Complaint by a multi - IC MARKETS

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This is a late reply, but maybe this information from the Ontario Securities Commission (OSC) government website will help those who lost money due to trading with ICMarkets.



To try and get your money back, you can argue the following:

1. Was ICMarkets regulated in your jurisdiction before they opened your account?

2. How can ICMarkets advertise to clients about being a "TRUE ECN" broker, when they were the counterparty to the trade? I attached a screenshot to show that even the OSC questioned this.
 

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To try and get your money back, you can argue the following:

1. Was ICMarkets regulated in your jurisdiction before they opened your account?

2. How can ICMarkets advertise to clients about being a "TRUE ECN" broker, when they were the counterparty to the trade? I attached a screenshot to show that even the OSC questioned this.

Just replying to my previous post. I included a screenshot of the ICMarkets website from 2016. I showed that the website displayed "TRUE ECN" and the company being registered in Australia.

In reality, the client accounts were not all "TRUE ECN" and ICMarkets was likely not regulated in all jurisdictions outside of Australia. They were definitely not regulated in Ontario, Canada.

People who traded with ICMarkets in Ontario, Canada experienced problems such as frozen trading platforms and large gaps. That is not how a "TRUE ECN" account should function. That is one reason why they complained to the authorities.
 

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Just replying to my previous post. I included a screenshot of the ICMarkets website from 2016. I showed that the website displayed "TRUE ECN" and the company being registered in Australia.

In reality, the client accounts were not all "TRUE ECN" and ICMarkets was likely not regulated in all jurisdictions outside of Australia. They were definitely not regulated in Ontario, Canada.

People who traded with ICMarkets in Ontario, Canada experienced problems such as frozen trading platforms and large gaps. That is not how a "TRUE ECN" account should function. That is one reason why they complained to the authorities.
unfortunately the ASIC with which I made a complaint in 2018 did not confirm what I was accusing ICM of, that is, of the fact that they acted as counterpart (market maker) to the traders and that they freeze the servers at will to disadvantage the traders (this caused me the loss you see in the post); they also didn't have a license to operate in the EU when I opened an account with them but they got it a few months after I stopped trading with them, so who do we protect ourselves from? I am a European citizen
 
unfortunately the ASIC with which I made a complaint in 2018 did not confirm what I was accusing ICM of, that is, of the fact that they acted as counterpart (market maker) to the traders and that they freeze the servers at will to disadvantage the traders (this caused me the loss you see in the post); they also didn't have a license to operate in the EU when I opened an account with them but they got it a few months after I stopped trading with them, so who do we protect ourselves from? I am a European citizen
During high impact news events such as NFP, a bad forex broker that is not truly ECN will freeze the trading platform of the client. This is done so that the client doesn't use robots for the purpose of arbitrage trading. However, ICMarkets advertised on their home page in 2016 that clients can use robots to trade.

The problem for the broker is when the client makes too much money from the robot. The client can also lose their account balance if their robot is unable to close the profitable positions quickly enough during the high impact news event. The profitable positions become big losses and the account is wiped clean.

In summary, a "TRUE ECN" broker doesn't freeze your platform.
 

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unfortunately the ASIC with which I made a complaint in 2018 did not confirm what I was accusing ICM of, that is, of the fact that they acted as counterpart (market maker) to the traders and that they freeze the servers at will to disadvantage the traders (this caused me the loss you see in the post); they also didn't have a license to operate in the EU when I opened an account with them but they got it a few months after I stopped trading with them, so who do we protect ourselves from? I am a European citizen

Did you review these AFCA's rules?


In the first screenshot, I think it explains that there is a 6 year time limit for your complaint?

In the second screenshot, I think it explains that ICM is an Australian company, with an Australian bank account and ASIC license. It doesn't matter if you were an Italian resident at the time of being a customer of ICM.

You can also review the document "RG 227 Over-the-counter contracts for difference: Improving disclosure for retail investors" on the ASIC website.

 

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I fully support that Ic Markets deactivate the servers so as not to allow Take Profits and Stop Losses to be hit or when the positions are in net profit or they do not want to allow the closing in profit.


After I sent a complaint to the FOS I was contacted by a certain Andrea Farleburle (from an anonymous telephone number), who told me that he was directly appointed by the general manager Angus Walker to get in touch with me to understand my situation.

Because my original account manager (Nicola Fanigliulo) was in Cyprus where they have an office(to be clarified with the broker) and the management of my account was assigned to CYPRUS and they had no knowledge of what had happened there before.

I should have had the RIGHT,when I opened the account, to KNOW that the broker also had a seat / office in that jurisdiction,while I was never informed about it but also was created an AUSTRALIAN VOIP number to avoid the fact that he was contacting me from CYPRUS and making me visualize instead of being called from Australia.

If I had known from the opening of the account that my money was being handled in that jurisdiction I would not have thought to operate with their platform (considering that I had chosen to work with them because they had guaranteed to operate 100% in Australia and that I was contacted by this jurisdiction).


After the take profit has not been executed I tried with a hand-closed position but by pressing the X key related to the closing there was an hourglass and an error with writing (server deactivated)

I made dozens of attempts until the price retraced and at that exact moment the platform is back active (I reported the issue to my account manager immediately request copy of the audio conversation to the broker)

I tried to close the positions on 17/06/2018 with a loss of about € 480000.00 finding the same problematic server disconnected/deactivated


I have asked Icm to give me the logs of their servers but i still awaiting receipt.


I suspected that something Unfair happened in Cyprus otherwise the Logs would have already been sent to me, I hope you will succeed in obtaining them.


IMPORTANT NOTE: (I want to clarify that my problem has been reported by other reliable and verifiable people on this forum,

When I told Nicola Fanigliulo and Andrea Farleburle (the company's account manager) that i have discovered this forum, after two days the forum's people who had reported issues or had my similar situation were immediately reimbursed by IC MARKETS and they were asked to delete the negative review to insert a positive one, only after that they would have received the reimbursement, (I have correspondence with a forum user who provided me with such proof).

All this casually happened after communicating to Andrea Farleburle and Nicola Fanigliulo that my problem was not a single chance but an attitude reported by many other people to whom I have recommended to make a complaint to Fos with me.

Did you extract the log files from the MT4 client and send them to the AFCA along with your complaint? You should show the error messages that you received to the AFCA. These details will be important if the error messages prevented you from closing an open position to minimize losses.


 
Did you contact and asked for advise at ASIC or what kind of action did you take besides posting on this website and ?
And forgive me my arrogance: As I understand your deposit is in Australia and you are from Italy, I have not the right to ask if you really understand the risk by doing this. Australia is poorly regulated, this is well known. Their banking system is horrible.

If she deposited money in an Australian bank account that was opened by her broker, ICM, then she has a right to complain according to what the regulations are in Australia. If I were her, I would be complaining constantly and exercising my rights.

In comparison, Switzerland is corrupt with their banking system. They allowed Nazis to open numbered bank accounts to steal money from the Holocaust victims.

It is true that Vanessa writes. I am about the same situation. They shut down the server to destroy your account by margin call. I have been in correspondence with IC Markets for more than a month now. They sent me logs from the MT Server, but there is no record in them of the actions they tell me about. They say they tried to close my positions, but did not have a quote. But in the MT Server log, which they sent me, there is no "No quotation" or "Order canceled" record. There is only a record of how my account is destroyed every minute by Stop-Out -150% !!! When I ask you to explain this, they write answers in the style of "Be sure everything is correct." I wrote to them, I can not be sure, because the MT Server log says that nothing is correct. After that, they answer nothing and pull time or send answers that do not answer my questions. I believe that we need to deal with them in all fairness, and finally put an end to their dishonest actions. Do not believe any positive feedback about them. I have a long correspondence with them, if anyone is interested and who can help.

Did you complain about your problem to the Australian Financial Complaints Authority (AFCA)? You should do so since you still have time. If I were you, I would complain and submit those server logs and conversations that you had with ICM.
 
can someone tell me where the announcement ended up on the reviews page regarding the notice issued by Consob Italy where Ic markets is present in the list of unauthorized brokers?
the announcement regarding the French authority AMF also disappeared
@FxMaster @AsstModerator
 
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If she deposited money in an Australian bank account that was opened by her broker, ICM, then she has a right to complain according to what the regulations are in Australia. If I were her, I would be complaining constantly and exercising my rights.

The AFCA and ASIC are 2 separate entities.

AFCA adjudicate complains like an arbiter if needed.

But in any case, the case was already adjudicated by AFCA. Too bad no one follow my advice to record screen and keep good records. And trade with correct brokerage for your strategy. So the scam alerts folder stays busy.
 
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