This how ICmarkets scams and mislead clients. I lost $28000 (Evidences )

forexteamau

Sergeant
Messages
141
I contacted some local media to see if they can publish my case. I'd recommend other victims to join me and reach them too. I also requested to meet a few MPs to discuss this issue but they advised me that meetings would be after corona situation.
 

maniacvf

Recruit
Messages
2
wow, so ASIC can no do anything in order to resolve this mess . Are you Austrian citizen ? if i were you i would contract a ship private lawyer
 

forexteamau

Sergeant
Messages
141
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

 

Attachments

  • legalcost.png
    legalcost.png
    24 KB · Views: 3

Pheniox123

Corporal
Messages
93
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


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.

Thabks
Pheniox
 

Spxnewbie

Recruit
Messages
3
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.
 

forexteamau

Sergeant
Messages
141
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.

Thabks
Pheniox

Thanks for your support mate. This wouldn't have been possible without support of friends like you on FPA.
I'm glad that you are fighting for justice and passionate for your rights to compensation.

Unfortunately I made my deposits using an Australian system called Poli internet banking. It is basically an instant internet banking transfer. Once the payment was made, It will require the other party's confirmation for refund. I reported the misconduct to my local bank but I doubt they will take any action.They said these sorts of actions needs to be handled by useless ASIC.

Again,thanks for following my post and your nice comment mate.
 

forexteamau

Sergeant
Messages
141
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.

Hi Spxnewbie, Thanks for your support and pointing that out. The good will gesture claim is just funny joke! They actually pay the victim probably the percentage that they are sure that they will have to pay AFCA for handling the case. AFCA does not disclose these charges to complainants but according to an article it might cost them thousands of dollars based on the amount of dispute.


Well I thought they were local Aussie business and legit as well. I opened my account a couple of years ago. I gotta admit that first they earned my trust, then they betrayed me at the worst possible moment!

This company runs from overseas under ASIC umbrella. I did not speak to a single Aussie during my complaint and all calls were from Cyprus though VOIP. Another 24option powered by ASIC to scam people.

Don't fall for ECN BS mate . I provided evidences of their advertisement about being a true ECN to both AFCA and ASIC and one characteristic of true ECN is that trader and broker should not have any conflict of interest, while ICM openly admitted during our dispute that they can make decisions that could harm traders. unfortunately ASIC did not listen to me.

Later, ICM wrote back that they are not ECN now It's raw spread! I guess that gives them free pass for cheating ! Most of these reviews on trustpilot and everywhere else are left by their freelancers .
As you can see they are keeping the negative balance of 6% and company has its SEO sites and FPA sits as forth review site after trustpilot on google.

I'm trying to find a way to guide victims to FPA website so they can share us their stories . I'm sure most of them are not aware that they can have their own thread here. I left my review on trusltpilot about 2 months ago. It was flagged and removed possibly by ICM, I was calling trustpilot and writing back and forth, they published it just a few days ago.

I would not recommend any broker mate. You should do your own research but having said that, I would recommend that you go with big banks with good reputations. If I had accepted my local bank offer and paid small fees for local shares with no swap and leverage scam, I would have been in a better place now!
 

Attachments

  • ECN.png
    ECN.png
    188.6 KB · Views: 2
  • ECN2017.png
    ECN2017.png
    304.1 KB · Views: 2
  • 15.png
    15.png
    640.9 KB · Views: 2
  • Yahoofinance.png
    Yahoofinance.png
    125.4 KB · Views: 2
  • ICM2.png
    ICM2.png
    57.1 KB · Views: 2
  • Trustpilot.png
    Trustpilot.png
    66.5 KB · Views: 2

RichieFich

Recruit
Messages
3
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. ;)
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...
 
Top