Resolved: IC Markets: An Outright Scam

[kalashnikov700]

I'll have never thought I'll have to resort to the likes of FPA one day to resolve such unexpected occurrences. I'm happy that this site exists to help traders out. So, the nightmare begins.

Story:
One day, as I was walking to a different bank to make some unaltered changes to my monthly F/D. My bank manager casually chatted me into the world of FX. As we were talking for a long period of time, my bank manager notified me that if I had an existing deposit or withdrawals with any brokers, it's a necessity to ask for a receipt. This advice had me stunned for a moment as I've never requested any form of receipts from the broker beforehand.

So, I'd decided to withdraw the funds from my training account and ask IC Markets for a receipt. What happened next is rather amusing. As I was trying to parse my message through to IC Markets account department, they outrightly ignored me as if I've never existed in the first place. The below screenshot is a piece of evidence to what happened.

Now, the question is, why would they ignore me in the first place? Isn't it necessary for a broker to fulfill its obligation? It's been days and by right, they OWED an apology and a response to my query as a service provider. They failed and if a broker could not honor such a small withdrawal to you, don't bother trading big with them. Look at the screenshot of the withdrawal I've done from the client portal. How many days have passed? And, if you think about all the honest clients who are trying to make a living with a sizable account only to face such an issue after, I felt the same too and came to sent a warning to all serious client who is looking to sign up with IC Markets.

 

[kalashnikov700]

I'm unsure if the support team is fooling around. I do hold the suspicion that their support team might be in the backend of their operations. Look at the screenshot below as evidence. The conversation seems funky and outright weird as if they know what happened.

 

[kalashnikov700]

Following the statement from IC Markets to stop the migration of clients from AUS the other day. It's a lie. When I dig further down into the rat hole, they've created another subsidiary and "may have possibly" move all the international clients to FSA based ICM. This could be the reason as to why they've closed an eye on the accounts in FSA in which I assume that my account is placed under the FSA platform. Below screenshot is a shred of evidence.

 

[kalashnikov700]

For those who are confused on the aforementioned wordings, here's the direct site to it.
Site: financemagnates.com/forex/brokers/ic-markets-reverses-migration-of-overseas-clients
In my honest opinion, I don't think it's a reverse. It's a marketing campaign to show that they are having international clients like me still based in Australia. What happened behind the scene may possibly be the direct opposite of what we see. If they are reversing, why bother to create an FSA account? It doesn't make sense either.

Nonetheless, let's take a look into other Aussie brokers such as Vantage and Global Prime. They did the same and moved the entirety of its international clients to FSA. Now, I guess I've broken the shell of IC Market's dishonesty. This proves that they're lying.

 

[FxMaster]

I'll have never thought I'll have to resort to the likes of FPA one day to resolve such unexpected occurrences. I'm happy that this site exists to help traders out. So, the nightmare begins.

Story:
One day, as I was walking to a different bank to make some unaltered changes to my monthly F/D. My bank manager casually chatted me into the world of FX. As we were talking for a long period of time, my bank manager notified me that if I had an existing deposit or withdrawals with any brokers, it's a necessity to ask for a receipt. This advice had me stunned for a moment as I've never requested any form of receipts from the broker beforehand.

So, I'd decided to withdraw the funds from my training account and ask IC Markets for a receipt. What happened next is rather amusing. As I was trying to parse my message through to IC Markets account department, they outrightly ignored me as if I've never existed in the first place. The below screenshot is a piece of evidence to what happened.

Now, the question is, why would they ignore me in the first place? Isn't it necessary for a broker to fulfill its obligation? It's been days and by right, they OWED an apology and a response to my query as a service provider. They failed and if a broker could not honor such a small withdrawal to you, don't bother trading big with them. Look at the screenshot of the withdrawal I've done from the client portal. How many days have passed? And, if you think about all the honest clients who are trying to make a living with a sizable account only to face such an issue after, I felt the same too and came to sent a warning to all serious client who is looking to sign up with IC Markets.

First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread "Tutorial: How to Invite a company to your thread." will help you to find out.

Note: If you are new to FPA theninvitation button will be enabled when your first post reaches 4 days old.

 

[kalashnikov700]

First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread "Tutorial: How to Invite a company to your thread." will help you to find out.

Note: If you are new to FPA theninvitation button will be enabled when your first post reaches 4 days old.

I will be sending an invitation to IC Markets after 4 days of waiting. It's been days and my email to IC Markets were unanswered. I guess they're really a scammer after all. I'm filing a report to ASIC as well.

 

[kalashnikov700]

Case resolved. IC Markets had contacted me in private to informed that the funds are sent. Additionally, my bank manager had informed that the funds had safely arrived in my bank account.

 

[FxMaster]

Case resolved. IC Markets had contacted me in private to informed that the funds are sent. Additionally, my bank manager had informed that the funds had safely arrived in my bank account.

It`s always good to see resolved cases. Yo mods, can you move it to resolved folder??

Note: Don't forget to update* your review if you left any
* To update the review, you need to submit a review for the company with the same name as you used before on their review page.