NOT GUILTY PER REGULATOR Case# 2015-004 | psunardi vs icmarkets.com

Based on the available evidence, do you believe that ICMarkets.com is guilty?

  • Guilty

    Votes: 47 94.0%
  • Not Guilty

    Votes: 3 6.0%

  • Total voters
    50
  • Poll closed .

dkami

Sergeant
Messages
748
This is nothing more than a trader over leveraging and can't trade for ****,then blames the broker when they loose their account!
It's that bloody simple sheeple!

What broker's platform doesn't freeze on occasions during high impact news? Come on if this was a competent trader they would have priced this in to their risk factor!!!!!!!!!!

I havn't the time to do a long post @ this time but I will say this about ICM,

I opened a live account with ICM @ start of 2015 then there was the unexpected swissy news mid Jan, I was falsely MC and I could prove it to ICM and they reinstated all my trades!

Now I'm not defending ICM but this was the case with me!

To the OP, Don't trade money you cant afford to loose and never over trade because it won't matter what broker you go with, you will be right back here filing another scam on every broke that you use!

Not Guilty
P.S. the pole was closed!
 

dkami

Sergeant
Messages
748
FOS basically act as an arbitrator and...in my opinion....not much effective for complicated cases.
The correct party...again in my opinion.... to make a misconduct report to is to ASIC who is the governing Regulatory body.

Attachment screenshot is of form to use to file a complaint/report which I shall be doing next week or so.

====================================

Asst Moderator:

Okay, now that we have a "scam finding verdict", surely there must be some follow-up action(s) to publicize the finding to the forex community.

Perhaps, and as a suggestion, post the FPA finding verdict at all the other forums/sites which are friendly and receptive to such impartial information to warn as many Traders as possible about so-and-so broker/service provider/funds manager/whatever.
You got MC by ICM but couldn't prove your case with them!

Just like the OP over leveraged!
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,552
Asst Moderator:

Okay, now that we have a "scam finding verdict", surely there must be some follow-up action(s) to publicize the finding to the forex community.

Perhaps, and as a suggestion, post the FPA finding verdict at all the other forums/sites which are friendly and receptive to such impartial information to warn as many Traders as possible about so-and-so broker/service provider/funds manager/whatever.
The verdict and a link to this thread are on the review page. There is also a caution note because of it. It generally takes 3 guilty verdicts to get an FPA Scam Finding, which is more widely publicized.
 

RahmanSL

Major
Messages
2,536
You got MC by ICM but couldn't prove your case with them!
Just like the OP over leveraged!
..wow...pretty big bat....didn't see that coming from your direction :p
It was NOT on margin call when the hedged account (all on USD/CAD) suddenly and inexplicably went into negative balance in matter of millisecond.
I have compiled the "facts" on Excel spreadsheet extracted from "Account Detail Report" and the report shows: Start date & time: 2015.03.05 16:59:51 and Ended 2015.03.05 17:00.07

When Margin call occurs and it falls further to below 50% Margin level, 1st forced closures take place with largest losing position, then, if margin level is still below 50%, it is followed by forced closure of 2nd largest losing position, and so forth/etc.
However, on my ex-ICMarkets account, besides complete absence of margin call warning, many forced closures date & time took place out of sequence....i.e smaller losing positions were closed out ahead of larger losing positions (all opened positions were opened with same lot sizes).....and this should not and could not happen in that manner especially on normal hedged account and, most importantly, in reasonably normal market condition....and I have emailed screenshots of that account to ICMarkets for them to analyze.

As already mentioned many times, I have gone through multiple margin call, forced closures of opened positions, and account stop/wipe out with EVERY brokers (more than 10) that I have live accounts with and probably hold the record for that.....and, coincidentally, I even have one existing live account with about the same size as my ex-ICMarkets account (which was in AUD) of over USD5K and all opened positions are also in USD/CAD.....BIG difference is that the account survived that huge >200-300 pips spike due to the BOC "surprise" rate cut, and further price movements on improved US housing market.

Anywhere, one of ICMarkets top executive has decided to take a personal interest in my case and we have been in communication since late last week to get to the "bottom" of what actually transpired with my account. And that is a very positive sign that perhaps ICMarkets is going through some "house cleaning" to clean up their image.

We shall see what happens and I shall report any new development as they arises.

================================

P/S I have absolutely no qualms in defending a broker if I believe it is being "blackmail" by some Traders....and I have done that on a number of occasions here and elsewhere.

...and, after taking a closer look at and review of this thread, I see the complainant traded with 1-2.0 lot size trades on a >USD5K....about same as my ex-ICMarkets account....which I would not do even in my wildest dream as I traded only with 0.10 and smaller lot sizes.
...hummmm....perhaps I might have been too "trigger happy" and let my personal feelings override my impartiality with a guilty vote on this one!
 
Last edited:

Pharaoh

Colonel
Messages
19,729
Hey Rahman, there's no rule against an individual passing the warning on to other places forex traders have been known to hang out. ;)
 

TSF

Recruit
Messages
8
Original FPA Traders Court Submission by psunardi:---
Yes, I fully agree with him. My three accounts had been wiped out like this and I complain them but they said its market volatility etc.. etc. and never ever agree their manipulation.
 

psunardi

Corporal
Messages
72
Yes, I fully agree with him. My three accounts had been wiped out like this and I complain them but they said its market volatility etc.. etc. and never ever agree their manipulation.
did you file your dispute to FOS ?if not do it soon
 

psunardi

Corporal
Messages
72
After my long waiting almost 1,5 year , finally i have dissapointed with FOS decision . They stand in icmarkets side
 
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