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

lucasgs5

Recruit
Messages
7
If you had almost 70% drawdown in your account, big lots playing against each other, it does not seem like a very predictable market. Brokers are by no means clean players, but having 21k floating loss in a 30k account? I don't think icmarkets or any other brokers have induced you to reach those levels.
 

forexteamau

Sergeant
Messages
141
If you had almost 70% drawdown in your account, big lots playing against each other, it does not seem like a very predictable market. Brokers are by no means clean players, but having 21k floating loss in a 30k account? I don't think icmarkets or any other brokers have induced you to reach those levels.

Thanks for your comment . I worked in oil industry for years that was why I invested in Brent because I'm familiar with market behavior specially non US oil market production. Brent is sweet oil and has different refinery process. It does not have storage problem unlike WTI and has the characteristic of cash settlement at the end of contracts. I was expecting $15 a barrel as maximum drawdown, however the price on tradingview went down to nearly $20 but ICmarkets Brent price was $15! I asked the reason why, they blamed the liquidity provider (Probably the guy in Cyprus or Seychelles who doctors these prices )

They started putting pressure on my account by increasing the swap rate. A receiving swap position of +50 cent a day went to -$600 overnight and then -$100 a night as soon the market bounced in my favor. I complained but did not give up because I was sure about the Russian/Saudi negotiations.

I was even OK with their $15 price and could survive even more drawdowns. As soon the negotiation news came out on 21 of April, they restricted my account leverage from 1:500 to 1:10. I checked with other local Aussie broker, none of them had done it and ICM was still offering the same high 1:500 to their new clients!

I had $37000 account balance and 60% drawdown was including their $3000 illegal swap charges. I don't think I've ever seen that 50 or 60% drawdown was illegal. Their support also confirmed that as long as the margin stays above 100%, I will be alright . I had nearly 12000% free margin before they aggressively restricted my account leverage . I could have pumped more funds into my account but they already told me they could do more damage and I have no power over their discretion!

Their overnight swap charge of -$600 after market moved in my favor was a a big red flag, I should have known and trusted my gut. I could have withdrawn my funds with minimum loss that day which I regret now!

All those illegal tactics that they utilize to trade against us aside, I was also misled by their customer support and was told that leverage restriction had never happened by ICM! I thought about many high impact events in the market history. It was obviously misleading and deceptive conduct. They acted in best interest of their company not their client !
 

forexteamau

Sergeant
Messages
141
did you speak to the reg body mate?

Thanks for following my posts mate. I complained to ASIC in April. I tried to call them numerous times and waited on hold for hours to speak to the relevant officer with no luck. Just received a letter from them a few days ago saying that they will not intervene. I told them that they are responsible as the so called regulator. These ASIC brokers are on the loose due to their lack of responsibility and if ASIC is not worried about overseas victims, the next victim could be anyone from Australian community. They replied back again that they not take any actions!

I'm taking ASIC to ombudsman, I know they will not take my side but I just wanna know how far corruption goes in this country.
 

forexteamau

Sergeant
Messages
141
I didn't' have any problem with them for a few years.They usually ignore small funds and tend to refund them in case things go wrong for their public image also it's a great way to earn trader's trust.
 

Pheniox123

Corporal
Messages
93
I didn't' have any problem with them for a few years.They usually ignore small funds and tend to refund them in case things go wrong for their public image also it's a great way to earn trader's trust.

The same here Forexteamau, for two years they were fine and I was losing some and winning small; then as soon as I started making mega profits they started hating me...it’s that conflict of interest not ECN model that they use; if we win they lose and vice Versa...
 

forexteamau

Sergeant
Messages
141
I joined them in 2016 if I'm not mistaken .it is funny I signed up with them maybe one year after I heard about a protest in city center.


I was dealing with a few hundred to thousand with no problem. I gotta admit this is the best strategy to earn victim's trust. if we ever wanted to open ourselves a broker with power of dear ASIC, It's the best way .Lure the victim first!
 

forexteamau

Sergeant
Messages
141
Hi, could you post the official answer ASIC letter

Hi mate, I'm glad you asked that. Here is their final reply after contacting them for several times by phone and e-mail and bugging them to give me a response. I waited for 45 mins on the hold each time I called them, I was told the officer will get back to me but they never called me back.

It's funny that ASIC mentioned based on material available to them, while AFCA admitted that all evidences are with AFCA only and ASIC would never ask for a single case to be sent to them. AFCA sends bulk reports of all complaints to ASIC probably at the end of financial year to be swept under the carpet.

They said they conducted confidential inquires. I wonder how they did it ? Probably called ICM with a private number and asked them if they engaged in any sort of scam lately ? ICM support: No No No Sir no wrongdoings here (with Greek accent) !

For those of you guys who've never been in Australia and it reminds you of cockatoos and kangaroos and shrimp on the barbie when you hear about Australia and expect our financial standards to be similar to western Europe or US and thinking that you are safe here under ASIC watch, you better think again. We have good medical system yes but financial system is corrupt similar to third word countries.

ASIC is not CFTC and is not strict as those regulators. The 1:500 leverage that ASIC brokers offer here is one of the red flags.

I removed some sensitive information from the letter because I'm taking the matter to ombudsman. I'm sure they won't do anything but it's just for educational purposes for those traders who are considering to invest their hard earned money in this country and would assume that they will safe and sound.


Check out this poor whistleblower who risked his career in number one bank of Australia, They eventually had to march to ASIC office after two years to force them to do their job and take action for an obvious case.
What was I thinking when I reported my 28K scam case!

 

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