Resolved: IC Markets thinks 20pips spread on EURUSD is perfectly OK

Iridius

Private, 1st Class
Messages
60
I considered IC Markets as a fair and trustworthy broker until a scam event I experienced on EURUSD trade. In a perfectly calm market, they teleported the price right above my SL with unbelievable spread of... wait for it...

20 pips.

I really recommend you all to look at the screenshots so you can imagine how magicaly far it was from the actual price.

The support staff explained to me that after the rollover time, the spreads may be a little wider and that this is a normal event.

Well, the trade ended 6 minutes after midnight. During this time, spreads usualy are really a little higher. But according to ForexBenchmark spread tracking, the average spread on EURUSD for IC Markets during 1 hour after the rollover is only about 1 pip. Off course it can go a little higher, 2, 3, maybe even 5 pips. But 20 pips in a perfectly calm market (as you can see on the screenshots) is pretty far from "normal".

Basicaly what IC Markets says by excusing this is "Hey, we can end any EURUSD trade we want if you carry it to another day, all we need is the price to be 20 pips or closer to your SL. Aaaaand bang - you are in loss and we (our LP) in profit.

IC will argue that as an ECN broker, they cannot control or manipulate the price. Maybe it is a truth, but what they should control is what they are getting from their LPs. They just cannot let their LPs manipulate a sh*t from you and then just point a finger on them and say "It was them and we cant do anything to make it right"

What do you guys think about this?
 

Attachments

  • 1h chart.jpg
    1h chart.jpg
    151 KB · Views: 36
  • 1m chart.jpg
    1m chart.jpg
    225.7 KB · Views: 37
  • Average spread during rollover time.jpg
    Average spread during rollover time.jpg
    79.6 KB · Views: 35

Lei

Private, 1st Class
Messages
29
I considered IC Markets as a fair and trustworthy broker until a scam event I experienced on EURUSD trade. In a perfectly calm market, they teleported the price right above my SL with unbelievable spread of... wait for it...

20 pips.

I really recommend you all to look at the screenshots so you can imagine how magicaly far it was from the actual price.

The support staff explained to me that after the rollover time, the spreads may be a little wider and that this is a normal event.

Well, the trade ended 6 minutes after midnight. During this time, spreads usualy are really a little higher. But according to ForexBenchmark spread tracking, the average spread on EURUSD for IC Markets during 1 hour after the rollover is only about 1 pip. Off course it can go a little higher, 2, 3, maybe even 5 pips. But 20 pips in a perfectly calm market (as you can see on the screenshots) is pretty far from "normal".

Basicaly what IC Markets says by excusing this is "Hey, we can end any EURUSD trade we want if you carry it to another day, all we need is the price to be 20 pips or closer to your SL. Aaaaand bang - you are in loss and we (our LP) in profit.

IC will argue that as an ECN broker, they cannot control or manipulate the price. Maybe it is a truth, but what they should control is what they are getting from their LPs. They just cannot let their LPs manipulate a sh*t from you and then just point a finger on them and say "It was them and we cant do anything to make it right"

What do you guys think about this?
Simply don't use MT4, use cTrader would be better?
 

Iridius

Private, 1st Class
Messages
60
Simply don't use MT4, use cTrader would be better?
If the manipulation goes directly from LP, your platform doesnt matter. They can send whatever data they want. So they dont need any MT4 dealer plugin. Im trading the same strategy on cTrader and the criminal spread widening happened there too, see the screenshot attached.
 

Attachments

  • ScreenHunter_3900.jpg
    ScreenHunter_3900.jpg
    52.1 KB · Views: 23

Lei

Private, 1st Class
Messages
29
If the manipulation goes directly from LP, your platform doesnt matter. They can send whatever data they want. So they dont need any MT4 dealer plugin. Im trading the same strategy on cTrader and the criminal spread widening happened there too, see the screenshot attached.
Oh dear… it’s pity, if it is so.
 

Iridius

Private, 1st Class
Messages
60
After consulting this further with IC support, they investigated this event again and offered me a full refund as a gesture of goodwill. While I still insist that these refunds for such extreme events should go directly for the LPs responsible for it and the client should have been refunded immediately, I appreciate that they approved my claim eventually.

We can mark this thread as resolved.
 

FxMaster

Lt. Colonel
Messages
10,779
After consulting this further with IC support, they investigated this event again and offered me a full refund as a gesture of goodwill. While I still insist that these refunds for such extreme events should go directly for the LPs responsible for it and the client should have been refunded immediately, I appreciate that they approved my claim eventually.

We can mark this thread as resolved.
It`s always good to see resolved cases. Yo mods, can you please mark and 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.

And if you want to volunteer donation then here is the link to donate .
Note: Donation is not mandatory but if you think we helped you get your funds then you can say thanks to us by donation too :)
 
Top