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Problem with IC Market today

  • #1
  • First Post: Apr 3, 2020 3:59pm Apr 3, 2020 3:59pm
Hi all

Any of you trade with IC market?

Today, 3rd Apr 2020, since UK time 20:00, I was not able to open any trade on any instrument, for example US30 or US Oil (XTIUSD), not long or short, not market order or limited order, on my MT4 terminal, it says trade is disabled.

After I approached for support, they said it is because of extreme market condition....

Does any of you encounter the same issue?

Should I worry about the service of IC market?
  • #2
  • Apr 6, 2020 5:15am Apr 6, 2020 5:15am
Quoting luckyvictor
Hi all Any of you trade with IC market? Today, 3rd Apr 2020, since UK time 20:00, I was not able to open any trade on any instrument, for example US30 or US Oil (XTIUSD), not long or short, not market order or limited order, on my MT4 terminal, it says trade is disabled. After I approached for support, they said it is because of extreme market condition.... Does any of you encounter the same issue? Should I worry about the service of IC market?
Have you rechecked today, all good? Have you cross-checked with other brokers at the same time (something I do when in doubt), also would advise to recheck at support because answers may vary...
Can you afford to take that chance?
  • #3
  • Apr 6, 2020 7:28am Apr 6, 2020 7:28am
Quoting auricforecas
{quote} Have you rechecked today, all good? Have you cross-checked with other brokers at the same time (something I do when in doubt), also would advise to recheck at support because answers may vary...
Yes, other brokers were fine. And the problem existed until the start of future market on Sunday night UK time, it only resumed on Monday morning.

I talked to a few online support, first one just said due to extreme market condition recently (clearly nonsense), 2nd said "
Please note, several indices, futures and wti, vix, xtiusd xbrusd are set to close only. This means no new orders are yet allowed to be opened on this assets due to high risk involved in these markets.

We will lift the restrictions as soon as we can.
We apologise for the inconvenience."

Still no clear explanation.

I wonder whether it happened on all customers with IC or just me.and if I was the only one, am I entitled for any compensation
  • #4
  • Apr 6, 2020 8:27am Apr 6, 2020 8:27am
Quoting luckyvictor
{quote} Yes, other brokers were fine. And the problem existed until the start of future market on Sunday night UK time, it only resumed on Monday morning. I talked to a few online support, first one just said due to extreme market condition recently (clearly nonsense), 2nd said " Please note, several indices, futures and wti, vix, xtiusd xbrusd are set to close only. This means no new orders are yet allowed to be opened on this assets due to high risk involved in these markets. We will lift the restrictions as soon as we can. We apologise for the...
Compensation because you could not place order? Not sure if that is possible. I have no idea why they did it really but some brokers limit their exposure by either disabling or reducing volume much in order to protect against arbitrage etc... And the current opec situation is not a joke, specially at 500:1, they could be wiped even, should enough traders enter at 500:1 max, which is possible at this broker, at the right time and if they have no hedge, they pay themselves... Also not sure where their trading servers are located but that might affect he issue also... Ok just checked, they are in lon, nyc... https://www.icmarkets.com/sc/en/fore...rading-servers
But maybe they track/monitor via AU also... You should check by email also because as good as webchat is, might still not allow deeper investigation as email (time) can.. hope you can find the reason and please let us know. Also I think that it was better to disable than to lock you in a position with no escape, right? I am particularly careful at this broker because they provide no neg protection... So far the only thing I miss at them almost, but they do provide crazy leverage, even for wti and gold, which is very rare afaik. Comes at a price though (no neg balance protection - there is auto stop-out but just in case...).
Can you afford to take that chance?
  • #5
  • Apr 6, 2020 1:31pm Apr 6, 2020 1:31pm
Quoting auricforecas
{quote} Compensation because you could not place order? Not sure if that is possible. I have no idea why they did it really but some brokers limit their exposure by either disabling or reducing volume much in order to protect against arbitrage etc... And the current opec situation is not a joke, specially at 500:1, they could be wiped even, should enough traders enter at 500:1 max, which is possible at this broker, at the right time and if they have no hedge, they pay themselves... Also not sure where their trading servers are located but...
I have not heard anything from them yet, still keep update on here.

So what broker are you using? Any name you recommend?
  • #6
  • Last Post: Apr 6, 2020 1:44pm Apr 6, 2020 1:44pm
Quoting luckyvictor
{quote} I have not heard anything from them yet, still keep update on here. So what broker are you using? Any name you recommend?
I have started with OANDA and I keep them, at least for the main trading since they have proven themselves to me over 11+ years. Their rather low leverage and regulations are not suitable for my other (high-leverage, high-risk, high-potential/return...) strategies, but I trust them most for higher AUM and I love their charts (fxtrade) - simple but effective, at least to me (much prefer it for mobile trading also)... For high leverage I use FxPro but it has some (leverage) limits at WTI and GOLD... I used octafx but right now deciding what to due with their currently limited/reduced withdrawal/deposit options (PerfectMoney and btc only..), still trying to figure it out... I had good experience with IC so far, the whole picture... meaning depositing, withdrawing (profits also) without problem... Am just scared of this no neg protection... so would not use it for highest leverage at bigger positions higher (and they do have 500:1 for WTI and GOLD also, which I was looking for) just in case of that SL/stop-out can not be triggered and there is some (flash) (crash) for example or in this case on Friday (hope there weren't issues with stops also etc). I think I would use (for higher positions) it via comp/corp, to have this additional protection/veil. I also tested some other brokers but not that much...
Can you afford to take that chance?
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