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IC Markets refuses to pay my profits

Discussion in 'Scam Alerts' started by TradexTrader, Dec 14, 2015.

  1. TradexTrader

    TradexTrader Recruit

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    - I started trading in March 2015

    - I used a scalping EA

    - I lost half of my account in a few days

    - I managed to recover and then progressively achieved profits of about 105k by the 8th of May (more than half was made on the 8th of May - NFP day)

    -IC Markets closed my account on that weekend and returned my initial deposit

    -When I asked what happened they said I was using latency arbitrage technique (I said I did not - I was scalping)

    -I filed a complaint with Financial Ombudsman Australia and IC Markets gave another response (they realized they had to come up with another reason)

    - I sent several responses to ICM proving that the things IC Markets is accusing me cannot be true

    IC Markets finnaly (after contacting their lawyer) came up with this: all the profits were cancelled because they had a technical error in their cTrader platform during May-June period. They even got a letter from the CEO of Spotware (cTrader) where he clearly states that there was an error.

    -Now I am asking IC Markets to provide me with all the confirmation orders from their LP (I have evidence that IC Markets put my account on B book and now they have to pay me from their own pockets, instead of hedging my trades with their LP)


    Bottom line:

    -Why do I have to be the only one to take responsibility (by not being able to withdraw my profits) because of something that should be the responsibility of IC Markets and Spotware (cTrader)?

    -Why did IC Markets not signal that they had a technical issue before that Friday (maybe they were hoping I would lose my money?). I started trading since March and they did not say anything by the 8th of May.

    -If they had a technical issue in cTrader they have to cancel all the trades of all the clients that were using cTrader in that period! Right? I bet they have to pay a lot back to the clients that lost money during that period.

    - I mention that I have a lot of official evidence that are sustaining my position. The evidence comes from my FOS Australia case which is still in process. I will upload any evidence that will be considered as being useful to the FPA case.
     
  2. shogunfx

    shogunfx Sergeant

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    Very professional site . Don't have money to translate their pages. They use Google translate. Big BS.
    I don't understand how can we prove we don't use arbitrage? This clause I found in all brokers T&C.
    They claim that they are true ECN broker, so how are they latent ?
     
  3. RahmanSL

    RahmanSL Major

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    You mentioned you have already filed a complaint to Financial Ombudsman Australia. What was their reply?
    In my opinion, the Financial Ombudsman acts as an arbitrator in dispute between broker and their client.....and since they get their revenue from paying membership from brokers, well, think we know how "unbiased" they can be in their "arbitration :D

    I too have issue with this bucketshop broker ICM (a.k.a I-See-Bucketshop) and has an ongoing case with them and I have also already filed a "Misconduct complaint" with ASIC and is awaiting their "investigation" detail report.
    If you do not receive any satisfactory resolution to your issues with I-See-Bucketshop, then I would strongly suggest you file a "misconduct complaint" directly to ASIC who have much more teeth than the Financial Ombudsman.
    Step-by-step process details on how to do that can be found in my thread (in this "scam alert" section) entitled: "Crunch time! My case with ICMarkets".

    Keep up with your claims because I too started having all sorts of problems with this bucketshop broker as soon as I made my first withdrawal from my account with them. I know they are a shady broker but it's quite difficult to prove their actions. BUT if there are sufficient Traders filing complaints with ASIC, I am very sure ASIC will pay more attention to their investigation into this shady broker.

    Good luck!
     
  4. TradexTrader

    TradexTrader Recruit

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    You are so corect! IC MArkets can always say that a client is using arbitrage trading so they don't have to pay profits. However, in my case, IC Markets changed their initial accusations (that I was using trading techniques they do not allow) and invoked the error in cTrader platform. THIS IS INCREDIBLE!!!! IC Markets doesn't pay profits because of something that is their fault!!!...and they recognize it!
     
  5. TradexTrader

    TradexTrader Recruit

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    The case at FOS is still running. IC Markets already sent 3 responses back to FOS in my case, trying to prove that they are not liable to me. After they tried with "arbitrage" and another couple of paragraphs from their T&Cs (and failed after my response to those accusations) IC Markets came up with another BS from their T&C's: "manifest error". FOS already said once that IC Markets does not have to pay anything but I made an objection and the case remained open. I totally agree with you about FOS.

    I will file a complaint with ASIC, as you advised, but I will also reach out to all the clients that were misstreated by IC Markets and hire a lawyer...I think this is the best way!

    Cheers!
     
    huangwanlin and RahmanSL like this.
  6. RahmanSL

    RahmanSL Major

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    I think it would be better to post some screenshots of your account to see exactly what I-See-Bucketshop mean by “arbitrage trading”.
     
  7. RahmanSL

    RahmanSL Major

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    With whom were you in communication with from I-See-Bucketshop? Is the person one of the owners (which a Mathew, Sydney, Australia posted in the FPA review section: Stay away from this broker. I met the owner of this broker and he is a dead-set arrogant prick) or one of their (as their Head of Dealing Desk Angus J. Walker readily & publicly admitted here at our FPA) inexperienced Support staff who is preprogrammed to give their clients the run-around replies to their problem?


    Either way, clients of I-See-Bucketshop will get either “arrogant pricks” or inexperienced support staff to attend to their problems/issues.


    Go ahead and file your complaint to ASIC as your action will encourage them (ASIC) to investigate this shady broker more thoroughly.

    All the best!
     
  8. RahmanSL

    RahmanSL Major

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    ...."IC Markets finnaly (after contacting their lawyer) came up with this: all the profits were cancelled because they had a technical error in their cTrader platform during May-June period. They even got a letter from the CEO of Spotware (cTrader) where he clearly states that there was an error."....

    If that's true, then ALL Clients of I-See-Bucketshop who lost money during that period trading with their cTrader platform should be refunded their lost money.
     
  9. TradexTrader

    TradexTrader Recruit

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    I received e-mails from Angus Walker. I will certainly file a complaint with ASIC, too beacuse they need to know what is going on within IC Markets.
     
  10. Pharaoh

    Pharaoh Colonel

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    Make certain to let the Ombudsman and ASIC know al the details about how the story kept changing over time.

    A pricing error in cTrader might be valid - if it happened over a very short time period. I'd love to see how the owners of cTrader respond to a claim that the prices of many trades over a long time frame were incorrect.
     

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