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

compu-forex

Sergeant
Messages
149
I am with you on this one forexteamau . The matter of the fact is that the change of leverage from 1:500 to 1:10 is something that would have killed most accounts
It's great that you support forexteamau, but he has provided factually incorrect information to you. Refer to my previous post where I point out that XBR is not traded at 1:500 leverage at IC markets. It is generally offered at 1:100, so the leverage cut was far less dramatic than suggested by forexteamau.

Of course feel free to continue demanding explanations from the broker and be sure not to let facts get in the way of a good scandal.
 

oscarra

2nd Lieutenant
Messages
1,217
Damn Fact…the Broker changed account leverage without client consent holding open positions !

….which interferes on price, in front of any criminal court it’s called price manipulation, it don’t matter what T/C say these are no laws, next why would a Broker do that, to protect their clients assets ?... how could they know next seconds hours days price action, if…. it would refer to inside trading, one more crime !

These are Criminal Broker practices, since years way before 2015 chf event :mad:

Btw, who are there tech. liquidity providers…. Israel’s Leverate, PandaTs …?
 

forexteamau

Sergeant
Messages
141
I'd like to see that correspondence.


Outside the scope of this discussion but for interest please show me evidence that your local bank is providing you with 1:500 leverage, or any leverage for that matter on the CFD's that you hold with them.....and without financing if it is on margin.


This statement alone indicate you do not understand how the leverage works on your account. ICM does not offer Oil at 1:500. CFD margins are calculated differently to your account leverage. ICM typically offer the XBR at 1% margin which equates to 1:100. They restricted your account from 1:100 down to 1:10, not down from 1:500.

That means the total effect on your position would have been an additional $1200($600 in practice). Instead of depositing $600 and carrying on, you panicked and start opening orders randomly thinking you can hedge your position.



It doesn't matter what country I am from, and yes, I don't really know the Australian law, but english is my first language, and I know misleading when I see it. I have read your transcripts and there is no misleading there. You pushed the chat guy into a corner and he misspoke. In the same sentence he says "it never happened......and when it does we keep it to a minimum." I am not seeing a used car salesman there, I am seeing the guy you pushed into a corner. He told you several times that it is possible and it does happen. To make matters worse, you were clearly aware that it can and does happen which is why you were asking about it.

You then jumped into the most dangerous trading instrument during the biggest crisis the world has ever seen and blew up your account. It was not because they needed an extra $1200 of margin......


Read that statement over and over again. It is like that with every single broker. Once you understand the statement and learn to work with it rather than fight it, you will begin to understand how this market works.

Para 16.4 from their terms and conditions states the following :-



That is it in black and white, and you agreed to it.

I have not yet seen any evidence where they mislead you about the swap rates. As I said before, the fact that swaps change is one of the basic facts of trading. I'm sorry, I can't say it any simpler.

I also have not seen any evidence of $28000 loss. I have seen a $21 000 drawdown caused by your own hand.
Look

I don't know if it's IB commission or affiliate program or whatever the game is .You come on my post and telling me what happened and jump into conclusion? If we have conflict of interest in this story and this is making their clients to run away or damage their public image. It's the consequences of their actions not my fault.

It's good that you know what misleading and deceptive conduct is . The company is infamous for its behavior. It's on Sydney Morning herald which is like USA today of Australia. They have been banned and blacklisted by an European regulatory. There are tons of reviews out there apart from FPA. Now I pushed the innocent guy into the corner and took advantage of him ? While they took $28000 out of my pocket and probably siting there in Cyprus and laughing at me ?

We are all disadvantaged clients here when it comes to legal dispute with such firms. They already know it because legal costs are sky high and ASIC do not care about potato cases like us.

So if you do not know local laws here, you should know that my local bank does not need to provide 1:500 leverage .I lost other investment opportunities due to their misleading actions

Now this is the misleading law if you would like to study further.

Misleading conduct according to local Australian law:

"Misleading conduct is conduct which leads, or is likely to lead, a person into error. It can
occur through acts, omissions, statements or silence
"

"it is illegal for a business to engage in conduct that misleads or deceives or is likely to mislead or deceive consumers or other businesses. This law applies even if you did not intend to mislead or deceive anyone or no one has suffered any loss or damage as a result of your conduct."

"You should disclose additional information to your customer or another business where it is likely that your other conduct has created a misleading impression, or where it is reasonable to expect that this information will be disclosed"

I'm not a trading expert but I have 10 years experience in the oil industry specially Brent and I knew that price would bounce back and it does not crash due to its cash settlement characteristic.

When they restricted my leverage, market was actually bouncing back in my favor as you can see. There was no risk at all and Brent is still growing.

I didn't hear you say anything about the fact that they provided the same high leverage to another registered account holder at the same time :)

Every broker has its own rules and terms. Every bank has it's own fees and charges. They all have live chat these days .I contacted them to get information. They are required by law to give me accurate information .

When I read their terms later. trader where either receiving or paying swap depending on long/ short position.You don't get the idea that a receiving swap went to paying swap from positive + 50 cents to $-100

Their page has no information about these sudden hidden charges and their support confirms these rates and even they indicate that "it only matter the number of lot for swap rate". That's another misleading technique.

They admitted later that they can do whatever they want with fees and charges against the trader that's not a true ECN broker. that's another false and misleading advertisement .

The bellow statement means there is confident of interest and they can trade against the client whenever they want and desire.

IC Markets has discretions under the Account Terms which can affect your Orders
and positions. You do not have any power to direct how we exercise our
discretions. When exercising our discretions"

"You should consider the significant risks that arise from IC Markets exercising its discretions"


I was worried about leverage reduction and wanted to take my investment elsewhere and clearly stated that "I want to deposit money but at the same time I'm worried"
Support said "Never happened before" it is very rare and I believed them. Later they told me I should have known that is "highly likely" and even happens "continuously"

If they had told me the truth, I could have taken my funds elsewhere. it's a fact. crystal clear. there is no question about it. it's common law.

Now that you jump up and down and trying to save their public image for commission or for whatever the benefit is while I'm the person who suffered here. If you have any connection or authority from them. Talk to your big boss, Find a way to resolve my issue then I will write here whatever you want when my problem was solved.

I will say I'm responsible for their misleading and deceptive act and or even write here that I took advantage of their customer support if it makes you happy .Otherwise I do not have time to argue here in order to save their public image if they ever had one!
 

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forexteamau

Sergeant
Messages
141
It's great that you support forexteamau, but he has provided factually incorrect information to you. Refer to my previous post where I point out that XBR is not traded at 1:500 leverage at IC markets. It is generally offered at 1:100, so the leverage cut was far less dramatic than suggested by forexteamau.

Of course feel free to continue demanding explanations from the broker and be sure not to let facts get in the way of a good scandal.
What can I say ?Jumping to conclusion without even knowing the story for your own benefits.
Sometimes money is not worth it mate.

Company is adverting 1:500 leverage for Oil . Their support even says they offer highest leverage for energies . My account leverage was 1:500 not 1:100 and anyone who has a little math knowledge can easily tell that used margin went from $100 to $4000 after I closed my positions to survive this severe leverage restriction.

This is final statement after I closed my trades with $28000 loss . I was lucky protected my remaining balance. I was sure that they wanted to push to me to margin call after they openly admitted that they can do whatever they want with fees and charges and leverage.

The receiving swap position went to paying almost "-$3000" and was increasing and eating my account balance. I did not surrender because I had still enough margin about 12000% free margin and market was going up in my favor, so they restricted the account leverage to 1:10 to teach me a lesson!
 

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compu-forex

Sergeant
Messages
149
Company is adverting 1:500 leverage for Oil . Their support even says they offer highest leverage for energies . My account leverage was 1:500 not 1:100 and anyone who has a little math knowledge can easily tell that used margin went from $100 to $4000 after I closed my positions to survive this severe leverage restriction.
I'm sorry, you are correct. I keep on missing that you trade 5 lots at a time so my calculation was off so I do apologise for this error.

That said, I stand by everything else I said. You can drop the insinuations that I have links to the broker. I took some effort to explain my motivations. Take if for whatever you want.
 

forexteamau

Sergeant
Messages
141
I'm sorry, you are correct. I keep on missing that you trade 5 lots at a time so my calculation was off so I do apologise for this error.

That said, I stand by everything else I said. You can drop the insinuations that I have links to the broker. I took some effort to explain my motivations. Take if for whatever you want.
Compu my Bro. I do not accuse anyone of anything. What I'm trying to say is that I've been in the battle with this broker for almost 3 months. I know the story very well. I explained the situation to every law and organisation who are dealing with these sort of disputes.

I know exactly what I asked and what I was told. What I'm trying to to achieve here is not an argument. I want my money back I lost my job due to pandemic and I have 3 kids and family who reply on their father for support in this financial crisis and chaos.

I'm not trying to insult or upset you mate but non of these explanations can help me in this situation but I'd appropriate anyone who can help me regarding this issue . Even if someone here has connection with them to negotiate and resolve the matter.
 

compu-forex

Sergeant
Messages
149
forexteamau, yes, I understand. I am very sorry for your situation. I am still waiting to see if I will have a job in the next 3 months. 50% of my colleagues have been laid off in the last month where I work.

Unfortunately I don't have any connection at IC to help you and TBH I doubt anybody here has those kinds of contacts.

All I can do is offer some advice.......going forward make the fact that they can do as they like to you your trading mantra. You are swimming in a sea of sharks when it comes to brokers. You don't have to out-fight the sharks......just learn to outswim the other fish.
 

Pheniox123

Corporal
Messages
81
Well done forexteamau on proving your point :cool: (as I mentioned from my first reply; I suspected foul-play by the broker.

Thank you compu-forex for acknowledging your mistake. It sometimes help to go with the innocent until proven guilty line (and I’m referring to the trader being innocent of any wrongdoing until proven guilty by the broker’s explanation and no one else).

Best of luck forexteamau :)
Pheniox
 

forexteamau

Sergeant
Messages
141
forexteamau, yes, I understand. I am very sorry for your situation. I am still waiting to see if I will have a job in the next 3 months. 50% of my colleagues have been laid off in the last month where I work.

Unfortunately I don't have any connection at IC to help you and TBH I doubt anybody here has those kinds of contacts.

All I can do is offer some advice.......going forward make the fact that they can do as they like to you your trading mantra. You are swimming in a sea of sharks when it comes to brokers. You don't have to out-fight the sharks......just learn to outswim the other fish.
Thanks for sympathy mate. 2020 was the worst year of my life. I caught the virus. I'm in quarantine now and sent my family elsewhere so they would not catch it from me. lost my job and my rent is due it's a nightmare.

I know what you mean but if I didn't know the oil industry specially this instrument, I would not touch it.

There is always cash settlement at the end of contract for Brent and some non western oil products as it does not need physical delivery therefore it has no risk.

I was sure that it will bounce back after Opec meeting and the minimum would be around 12 to $14 for April contract. Brent is sweet crude has less sulfur than sour crude and always more expensive due to its purifying process.I know this industry very well. WTI is a different ballgame.

But even if you know the market behavior, The market maker has all the power and can change the odds against you and take all your investment and doesn't matter what they promise first.

Anyways thanks for your help and time and forgive me if I said something that offended you. These days are worst days of my life. Hope you get your job back mate. I'm on the same boat .A man without a job is like a solider without a gun.

Take this virus seriously, no matter how young you are. it is a killer .I'm still positive and have breathing difficulty using oxygen after 3 weeks. Stay safe wherever you are mate.

Wish you all the best.
 

forexteamau

Sergeant
Messages
141
Well done forexteamau on proving your point :cool: (as I mentioned from my first reply; I suspected foul-play by the broker.

Thank you compu-forex for acknowledging your mistake. It sometimes help to go with the innocent until proven guilty line (and I’m referring to the trader being innocent of any wrongdoing until proven guilty by the broker’s explanation and no one else).

Best of luck forexteamau :)
Pheniox
@Pheniox123 Thanks for your support mate. I believe @compu-forex is nice and reasonable guy. We might have some disagreement over some stuff but I have a feeling that deep down he feels my pain and has my respect .

Truly appreciate your support @Pheniox123. it's a privilege to have friends here who support me through this difficult time.

Stay safe wherever you are .
 
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