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

oscarra

2nd Lieutenant
Messages
1,179
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.
Answer to your question post 43
https://www.forexpeacearmy.com/community/threads/ic-markets-scam-43-450-loss.65348/page-5

btw, how was this solved on the aussie side…..
https://www.smh.com.au/business/mar...ers-furious-after-losses-20150127-12ypsm.html

with these mega hundreds of Billions turnover, maybe someone should take the time to produce some authentic financial statements, a must, think ASIC also in charge of this ?... or is it considered as au. military defense data, also the CY Branch, think you need to write to their Registrar

….kind of funny a tiny, tiny country hardly 25.m people and most of their broker talk about many hundreds of billions turnover
 

forexteamau

Sergeant
Messages
120
Answer to your question post 43
https://www.forexpeacearmy.com/community/threads/ic-markets-scam-43-450-loss.65348/page-5

btw, how was this solved on the aussie side…..
https://www.smh.com.au/business/mar...ers-furious-after-losses-20150127-12ypsm.html

with these mega hundreds of Billions turnover, maybe someone should take the time to produce some authentic financial statements, a must, think ASIC also in charge of this ?... or is it considered as au. military defense data, also the CY Branch, think you need to write to their Registrar

….kind of funny a tiny, tiny country hardly 25.m people and most of their broker talk about many hundreds of billions turnover
Well said. Government banned online gambling a few years ago. So technically websites like pokerstar and other online poker or casinos cannot operate in Australia. I was happy because we have a family friend who lost his whole superannuation and still losing his pension to poker machines .

I though the government's next step would be restricting local pubs and bars. Every pub and bar has at least one poker machine. It's our culture. Australians lose 25 Billion a year on gambling. The biggest gamblers on earth according to statistics.Turned out government was just worried that money was going to overseas casinos.

.


It's the same story with brokers, It's profitable business for government. Oversea clients are attracted to high leverage which is tied to our gambling culture.They are pumping money to Australian banks. Who is going to slaughter a cash cow?

Apparently, ASIC started to make a show once China warned Australia about ASIC brokers but they already know what's going on. ASF licenses are on sale like second hand dealerships.

 

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Anna0147

Recovery Room Scammer
Messages
6
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forexteamau

Sergeant
Messages
120
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.
@Sensei1 Thanks for following my post and your comment mate. I wish their intention was to protect their clients in volatile market.

As you may have noticed, I explained it in one of my posts in page 6. When I was told that leverage restriction has never happened before, (Which was misleading) I thought these guys went through 2008 recession with biggest drop in history and other events and March price war which they call it black swan of oil market and they did not restrict anyone's leverage.


I worked in oil industry and was monitoring the news, After they changed my receiving swap to paying swap from almost +50 cents a day to -$800 a week, I knew they were trading against me but at the same time news was out from early April that Saudi Arabia and Russia wanted to negotiate again. It was obvious because Russian ruble dropped significantly and both were biggest oil producers and their economy is dependent on oil exports.

As you can see oil daily price was more volatile and dangerous during Feb and March. Just after the good news was confirmed on 21 of April, they servery restricted my account leverage while market was not volatile at all and It was just moving slowly in my favor.

This is clearly an unfair technique that they use to trade against investors. No one can withstand the huge swap rate and leverage restriction to 50 times lower at the same time. They play with the odds for their own benefits.I would have better odds playing a singe zero Russian roulette.

If you complain, they tell you straight out that "You do not have any power to direct how we exercise our discretions"

Anyways thanks again for reading my posts, really appreciate that mate.
 

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Forex bison

Recruit
Messages
13
Really sorry to hear Forexteamau , the leverage change from 1:500 to 1:10 is a sure killer...especially with no notice period.

Reading all these horror stories with these brokers; no wonder retail traders end up losing most of the time (it’s like we can’t win).

All the best and hope you get a favourable outcome with them.

Pheniox
Leverage is something you have to be cautious with especially during time’s like these
 

forexteamau

Sergeant
Messages
120
Other Australian brokers didn't seem to feel threatened by a good news to restrict their client's leverage. Although my broker was also happy to offer 1:500 to their new client.
 

louise.kepinska

Private, 1st Class
Messages
53
This stuff is just so scary.
IC Markets is one of the main brokers I use, and whilst I only trade Forex.
It's crazy that a regulated company I've come to trust can do stuff like this.
 

forexteamau

Sergeant
Messages
120
@louise.kepinska Thanks for following my post and your comment .Unfortunately regulation does not guarantee any transparency. You can buy yourself an AFS license in Australia. We have widespread corruption in well known banks here.This is just a small company compared to those big boys. Welcome to down under :)


I was with them for couple of years since they were adverting themselves as true ECN .From my experience and what I read on forums and reviews, if you are playing with few hundreds or maybe thousand, they usually do not bother with small amounts.They also need to earn your trust first. The butter and bread comes from large deposits and investments.

I pumped almost $37000 to their account on an obvious predictable market and that was when they showed their true colours and started trading against me.
 

compu-forex

Sergeant
Messages
120
For the record, you are still ranting. And have not followed the instructions I have given to you. If there is a step that is unclear, then give us some feedback. Otherwise, I hope to see the invitation completed soon.

And a full account statement uploaded soon.

--------

An additional homework assignment for you: read this article: https://www.forexpeacearmy.com/comm...ime-of-prime-the-keys-to-understanding.59542/
This thread has become a random walk down forex-street, so I will just leave this here.
 

forexteamau

Sergeant
Messages
120
Answer to your question post 43
https://www.forexpeacearmy.com/community/threads/ic-markets-scam-43-450-loss.65348/page-5

btw, how was this solved on the aussie side…..
https://www.smh.com.au/business/mar...ers-furious-after-losses-20150127-12ypsm.html

with these mega hundreds of Billions turnover, maybe someone should take the time to produce some authentic financial statements, a must, think ASIC also in charge of this ?... or is it considered as au. military defense data, also the CY Branch, think you need to write to their Registrar

….kind of funny a tiny, tiny country hardly 25.m people and most of their broker talk about many hundreds of billions turnover
The ironic thing is that I remember I heard about a gathering in Bligh street not far from my place. I was not there but I was told it was related to stock market something but didn't know the company's name and I signed up with them maybe one year after that event.

How do you think they resolve these cases here? Big banks have been naughty all the time and could get a way with with small fines including criminal charges!.


Check out ASIC's former employee


I wonder what should be blamed for, multiculturalism or our convict culture!
 
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