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

sam.peters

Corporal
Messages
99
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!
Apologies I'm a little confused mate, how do your screenshots show it isn't ECN?
Have you got a screenshot where they write to you, to confirm it?

Thanks.
 

forexteamau

Sergeant
Messages
148
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...
I had 12000% free margin . could have deposit more if needed . You don't know the story very well sir . They said they had never changed anyone's account leverage then changed the leverage to from 1:500 to 1:10 and later claimed to AFCA their "friends with benefits" that we reduced the leverage because Goldman Sachs said this and that about oil those days .

They didn't bother to return the leverage back to it's original after 3 months while they were offering it to one of my friends at the same time . it's pure scam and robbery. unfortunately I have personal life and family and don't get paid to write here time to time but you better read all those facts professor before making any comments!
 

forexteamau

Sergeant
Messages
148
Apologies I'm a little confused mate, how do your screenshots show it isn't ECN?
Have you got a screenshot where they write to you, to confirm it?

Thanks.
Sorry for delay mate .I have attached a document from what they replied to AFCA that they used to be ECN but now they are something else now! . They said those advertises belonged to the time that I opened my account .
 

4evermaat

2nd Lieutenant
Messages
2,133
Apologies I'm a little confused mate, how do your screenshots show it isn't ECN?
Have you got a screenshot where they write to you, to confirm it?

Thanks.

Please see this post: https://www.forexpeacearmy.com/comm...em-with-your-trading.60160/page-4#post-349279

Sorry for delay mate .I have attached a document from what they replied to AFCA that they used to be ECN but now they are something else now! . They said those advertises belonged to the time that I opened my account .

Can you please show us this attachment? If you already attached it, can you link to the post?
 

forexteamau

Sergeant
Messages
148
Thanks for your comment and
Please see this post: https://www.forexpeacearmy.com/comm...em-with-your-trading.60160/page-4#post-349279



Can you please show us this attachment? If you already attached it, can you link to the post?
Thanks for your comments and pointing it out mate . Here is the screenshot of my complaint to AFCA and ICM response that they are currently operating based on raw spread however they were still advertising ECN during our dispute on google ad!
 

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forexteamau

Sergeant
Messages
148
This is the most common response you would receive from ICM when they are in trouble and want to prove that investors are wrong . These sentences will give them enough power to trade against you and you will have no power to complain! This not a true ECN . it's a market maker and they can do whatever they want whenever they want with your deposits.
 

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Jaypipin

Recruit
Messages
3
Sorry for delay mate .I have attached a document from what they replied to AFCA that they used to be ECN but now they are something else now! . They said those advertises belonged to the time that I opened my account .
Hi sir, ive read many of this disturbing case. I was doing research and came across this thread.
A few issues sum up bad timing.

ICMarkets moved clients such as myself to jurisdiction offshore (around the time of your issue) I knew immediately they were part of bucket shop crew. Regulations have recently changed thats why Pepperstone soon this year will only offer 30:1 leverage, they havnt indicated offshore so they want to stay reputable
So it was true they were maybe ecn thats not the issue because if they were or not the next few topics are more of your concern.
1- brokers offering more leverage are risky, they allow you more trade power if and one never knows if you trade against their books, they can deem you a risk or the market a risk they can lower their exposure, simple they are a business
2- you mention you know oil, sure but who really knows any market, they change and may not exist in 5yrs anything is possible so what is all the knowledge
Thus by looking at the original trade 5 lots, and i tested the trade size on their demo its a pretty high trade size but not like everyone thinks

5 lots forex would be 5,000 for 100 points
5 lots oil with this broker is 500 for 100 points
So everyone please the trade size was not insane

The move was, within 12 days price had dropped nearly 50% thats huge like gold going from 1,000 to 500

To sum up
1- ICMarkets opened offshore office, making them bucketshop (dodgy broker)
2- Most volatile time for oil market in history, many brokers limited exposure
I understand your point about leverage to 10, lets say 500 on oil is not even sensible even using 30:1 per trade is high. You argument pivots on this, they offer 500 leverage why change it, well its like a loan and they called you in, becuse the market was unpredicatble, sure but also seems at a time when they were trying to squeeze you this I am on your side but you opened yourself up to this when as mentioned above they changed their outfit, they could play more dirty as their regulation with more leverage now resided offshore
3- Swap rates do change, but what you experiences was extreme, either internal or globally they were trying to control and limit exposure, why i dont know if they send trades to open market only guess is there wasnt any takers for buy or sell side so the swap rates reflect that, i know this from studying the bank swap rate fiasco 2019

So now where do you stand, still trading? i have some ideas to help, best regards
James
 

Jaypipin

Recruit
Messages
3
Found this forum, may be useful to get other opinions, i think a change of the magnitude you experience is criminal, it misleads you to use leverage make trades and then call them in/force closure due to insuff margin, also mention the increase in swap rate see what some traders there have to say

forexfactory.com/thread/591939-leverage-change-without-permission
 
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