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.
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
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AFCA approach to misleading_conduct.pdf193.5 KB · Views: 7
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IC Markets reply at FPA.png211.5 KB · Views: 9
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Portion of the chat transcript.png47.4 KB · Views: 9
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IC Marrket website 2.png191.4 KB · Views: 8
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IC Markets Account creation page.png204.4 KB · Views: 8
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IC Markets Account creation page 2.png102.3 KB · Views: 8