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RESOLVED - ICMarkets increase spread as much as they want to stop out your positions

Discussion in 'Resolved Issues' started by trader3737, Aug 27, 2018.

  1. trader3737

    trader3737 Recruit

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    ICMarkets increased spread to 9600 pips (bid 5.43xx - ask 6.40xx) on Aug 15, 2018. I have proof if anyone needs. Stay away from them. Even if you win, they will increase spread as much as they need and stop out all your positions one day. If anyone interested file a lawsuit, please contact me. I started prepping case to file lawsuit.
     

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  2. Umar7592

    Umar7592 Recruit

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    I noticed they increase spreads on their ECN accounts as well, i am recording each and every fake spike this broker is creating and when you email they respond that they are ECN broker and don't manipulate the prices, i am keeping all the record and I will definitely take a very strict action, i am in Australia and won't spare this broker stealing our money.
     
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  3. trader3737

    trader3737 Recruit

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    Umar, if you are affected by their manipulative pricing and spreads, lets get together and file a lawsuit. I am prepping a case to give a lawyer and file a lawsuit against them. You are lucky you are in Australia, but I will also get a visa and go there to work with lawyer to file lawsuit against this company.

    Can you do me a favor? Can you check the lowest bid price on your MT4 for USDTRY on Aug 15? And let me know what is lowest on your account? Mine hit 5.43xx (when real lowest price on investing com was 5.9211. that means they increased spread to around 9600 pips!)
     
  4. rachel.inn

    rachel.inn Recruit

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    chiunque abbia avuto problemi con i mercati ic mi scrive privatamente per presentare un reclamo collettivo
     
  5. 4evermaat

    4evermaat Corporal

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    @trader3737

    1) You need a 1 min bar with bid AND ask showing on chart. And preferibly the market watch window open also showing the offending symbol. Video screen recording is best, but screenshots clearly showing the offending action is ok also.

    Looks like you were using mobile app vs desktop app, which i am unsure will allow all these options.

    2) Turkish Lira had lost some 15-20% of its values very quickly after Trump placed some trade tarriffs on Turkey's exports

    See also https://www.aljazeera.com/news/2018/08/turkey-lira-crisis-180814132601100.html

    Spreads are likly going to be higher. Not sure about 9000 pips high, but spikes wont be uncommon if unexpected news arrises.

    3) avoid trading 'exotic" or minor currencies with anyone less than a Tier 2 broker (prime of prime). You'll get more honest pricing this way.
     
  6. trader3737

    trader3737 Recruit

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    I uploaded screenshot of MT4 from different brokers to bring yor attention to see the spread difference. ICMarkets have appx 9600 pips while all other brokers had 400-600 pips max. When all brokers have 400-600 pips, why ICMarkets would have 24 times larger spread like 9600 pips? You guys have to question this. I understand it is exotic, I understand Turkeys economy, and relations with US. News, tensions, volatility and all is same for all brokers! All brokers are in the same market and same pool, they all get same news whatever happens in the market. But why 24 times larger spread?
     
  7. trader3737

    trader3737 Recruit

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    You see the price difference between other brokers and ICMarkets? ICMarkets bid price is 5.44xx while all others are around 5.88-90xx

    This is a business crime!
     
  8. 4evermaat

    4evermaat Corporal

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    Your screenshots you cannot see the bid/ask lines correctly except for Global Prime. And there is no other indicator (market watch, spread indicators, etc) that clearly show the spread. The mobile app makes it difficult to see which broker is which....but at least you labeled the broker name in the filename.

    I recommend using the desktop app so that you can take photo of entire terminal (which can show market watch, broker name, etc).

    Much easier to see bid and ask line with 1 min chart. Or zoom in to see the lines. If the bid/ask lines are still off-chart, you can zoom out and/or mouseover the y axis label and you will see mouse change into a scale adjuster to adjust the scale tighter so that the bid and ask will appear.

    When you submit evidence, it should clearly prove your point.

    There was/is heavy news re: Turkey with Trump's tariff hikes and the subsequent actions from Turkey's central bank, fiscal policy, etc. And it affected other developing currencies like South African Rand, Indian Rupee, etc.

    You should only trade majors and major crosses with tier 3 brokers, no exotics or minor pairs. Tier 2 brokers only for exotics or minor pairs.
     

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  9. 4evermaat

    4evermaat Corporal

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    forgot the youtube video showing how to make a good screenshot:
     
  10. trader3737

    trader3737 Recruit

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    See attached screenshots of MT4 from 4 different brokers. ICMarkets lowest bid price is 5.43xx and all other brokers lowest price around 5.88-90xx
    As you can see the from screenshot of Investing.com on Aug 15 2018, the lowest market price was 5.9211
    From these, it seems ICMarkets increased spread to 9600 pips while all other brokers had 400-600 pips at that time. As a result many accounts are stopped out and wiped out with very unfair price. This is a forex scam, or a business crime. I am going to file a lawsuit against them in Australia and have their ASIC investigate their operations to penalty them for this business crime. If anyone wants to join lawsuit, please contact me.
     

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