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Resolved - IcMarkets removed my stop loss resulting in Approximately £5000 of extra losses

Discussion in 'Resolved Issues' started by Riperson, Mar 5, 2019.

  1. Riperson

    Riperson Private

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    I posted all details of this on Reddit and comments section there may act as good FAQ about this whole case.

    reddit.com/r/Forex/comments/ax9q00/icmarkets_removed_my_stop_loss_while_i_was/

    -- Reddit Thread Start

    I had a Stop loss set on GBPUSD Long and when it was supposed to hit the stop the stop automatically cancelled itself 10 milliseconds after the price went below my stop.

    The market wasn't making any big moves during that time at all.
    The following day I woke up to having around £200 in equity instead of having around £5000
    [​IMG]
    As highlighted in the screenshot above I was getting Smart-Stop outs which were modifying the Stop-Loss every time Smart-Stop out was triggered, It wasn't done by me or any bots, but rather that's what was being done automatically by their internal operations.


    But as soon as price fell below my stop it removed and ignored my Stop. (which shouldn't be possible as you can't cancel a stop loss once the price has went below it), to further prove my point I did not use any opposite side or double tick stop loss, but the default one.


    Also confirmed by my log that I have set my stop and never removed it:
    [​IMG]
    I contacted them and explained the whole situation, and they had the nerve to link me to "what is a stop loss is" as if I have no clue what it is... yes I do and you cancelled it.:

    [​IMG]

    Then I sent this reply, (showing key points I made):
    [​IMG]

    [​IMG]

    Their reply:
    [​IMG]
    I think its a glitch on their end, but you never know if they remove stops on purpose, that's why this is totally unacceptable.
    I wrote this article to show some warning to others and also to document this case and perhaps gain some support against them.


    I Sent them this:
    [​IMG]
    UPDATE:
    Their latest reply:
    [​IMG]

    My replies:
    [​IMG]

    [​IMG]


    Thanks for reading! :)

    -- Reddit Thread End

    To simplify the whole process I will just dump whole HTLM file where you can actually open up the images and files I forwarded to support and read my entire conversation with them.

    Wait for Admin to clarify in the comments if the file is safe.

    mega.nz/#F!RjxTxQ4J!n7BB8D2xDI5gvytlyLIVCg

    If they do not want to cooperate then I would like to gather a list of people that had an issue of their stop loss vanishing for an open position, (if your stop got executed at bad price, that's a different case then) Looking exclusively for anyone that had their stop losses removed off your position without your consent. Which happens exclusively if you also had Smart-Stop outs at the same time to my knowledge.

    And we could gather up to present this case in a class action lawsuit. I do not think this is only limited to ICMarkets as they specified this was an issue with Spotware/Ctrader, which could be responsible for multiple brokers, however this does not make brokers not guilty, they provide the service and they are responsible for it, as you sign up and deposit with your broker.

    I am not guaranteeing that I will lead this case against them as they may just end up compensating me, which is unlikely but it's a good idea that we start grouping together already and I would be glad to help others fight this exact issue.

    Please send me a direct message and I will create a Telegram/Skype group if we exceed 5 members.
     
  2. FxMaster

    FxMaster Lt. Colonel

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    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 then invitation button will be enabled when your first post reaches 4 days old.

    Till then follow the below-suggested options to draw their attention on your issue

    If you deposited your money via credit card then contact the credit card customer care asap and ask them to file a chargeback.
    Go to their website and invite them to here via Live Chat
    Invite them to join this thread via email (Send an email to every possible address).

    You will find their email and address https://www.icmarkets.com/client-area/contact-us/
    Also, Share your story as a review http://www.forexpeacearmy.com/forex-reviews/8264/www.icmarkets.com

    You can also share your story on their social media pages mentioned below:

    https://www.facebook.com/icmarkets

    (Click on more and you will find write review option there)

    https://twitter.com/IC_Markets

    https://plus.google.com/+Icmarketsforex

    https://www.youtube.com/user/ICMarkets


    Note: Don’t forget to update your review/s when you got solution of your problem, Best Of Luck :)
     
  3. Riperson

    Riperson Private

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    If I charge back what is the worst that can happen? If I am disputing something with them I can't just charge back right?
    Could you go in-depth about the legality of doing that?
     
  4. Riperson

    Riperson Private

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    Ringed my bank up and they said charge backs are up to 120 days. So I still got time to dispute it with them.
     
  5. FxMaster

    FxMaster Lt. Colonel

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    Give it shot and update us whatever happens to your case.
     
  6. 4evermaat

    4evermaat 2nd Lieutenant

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    Did you video record any of your trading sessions? It would make demonstrating the adverse conditions a little easier IMO.

    When you get a minute, you could look at this example:



    It's a little bit fancy, but you get the idea.

    I also assume this is cTrader?

    I am curious as to why it is taking 20-30+ seconds for IC Markets fill orders or make order amendments? I've only seen this happen on very few other brokers. And that is when the broker is stalling for time (for themselves, not the client; see video above).

    A fill-or-kill market order should only take 0.3-3 seconds max. 3 seconds is really on the high end.

    ----

    One suggestion also is to handle all stop losses / take profits yourself (via EA/robot). I wouldn't trust the broker to do this. Not only will you likely forfeit positive slippage, but it will exasperate negative slippage. This would require a vps, but I think it is worth the extra security/peace of mind.

    ----
    edit: IC Markets has had a rash of stop loss manipulation threads these last couple of weeks. Or maybe i'm confusing some things here.
     
  7. Riperson

    Riperson Private

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    Yeah using a robot is something i'd have to think about from now as I can't trust them, yes recording would have helped, but they shouldn't be making people record 24/7, their stops should just work haha.
     
  8. 4evermaat

    4evermaat 2nd Lieutenant

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    How important is your [client's] money?

    You can always delete the unneeded recordings later. The important thing is to have the evidence; an ounce of prevention is worth a pound of cure, et. al. There are ways to automate the recording process and automate the deletion process also; That is kind of beyond the scope of this thread though.

    edit: go with true Prime of Prime broker or retail broker with verifiable PoP LP.

    edit2: The complaint that you made in reddit thread to ASIC. This is not the same thing as complaining to the AFCA. I would recommend initiating a complaint there if you think your case is legit.

    ASIC will not do much themselves. AFCA can do more.
     
    #8 4evermaat, Mar 6, 2019
    Last edited: Mar 6, 2019
    maruf_dhk likes this.
  9. Riperson

    Riperson Private

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    Udpate:
    They admitted guilt and are willing to refund me the amount i would have left if my stop was triggered properly.

    Now I am thinking if i should accept or fight for compensation.
     
  10. 4evermaat

    4evermaat 2nd Lieutenant

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    Can you post a copy of this?

    Also, how much would compensation be vs what they are refunding you?
     

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