Will IC Markets Honor my SL on my XTIUSD Trade??

darincheong

Recruit
Messages
5
Hi All

I am new in FPA and have been using IC markets since 2017. Recently i have faced a slippage issue on XTIUSD which i will like some views on it.

On the 21 April 2020, i have made a Sell on XTIUSD at 4.32, my trade when in the right direction, so i decided to profit my profits with a SL at 3.83.

However, according to IC markets, there was a "circuit trigger" that occurred shortly after that. And when the "circuit trigger" was lifted, i got stopped out at 5.15 with a lost instead.

IC market is now telling me that they can do nothing which i feel is ridiculous. I really do hope that they will honor my stop loss eventually.

Can i have some views on this and whether IC Market can or should honor my SL.
 

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4evermaat

2nd Lieutenant
Messages
1,968
Do you have the journal logs that show that you had open trades during that period? And that you had placed the stop loss? Read this post to see how to gather the journal logs and upload them here:



If you can show you had the stop loss in place and that they were pricing through that time, they could honor your stop loss.

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Why trade with a broker that you do not fully understand their business model (how they make profits from their client transactions)?
 

darincheong

Recruit
Messages
5
Do you have the journal logs that show that you had open trades during that period? And that you had placed the stop loss? Read this post to see how to gather the journal logs and upload them here:



If you can show you had the stop loss in place and that they were pricing through that time, they could honor your stop loss.

---------------------------------------------------

Why trade with a broker that you do not fully understand their business model (how they make profits from their client transactions)?


Will a screetshot of the log be good.. I have attached it as requested.
1587660273935.png
 

FxMaster

Lt. Colonel
Messages
9,534
Hi All

I am new in FPA and have been using IC markets since 2017. Recently i have faced a slippage issue on XTIUSD which i will like some views on it.

On the 21 April 2020, i have made a Sell on XTIUSD at 4.32, my trade when in the right direction, so i decided to profit my profits with a SL at 3.83.

However, according to IC markets, there was a "circuit trigger" that occurred shortly after that. And when the "circuit trigger" was lifted, i got stopped out at 5.15 with a lost instead.

IC market is now telling me that they can do nothing which i feel is ridiculous. I really do hope that they will honor my stop loss eventually.

Can i have some views on this and whether IC Market can or should honor my SL.
You are with them from 2017 so tou must have good terms with your account manager. What is his/her views on this?
 

OldManIan

Private, 1st Class
Messages
29
You are with them from 2017 so tou must have good terms with your account manager. What is his/her views on this?
As far as I know, IC Markets doesn't typically assign an "account manager" or "relationship manager" with its retail traders. They have far too may such traders and can't afford to. That has been my experience so far.
OMI
 

darincheong

Recruit
Messages
5
You are with them from 2017 so tou must have good terms with your account manager. What is his/her views on this?
Yes i am with them since 2017 and love their services. They responded:


Please be aware that there was an interruption of pricing for the underlying future which led to the spot price interruption in turn. This was not generic to just IC Markets.

We understand your concern regarding your trade however, we do not offer guarantee execution of orders.

When you trade you are trading with IC Markets as the principle of your trades, your orders will be filled at the first available price once these have been triggered.

Your orders are filled automatically at the best prices possible from our hedge counterparties from where our prices are derived. We do not have a dealing desk (NDD), we are not in control of any price movements while we execute your trade.

The current market conditions of oil for the last days/weeks have been recorded as extreme.

You should have also received emails warning of the extreme volatility existing on oil that we have sent to all our oil traders.

We hope this clarifies the trade in question for you, please do not hesitate to contact us should you require anything further.
 

4evermaat

2nd Lieutenant
Messages
1,968
Will a screetshot of the log be good.. I have attached it as requested.
View attachment 53046

You could attempt to do a formal complaint or AFCA complaint if you think your evidence is strong enough.

I will reiterate from another thread: There are a lot of ways for unethical brokers to do slippery things to their clients on the backend. And if you don't know the business model of eToro/IC Markets (how they make money from their clients), they you were already in a losing position [even if you didn't realize it yet].
 

darincheong

Recruit
Messages
5
You could attempt to do a formal complaint or AFCA complaint if you think your evidence is strong enough.

I will reiterate from another thread: There are a lot of ways for unethical brokers to do slippery things to their clients on the backend. And if you don't know the business model of eToro/IC Markets (how they make money from their clients), they you were already in a losing position [even if you didn't realize it yet].


Well yes, commission or spreads already start us in a losing position from the start and worse if you are under an IB.. Anyway whats your suggestion on brokers then? anything better than IC markets?

FPA Forums Team Note: Never ask for company recommendations in a Scam Alerts thread. Doing this permanently ties the recommended company's name to the scam complaint.
 

FxMaster

Lt. Colonel
Messages
9,534
Yes i am with them since 2017 and love their services. They responded:


Please be aware that there was an interruption of pricing for the underlying future which led to the spot price interruption in turn. This was not generic to just IC Markets.

We understand your concern regarding your trade however, we do not offer guarantee execution of orders.

When you trade you are trading with IC Markets as the principle of your trades, your orders will be filled at the first available price once these have been triggered.

Your orders are filled automatically at the best prices possible from our hedge counterparties from where our prices are derived. We do not have a dealing desk (NDD), we are not in control of any price movements while we execute your trade.

The current market conditions of oil for the last days/weeks have been recorded as extreme.

You should have also received emails warning of the extreme volatility existing on oil that we have sent to all our oil traders.

We hope this clarifies the trade in question for you, please do not hesitate to contact us should you require anything further.
Somehow I am agree with the company on Oil issue, this happened with almost all brokers. I suggest you to talk with your account manager again and ask him/her for the possible solutions.
 
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