IFC Markets become a scam

Allan W

Recruit
Messages
3
It seems this company has a reputation of not responding to their client's problems. Many people across the forums are disappointed with their actions, except for the fake clients who work for them posting too good to be true reviews. Buyers beware of this company!
 

IFC Markets

IFCMarkets.com Representative
Messages
45
Dear forum members! I see it is useless to prove something on the forum. Nobody asked any proofs from Sebytim.

Dear traders, you will not believe me of course but the number of IFC website visitors from FPA grows. Thanks to this website :) I have already even got several supportive calls from different countries regarding this issue.

For FPA23: if you want to move this thread to the first place in google - I wish it to be the only aim in your life :)

For new members: We cancelled Sebytim's profit because he used a scam programm to oveturn prices: please read and see screenshots in the posts №11, 76, 88. He is the only man in the internet who accuses us.

So, I think it is enough, it is endless.

I'm always online if you have other questions or if somebody from our other traders has something to discuss.

Best regards, Quinton.
 

athenafx

AthenaFx Representative
Messages
172
I don't see how ironic comments would help with google indexing.

There is no trading law that forbids capturing the spread.

This happens every day all around the world.

Dear forum members! I see it is useless to prove something on the forum. Nobody asked any proofs from Sebytim.

Dear traders, you will not believe me of course but the number of IFC website visitors from FPA grows. Thanks to this website :) I have already even got several supportive calls from different countries regarding this issue.

For FPA23: if you want to move this thread to the first place in google - I wish it to be the only aim in your life :)

For new members: We cancelled Sebytim's profit because he used a scam programm to oveturn prices: please read and see screenshots in the posts №11, 76, 88. He is the only man in the internet who accuses us.

So, I think it is enough, it is endless.

I'm always online if you have other questions or if somebody from our other traders has something to discuss.

Best regards, Quinton.
 

Pharaoh

Colonel
Messages
19,691
Sebytim traded. Both sides agree to this.

IFC Markets accused him of cheating by exploiting a weakness in MT4. An accusation like that requires proof by the accuser. Such proof would have been easy to provide, had Quinton's accusations been true.

Instead, Proof consisted of:

Alleged emails from MetaQuotes that were lost by all parties involved.
No availability of documentation for a software patch/upgrade acquired from MetaQuotes.
Quinton telling everyone to forget MetaQuotes.
A description of an alleged phone call between Quinton and MetaQuotes.
Quinton saying that a 6 tic old price proves that Sebytim forced the platform to accept old prices.
When asked how unusual 6 tic old pricing was, Quinton asking if details of 6 tic old pricing is really important.
Sebytim's record and a "normal" record posted by Quinton showing that 4-6 tics back is normal.


If there had been such an issue with the MT4 backend as Quinton and IFC Markets alleges, normal procedures followed by any software manufacturer would be to issue an upgrade or patch, to warn clients that this software update needs to be applied, and to explain the nature of the issue. Based on Quinton's continued evasiveness on this matter, I believe that he probably never even asked MetaQuotes if such documentation existed. I suspect that he never even called them about the issue. Either way, Quinton never provided a single scrap of believable evidence to back up the allegation.

The "6 tics back" argument never was proof of anything other than latency with the MT4 server at IFC Markets. This latency appears to happen to normal trades too. That means that Quinton's argument about it was nothing but a waste of time and effort. It proved absolutely nothing about Sebytim's trading.


Regarding the Pharaoh Challenge, Quinton and IFC Markets completely failed to either show a hint of convincing evidence or to repay Sebytim. Based on this, I consider IFC Markets to have failed what should have been a simple challenge.

Instead, Quinton has provided evidence that IFC Markets uses the Virtual Dealer Plugin. He also openly admitted that IFC Markets uses the VDP.

Now Quinton is trying to play the "any publicity is good publicity" card. I've seen other people try this lame stunt when they end up making themselves and their companies look foolish in forums. Guess what Quinton? A thread that shows how IFCMarkets can keep a client's money while not even understanding the evidence you present only makes you and IFC Markets appear to be completely incompetent.

Based on all of the above, it is my personal recommendation that no one use IFC Markets to trade forex. This thread shows that IFCMarkets can confiscate a trader's profits without providing any real evidence to back up the confiscation. The screenshot as well as words of their representative is proof that IFC Markets uses the Virtual Dealer Plugin.
 

RahmanSL

Major
Messages
2,527
When in doubt of the authenticity and credibility of a broker/service provider, stopped being or don't become a client.


Why go through all that hassle and wasted time with a bad broker/service provider as there are many more better ones out there ALL offering the very same goodies.
 

FPA23

Private
Messages
10
Quinton, why don't you want to offer a compromise?

You pay sebytim a part of his profits your company cancelled in his account and this case could be closed in YOUR sense!:)
 

Pharaoh

Colonel
Messages
19,691
There is no trading law at all.
Well regulated brokers are subject to laws, rules, and regulations. This gives traders a last resort to file complaints against brokers that use abusive practices, like IFC Markets taking a client's money because of a "magic cheating EA" and repeatedly failing to provide the smallest bit of evidence to show that this was physically possible.

Unregulated brokers can do whatever they feel they can get away with. The only thing that stops them is when traders publicly post about the bad things those brokers do and enough people decide to not risk their money.
 

IFC Markets

IFCMarkets.com Representative
Messages
45
Well regulated brokers are subject to laws, rules, and regulations. This gives traders a last resort to file complaints against brokers that use abusive practices, like IFC Markets taking a client's money because of a "magic cheating EA"
Hello!

Pay attention that complaint like Sebytim's one is the only complaint in the internet. All brokers evaluate their reputation and always withdraw trader's money, but when a trader tries to cheat the company the sanctions against him are strict and not discussed. I checked many threads on different forums and found out that very often traders who complain that a broker "refused to give profit" tried to use fraudulent robots (in our case) or abuse bonuses but couldn't manage to do this and lost their money: it is clear even to a child that they used arbitrage but forum members begin to accuse a company and don't accept any evidence saying something like "it is not enough" or "it is an edited picture"

and repeatedly failing to provide the smallest bit of evidence to show that this was physically possible.
The evidence to which I had access I published in the post 11. It fully shows the fraudulent work of Sebytim's robot.

Based on Quinton's continued evasiveness on this matter, I believe that he probably never even asked MetaQuotes if such documentation existed.
I answer you for the second time: I didn't ask MetaQuotes if such documentation existed.

I suspect that he never even called them about the issue. Either way, Quinton never provided a single scrap of believable evidence to back up the allegation.
You can call them to Cyprus, ask to connect you with technical support in Russia and ask if a representative from IFC Markets contacted them. It was 22 februrary, they must remember this call. I ask you to publish here the result.

Best regards, Quinton.
 

Pharaoh

Colonel
Messages
19,691
Hello!

Pay attention that complaint like Sebytim's one is the only complaint in the internet. All brokers evaluate their reputation and always withdraw trader's money, but when a trader tries to cheat the company the sanctions against him are strict and not discussed. I checked many threads on different forums and found out that very often traders who complain that a broker "refused to give profit" tried to use fraudulent robots (in our case) or abuse bonuses but couldn't manage to do this and lost their money: it is clear even to a child that they used arbitrage but forum members begin to accuse a company and don't accept any evidence saying something like "it is not enough" or "it is an edited picture"
You've claimed that a trader used some sort of magical cheating software and that MetaQuote fixed it. By your own admission, you didn't even bother to ask them if there was documentation to back up this claim.

No other complaints about IFC on the internet. Wow. Guess I can rob someone and then "prove" my innocents by saying that there are over 6 billion people on the planet who will swear under oath that I never robbed them.


The evidence to which I had access I published in the post 11. It fully shows the fraudulent work of Sebytim's robot.
Your "evidence" in post 11 shows:

1. a 4 tic back and 6 tic back error. You made a BIG deal out of that 6 tic error - until the post where you showed normal activity from another EA returning a pair of 4 tic back errors.

2. Repeated requotes - which would be expected if a trade attempted to close at an incorrect price. This indicates that IFC Markets already was very capable of rejecting orders at incorrect or non-current prices. So, even if Sebytim's EA was asking for price on the wrong side of the spread (deliberately or due to programmer error), those trades would only execute if price moved far enough in Sebytim's favor during the lag time it takes to submit and process the order. This would be a very inefficient method to try to "steal" a pip or two, since price could move many pips against you while the EA keeps hoping to catch positive slippage (which should be given to a trade if it happens).

3. Proof that IFC Markets uses the Virtual Dealer Plugin. You also personally admitted that IFC Markets uses this cheating software.


I answer you for the second time: I didn't ask MetaQuotes if such documentation existed.
So, you didn't even bother to ask them if the one real piece of evidence that would have lent some support to your claims? If your claim of cheating software and the phone call is true, there is no logical explanation for anyone in your position to fail to ask about the existence of this critical evidence.

You can call them to Cyprus, ask to connect you with technical support in Russia and ask if a representative from IFC Markets contacted them. It was 22 februrary, they must remember this call. I ask you to publish here the result.
You obviously never did front line support for any large company. What you suggest should automatically fail. 1. I'm not a broker and don't have a license for MT4's backend. This means they really shouldn't talk to me. 2. I'm asking them about a conversation with one of their paying clients (IFC Markets). This would undoubtedly breach their confidentiality rules. 3. MetaQuotes has a large staff to make certain that brokers can be supported. So, even if 1 and 2 were not an issue, the chances of me getting hold of the one person who has all the details of one alleged call are remote, at best.

I've asked you over and over again to ask MetaQuotes for documentation. When you finally called them (or claim to have called them), you didn't even bother to ask if there was documentation or not.

You made the claim. It's up to you to ask MetaQuotes for the documentation. You've already spent far more time babbling about MetaQuotes backing up your claim than it would have taken to ask them for the evidence.


Quinton, let's summarize:

1. You make a huge deal out of MetaQuotes and then tell me to "forget MetaQuotes".

2. You seem to be completely unaware of common documentation practices at software companies.

3. You make technical claims, such as 6 tics back proving cheating, then provide more evidence showing that these lags appear to be well within the bounds of normal trading at IFC Markets.

4. After repeated explanations about how you need to get evidence to back up your claim, you claim to have chatted with MetaQuotes support and not even bothered to ask if they have "the smoking gun" that just might help to prove your case in spite of all the other failures of your arguments.

5. You ask me to see if I can get MetaQuotes MT4 backend support to break policies that would be common to almost all large support call centers while also hoping I can find the one support agent who will back you up.

6. You freely admit that IFC Markets uses the VDP, a malicious MT4 backend plugin that is a known piece of cheating software that brokers can use to steal from their clients via differential slippage.

Quinton, what sort of training and experience do you have?
 
Top