IC Markets SCAM ($43,450 LOSS)

lucasgs5

Recruit
Messages
7
Lucasgs5, I see you used another post on this thread (making your posts 4...3 of those now defending ICmarkets). Anyhow, so in your first response you confirm and agree that this broker (and others according to your message) manipulate prices... WHAT? And this is acceptable and we should just take the hit and burn our money in the process. This is the whole point of this thread....their price manipulation cost me $43,450.00

Pheniox

First at all, I'm in this forum for years! I don't even use ICmarkets. My point was that your account was completely bloated, and full of bad trades. You can't blame a broker because of that. The only way to get what you want is to find a broker with fixed spreads and commissions, otherwise, you will see these changes in almost all.
 

Pheniox123

Corporal
Messages
93
First at all, I'm in this forum for years! I don't even use ICmarkets. My point was that your account was completely bloated, and full of bad trades. You can't blame a broker because of that. The only way to get what you want is to find a broker with fixed spreads and commissions, otherwise, you will see these changes in almost all.

Lucasgs5, thank you for your clarification. I believe we are saying the same thing here; I would gladly take a loss and had bigger losses before. However, a loss that is manipulated is not something than any trader should swallow, and why should we....we are after a level playing field and ICmarkets have been caught red handed with their dirty tactics.

I do agree with you that we have to be careful which brokers we choose; and I have learnt the hard way. Hence, this scam thread to ensure no one hands their money to this broker and find a reputable alternative.

FYI; I have funded more than $100,000 with ICmarkets before and it’s only when I started making good profit these tactics started happening. They are lucky I’m not going for the full $100,000 and only want the $43,450 that I caught them red handed in manipulating.
 

lucasgs5

Recruit
Messages
7
Lucasgs5, thank you for your clarification. I believe we are saying the same thing here; I would gladly take a loss and had bigger losses before. However, a loss that is manipulated is not something than any trader should swallow, and why should we....we are after a level playing field and ICmarkets have been caught red handed with their dirty tactics.

I do agree with you that we have to be careful which brokers we choose; and I have learnt the hard way. Hence, this scam thread to ensure no one hands their money to this broker and find a reputable alternative.

FYI; I have funded more than $100,000 with ICmarkets before and it’s only when I started making good profit these tactics started happening. They are lucky I’m not going for the full $100,000 and only want the $43,450 that I caught them red handed in manipulating.

That's right brother, and that's why now i even use smaller lots for my trades. Having peace of mind is important also
 

forexteamau

Sergeant
Messages
141
Wow I haven't been online for a few days an so much happened in your thread :) @Pheniox123. Please kindly follow your complaint with ASIC. They tend to go silent for couple of months.

They will put you on hold for hours not sure if you can call them easily from overseas but if you haven't received any response from them within 3 to 4 weeks, please e-mail them again. I'm taking ASIC to ombudsman for lack of responsibility. You could complain to ombudsman later if ASIC ignored your case.
They are same....all in corporate pockets but lets see what happens.
 

Pheniox123

Corporal
Messages
93
Wow I haven't been online for a few days an so much happened in your thread :) @Pheniox123. Please kindly follow your complaint with ASIC. They tend to go silent for couple of months.

They will put you on hold for hours not sure if you can call them easily from overseas but if you haven't received any response from them within 3 to 4 weeks, please e-mail them again. I'm taking ASIC to ombudsman for lack of responsibility. You could complain to ombudsman later if ASIC ignored your case.
They are same....all in corporate pockets but lets see what happens.

Hi forexteamau, nice hearing from you and yes the fight is still on with these guys. They seem to have woken up slightly and are engaging with me now. However, they still playing games and denying the truth. Oh well, I will keep on fighting till they change their ways and stop taking traders for a ride. Good luck with ASIC complaint and I hope the ombudsman does put them straight too...thanks again and will keep you updated.

Pheniox
 

forexteamau

Sergeant
Messages
141
Hi forexteamau, nice hearing from you and yes the fight is still on with these guys. They seem to have woken up slightly and are engaging with me now. However, they still playing games and denying the truth. Oh well, I will keep on fighting till they change their ways and stop taking traders for a ride. Good luck with ASIC complaint and I hope the ombudsman does put them straight too...thanks again and will keep you updated.

Pheniox

That's how they make money mate. They know there are no proper laws to protect investors. They have common strategy like every ponzi scheme, milking victims and then blame them for losing money and make them exhausted along the way and eventually send them home with 5 to 25% compensation offer.

From now on you probably hear this all the time in their replies . "You read understood and agreed to our PDS and terms" You have signed and committed to our contract" This is pretty much what happened to all of us after committing to their terms :)

 
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forexteamau

Sergeant
Messages
141
@Pheniox123 check the review you left for them mate. See how fast it went down to third page and soon going to be vanished by some of those freelancers ,same on trustpillot.

I don't blame the system, It's not easy to confirm the genuine reviews when they hire freelancers. Only 10 percent of what three of us lost.,me, you and @Cld_trade is enough to hire them for a year or more.

Sometimes I wonder if what we are trying to do, which is making other traders aware about these scams is really effective or not!
 

Pheniox123

Corporal
Messages
93
@Pheniox123 check the review you left for them mate. See how fast it went down to third page and soon going to be vanished by some of those freelancers ,same on trustpillot.

I don't blame the system, It's not easy to confirm the genuine reviews when they hire freelancers. Only 10 percent of what three of us lost.,me, you and @Cld_trade is enough to hire them for a year or more.

Sometimes I wonder if what we are trying to do, which is making other traders aware about these scams is really effective or not!

Wow ...I’m truly shocked how suddenly these reviews have showed up, and interestingly they all sound the same (must be line of the month “best broker” etc). They don’t even both to register; as most of them as guest reviews on here.

Surprisingly or maybe unsurprisingly ; the other day I was confronting ICMARKETs and told them that many many scam threads are about them and how can we all be wrong here...and couple of days after; we see my bad review all the way to third page .

The fight still continues and hopefully this thread and others will raise awareness about their trickery and scam tactics.

Thanks
Pheniox
 

oscarra

2nd Lieutenant
Messages
1,235
Wow ...I’m truly shocked how suddenly these reviews have showed up, and interestingly they all sound the same (must be line of the month “best broker” etc). They don’t even both to register; as most of them as guest reviews on here.

Fact, on FPA only negative reviews PROVIDE EVIDENCE, which somehow allows x1000 leverage :)

https://www.forexpeacearmy.com/community/threads/icmarkets-not-allowing-ib-commission.65928/page-2
“ I have withdrawn hundreds of thousands from them without a hitch….

….time someone decides paying the 60bugs for ASIC 2018 Financial company statement, better hurry before the price goes to 6K
 

cashbackman

Recruit
Messages
8
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




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
exactly zero, no negative or few dollars letf?
 
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