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The death of IC Markets

  • #81
  • Jun 27, 2019 6:41pm Jun 27, 2019 6:41pm
Quoting FxRetro
I made an small deposit and a few minutes later I got the email about migrating my account to SC. As soon as I did read about it I requested my money back. Lately has been too many changes in the forex-cfd enviroment. First fx brokers not accepting customers from some countries, then lowering the leverage therefore increasing the margin; now australia is not accepting international customers. I will not play their game no more. When we know how to trade it doesn't matter the place. So Im going to switch and stick to nadex exchange. You all should...
Notwithstanding the fact, ASIC is not doing their job right either. I've totally lost confidence in ASIC. Previously, a mate had lost his funds with brokers under ASIC protection. As a result? ASIC is becoming more and more identical to CySeC. Unlike FCA, who had been doing a tremendous job over the years improvising securities.
  • #82
  • Jun 27, 2019 8:10pm Jun 27, 2019 8:10pm
Quoting thegrimreape
{quote} Notwithstanding the fact, ASIC is not doing their job right either. I've totally lost confidence in ASIC. Previously, a mate had lost his funds with brokers under ASIC protection. As a result? ASIC is becoming more and more identical to CySeC. Unlike FCA, who had been doing a tremendous job over the years improvising securities.
If you live in one of these countries you can trade in Nadex:
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Swing with the tide, Surf with the waves!
  • #83
  • Jun 28, 2019 3:51am Jun 28, 2019 3:51am
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  • #84
  • Jun 28, 2019 10:01am Jun 28, 2019 10:01am
Quoting volforex
{image}
A broker fanboy!!! I've seen it all now!
  • #85
  • Jun 28, 2019 11:08pm Jun 28, 2019 11:08pm
Quoting Drolph
{quote} So who is the "idiot" now, VEEFX ... but I am sure you will find another SCAM here.. there MUST BE.. LOL
Yep. I remain the biggest IDIOT. The stupid screenshots still does not prove anything one way or another but hey, there is no way to convince a believer to think otherwise. This industry still survives on such make-believe posts that your capital is safe. I know how much it costs to hire a lawyer in USA who is familiar with international law. My objections for USA traders to fund accounts with unregulated brokerage houses still remains a valid argument.
Staying in my lane...
  • #86
  • Jun 29, 2019 1:50am Jun 29, 2019 1:50am
Quoting VEEFX
{quote} you just joined FF. This is your 3rd post. you are now withdrawing 100K. My prediction.... In couple of days, you will dance and let everyone know how good IC is after moving to an island and how legit they are and how safe your capital withdrawal is..... sounds too fishy to be true.... but heck. we all got to believe in something right :-) Seen this shit way too many times to even care anymore
IC Markets already plays bucket shop tricks and antics. I am certain the gloves will come off when they have accounts in an unregulated environment. A trader goes to bed with 100K in their trading account and wakes up to find a 0.1 lot position somehow managed to cost them 99K in losses. ICM will have a field day!!!
  • #87
  • Jun 29, 2019 9:05pm Jun 29, 2019 9:05pm
Quoting mbrown
{quote} IC Markets already plays bucket shop tricks and antics. I am certain the gloves will come off when they have accounts in an unregulated environment. A trader goes to bed with 100K in their trading account and wakes up to find a 0.1 lot position somehow managed to cost them 99K in losses. ICM will have a field day!!!
I am sure they will.... especially with under-capitalized accounts with a simple logic.... if they cannot fund their damn accounts, the risk of a broke-trader to drag the broker to an international court is non-existent. Poor, weak, vulnerable, noobs is what keeps this money-printing machine going for them.

I am curious if some of these "reputable" brand of brokers will now accept traders from USA? I am tempted to try my EA on a 'legit' broker who won't throw a "Not Connected" command to my MT4 terminal when my equity grows to triple digit profits within 15-30 mins :-(
Staying in my lane...
  • #88
  • Jun 30, 2019 10:11am Jun 30, 2019 10:11am
Quoting VEEFX
{quote} I am sure they will.... especially with under-capitalized accounts with a simple logic.... if they cannot fund their damn accounts, the risk of a broke-trader to drag the broker to an international court is non-existent. Poor, weak, vulnerable, noobs is what keeps this money-printing machine going for them. I am curious if some of these "reputable" brand of brokers will now accept traders from USA? I am tempted to try my EA on a 'legit' broker who won't throw a "Not Connected" command to my MT4 terminal when my equity grows to triple digit...
Some brokers are accepting USA customers but you have to fill out the FATCA form. Fx-Pro for example is doing that. Im definitely out of the forex brokers because i fear they might shutdown our accounts anytime. I feel very comfortable with nadex.
Swing with the tide, Surf with the waves!
  • #89
  • Edited 2:14pm Jun 30, 2019 1:52pm | Edited 2:14pm
Quoting VEEFX
{quote} I am sure they will.... especially with under-capitalized accounts with a simple logic.... if they cannot fund their damn accounts, the risk of a broke-trader to drag the broker to an international court is non-existent. Poor, weak, vulnerable, noobs is what keeps this money-printing machine going for them. I am curious if some of these "reputable" brand of brokers will now accept traders from USA? I am tempted to try my EA on a 'legit' broker who won't throw a "Not Connected" command to my MT4 terminal when my equity grows to triple digit...
Good points.

IC Markets is the quintessential bucket shop, more so by the day, allegedly. If this is the case, I do not rate the Australian regulator to allow such a rouge broker to operator virtually unchecked. The latest ICM bucket shop tactic I've heard about recently is the alleged execution of the opposite trade to what was clicked, so the trader presses buy and a sell is generated ALWAYS just before a nice move in - what would have been - the correct direction. The only way to manage such things is to record your trading or trade at a reputable broker. Trading is challenging enough without having to constantly check to see if the broker is playing bucket shop games.

JFD Brokers trading conditions are very good in my opinion, I've never experienced any bucket shop tactics. They do ALL the hard stuff excellently and all the soft stuff very badly because it is a bureaucratic broker...a form fillers dream!!! I find it virtually impossible to maintain multiple accounts with them because of the bureaucratic admin' needed. It once took me 2 and a half hours to navigate the withdrawal process for 5 accounts (with ICM it would take no more than 5 minutes) but yet JFDs trading conditions are faultless whereas with ICM there will be 2-3 dodgy bucket shop actions a day in my experience; if ICM is not screwing with your trading, they'll be screwing with your swaps, if their not screwing with your swaps they'll be screwing with your FX conversion rates used to convert the USD to another currency, if they're not screwing with your fx conversion rates they'll be screwing with your IB numbers. Allegedly, nod nod wink wink!!!

ICM: A black Octopus broker: you catch one tentacle and the other 7 are slowly working their way up to your anus!!! Allegedly, nod nod wink wink!!!

The horror stories at Forex Peace Army are shocking and revealing!!
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  • #90
  • Edited 2:34pm Jun 30, 2019 2:13pm | Edited 2:34pm
Quoting mbrown
{quote} Good points. IC Markets is the quintessential bucket shop, more so by the day, allegedly. If this is the case, I do not rate the Australian regulator to allow such a rouge broker to operator virtually unchecked. The latest ICM bucket shop tactic I've heard about recently is the alleged execution of the opposite trade to what was clicked, so the trader presses buy and a sell is generated ALWAYS just before a nice move in - what would have been - the correct direction. The only way to manage such things is to record your trading or trade at...
Octopus is the right term to use for these bucket shops lol

I just checked with JFD. They do not accept US traders. No one wants to f*ck with uncle sam lol

ICM is also not accepting traders from USA.... i bet none of these brokers moving to islands will risk messing with the mighty power of the USA
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Staying in my lane...
  • #91
  • Jun 30, 2019 3:13pm Jun 30, 2019 3:13pm
Quoting VEEFX
{quote} Octopus is the right term to use for these bucket shops lol I just checked with JFD. They do not accept US traders. No one wants to f*ck with uncle sam lol ICM is also not accepting traders from USA.... i bet none of these brokers moving to islands will risk messing with the mighty power of the USA {image}
Open a private Panamian foundation with a proxy board, use the foundation to open a Panamian Ltd company then use the Ltd company to open Broker accounts wherever you like!
  • #92
  • Jun 30, 2019 3:22pm Jun 30, 2019 3:22pm
Quoting mbrown
{quote} IC Markets already plays bucket shop tricks and antics. I am certain the gloves will come off when they have accounts in an unregulated environment. A trader goes to bed with 100K in their trading account and wakes up to find a 0.1 lot position somehow managed to cost them 99K in losses. ICM will have a field day!!!
I use ICM ,can you give me documented proof of these allegations please? Printed black and white facts.. Thank you in advance.
  • #93
  • Jun 30, 2019 4:41pm Jun 30, 2019 4:41pm
Quoting VEEFX
{quote} Octopus is the right term to use for these bucket shops lol I just checked with JFD. They do not accept US traders. No one wants to f*ck with uncle sam lol ICM is also not accepting traders from USA.... i bet none of these brokers moving to islands will risk messing with the mighty power of the USA {image}
The financial institution around the world are not accepting US customer not because of US Power. It is because of the FATCA. It is because US citizens have to pay taxes to uncle sam no matter where there are. They could be in the moon and would have to pay taxes. So financial institutions outside US, decided to don't take US customer to don't be dealing paying penalties because they have a US customer's money with them. So, asically, US citizens are SLAVES of uncle sam.
Swing with the tide, Surf with the waves!
  • #94
  • Jun 30, 2019 8:14pm Jun 30, 2019 8:14pm
Quoting FxRetro
{quote} The financial institution around the world are not accepting US customer not because of US Power. It is because of the FATCA. It is because US citizens have to pay taxes to uncle sam no matter where there are. They could be in the moon and would have to pay taxes. So financial institutions outside US, decided to don't take US customer to don't be dealing paying penalties because they have a US customer's money with them. So, asically, US citizens are SLAVES of uncle sam.
True but this regulation applies to regular bank accounts as well. I think this FATCA thing applies to USA and other western governments who have been cracking down on tax haven nations to prevent "money laundering". It's definitely a US Power Play and it is most likely tied to USD and it's control over US Sanctions. What's the point of US Sanctions if any "rogue" nation can hide or transact via such island financial entities.

It is also a LOSS of tax revenue from US traders as they can report trading loss as "original income" loss and treasury gets to take a hit for it. It's all connected bro. Regulations are not made in vacuum. You are right about slaves to Uncle Sam but most Americans have not visited countries where there is tremendous corruption and lack of law enforcement for those who avoid paying their share of taxes which ultimately hurts their own economic progress. Countries go from Developing to Developed nations because of strong legal structures and regulations coupled with enforcement of law and yes, paying your share of taxes! I can literally see my tax dollars at work every day (atleast where I live !) so there is no way I am going to complain about it.... and then there are tax loopholes available to most who can afford a decent CPA for under $150.
Staying in my lane...
  • #95
  • Jun 30, 2019 10:47pm Jun 30, 2019 10:47pm
Quoting HighFive
{quote} I use ICM ,can you give me documented proof of these allegations please? Printed black and white facts.. Thank you in advance.
I would also love to see proof of this..
Too old to buy what anyone says without facts..

Have been with I for years..
IC still the only broker that don't give a fuck about bonus crap..

You just gotta respect such broker..
PayPal withdrawals take within an hour... (I have only used this process)
  • #96
  • Jun 30, 2019 11:40pm Jun 30, 2019 11:40pm
Looks as though my account and history are still in OZ, I did empty my account prior, will give it a few weeks to see what happens then might come back, will have to be City Index in the UK for now
  • #97
  • Edited Jul 1, 2019 12:03am Jun 30, 2019 11:45pm | Edited Jul 1, 2019 12:03am
Quoting HighFive
{quote} I use ICM ,can you give me documented proof of these allegations please? Printed black and white facts.. Thank you in advance.
Jesus, you and Jay must be really thick. Words have meanings and definitions. That I used the word alleged already answered your question. Beyond that do your own research - spend a few minutes on FPA for a start; I am not here to convince you or anyone else for that matter. GTFOH!

Quoting JayBag
{quote} I would also love to see proof of this.. Too old to buy what anyone says without facts.. Have been with I for years.. IC still the only broker that don't give a fuck about bonus crap.. You just gotta respect such broker.. PayPal withdrawals take within an hour... (I have only used this process)
The ONLY broker that doesn't care abort bonus crap? BULLSHIT...ABSOLUTELY HEAPS oF BULLSHIT. Where have you been, opening an account after account bucket shop after bucket shop? I've only ever come across XM that offered bonuses but then again, I try to avoid the bucket shops. I guess according to your criteria, I should respect ALL the brokers that don't offer bonuses.

But respect those that devise a strategy to move their entire international client base to unregulated off-shore with a few days notice only to u-turn after the cost exceeded the benefit. So much for the reason of being compelled to move been due to the regulator.
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  • #98
  • Jul 1, 2019 12:13am Jul 1, 2019 12:13am
Wow, no need for the abusive and rude reply Mbrown. I was asking a sensible question about your very serious allegations.

With no proof I guess you are just peddling gossip and hearsay. Worthless.
  • #99
  • Jul 1, 2019 12:14am Jul 1, 2019 12:14am
Quoting HighFive
Wow, no need for the abusive and rude reply. I was asking a sensible question about your very serious allegations. With no proof I guess you are just peddling gossip and hearsay. Worthless.

How many times do I have to write it? Like I wrote, you must be thick. Alleged!!!

If you want proof with receipts, go to Forex Peace Army. I am certainly not going to cut and paste case by case because I would be here ALL week.

Anyway, enough...my short post earlier wasn't designed to take this thread off-topic. If you want receipts and proof spent some time on FPA....that stands for 'Forex Peace Army' in case it didn't click.
  • #100
  • Jul 1, 2019 12:22am Jul 1, 2019 12:22am
Quoting mbrown
{quote} But respect those that devise a strategy to move their entire international client base to unregulated off-shore with a few days notice only to u-turn after the cost exceeded the benefit. So much for the reason of being compelled to move been due to the regulator. {image}
Quite agree, it looks like a complete shambles, would like to have been a fly on the wall in the boardroom
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