IC Markets SCAM ($43,450 LOSS)

forexteamau

Sergeant
Messages
148
Quick update: AFCA still going back and fourth and extremely slow. Apparently the covid situation made the need for their services spike exponentially. Oh well, will be on the heels of ICmarkets till they concede to defeat ;).

Will keep you all updated.

Thanks
Pheniox
@Pheniox123 , Here is another example that proves AFCA has no power and works in their favor . I was asked to provide the documents by 11 June as final deadline and also told to notify them straight away if I was not able to provide the documents by due date.

I was in rush and under stress, provided all the documents and evidences on 2nd of June . Later contacted their officer to make sure they have received ICM reply. Officer confirmed that the deadline was by 11 June again and as you can see , they gave ICM another extension after deadline.

Obviously AFCA has no court power even if FSP decides not to reply back.
 

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NanaR

Corporal
Messages
109
@Pheniox123
I was in rush and under stress, provided all the documents and evidences on 2nd of June . Later contacted their officer to make sure they have received ICM reply. Officer confirmed that the deadline was by 11 June again and as you can see , they gave ICM another extension after deadline.
That is normal, nothing new. During our time the same games were also played... they keep extending deadline for ICM and before you know it 6 had months passed and we barely exchanged our first correspondence.
 

Blom1231

Recruit
Messages
3
Hi everyone,

I strongly believe that IC Markets is carrying out a combination of price manipulation/Leverage sudden changes/Swaps increases in order to liquidated your account by what ever means necessary.

On the 9th of March; couple of hours before my account was turned to zero; I had multiple hedged trades and my marign level was in excess of 650%, and I wake up couple of hours after (I didn't have a full night sleep and woke up after maximum of 2 hours); I see my account has gone from $43,450 to 0$. I was totally shocked and when I inquired with IC Market; they sent me the following response (citing margin call):

"Please note that we do not change the margin requirement on your account.

Please be informed that your account has stopped out due to free margin level falling below 50%.

We understand your frustration however, there are few global reasons on March 9th that have drastically affected the market such as oil crash 31% and US Indices limits are being hit.
Please see more details below:

"Pricing on U.S. indices has been disabled by exchanges following a significant plunge. It is expected to be a temporary issue, however, this means the total market impact won’t be clear until pricing resumes. As there is no price to fill positions at, open trades cannot be closed, and new ones cannot be opened. When pricing resumes, orders will be filled at the available market prices.
Earlier today, exchange circuit breakers were triggered after a 5% drop in U.S. stocks — the maximum markets can fall overnight. Saudi Arabia has waged an oil price war against Russia, resulting in the worst trading day for oil in almost 30 years. You may find more information here https://www.bloomberg.com/news/arti...tock-futures-would-trigger-trading-curbs-at-5 ."

"Oil markets crashed more than 30% after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences.Brent futures suffered the second-largest decline on record in the opening seconds of trading in Asia, behind only the plunge during the Gulf War in 1991. As the global oil benchmark plummeted to as low as $31.02 a barrel, Goldman Sachs Group Inc. warned prices could drop to near $20 a barrel. https://www.bloomberg.com/news/arti...fter-saudis-slash-prices-in-all-out-crude-war"

Please be informed, that situation is out of brokers control."

We also have sent an email informing clients about high volatility on the market and the necessity to take extra caution .

We are very sorry for the losses you have received. Unfortunately, there is nothing we could have done to prevent you from receiving the losses. With IC Markets all trades are executed at the prices received from our hedge counterparties once an order has been triggered.

We are not able to offer guaranteed executions exactly at your requested prices, we are simply streaming the prices that we receive.

Should you require, we can provide the logs of prices we have received during that time to assure that all your trades have been filled correctly.

Kind Regards,

Ryn Nguyen | Senior Customer Support Executive | IC Markets


mail


I am certain that there is no way my margin could level could go from plus 650% to less than 50%; especially when I had hedged trades balancing each other.

I believe that they did something during the time I was foolishly sleeping to alter the metrics to bring my account down.

I have attached a screen shot showing one of the spikes (coupled with possible leverage reduction/other forms of manipulation that they used to start breaking into my account and subsequently ensure a margin call is faked to terminate the account).

Any ideas of what I can do next?

Thank you
Pheniox
Dear pheniox I have recently lost 20k due to ic markets manipulation, I believe the same thing happened to me, the same exact issue to a hedge position, I reached out to their support and I have gotten absurd response please can I get in touch? Maybe you can help me out
 

4evermaat

2nd Lieutenant
Messages
2,133
Dear pheniox I have recently lost 20k due to ic markets manipulation, I believe the same thing happened to me, the same exact issue to a hedge position, I reached out to their support and I have gotten absurd response please can I get in touch? Maybe you can help me out

Instead of hijacking someone elses thread, please open your own separate scam alert and submit evidence of the alleged offense in that new thread.

fpa-new-screenshot-create-new-thread-button-png.48651
 

Blom1231

Recruit
Messages
3
Instead of hijacking someone elses thread, please open your own separate scam alert and submit evidence of the alleged offense in that new thread.
My apologies I’m new to this, my experience is quite similar to the op and was trying to reach out to someone
 
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