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!