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

forexteamau

Sergeant
Messages
120
T
Thank you for sharing...god knows how big the scam market is valued at (seems many companies are implicated).
@oscarra Thanks for sharing interesting point. A few days ago I received an explanation about why I.Cmarkets reduced my account leverage from 1:500 to 1:10. It is really fascinating and I quote" Change was taken as a result of hazardous market conditions and increased volatility on SPOT Oil CFDs and Future Oil CFDs "

So basically they claimed the market was hazardous and they tried to protect their clients

Now the interesting fact is according to their support leverage restriction has "never happened" before during these extreme volatility and big changes in oil market.

1.2008 recession. Oil prices dropped from historic highs of $144.29 in July 2008, to $33.87

2..Aramco was attacked Sep 2019 = biggest volatility in 30 years. (check the news please)

3. Jan 2020 .Middle east tension. US base was attacked. biggest market volatility.

4. March 2020 Oil market black swan (Saudi Arabia and Russia declared price war. Over 200% drop in oil price within a month.biggest drop in the history of oil after recession.

5. April 10. Russia agreed to oil cut (online meeting.) (I was expecting it and did not surrender under high pressure of negative swap which was increasing)

6. 22 of April ( Opec members decided to cut oil production. A signal that oil will increase slowly. News was out from 10th of April as you may notice.

Now on 22 and 23 that news came out that Opec + "agreed" to cut oil production which was obvious as a signal to increase the oil price in my favor, They thought oh well it's dangerous now! let's protect the client :)) and reduce his leverage. As you can see market only gained 100% slowly from 23 of April to now. while it dropped badly in other times and was more volatile. I'm speechless by this explanation :)
 

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Pheniox123

Private, 1st Class
Messages
59
It seems the only interest they were protecting is their own bottom line.

Keep on going forexteamau ...the more time that goes on the more bigger whole they will be digging for themselves and the more compelling evidence you will uncover.
 

marco_mmbiz

Sergeant
Messages
128
The problem comes with their lp's and/or investment banks who are providing brokers with their liquidity. If every trader is buying the lowest dip in Oil with huge leverage, where comes the money from then? Huge investment banks would lose a lot of money then. So, the lp's of the broker will contact the broker telling them: "please reduce your leverage, otherwise we'll cut the credit-stream for you". And that's how the whole market is working. You can't expect huge money from nowhere. Someone always needs to lose on the other side.
 

Stark

Private, 1st Class
Messages
32
I'm was


I'm was their client too mate but I doubt about good reputation among traders. Kindly check the scam alert, you will see other complaints as well.Some resolved and some unresolved.

I tried my best to resolve the matter directly with them and always mentioned that I want resolve it directly rather than going through other time consuming ways but unfortunately they ignored me.
Thanks for your patient response.
There are a lot of rude and impatient people on the Market now.
I always like to look at an issue from several angles.
Sure, I will look at scam alerts and consider this issue in more detail.

As for the broker itself, indeed, I know a sufficient number of traders who consider this broker as reputable. But I think even in this case, or in the case of the strictest regulation, no one can be insured against losses or issues.
I wish you to sort out the issue as soon as possible
 

forexteamau

Sergeant
Messages
120
Thanks for your patient response.
There are a lot of rude and impatient people on the Market now.
I always like to look at an issue from several angles.
Sure, I will look at scam alerts and consider this issue in more detail.

As for the broker itself, indeed, I know a sufficient number of traders who consider this broker as reputable. But I think even in this case, or in the case of the strictest regulation, no one can be insured against losses or issues.
I wish you to sort out the issue as soon as possible
@Stark I take it lightly mate. I know there could be disagreements or conflict of interest with people everywhere. As you mentioned even regulation does not guarantee transparency but having gone through this myself, I feel responsible to share my story. Thank you so much for reading my posts and for taking the time to comment. I really appreciate it.
 

forexteamau

Sergeant
Messages
120
Guys I might have to keep my mouth shut in a few days. Whatever you do, take care of yourself and be careful out there. I will keep you posted.
 
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