IC Markets SCAM ($43,450 LOSS)

Pheniox123

Private, 1st Class
Messages
59
@oscarra This is how their overseas clients end up with their Seychelles regulatory. Any overseas IP address will be redirected to SC version, even with different legal document page!
They still advertise ECN it on google when they are in the mood.


The interesting point about CS is that there is only one document and no PDS is disclosed but you "agree to be bound by "these" documents"

Tell me about it. Australian economy is strongly tied with our exports to China.
That is exactly what happened here Forexteamau. They use specific IP address identification to ensure they get the right people/victims into the right net... Well, they obviously got the wrong victim this time...I will take this all the way to the moon till they acknowledge their wrongdoings.
 

Pheniox123

Private, 1st Class
Messages
59
The FPA invited the Company to update this discussion on Jul 27, 2020 at 10:34 AM
Thank you FPA Forums Team , they sent me an email with the following "template":

On 9 March 2020 at 4:50:44 UTC+3, multiple trades were closed out due to the equity falling below the margin required. On the given date the oil market was going through severe downturn due to which the prices for US indices were quite volatile. We did receive a warning message from our liquidity provider stating “Pricing on U.S. indices has been disabled by exchanges following a significant plunge. When pricing resumes, orders will be filled at the available market prices”. As your trades were affected due to the market conditions your positions were closed due to your equity falling below 50%. According to the Account Terms and in particular"

I have highlighted the interesting part above; exactly at the time of when my account was supposedly stopped out; there was a huge gap when they disabled the pricing and somehow when they resumed their stuff....my account was liquidated. Again, this shows what I always thought; there is no way that my account got be changed from over 600% margin to under 60% (which is required for stop out)...they manipulated the pricing when they took everything off and when they resumed the pricing; they did what ever they want to ensure big accounts like mine were hit.

They obviously don't understand that this is one of my many accounts and I am not new to this game....IC markets were a good broker back in the days but since they started playing games with Seychelles etc...they started price manipulations. Oh well, I will see them in courts.

Thank you all
 

forexteamau

Sergeant
Messages
120
Thank you FPA Forums Team , they sent me an email with the following "template":

On 9 March 2020 at 4:50:44 UTC+3, multiple trades were closed out due to the equity falling below the margin required. On the given date the oil market was going through severe downturn due to which the prices for US indices were quite volatile. We did receive a warning message from our liquidity provider stating “Pricing on U.S. indices has been disabled by exchanges following a significant plunge. When pricing resumes, orders will be filled at the available market prices”. As your trades were affected due to the market conditions your positions were closed due to your equity falling below 50%. According to the Account Terms and in particular"

I have highlighted the interesting part above; exactly at the time of when my account was supposedly stopped out; there was a huge gap when they disabled the pricing and somehow when they resumed their stuff....my account was liquidated. Again, this shows what I always thought; there is no way that my account got be changed from over 600% margin to under 60% (which is required for stop out)...they manipulated the pricing when they took everything off and when they resumed the pricing; they did what ever they want to ensure big accounts like mine were hit.

They obviously don't understand that this is one of my many accounts and I am not new to this game....IC markets were a good broker back in the days but since they started playing games with Seychelles etc...they started price manipulations. Oh well, I will see them in courts.

Thank you all
From what I learned from ICmarkets, It doesn't matter where market is heading .Everything is about that's written in that PDS which changes time to time with some new unfair terms.

They have the power to restrict the client's account with or without notice for a few mins or hours and even months in my case and then return it back to normal! Even if you had a recorded video that could prove the sudden margin call was due to leverage restriction, they had planned it out all from the beginning.

Margin requirements are subject change with or without notice.

I spoke to related authorities about unfair terms of condition of some of these broker. One officer admitted that some brokers have unfair terms but apparently, they do not have the power to advise brokers to make any changes to their terms. Judicial system has this power. ASIC is only a civil regulatory body.
 

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oscarra

2nd Lieutenant
Messages
1,178
I spoke to related authorities about unfair terms of condition of some of these broker. One officer admitted that some brokers have unfair terms but apparently, they do not have the power to advise brokers to make any changes to their terms. Judicial system has this power. ASIC is only a civil regulatory body.
True, and when these broker terms end up stealing clients funds ….it turns into a criminal offence, rather simple to understand even for our FB children members

Ok by now it’s a Liquidity Provider issue….ha ha ha ……a true lack of imagination, always the same fairy tales….the never ending third party’s LP, at the end one might find a huge Bank providing massive liquidity like DB ;)
 

Anna0147

Recovery Room Scammer
Messages
6
Hello everyone, are you new to binary options or you are looking for an expert to trade and manage your account for you or Do you have funds you wish to withdraw from your binary broker? or you are having problems with the withdrawing of your funds and you don't know how to go about it. kindly get in touch via admwilson.trading@StealMoreMoneyFromYou.com, for more guidelines on how to get back your funds in an interval of two weeks
 

Pheniox123

Private, 1st Class
Messages
59
From what I learned from ICmarkets, It doesn't matter where market is heading .Everything is about that's written in that PDS which changes time to time with some new unfair terms.

They have the power to restrict the client's account with or without notice for a few mins or hours and even months in my case and then return it back to normal! Even if you had a recorded video that could prove the sudden margin call was due to leverage restriction, they had planned it out all from the beginning.

Margin requirements are subject change with or without notice.

I spoke to related authorities about unfair terms of condition of some of these broker. One officer admitted that some brokers have unfair terms but apparently, they do not have the power to advise brokers to make any changes to their terms. Judicial system has this power. ASIC is only a civil regulatory body.
Fully agree forexteamau, they use any opportunity to swindle traders of their money. Any possible way of manipulation to ensure the account is tipped over and then they hide behind the margin requirements excuse.

The end for them is near though; as many people are becoming more and more aware of their trickery and slowly hopefully no one will be using them. This why threads like this and yours are crucial to the awareness of potential clients to IC Markets.

Pheniox
 

Pheniox123

Private, 1st Class
Messages
59
True, and when these broker terms end up stealing clients funds ….it turns into a criminal offence, rather simple to understand even for our FB children members

Ok by now it’s a Liquidity Provider issue….ha ha ha ……a true lack of imagination, always the same fairy tales….the never ending third party’s LP, at the end one might find a huge Bank providing massive liquidity like DB ;)
Right on Oscarra, it’s a criminal offence that they carry out delicately behind closed doors...we need more and more wrongly mistreated clients of IC Markets to join forces and start a lawsuit...I for one will not be standing down.

Thanks
Pheniox
 

forexteamau

Sergeant
Messages
120
Fully agree forexteamau, they use any opportunity to swindle traders of their money. Any possible way of manipulation to ensure the account is tipped over and then they hide behind the margin requirements excuse.

The end for them is near though; as many people are becoming more and more aware of their trickery and slowly hopefully no one will be using them. This why threads like this and yours are crucial to the awareness of potential clients to IC Markets.

Pheniox
True. I believe this an ongoing issue because many victims of fraud like us do not open up and tell other investors about their experience. It could be out of shame of anything but this is crucial information for other investors.

Personally I found this website when I became a victim of fraud. Kudos to guys like @oscarra @FxMaster @AsstModerator @4evermaat and other top-ranked members for helping victims with no expectation in return.
This is a wonderful platform which let victims have their say. Sadly, I don't have such an opportunity in my country!
 

forexteamau

Sergeant
Messages
120
True, and when these broker terms end up stealing clients funds ….it turns into a criminal offence, rather simple to understand even for our FB children members

Ok by now it’s a Liquidity Provider issue….ha ha ha ……a true lack of imagination, always the same fairy tales….the never ending third party’s LP, at the end one might find a huge Bank providing massive liquidity like DB ;)
Nailed it. I believe some of there brokers are running like casinos. They can set the win/loss ratio by tweaking spread, swap and leverage. Same like pokie machines in Australia. By law there should be a minimum payout but who is going to check all these pokie machines throughout the country ?


It's even more difficult for FX brokers as some of them are running on decentralized servers and not easy to find solid evidence even if federal police raids their local offices. Regularities cannot control who is the liquidity provider or if there is any existed, when it is online when it's out and it's just Sanjeet sitting there in Seychelles or Cyprus works as liquidity provider :)

Modifying T/C is important for their business when they get busted. Later all you hear is that you agreed to it.You signed it and agreed to all these terms!

I wouldn't say FXCM is any different but this video reveals how they can trade against investors

 

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