IC Markets SCAM ($43,450 LOSS)

cashbackman

Recruit
Messages
9
Hi there,

Sorry for the previous screenshots; it must have been a nightmare looking at them. Please see the following screen shots (2 of them) with history stretched out. I believe the first trade that was closed was the EURCAD -6K one and then the rest followed.
how did the orders close that were,t stopped out, ea, manually?
 

cashbackman

Recruit
Messages
9
Well that's a bit disappointing. When I last looked this was a public discussion forum and you don't get to choose who makes comments. It's tough if you don't like what is being said.

I am truly sorry you feel the members here are fighting with you. That is absolutely not the case. You have made a public accusation and that accusation has to stand the test of public scrutiny, or else what would be the point?

I see you are on the same bandwagon as forexteamau. You are making claims that simply show that you do not understand the market you are operating in. The broker can, and does, change leverage.....whenever they like.....ALL brokers do it. You can shout "scam" from the highest building if you like but you agreed to it in the terms and conditions. Do yourself a favour and go do some research on why it would be beneficial for a broker to reduce leverage. Try and understand why it happens and learn to work with it. Next week, I will go as far as writing an EA for you guys that will report all leverage changes on your platform. How is that for a deal. All I ask for is that you come back and explain why a broker changes leverage and, no the answer is not to scam you.

The same goes for swaps. They change regularly. It's not a scam, it is simply the way it is. It would be worth your while to go study what swaps are and why they might change.

If you want to claim price manipulation that might be a more cogent argument and you even showed a chart. Did you bother to compare with other brokers to see if the pricing was unreasonable. You can claim unreasonable spread as well, as one chap did recently. Also fair enough, we might not agree on what represents an unreasonable spread but at least that is an argument I can stand. He was also trading GBPJPY(with a different broker), so there is something to consider for the future.

If you want to understand why you can run into problems with hedged trades I leave you with this little demo trade I did yesterday.....you may remember I stated that your % margin means nothing when it comes to hedged tradesView attachment 55828

You will see that I loaded up 100 lots of buy and 100 lots of sell for a total of 200 lots. This required 0 margin, so I opened a 1 lot buy trade, which required $200. Because of this $200, my margin % sits at 1800% which should be plenty, right? Can you guess what happened when the spread widened? You don't have to here is the result :-
View attachment 55829
I did increase the lots a bit more to 125 per side because I didn't want to wait all night for the margin call. You can however see that I only ever had 1 lot of unbalanced exposure, not that it made any difference....I did it to demonstrate that margin % can be misleading.......you can have massive exposure with a high margin % The margin call occurred when the spread hit 810 points.

Anyway, enough of that, you can take all of this as defacto defense of IC markets, of you can take it as useful information and try to understand it. None of this discussion takes away from your right to have the broker and regulator answer you questions.

I will make you one promise though.....brokers will be changing leverage and swaps next year. Will you still be fighting it or will you be making money trading because you have learnt how to beat them at their own game?
disagree with this fictional statement "The broker can, and does, change leverage.....whenever they like.....ALL brokers do "
 

forexteamau

Sergeant
Messages
141
I wonder those who say that brokers have the right to change the leverage, would have said the same thing if first they had 40K nice taxed cash sitting in their bank and then invested that amount on a dodgy broker and as soon as the market moved in their favor the broker had aggressively restricted the leverage to 50 times lower and made excuses like hazardous situation while market was pretty calm and was exactly in their favor!
I doubt they would!
 

Pheniox123

Corporal
Messages
91
how did the orders close that were,t stopped out, ea, manually?

Hi there, stopped out apparently due to margin. Funny story is that during seconds before the stop-out their platform went into price freeze and when it came back alive they used what ever pricing they wanted to ensure my account is liquidated.

Pheniox
 

Pheniox123

Corporal
Messages
91
disagree with this fictional statement "The broker can, and does, change leverage.....whenever they like.....ALL brokers do "

Seconding what Forexteamau said; this is not a fictional statement. Shady brokers like ICmarkets do this all the time...the only part I disagree with is the “ALL” part...as not all brokers are shady.

Pheniox
 

Pheniox123

Corporal
Messages
91
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

Fully agree Oscarra, they have all these alleged good reviews popping out but no proof whatsoever...while the bad reviews over and over again provide evidence and proof that ICmarkets were doing something underhanded.

Thanks for your support...one way or another we will get these scammers.

Pheniox
 

Pheniox123

Corporal
Messages
91
I wonder those who say that brokers have the right to change the leverage, would have said the same thing if first they had 40K nice taxed cash sitting in their bank and then invested that amount on a dodgy broker and as soon as the market moved in their favor the broker had aggressively restricted the leverage to 50 times lower and made excuses like hazardous situation while market was pretty calm and was exactly in their favor!
I doubt they would!

Again...you speak common sense forexteamau...no one knows how this feels until it happens to them. It’s daylight robbery by ICmarkets and if even one person could be saved from this thread then it’s worth it.

Thanks
Pheniox
 

Spxnewbie

Recruit
Messages
3
Shocked to learn about this as I've only been a new user on ICmarkets. Very sorry about your loss and I dont think I will continue on depositing money and trading with them.

That being said, does anyone know of any legit platforms or brokers who wont pull this kinda bs on their clients?

I really hope u win this fight and get back what's lost due to manipulation by them. Anything is better than nothing.

Do recommend a legit broker if u know one.
 

Pheniox123

Corporal
Messages
91
Shocked to learn about this as I've only been a new user on ICmarkets. Very sorry about your loss and I dont think I will continue on depositing money and trading with them.

That being said, does anyone know of any legit platforms or brokers who wont pull this kinda bs on their clients?

I really hope u win this fight and get back what's lost due to manipulation by them. Anything is better than nothing.

Do recommend a legit broker if u know one.

Hi there,

Thank you for your input. Yes, they start well but as soon as you make money (over a certain threshold then they start their games).

I have currently being using Blueberry markets but yet to make serious profit to see if they will act up or not...so I will say do your research fully before choosing a broker)...

Thanks
Pheniox
 
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