IFC Markets become a scam

sebytim

Private
Messages
19
I start trading with them a few weeks ago, using an expert advisor created by me.
I opened an account, a microaccount infect, to see how is going.

After 3 weeks the account balance was $5003 so, based on their Terms of business, trading was disabled.
Condition to reenable trading was to reduce the balance under $3000.
I ordered a LR withdrawal of $1500 and an internal transfer of $500.
Internal transfer was done in a few hours but the withdrawal not.

Next day in the morning when i logged into my web cabinet i saw that my balance of the account was $44.95.
Shocked i thaught they transferred all the money not only $1500. But surprise: when i loged into mt4 acc i saw 5 trades, all loosers. The entry price of them was not there never on the hours the trade was performed. And as i wrote, based on their Term of business, the account was disabled for trading till the balance was under $3000.

I complete a complaint form and after some hours i received this email:

"Dear Sir,

According to our logs your trading operations were performed at
non-market prices using Expert Advisor violating our Terms of Business.
All your trading operations were reversed by our transactions."

Nice ?

So traders stay away from this broker...is a scam broker and will not let you transferr your wins !!!
 

samob

Private
Messages
21
i,v been dealing with ifc for the past 5 years an i,ll give 5stars for transferring. faster than any broker i ever expert and never delay
the big problem is now with my new broker which i pick because of greed (spread and bonus)they are under FSA authorities
so am going to FPA court and FSA waiting the next tow days starting 22/4/2012
 

athenafx

AthenaFx Representative
Messages
172
This case is a good example.

The customer opened a micro account with an offshore company in BVI.

They have no banking license. We know nothing about them. We don't even know if they have liquidity providers (at least one).

They are neither regulated nor authorized to provide financial services.

Furthermore, anyone can open an account with $10.

he turned a micro account into a $5000 account and of course they refused to pay by cancelling all his trades.

They even put in their TOS "All transactions are carried out by the Company acting as a market-maker" and "The Company can cancel the transaction made under erroneous non-market quotations that have arisen for any reasons".

At this point, opening an account is like having a nice conversation on the bridge of the Titanic.

Anyone should know that a deal is accepted as soon as confirmed by the dealing desk whatever platform is used. So transactions at "non market prices" do not exist in the real world.

Considering the company, he was left with no legal means to complain.

Considering the forex market, it is non sense to believe in a get-rich-quick-scheme.
 
Last edited:

yideng

Private, 1st Class
Messages
44
Would you please share you trading strategy of your EA?
normally an account jumping from a micro account to USD5000 within just 3 weeks would be the very lucky guy in thousands of accounts.
 

IFC Markets

IFCMarkets.com Representative
Messages
45
Dear traders!
My name is Quinton. I'm a representative of IFC Markets. I will be glad to answer all your questions about our servises and products and fix problems if occur.

Regarding the previous complaint from sebytim on 12-15-2011. Yes, this message is very old but if this user is still on the forum I want to ask him to send me his acc number and I'll try to refresh this problem.
 

sebytim

Private
Messages
19
here i am

Dear traders!
My name is Quinton. I'm a representative of IFC Markets. I will be glad to answer all your questions about our servises and products and fix problems if occur.

Regarding the previous complaint from sebytim on 12-15-2011. Yes, this message is very old but if this user is still on the forum I want to ask him to send me his acc number and I'll try to refresh this problem.

Hello Quinton,

even your comment came after more than one year i am still here.

So my acc was 13027.

Practically i found several transactions (477508, 477511, 477505, 477512, 477516, 477517, 477522, 477525 ) done by you!!!
All on minus so to reduce the equity.

The response from your back office was :
"According to our logs your trading operations were performed at
non-market prices using Expert Advisor violating our Terms of Business.
All your trading operations were reversed by our transactions."


So i am confident you are just a SCAM!!
 

IFC Markets

IFCMarkets.com Representative
Messages
45
Hello Quinton,

even your comment came after more than one year i am still here.

So my acc was 13027.

Practically i found several transactions (477508, 477511, 477505, 477512, 477516, 477517, 477522, 477525 ) done by you!!!
All on minus so to reduce the equity.

The response from your back office was :
"According to our logs your trading operations were performed at
non-market prices using Expert Advisor violating our Terms of Business.
All your trading operations were reversed by our transactions."


So i am confident you are just a SCAM!!
Hello sebytim!

I've found out this case. Our specialists remember you very well.
So, you created an expert advisor and this expert worked using the lacks the MT4 settings.
You should agree with the fact that you really used the prices that didn't really exist in the terminal and from the very beginning you came to our company with fraudulent intentions. After we discovered this all your positions were recalculated at real prices. And all your profits were cancelled. If somebody has any doubds I can publish here printscreens where you dear traders will see that the expert of this guy tried to close SELL position at Bid price. So mr. sebytim you have to admit that you are wrong and your charges against us are baseless and false. Also I kindly ask moderators to delete the first message of sebytim

Thanks
 

Pharaoh

Colonel
Messages
19,691
If somebody has any doubds I can publish here printscreens where you dear traders will see that the expert of this guy tried to close SELL position at Bid price.
I can "try" to close at any price, but for some reason, MT4 only lets me close at prices provided by my broker.

I'd like to see what proof there is of some magic method to "force" a broker to close at prices that aren't offered by the trading platform.
 

sebytim

Private
Messages
19
Interesting

Hi,

Interesting point of view...
How did u come with the idea that i came to your company with fraudulent intentions ???
So everybody who gain profits from your company is treated like to be a cheater ????

Other thing: my expert closed the positions on your platform....on your prices !!!!!!
Is funny to come out saying 'it forced' mt4 to close sell positions at bid prices !!

Another question: why you 'discovered' all these only after a week or two...when i asked for withdrawal ???


SCAM ---- SCAM ---- SCAM --- that's the name of your company !!!
 
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