• Please try to select the correct prefix when making a new thread in this folder.

    Discuss is for general discussions of a financial company or issues related to companies.

    Info is for things like "Has anyone heard of Company X?" or "Is Company X legit or not?"

    Compare is for things like "Which of these 2 (or more) companies is best?"

    Searching is for things like "Help me pick a broker" or "What's the best VPS out there for trading?"

    Problem is for reporting an issue with a company. Please don't just scream "CompanyX is a scam!" It is much more useful to say "I can't withdraw my money from Company X" or "Company Y is not honoring their refund guarantee" in the subject line.
    Keep Problem discussions civil and lay out the facts of your case. Your goal should be to get your problem resolved or reported to the regulators, not to see how many insults you can put into the thread.

    More info coming soon.

Discuss ICMarkets.com (International Capital Markets)

General discussions of a financial company
to Moderator:
Yesterday I've posted here already a few replies, but they remain on the moderation is more than a day.
What is the problem?
 
after another whole night talks with Australia finally their account staff answered me:

Hi Yuri,

Sorry for the late reply. I have checked our bank account. Your funds was paid by credit card on 14 August 2014. However our bank didn't process the payment for some bank issues. I have lodged an urgent payment of AUD xxxx to your credit card today.
We are truly sorry for the inconvenience caused. Please accept our apology.

Kind Regards,

Winnie Dong

Don't want bad to think about ICMarkets or their account staff after more than 2 years of working with them, but questions arise:
1. Why should I spend sleepless nights, so they just did their job?
2. As you understand, the money only once again re-sent... I'm waiting for end of this history..
 
I'm very glad to hear that the issue was resolved Yuri.

That said, I do think that ICM should have the banks they use notify them of any delays or problems if this is possible so that they can inform their clients in turn.
 
Hello,

Claim to ICMarkets.
For more than 10 days in negotiations with ICM I am unable to solve the problem.
The essence of the case:
1.On the ECN MT4 platform (which the broker guarantees the unconditional execution of orders on the market, albeit with a possible slippage) when opening a BUY order with a small amount (3 lots) on the main pair (EURUSD) on an active and liquid market, my order was rejected with the message MT4 'OFF QUOTES'.
The time of order placing is 04:32:05, 17th Nov GMT+2, logs and screenshots of the MT4 terminal (its time GMT+3 on screenshot) and the broker server attached. The screenshot of the server was sent me by ICM manager in the chat when asking a question.
2. I was able to rediscover anew this order (BUY 3 lots EURUSD) only in 5 seconds at 04:32:10, as can be seen in the same logs.
3. The problem is of course not open an order at a different price. The fact that as a result of delay of this order, after 2 seconds (as you can see from the log of the ICM server) at 04:32:07, 17th Nov GMT+2, by stopout was closed another one of my SELL position (EURUSD 5 lots) with large losses.
4. I understand that the described situation is suggestive of poor trading style etc, I will not argue, but a perfect style probably does not exist, and there are possible different circumstances.
The essence remains the same: no matter how bad were my actions, but the broker for some reason (possibly, due to errors ECN MT4 bridge or server overload) didn't execute my locking market order, which led to the stopout. Again let me emphasize that according to the logs provided by the ICM, when trying opening of this order, the stopout is not yet reached and the execution of market orders, according to the trade conditions of the ECN platform from ICM, is unconditional.
I'd like to add that just in a short time the market has gone from highs, thus my reliance on temporary lock was justified.

Further, the history of the proceedings:
1. The first 5 days ICM manager tried to contact the liquidity providers (banks) to determine the causes of rejecting the order. Her statement was the excuse that ICM has nothing to do with the dealing desk and the order was rejected by the liquidity provider, namely the Deutsche Bank, in witness whereof, she sent me the appropriate screenshot (attached).
However, as can be seen from this screenshot, it shows a different time of order, moreover, its volume is quite different - just 0.03 lot!
I don't want to find out here if it is glaring incompetence of ICM employees or a deliberate desire to mislead.
However, also in many other questions when I contacted ICM support I was faced with exactly this position: what if the client will eat what he was fed?.. (For example, their bank did not send me my withdrawal for some issue, but their staff was insisting on that the money sent to me for almost a month, instead of ever ask it in the bank.)
2. On my insisting to resolve the issue on the merits, and not to delay the time of the next requests to the liquidity providers, as well as my request that management took up my suggestion about restoring closed by stopout order as closed incorrectly (which I was at that time not even profitable, but I was sure in my rightness and decision to hold the SELL position EURUSD), I was redirected to higher employee ICM Sung Choi.
I will add that ICM did not find and did not provide evidence that my order was rejected by the liquidity provider.
3. If with simple ICM managers I was able to chat at any time and they answered any my questions, Sung Choi is available only by mail. Moreover, the intervals of his responses increased by a day for each next message. I have 3 days waiting for his answer to my last objection.
I think this is invalid.
In addition, Sung Choi doesn't bother to provide any document (log, screenshot) in confirmation of his words, but simply unsubstantiated claims on their interpretation of the situation.
It was according to him the following:
My order 04:32:05, 17th Nov GMT+2, though, was opened when the stopout level had came already. (Although from log server ICM is clear that in 04:32:05, 17th Nov GMT+2 the stopout level was not yet reached).
The only and sufficient reasons for this (by his opinion) is that if it were not so, then my order would be opened! I.e. all turned on its head: because the order was not opened by their system, so
it had been exhibited already at the stopout!
No concrete evidence, documents, log in confirmation of his words (when all my insistent requests) Sung Choi did not and ignored my obvious objections.
If necessary, I will provide all the dialogues from the correspondence with Sung Choi and other managers.

Thus, in my attempts to resolve the issue with ICM staff I stalled. So I ask the traders community help in resolving this issue and contact with the ICM guide for consideration on the merits. I hope to receive from you any advice in this matter.

Thanks.
log of terminal.pngscreenshot from ICM.JPGlog DB.png
 
Last edited:
Angus, good day! I am very pleased to see you here. You've opened my account at that time, when your website had not even a chat :) I will gladly remember the time and you. If you don't mind, could you comment my case (last post). I will be very grateful for any opinion expressed by you.

Thanks in advance.
 
ICMarkets is a real scam broker! STAY AWAY!!!

I had 3 accounts at ICMarkets and another account on Saxo. With SNB debacle the ICMarket accounts lost over 14k while Saxo account lost 200euro's with exact same robot. All 3 ICMarket accounts had exact same trades copied from 1 to another.

ICMarket was sending illegal/fiction prices for USDCHF during the news. Regarding all financial reports, including Bloomberg, USDCHF has never ever been on that price. The difference between actual price and ICMarkets price is over 2000pips!!!
You can see all my trade details here!

After 3 weeks of calling, several emails and promisses that they will adjust the trades to the right price, all they say was this:
'Upon further review of your accounts, our trade desk have assessed that there are no pending adjustments on your accounts as the rates have been verified as correct by our liquidity providers and stopouts occurred correctly. During the SNB announcement, spreads were extremely wide, and as there was uncertainty by the banks on where to price the CHF pairs there was no liquidity as a result.'

These 3 accounts lost all together over 14k and had same trades. They adjusted trades on 1 account with 740euro's (which is nothing if you look at the loss). But the most crazy thing is that they say the trades on the other 2 accounts don't need adjustments while they have been traded on the same price.

All they do is blame the liquidity providers which they chose by themselfs. When you don't know where to price a currency why do you just send fiction prices? and allow trades on those prices? Saxo just blocked tradings and did send real prices. On ICMarkets graph you can see USDCHF went down all to 0.04, which should mean: USD doesn't exist anymore.

This is just steeling money from traders by sending fictionary prices to MT4.

I'm now sending a letter to Australian Securities and Investments Commission (ASIC) to investigate this as ICMarkets is not taking this seriously.

You can also read this: 'Fake margin calls': Forex traders furious after losses


Trade investigations accounts 407118 - 407117 - 505063.jpg
 
I have always defended my broker if I think they are trustworthy. But I will also highlight what I perceived as abnormality in my trades too.

I have traded with ICMarkets for over a year and, as one of their owners said to me sometime back, though we had some initial issues we have come to understand each other.
I have also have live accounts with over 10 different brokers for the years (over 4 years) that I have traded the forex market and have at least one account wipe-out with every one of them......with ICMarkets, probably around 5 or 6.

However, the most unusual and strangest account wipe-out is with ICMarkets on 21/Mar/2015 where, one mili-second my account was hedged on only one currency pairs with around 450% margin level, but then in an instant the account was wiped-out with a negative -USD30.27.....there was no margin call, and no forced closure of largest losing positions.
Normally, if an impending margin call is near, I would try to recapitalize the account with the fasting means possible....i.e credit card & Skrill/Moneybookers....and most times the margin call and account wipe-out is averted but, a lot of times, the recapitalization arrive too late. And sometimes the margin-call and account wipe-out happened when I was away from my computer.

I wrote to ICMarkets about the very unusual and strange account wiped-out which, through experiences with my numerous other margin-calls and account wipe-outs, just doesn't happen like that way.
After numerous emails from different Support staffs....one saying it was due to market volatility (there were none and FOMCA was next day), and one saying widening of spread due to low market volume (not true because I was also trading on two other accounts with different brokers and market was relatively normal)....their main Support sent me many details of my account statements, etc, etc which I told them are just account spreadsheet/details.....but still couldn't provide me with a satisfactory reason how a trading account can simply vanish without going through margin-call, forced closure of highest losing positions, and then account wipe-out.

At one time, I thought I could trust ICMarkets and would even defend this broker on a few sites when I see negative post(s) on them.
I told ICMarkets that in all my accounts wipe-outs with over ten brokers.....ranging from a few hundred USD or AUD to 10, 30, 40, and 89 thousands (ironically most of the bigger accounts wipe-outs was with ICMarkets including that AUD89k)....and I have NEVER EVER once complaint or protest to any brokers about it because I either saw that coming and either couldn't do anything about the impending wipe-out or I was not at my computer when that happened.

I queried my last account wipe-out with ICMarkets because of the way it happened even though it was a relatively small account with around just over AUD5k.

I have recently read quite a numbers of other complaints (some similar to mine) but I do not know what transpired with their accounts.
As far as I am concern, ICMarkets still owe me a tangible explanation on what I believe as a very strange & unusual account wipe-out and, as such, it's very difficult to trust their MT4 trading platform.

There was also another incident which I have also asked but not received a satisfactory reply. I had pending orders on two different accounts with ICMarkets...both set on same currency pair and at approximate level. Next day when I checked on the accounts, the pending order on one account was triggered but not on the other....the account with pending orders triggered then got margin call and account wipe-out as the currency pair on those pending orders (according to ICMarkets) went higer and there was insufficient margin to sustain account losses.
However, I told them that the currency pair could not have gone to those high level because it was not recorded on the MT4 platform (ICMarkets Support explained that away with "ask" & "bid" prices which are not shown in MT4 platform).....BUT, if the currency pair did went to those levels, then the pending orders on my other trading account should also have been triggered.
I didn't pursue that matter because it was a small account with under AUD2k.

Since late 2014, I have also noticed other abnormalities with ICMarket trading platform but which are really very difficult & hard to define and to explain.

Quite frankly, I really don't know what to make of ICMarkets now.
 
@rahmanSL What do you think after trying this broker ?

Once-upon-a-time, I would have no hesitation in telling you, and a few more guys who PM me here and in other sites, to give ICMarkets a go.
BUT, since my latest episode with this broker, I will have to say be very careful if you still want to go on live account with them because something is going on in ICMarkets which seems to be wreaking havoc with their client's account. I say this because apparently there are quite a numbers of very similar complaints & experiences by other ICMarkets clients here and in other sites/forum too.
 
Back
Top