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

[4evermaat]

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.

The charts look like you drew those in yourself. But you must have your screenshot/recording software in place ahead of time to collect the evidence as it occurs.

Here are THREE good examples where brokers were caught cheating in the act:

https://www.forexpeacearmy.com/comm...elaying-orders-3-minutes-slippage-scam.48407/

and

https://www.forexpeacearmy.com/comm...r-from-hell-that-does-not-like-winners.48543/

and

https://www.forexpeacearmy.com/community/threads/my-saxo-bank-story-90-000-loss-after-a-blink.40304/

I always recommend screen recording because you can capture more evidence quickly. And you can leave it on. And you can always grab still frames later.

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edit: I'm not saying IC Markets did not widen the spread. But you should do a better job of collecting the evidence.

If you have the journal logs around that time, that could possibly reveal what prices were like then.

 

[oscarra]

Are there resulting loses of the rigged price spiking down to the 5.40 levels ?

….rather common practices when involved with market makers as cfd providers, also bad idea to trade with phones, kind a like trying to win the 24hour of Le Mans race, on a bicycle

Manipulation of prices certainly does involves criminal offence

 

[trader3737]

The charts look like you drew those in yourself. But you must have your screenshot/recording software in place ahead of time to collect the evidence as it occurs.

Here are THREE good examples where brokers were caught cheating in the act:

https://www.forexpeacearmy.com/comm...elaying-orders-3-minutes-slippage-scam.48407/

and

https://www.forexpeacearmy.com/comm...r-from-hell-that-does-not-like-winners.48543/

and

https://www.forexpeacearmy.com/community/threads/my-saxo-bank-story-90-000-loss-after-a-blink.40304/

I always recommend screen recording because you can capture more evidence quickly. And you can leave it on. And you can always grab still frames later.

---------------------
edit: I'm not saying IC Markets did not widen the spread. But you should do a better job of collecting the evidence.

If you have the journal logs around that time, that could possibly reveal what prices were like then.

I believe I provided enough evidence to show a proof they conduct business crimes against clients. If you think I drew these charts by myself, you can simply log in your MT4 and verify those pricing on your MT4.

 

[trader3737]

Are there resulting loses of the rigged price spiking down to the 5.40 levels ?

….rather common practices when involved with market makers as cfd providers, also bad idea to trade with phones, kind a like trying to win the 24hour of Le Mans race, on a bicycle

Manipulation of prices certainly does involves criminal offence

Yes I have proof of stopped out positions. I will use as porrof when and if necessary.
Your comment about trading on phone? I am not a homebody, I travel and I am long term trader I am not a daily trader.

 

[trader3737]

If you are affected by their unfair business practices, here are the authoroties you can file a complaint:
1. ASIC (Australian Securities and Investment Comission)
2. FOS ( Financial Ombudsman Service of Australia)
3. Attorneys General Department of Australia.
4. And a financial lawyer from a reputable firm in Australia.

 

[oscarra]

If you are affected by their unfair business practices, here are the authoroties you can file a complaint:

WHY not consider inviting the broker to the present thread, cases do get resolved, occasionally moderators may act as mediators as well, otherwise a solid scam label will avoid others getting trapped .

not every one wishes to end up in years taking proceedings, next each victims case are of different issue, maybe the 15 aug. usdtry 5.40 spike only happened on your live account, who knows ?

" IC Markets is the issuer of over-the-counter derivatives such as CFDs over various underlying instruments or other assets including cryptocurrencies. " hum, guess currencys as well ?



...ah just a quik hint for other members involved with similar reckless brokers, most basic in margin trading, choose appropriated sizing of orders to risk exposed, in such case no need for automatic stop orders

 

[trader3737]

I invited ICmarkets to this thread a few times, what else you can do if they dont come here to review the case and contribute ?

 

[trader3737]

I filed a case to FPA at the beginning, no one responded and no one got back to me.

 

[AsstModerator]

The FPA invited the Company to update this discussion on Sep 17, 2018 at 3:19 AM

 

[IC Markets]

Client satisfaction is of paramount importance to IC Markets and we are constantly monitoring online forums to find clients and disputes which require extra attention. We are well aware of this matter and its complexity, and, since it is currently being handled by the Financial Ombudsmen Service (FOS) in Australia, IC Markets will be responding to FOS directly. Trader3737 is welcome to post IC Markets responses to FOS and any supporting data online for the FPA community to review.