with insulting settlement offers to shut you down.

They have Greek/Turkish accent but fluent in English. if you received any calls from 02 Sydney phone. They were all VOIP calls.
 

Cld_trade

Private
Messages
14
Wow impressive. Thanks for sharing these evidences and shedding light to issues that would affect the future victims .Please note that all these guys who were dealing with your case are all from Cyprus. I have been in contact with the same team. They use same technique and refer victims to PDS with insulting settlement offers to shut you down.

They have Greek/Turkish accent but fluent in English. if you received any calls from 02 Sydney phone. They were all VOIP calls.
Wow impressive. Thanks for sharing these evidences and shedding light to issues that would affect the future victims .Please note that all these guys who were dealing with your case are all from Cyprus. I have been in contact with the same team. They use same technique and refer victims to PDS with insulting settlement offers to shut you down.

They have Greek/Turkish accent but fluent in English. if you received any calls from 02 Sydney phone. They were all VOIP calls.
i know where is their office in Cyprus but how does that help me or you. I think I will actually start the Cysec process into filing the complaint if my account can be restored as I believe that even if they disabled my account it should still be there
 

forexteamau

Sergeant
Messages
141
Personally I thought I was dealing with a true blue Aussie business and then turned out. I was dealing with Cyprus all the time. that explains why they didn't want to meet me at their Sydney address.

Try to find your first registration email if you still have it in your inbox, That welcome e-mail has their regulator name at the bottom of the page. I wouldn't say AFCA or ASIC can be of any help but I doubt that Cysec in Cyprus gives you better chances. Country's corruption rate is way worse than Australia but again I haven't personally dealt with Cysec before.
 
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