IC Markets,Traders who lost money unfairly join here

forexteamau

Private, 1st Class
Messages
65
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
Pheniox123, They definitely manipulate the price among many other things such as spread. swap and margin requirements. I can confirm this with evidence. when price moves in favor of your position. if you check the price feed with for example from tradingview or other brokers . it's either lower or higher depending on your position.if you complain, they say it comes from variety of liquidity providers ! god knows which ? probably Bobo from Seychelles sitting behind the computer and generating the price feed! They advertise themselves as ECN broker time to time, which means they should not trade against the investor or at least there shouldn't be conflict of interest between broker and investor according to investopedia ,Yahoo finance and many reputable finance sites which explain the definition of ECN.
They come with this BS of True ECN then remove it. Also many other tactics which I will disclose later with detailed evidence.
 
Last edited:

forexteamau

Private, 1st Class
Messages
65
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.
@CLTH177 , you are making great progress and you are on the right track. You don't need to wait much longer if you already tried to contact their support and they ignored your request because that's normally how they deal with complaints. They want to wear you out. if you believe that they do not answer you properly, escalate the matter to AFCA. Even if you lodge your complaint with AFCA today, AFCA give them 45 days for medication process due to corona situation.

This mediation time used to be less before corona. I would suggest to act sooner . Remember even if you complained and your matter was resolved by AFCA, ICmarkets are bond by their decision but you are still free to join our group for future legal action. Some people including me suffered financially and even more. Don't give up. you have all of us here . Keep us posted. Try to report the matter to ASIC as well .
As I explained to Vanessa I'm planing to create an online campaign with signatures of victims to address the ASIC as well. Their office is in Melbourne so I can physically go there if needed.
When they are originated financial mobsters, we need to be working as a team for a better success!
 
Last edited:

oscarra

2nd Lieutenant
Messages
1,146
ah, better click by date, but we see clients do get compensated for distress….and repair ...+ 9 % hum...etc
….to be checked if AFCA also provides similar compensation
 

forexteamau

Private, 1st Class
Messages
65
ah, better click by date, but we see clients do get compensated for distress….and repair ...+ 9 % hum...etc
….to be checked if AFCA also provides similar compensation
Thanks for sharing this info. unfortunately the maximum amount that AFCA provide for compensation other than investor's loss is only $5000 from what I read from their website. They do not have the power to punish the financial firm. ASIC does but it's sitting there and doing nothing. Personally I suffered financially with severe health issues. their fraudulent actions even caused me family conflict. I don't think they would give me $5000 but even if they do. It would not be enough compared to what I suffered. I was forced to borrow money from family and friends and I'm embarrassed to even pick my phone these days. I will explain the full story here very soon with all related documents.
 

CLTH177

Private
Messages
10
The company has provided me with a satisfactory resolution and I no longer have any issues with them and will be dropping out from this case.

I greatly appreciate all the help that everyone have provided me here, and also the company for being willing to work with me to find a solution to my problem.
 

forexteamau

Private, 1st Class
Messages
65
The company has provided me with a satisfactory resolution and I no longer have any issues with them and will be dropping out from this case.

I greatly appreciate all the help that everyone have provided me here, and also the company for being willing to work with me to find a solution to my problem.
I wonder why they did not offer me any satisfactory resolution. you are lucky.
 

FxMaster

Lt. Colonel
Messages
8,997
The company has provided me with a satisfactory resolution and I no longer have any issues with them and will be dropping out from this case.

I greatly appreciate all the help that everyone have provided me here, and also the company for being willing to work with me to find a solution to my problem.
Congratulations on your resolution :)
 

Pheniox123

Private, 1st Class
Messages
25
Congratulations CLTH177 ; I knew they were going to give you what you wanted...well done.

Forexteamau; I think the amount they scammed you off must be huge; hence they probably thought it’s too big of a hit to own up to it (keep on going and who knows maybe they will see sense soon).
 
Top