Yes I'm but being a citizen means nothing and does not give you any edge when you are dealing with legal cases in Australia. I tried free legal aid, they told me straight out that they usually deal with family cases and child support .They are not familiar with these sorts of financial cases and advised me to contact private solicitors.
I contacted over 20 legal firms. ASIC knows what he is saying when they say about being cost effective! All solicitors told me the same thing because legal costs are very high here. Brokers enjoy this legal environment.
I have attached one example here. During our phone conversation with this particular firm, they said the they require at least 8 hours to analyse this case and would recommend their professional staff
8* $440 = $3250
Case will be dealt at supreme court or local court because the amount is higher than $20K and they would expect several session of hearings. Total quotations I've got for this case was between $24K to $55K.
It's not cost effective and unfortunately I cannot afford that. I'm trying to meet local MPs to find out if there is any solution
Serving sweet justice is a satisfying idea, but lengthy delays and sky-high bills are common in Australia's court system — this is the true emotional, and financial cost of having your case heard.www.abc.net.au
Forexteamau, your persistence and innovative ideas to get these crooks is truly admirable. I will take a leaf of your book and chase these guys till the end. By the way, have you tried chargeback with your bank? It might work but even if it doesn’t; at least their acquiring bank will be notified of the chargeback and hence the more there are the more likely they will stop them from using their payment services.
Its outrageous to see this kind of misconduct and tampering of the swap and leverage rates against the open trades of their customer. Then to see them offering customers a fraction of what they've taken as goodwill is like a slap in the face.
I initially thought ICmarkets was a standup platform with the amount of good reviews on FPS. But knowing what I know now, I'm going to refrain from trading with them.
I hope you get back what you've lost by this escalation mate. If anyone knows which platform would be true ECN without any hanky panky then I'm all ears.
well stop being a teacher or a professor and let traders understand the matter .. we want to know whether icmarkets is doing some cheating with clients or not... we want to judge how reliable they are rather than taking a lecture from you on opening 1 lot trade against 100k...What I can see from your screenshot:
You traded with very high risk; 5 lot per trade on a 30k account is just way too much, especially if you don't use any SL. You already had a drawdown of more than 60%.
View attachment 55596
For the next time:
Learn how ALL the retail brokers work, and especially your used ones. Learn how to trade like a professional retail trader. Learn what hedging means on your broker and for your account.
Hedging doesn't help much if the drawdown gets bigger and bigger. I see you had a sell open on the lowest point, but started a buy at a much higher level afterwards; hedging doesn't work if you run with more and more trades into minus.
Try to use a maximum of 1 lot for every 100k in your account and don't already start with 5 lot for a smaller one.
P.S.: I attached a PDF with all the info about IC Markets from the ASIC page. Good luck to get your money back from gambling.