IC Markets,Traders who lost money unfairly join here

forexteamau

Corporal
Messages
89
Hi ,

I recently lost huge amount of money because of their unfair tactics and still suffering from this issue. Unfortunately I came across this website when it was too late.
I cannot disclose my case due to ongoing legal proceedings but I will share all my case and court outcome here in the future to help other people.

I'm from Australia and I'd like to ask all traders who have reasons to believe that they have been treated unfairly by this broker to join this thread and share their concerns. We can run an online campaign collaborate as a group of clients who have been mistreated and address the Australian authorities or further run a class action. I'm familiar with relevant Australian organisations who deal with these matters and working with a local lawyer so we can help each other.
I found out that some brokers have active cyber team who leave positive comments on forums as traders so be careful.
fight and protest for your hard earned money and share your stories.
 

Pheniox123

Private, 1st Class
Messages
31
Hi there,

Well I lost a huge amount too on the 9th of March this year. I had over 600% margin level remaining before I went to sleep and woke up to account liquidated and zero remaining. I enquired and they said it was market fluctuations but I am convinced something fishy was going on as how can margin level suddenly evaporates while I had enough money in there to sustain it (also has hedged trades). I have yet to decide how to take this further. Is there any point of raising a formal complaint with them? Or shall I go through the regulator or maybe chargeback through bank?

Thanks
 

forexteamau

Corporal
Messages
89
They use some simple tricks. You are not trading against the market for sure. If you have larger account balance, You will be at greater risk. Even if market is in your favor, They use ranges of unfair tactics such as sudden rise of swap rate on your account.

If you do not use stoplosss with your trading strategy they will hate you more because their price feed bounces all around unlike other brokers to hunt your possible stop loss and they claim they get their price feed from variety of liquidity providers!, So if you don't have that luxury of stoploss, Their the next move is a sudden rise of swap .It could go as high as $-1000 overnight when there is a risk that you end up in profit zone.

They will reply with heaps of excuses and it depends on which jurisdiction you live in. They normally shove their T/C down your throat to justify their actions.

If you live outside Australia, They already know that chances that you can lodge a formal complaint is pretty slim, Because it's outside their legal jurisdiction and I've seen traders who have never been able to get refund for what they call " an error"

They later apply higher fees and insane swap rates and tactics as Pheniox123 explained.

I will provide evidences here at the right time. For me it's not only the money. It's the principle to help traders out there.

If you had or having similar experiences, please share it with other traders.
Thanks
 

forexteamau

Corporal
Messages
89
Hi there,

Well I lost a huge amount too on the 9th of March this year. I had over 600% margin level remaining before I went to sleep and woke up to account liquidated and zero remaining. I enquired and they said it was market fluctuations but I am convinced something fishy was going on as how can margin level suddenly evaporates while I had enough money in there to sustain it (also has hedged trades). I have yet to decide how to take this further. Is there any point of raising a formal complaint with them? Or shall I go through the regulator or maybe chargeback through bank?

Thanks
Mate, it's one of the tricks. Leverage reduction normally happens around the night time. your local time. possibly around 2 to 6 AM when they know you are not around. Please check the chart for a sharp move around that time. check the spread around the time as well . if things looks fine it's probably your leverage that had suddenly reduced.
Contact their support team and ask for explanations. if you think you can get your money back through bank, Go for it now! They will make you suffer and the settlement that they offer is way lower compared to what you've lost!
I don't know where you live but first contact your bank. if you can get your money through that procedure act now. If you were not successful, Just let me know so I will help you with an alternative way.
Cheers.
 

forexteamau

Corporal
Messages
89
ok, so far theres no proof being presented yet, i take it as competitor trying to post misinformation for now
Mark my word. if I was to able provide proof here then you can call it whatever you want .At least I joined this forum when I lost money and have no intention other than helping traders who are on the same boat as me. You joined almost 10 days ago with 47 messages calling every single company names and calling me a competitor! We will have more people join here slowly and then invite the company for explanation. don't worry mate !
 

acertablet

Corporal
Messages
258
Mark my word. if I was to able provide proof here then you can call it whatever you want .At least I joined this forum when I lost money and have no intention other than helping traders who are on the same boat as me. You joined almost 10 days ago with 47 messages calling every single company names and calling me a competitor! We will have more people join here slowly and then invite the company for explanation. don't worry mate !
of course, nowadays everyone got plenty of times due to covid-19 lockdown
 

forexteamau

Corporal
Messages
89
This thread is created for people who've lost money with this broker to help and collaborate with other traders. If you are one of them, Please share us your story mate.
Cheers.
 
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