IC Markets,Traders who lost money unfairly join here

CLTH177

Private
Messages
10
Haven't heard from them for over 2 weeks. They are just dragging it out to run down your patience, it's what they do to everyone else too, if you look through all the complaint threads about them.

Their false advertisement is definitely a breach of the law. It is stated clearly in the PDF attachment I've provided in this post. Just look at their reply to everyone who is unhappy about the service provided by IC Markets in the 2nd screenshot. They just throw the "True ECN Broker" phrase in everyone's face. I hope FPA does not allow them to edit their reply to those reviews, as we can use those as evidence against them as well.

I have a transcript with one of their support staff where they now claim that they are not a broker, but a Forex or CFD provider/issuer. Colored in blue is my reply, and in red is the support staff's reply. I had initially contacted their support staff to complain about their price not matching many of the charts from other brokers and from chart streaming websites like Tradingview, only to find them admitting through their reply that they are not an ECN broker. Wouldn't that mean they were falsely advertising themselves all those years? I've attached screenshots of how their website looked like in the past so you guys can have a look. There are many more such screenshots and even a video in other threads as well.

In case you guys are wondering what the support staff meant when he said: "act as a principal to your trades".
You can read up on the definition here> investopedia, or here> wikipedia.
It basically means they are the counter-party to your trades, and that your loss is their gain. There is inevitably a conflict of interest in such a case. Obscuring this fact through fine print does not acquit them of the act of dishonesty or misconduct.

I don't mind them dragging my case out, as I know for sure that they have advertised themselves falsely and misleadingly, and that the case will be ruled in my favor. Now everyone who have been misled into signing up with them can use these evidence to lodge a complaint against them as well. And as more time passes, I will continue to post more evidence that I have collected for my own case, so that it may help other traders who have been misled by their false advertising.

forexteamu, if you decide to take legal action against them, you can include me in your team. I'm sure we can gather enough people to file a class action lawsuit. They have been messing around with their price feed and there are definitely many traders who are unhappy about it. In my previous post I have posted screenshots of how their charts have long wicks that is not shown on other broker's charts and many traders have their accounts or profits wiped clean. Even Principal Trading have it's own set of rules that they need to abide to. The SEC in the U.S require that the brokerage firms complete the trades at prices comparable to those of the market. Such guideline should be pretty much the same across different countries, as long as they have high standards of governance in the finance industry.

So if IC Markets is acting as a principal to our trades, did they really fill our trades at a price that is comparable to the market? Once enough people have come together to request for the company's back-end trade logs to show how each of our trades and orders are executed and filled, I'm sure the answer to that question can and will be revealed.
 

Attachments

  • AFCA approach to misleading_conduct.pdf
    193.5 KB · Views: 6
  • IC Markets reply at FPA.png
    IC Markets reply at FPA.png
    211.5 KB · Views: 8
  • Portion of the chat transcript.png
    Portion of the chat transcript.png
    47.4 KB · Views: 7
  • IC Marrket website 2.png
    IC Marrket website 2.png
    191.4 KB · Views: 6
  • IC Markets Account creation page.png
    IC Markets Account creation page.png
    204.4 KB · Views: 6
  • IC Markets Account creation page 2.png
    IC Markets Account creation page 2.png
    102.3 KB · Views: 6

Docjoker

Recruit
Messages
1
Hi everyone... I'm from Chile and this year I was also scammed by icmarkets (for 10.000usd) ...


I am interested in joining forces among those affected.
 

forexteamau

Sergeant
Messages
141
Haven't heard from them for over 2 weeks. They are just dragging it out to run down your patience, it's what they do to everyone else too, if you look through all the complaint threads about them.

Their false advertisement is definitely a breach of the law. It is stated clearly in the PDF attachment I've provided in this post. Just look at their reply to everyone who is unhappy about the service provided by IC Markets in the 2nd screenshot. They just throw the "True ECN Broker" phrase in everyone's face. I hope FPA does not allow them to edit their reply to those reviews, as we can use those as evidence against them as well.

I have a transcript with one of their support staff where they now claim that they are not a broker, but a Forex or CFD provider/issuer. Colored in blue is my reply, and in red is the support staff's reply. I had initially contacted their support staff to complain about their price not matching many of the charts from other brokers and from chart streaming websites like Tradingview, only to find them admitting through their reply that they are not an ECN broker. Wouldn't that mean they were falsely advertising themselves all those years? I've attached screenshots of how their website looked like in the past so you guys can have a look. There are many more such screenshots and even a video in other threads as well.

In case you guys are wondering what the support staff meant when he said: "act as a principal to your trades".
You can read up on the definition here> investopedia, or here> wikipedia.
It basically means they are the counter-party to your trades, and that your loss is their gain. There is inevitably a conflict of interest in such a case. Obscuring this fact through fine print does not acquit them of the act of dishonesty or misconduct.

I don't mind them dragging my case out, as I know for sure that they have advertised themselves falsely and misleadingly, and that the case will be ruled in my favor. Now everyone who have been misled into signing up with them can use these evidence to lodge a complaint against them as well. And as more time passes, I will continue to post more evidence that I have collected for my own case, so that it may help other traders who have been misled by their false advertising.

forexteamu, if you decide to take legal action against them, you can include me in your team. I'm sure we can gather enough people to file a class action lawsuit. They have been messing around with their price feed and there are definitely many traders who are unhappy about it. In my previous post I have posted screenshots of how their charts have long wicks that is not shown on other broker's charts and many traders have their accounts or profits wiped clean. Even Principal Trading have it's own set of rules that they need to abide to. The SEC in the U.S require that the brokerage firms complete the trades at prices comparable to those of the market. Such guideline should be pretty much the same across different countries, as long as they have high standards of governance in the finance industry.

So if IC Markets is acting as a principal to our trades, did they really fill our trades at a price that is comparable to the market? Once enough people have come together to request for the company's back-end trade logs to show how each of our trades and orders are executed and filled, I'm sure the answer to that question can and will be revealed.


I'm definitely considering taking legal action against them.For me, It's not only the money. I will explain later that what exactly happened and how they handled my complaint. I'm not disrespecting any country but we are dealing with bunch of organised criminals from East Africa, As you can see, more people are joining this club and I'm sure we will reach to enough participants for our purpose. How come you haven't lodged your case with AFCA and ASIC yet ?
 

forexteamau

Sergeant
Messages
141
Hi everyone... I'm from Chile and this year I was also scammed by icmarkets (for 10.000usd) ...


I am interested in joining forces among those affected.
Hi Docjoker ,

I'm sorry to hear about your loss. Can you please explain what happened and how they scammed you ?
 

CLTH177

Private
Messages
10
I'm definitely considering taking legal action against them.For me, It's not only the money. I will explain later that what exactly happened and how they handled my complaint. I'm not disrespecting any country but we are dealing with bunch of organised criminals from East Africa, As you can see, more people are joining this club and I'm sure we will reach to enough participants for our purpose. How come you haven't lodged your case with AFCA and ASIC yet ?

It's the AFCA procedure to let the company and the client try to resolve the issue between themselves amicably first, before they officially step in to handle the case. I have just received my reply from IC Markets, after 3 weeks. And the reply coincidentally came in 1-2 days right after my previous post was approved and appeared in this thread.

They offered to compensate roughly 20% of what I've lost, to which I've rejected. And so I will be escalating my case to AFCA once I've drafted out my complaint, which will include the supporting evidences I've collected.
 

Pheniox123

Corporal
Messages
93
That’s a promising result CLTH177...and it shows that you are on the right track and have condemning evidence. I am sure one way or another they will end up reimbursing you the full amount...well done!

I lost huge amounts with them but sadly the experts on here (which I’m thankful for) have showed me that it was my mistake of not hedging properly. Part of me thinks whether the prices were manipulated to exploit the mismatch of my hedges but maybe that’s just wishful thinking on my behalf.

Anyhow, best of luck and well done again.

Pheniox
 

Vanessa.P

Sergeant
Messages
128
look at my post! I've been scammed for over 2 million euros! whoever is in contact with a good lawyer write me to start a collective action against them!
 

FxMaster

Lt. Colonel
Messages
9,526
Hi everyone... I'm from Chile and this year I was also scammed by icmarkets (for 10.000usd) ...


I am interested in joining forces among those affected.
If you are having a serious problem with a company, you should open your own thread in Scam Alerts and give details.

Why your own thread?

1. If the person who started this thread has their issue resolved, this whole thread will be marked as resolved.

2. Your thread can have a link from your review. This makes your issue more visible.

3. Issues can be different. Having your own thread makes it easier to get advice specific to resolving your issue.
 

forexteamau

Sergeant
Messages
141
If you are having a serious problem with a company, you should open your own thread in Scam Alerts and give details.

Why your own thread?

1. If the person who started this thread has their issue resolved, this whole thread will be marked as resolved.

2. Your thread can have a link from your review. This makes your issue more visible.

3. Issues can be different. Having your own thread makes it easier to get advice specific to resolving your issue.

Thank you very much for your advise and useful tip. The reason I opened this thread was to help other victims to join as a group for taking a legal action against the company. Victims are free to open their own thread to get information and help from other members but this thread is designed for people who have lost money with ICmarkets due to their illegal tactics.

I'm not trying to resolve my case only. I'm from Australia and have better and direct access to free legal aid so we can form a team to battle against this scam broker. My goal is to help other victims and unfortunately my case hasn't been resolved yet and even if it was resolved, I will not stop helping other investors.
I suffered badly due to their misconduct and I do not want anyone else experience the same issue as I did . Anyways thanks again for commenting and helping us through this process.
 

forexteamau

Sergeant
Messages
141
look at my post! I've been scammed for over 2 million euros! whoever is in contact with a good lawyer write me to start a collective action against them!
Hi Vanessa ,

I'm aware of your story and read your whole thread. I have been in contact with many lawyers and even found some top no win no fee lawyers but please be patient for a while as more people are gathering in this thread and the more cases we have the better our outcome it will be. I have discussed the matter with some lawyers and even showed them our thread to review our case. They advised me the same thing. When more victims join the case, it will give us better chances. I believe 10 to 20 people would be enough for our purpose and when number of victims increase, the amount of losses will increase as well so more lawyers will be interested to present us without advance fees and might be willing to take their legal fees after they won the case in court.

Please be patient and in the meantime if you found more victims, please introduce them to this forum . I'm trying to create a website as a campaign with signature from victims to address the ASIC as well. They need to know what's going on with these brokers and take appropriate actions, instead of just taking the license fees with no monitoring and proper audits.

Most of us trusted this broker or similar brokers because they claimed they were ASIC regulated while ASIC is sitting there and doing nothing. Personally if I have to physically take our complaints and campaign's signature to Melbourne to their office, I will do it. You can count on me. I won't let anyone down. it's not only the money for me now.

15 to 20 complainant would be perfect for our case. They are hungry for money and I'm sure we will reach to that number very soon. Many victims just don't know about this site and forum. There are many of us out there, because that's how ICmarkets make its bread and butter, obviously from our losses!
 
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