Apologies I'm a little confused mate, how do your screenshots show it isn't ECN?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.
29 financial firms breach AFCA member requirements | Australian Financial Complaints Authority (AFCA)The Australian Financial Complaints Authority has today named 29 financial firms who have failed to pay complaint-related charges, breaching AFCA membership requirements. AFCA members are required by law to pay a membership levy, along with fees for every complaint received about them. The 29...www.afca.org.au
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!
Have you got a screenshot where they write to you, to confirm it?