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

forexteamau

Sergeant
Messages
120
I got exhausted writing statements back and forth to AFCA. Mentally and physically exhausted and have financial difficulties.

I tried to call ASIC this week to get their advise. I was on hold for one hour. They got my number and never called me back! I gave up. I was forced to accept an small amount of money and signed their papers. Not happy but had no choice .I don't have a job I'm still sick and have family to support.

Don't know what to say but when it comes to financial disputes, never rely on Australian authorities.
 
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oscarra

2nd Lieutenant
Messages
1,179
I got exhausted writing statements back and forth to AFCA. Mentally and physically exhausted and have financial difficulties.

I tried to call ASIC this week to get their advise. I was on hold for one hour. They got my number and never called me back! I gave up. I was forced to accept an small amount of money and signed their papers. Not happy but had no choice .I don't have a job I'm still sick and have family to support.

Don't know what to say but when it comes to financial disputes, never rely on Australian authorities.
https://www.bankripoffs.com.au/bank-crime-victims/

well, longtime we know what’s up in corrupted Australia

Some will probably call it gesture of goodwill….bunch of dummy’s we got around here :mad:

….not so sure if the matter should be considered as solved, never ending waiting list here

(Btw the little Shiit place of Cyprus is waiting again on some Eu moneys these day, which of course will never make it to the public
 

forexteamau

Sergeant
Messages
120
I don't know if it's legal to upload our voice conversation but AFCA openly admitted that they usually side with banks and financial firms. So the first case officer usually acts like a front-liner soldier for financial institutions and firms if you reject his/her recommendation, it will be allocated to an ombudsman assessor and they told me it may take several months up to 6 to 7 months for them to make a decision.

I lodged my complaint in April I don't know about the outcome but from reading their case studies published on their website, You can see the first recommendation is usually not in favor of applicant and applicant has to go through another 6 to 7 months for the final and more independent decision by an ombudsman. Later found out that firm can even take legal action against AFCA for their decision!


I thought oh Jesus I cannot live and support my family without money until then. Australian financial system is so corrupt and has systemic issues.
 
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forexteamau

Sergeant
Messages
120
True ! even in the Uk
Interesting !

I have dozens of these conversations with Sydney and Melbourne based brokers from the time my leverage was restricted, but I DO NOT suggest any of them.Traders should do their own research before investing with any broker. Here are two examples. It is obvious how the trick works.

I’m 100 percent sure Australian related authorities know what is going on. Our positions with some of these brokers do not go beyond their office door. It is sandbox we are playing with, but this is a profitable business model for both related authorities and brokers.

They can restrict one or a group of clients leverage, then lure the new client with 1:500 leverage and recommend to deposit more money in a sneaky way like "$200 is minimum but you will be limited on trades"

Later when the client deposits more funds, they will increase the swap, spread, and restrict the client's leverage at the right time. If they get caught red handed, it was an error. Leverage meant to be 1:10!

Market-making brokers have adopted policies of fluctuating margin requirements, with or without notification, this triggers margin calls on open positions to the trader’s disadvantage
 

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forexteamau

Sergeant
Messages
120
Apart from the fact that ASIC is a toothless tiger here and does not take responsibility as a regulator the systematic problem is beyond that one fact. It is only matter of paying your fees and charges.

Apparently with the money some of us lost to scam brokers, you could buy yourself a "second hand" AFS licence (Taxi plate ) and move to Vanuatu, Philippines or Bali or anywhere with a lower cost of living and and cheaper employments costs to operate under ASIC umbrella and run a part time scam job instead of being a victim of scam :)
 

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forexteamau

Sergeant
Messages
120
@Pheniox123 Thanks for your support and motivation mate. Having gone through this myself, I feel responsible to share these information.


Wish we had straight arrows like this guy in Australian financial sector :)
 

Pheniox123

Private, 1st Class
Messages
59
@Pheniox123 Thanks for your support and motivation mate. Having gone through this myself, I feel responsible to share these information.


Wish we had straight arrows like this guy in Australian financial sector :)
Thank you Forexteamau. The pleasure was all mine in supporting someone who has been mistreated and forced into a corner by a corrupt corporation like IC Markets. I am proud of you for fighting them; in the hope that they will change their ways.

All the best my friend.
 

Sensei1

Recruit
Messages
9
I do not know how relevant this is anymore and if this is legal either but I received this info via email from IC Markets on 21 April 2020:



IC Markets rights

In order to protect clients from the high volatility and sharp adverse movements, IC Markets reserves the right to change the leverage on all symbols, without providing further notice, should the need arise.


Maybe they have the right to change leverage if they give notice or put it in their T/C? In any case, it is painful to to experience a leverage drop.
 
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