IC Markets.....piss poor funding user interface

[yogayenga]

I stopped trading with IC Markets 2 years ago as I found commissions costly ….i recommenced last week with a discount on commission from an IB....I trade EU GU and OIL

My complaint here is the funding system...ive just lost over 700 usd ( 530 GBP ) because I could not fund my account even though I have plenty of funds...its a IC markets funding system design error...they can easily prevent it...but listen to what happened

I failed repeated last week to fund my account..i had no idea why my valid visa card didn't work on their system..... they refunded me for three closures ..auto by ctrader...and I appreciate …....HOWEVER...the SAME day I tried to fund my account urgently......but I could not as database had not refreshed my page. Eventually , I managed to close that page and refresh and the funding worked, but not as I expected it to.

I pressed PROCEED ( with funding ) and NOTHING happened on the screen... on all payment systems there should be feedback...like 'Processing your payment is in progress...please be patient! ' NOTHING....I am desperate to fund the account as the market is moving against me! so I press PROCEED again....NOTHING....again....eventually after a few seconds....the message is Thank you ...your acc is now funded So I have now spent three times what I intended to spend !!
No validation....this , to my mind is deliberately misleading....piss poor ,money management...deliberate
Any bank or financial institution would reject this system ...the intention of the payment is clear and entered on the form supplied.... 1000 GBP !
But, as the system gives no feedback as to what is happening, you press PROCEED again and again until it responds....it is deliberately misleading, resulting in you depositing three times the filled in form amount! Is this fraud ...misrepresentation of real time banking is what happened with intention to confuse and create uncertainty resulting in traders spending three times instead of ONCE !

Back to my problem yesterday....it could easily have been avoided with two simple steps
1 Each day the system should email CURRENT traders with unaccepted VISA cards...not dormant traders ( I was dormant for two years ) saying please upload your card as it is incorrect....(in my case all details were correct except expiry date on the card , on their system)

2 A digital flag representing GREEN for valid and RED for invalid by the pic of the card would also show the trader client the status of the card......EASY....simple...game over...we know by pic that the card will work or NOT

Just to say that I do appreciate support staff, especially Aldo for refunding me yesterday on the first closures by ctrader of my positions...….. I deserve my 530 GBP back as the SYSTEMS DESIGN WEAKNESS in ic Markets funding system is THEIR fault...not mine
All brokers are here to make money.....but they do need to listen to us traders when we point out definite weakness in design and implementation of systems software, especially when it comes to moving funds from your account ! There needs to be full transparency, disclosure and double validation....as all banking systems have ….otherwise THIS will happen time and again...resulting in stress, loss and deterioration of an important long term business relationship. Traders deserve their funds to be validated and PROTECTED

3 Aldo should have insisted on a trial payment ( 1 gbp ) to verify the disasterous non functionality when I urgently needed to fund my margin called acc. He did not, so my problem raised itself the same day ( yesterday ) 11th dec 2018 but in a different way....with a non updated page...this loss of mine could easily have been averted by a system procedure...try 1 GBP visa payment !

 

[yogayenga]

IC Markets has a tight ticket system to track our emails to reply to them...why don't they has a tight validation system to validate valid payment cards and validate payements...THIS IS OUR HARD EARNED money... WE DESERVE TO BE PROTECTED from fraud and mispresentation !

 

[yogayenga]

Today, Wednesday 12th Dec 2018 I continued to trade with IC markets...to my utmost detriment...THIS time they waited until I needed to hedge against an oil trade which was temporarilty going against me....I could not hedge as the feed, for the FIRST time EVER was blocked...I could do NOTHING....by the time the ctrader data feed was restarted... my account had fallen from 7385 to an equity of 365 !!!!! my account was finished...THEY STOLE MY FUNDS by blocking my feed ! Do NOT waste your time trading with this scam artist....they have a 1000 ways of stripping your account until, it is DEAD I am warning you...DO NOT TRADE WITH IC Markets...you will join the 95% of traders who LOOSE

 

[The Reaper of F]

Highly agreed. I used to trust they are one of the best amongst the rest. However, their reign has long gone down the drain since 2012. Look for a different broker. They know the rules/law and regulations all too well which is why this issue happened over and over again. ASIC can only protect Aussies and are susceptible to "specifics" cases only.

 

[yogayenga]

Highly agreed. I used to trust they are one of the best amongst the rest. However, their reign has long gone down the drain since 2012. Look for a different broker. They know the rules/law and regulations all too well which is why this issue happened over and over again. ASIC can only protect Aussies and are susceptible to "specifics" cases only.

They just scammed me again 40 MINS AGO...I TREID TO CLOSE A LOOSING TRADE...SYSTEM CAME UP WITH OPPERATION ERROR ! by the time I managed to close it the second time, I succeeded...but it was too late....ctrader shut donw my psotions...I lost another 520 GBP !!!...downright scammers !

 

[4evermaat]

1) Invite IC Markets to this thread using the invite tool provided. I'm not sure if you must make a review first.

2) Consider filing a complaint with their compliance department. Then if the matter is not resolved to your satisfaction, complain to the regulator AFCA.

3) You should consider testing the deposit system that you intend to use. Even if it says "instant", you should test it at least once to make sure everything is working. So when you get to an important situation like a margin call, you are prepared. Of course, you would try to avoid margin calls in the first place by having enough money in your account for your particular trading strategy + volatility of the instrument

4) At a minimum, you should provide some screenshot evidence. Although in many cases with live trading issues, you need to recreate a sequence. Video is better for this.

Consider recording your trading sessions (the whole trading terminal). Bandicam is a popular product, particularly in the video game community. And set it so that it will continuously record, but limit each record file to 10 minutes or so. So that you don't have one big video file.

This will actually help you when you make complains here on trading forums or with a regulator.

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With all of this said, IC Markets could improve their image a bit with a dedicated representative either here or at some dedicated forum. Much better than sending some trolls to make positive sounding comments or fake votes. Especially in light of the new Trader's Court system.