IC MARKETS

oscarra

2nd Lieutenant
Messages
1,086
See the ASIC press release; I encourage all to submit comments.
What comment ? THAT MAKES TWO BILLION LOSSES IN ONE YEAR FOR THE AUSTRALIAN TRADERS…. RIGHT

Next year it will be 20 billions, still wonder why CFD’s BucketShops are prohibited in the United States :D


During 2018:

· licensed issuers received gross trading revenue of $490 million from binary options and $1.5 billion from CFDs—which can largely be attributed to a combination of net client losses and fees and costs charged to clients

· CFD issuers automatically closed out 9.3 million client CFD positions in margin call, and

· over 41,000 clients’ CFD trading accounts went into negative balance, totalling -$33 million (that is, clients owed money to the CFD issuer).
 

cloudtrader

Recruit
Messages
2
It was time, ASIC's proposed restrictions are following Europe. And they are proposing enhancing transparency of CFD pricing, execution, costs…

I was interested to understand, if Vanessa was successful in recovering any funds from IC Markets. AFCA is not a Government Agency; it is a private company funded by financial firms. It was unlikely for her complaint to get a determination in her favour there. The case against IC Markets has higher chances for success in the independent court system.
 

4evermaat

2nd Lieutenant
Messages
1,204
It was time, ASIC's proposed restrictions are following Europe. And they are proposing enhancing transparency of CFD pricing, execution, costs…
Some of it is good. But they will impose 1:20 leverage restrictions and other restrictions that are not favorable to the retail client.

I was interested to understand, if Vanessa was successful in recovering any funds from IC Markets. AFCA is not a Government Agency; it is a private company funded by financial firms. It was unlikely for her complaint to get a determination in her favour there. The case against IC Markets has higher chances for success in the independent court system.
It is true that AFCA is not gov't agency. But it is appointed by ASIC.
edit: it is basically arbitration that all regulated financial institutions in Au must sign up for.

If the amount of the claim >$500,000 AUD, AFCA will not even adjudicate it. So yes, that is sad.

But it is unfortunate that many beginning traders and even some experienced traders do not record their trading sessions. It is easy to do, and would provide much of the proof needed to nail IC Markets or any broker to the wall. See this example video.

Not much different from a car collision. You can rely solely on verbal testimony, or you can replay a couple of dash cam footage first and then collaborate the stories. Which one would better prove who is at fault?
 
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Gayanlakshantha

Private, 1st Class
Messages
113
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.
if you have a icmarket mt4 terminal ? ( your old trading terminal) can you provide me journal reports txt file ?

42D92F53-84D5-4FD1-B822-B4283C93D9DA.png
 

4evermaat

2nd Lieutenant
Messages
1,204
@IC Markets Would you like to say something for yourself? You have resolved other cases, but you have not taken much action on this case.

I hope it is not because of the larger dollar amount.

Can you also comment on why the words "True ECN" do not appear in any of your advertisements anymore? I would imaging every retail broker would want to make such a claim boldly on their website.
 

Vanessa.P

Private, 1st Class
Messages
58
ICM's representative claimed AFCA made a ruling on the case. AFCA's ruling reallt was that the case was over 500,000 Euros, so was too big for AFCA's jurisdiction.
 

Falomyr

Recruit
Messages
3
hello guys, unfortunately no news on my case yet, I just contacted the Australian court to learn the procedure to appeal to them, I don't give up!
I have a lot of cheers for you, you are fighting back strongly and i am very sure they will really "drop their pants" this time for this case.

your amount does seem very big! i really hope it gets resolved. one less shady broker = more people's hard earned money saved.
 
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