ICM trading: Is this a scam ??

hi,
I have been trading with icm trading for the past week. I made something like 8000+ dollars of profit with their forex options (modified long straddles) and around 1000+ dollars trading forex.
My initial deposit was just 500$. I will also tell you how I did this if anyone is intrested in knowing as its not that difficult.

However, now they are not allowing me a withdrawal of my profits. They first said that I have increased my equity at a very high rate. So they need to check my account for trading off the market rates. The next day they tell me that my account is not supposed to trade more than 50 lots so those trades above 50 lots will be cancelled and the equity will be readjusted.
They didnt adjust the equity on that day.
The next day the account manager tells me that I have traded with profits of 1-2 pips which is also not allowed on the wintrader platform so my equity needs adjustment even for that which will be done by the technical team today. (as a reason for why the equity was not adjusted yesterday).

And now its almost another day and they havent adjusted my equity or processed my withdrawals at all.

Have i been scammed by them ??? Is that anything at all that I can do to get back my money ??
Please help me guys I am desperately depressed with all this.

I dont have any experience with this broker but a quick google search brought up this page, and as you can see, others have had similar problems as you, and the brokers response as well.

Good Luck!

http://www.forexpeacearmy.com/public...icmtrading.com

i guess it was just bad luck that just after i deposited the money ie. on 17 th of feb was the post on forexpeacearmy published. So i didnt get a chance to read that before depositing.

And the response of the broker is all made up ... They basically look for people who have earned good and label them as someone who has messed up with the software or has traded off the market rates and deny him his hard earned money. Somebody has to teach them a lesson. But I really dont know how. I have literally lost my money to them and I will keep you posted as to what happens of this so that no one loses more money to them ...

AS OF NOW Please do not open an account with ICM trading. They are the worst possible scamsters out there... The amount of misery and depression they have caused me ... I really wish i could go out there and shoot each and every employee of that firm for making me suffer so much.

How could anyone be depressed when they have the ability to turn 500 into 9000... I want that kindve depression ya buddy!

well dude ... whats the point of earning 9000 when it just remains with your broker and u dont get it at all...
At the start of my forex career if i get such a headshot its really frustrating.
If i had invested with any other broker I would have made decent profits... and now i am left cashless.. deprived ... and frustrated with nothing to do ..
I had earned that capital with 3 months of hard work ... I am not bankrupt or something like that cause it was entirely risk capital ...
but still loosing your hard earned money even after having the ability to earn a lot is LOT LOT FRUSTRATING AND DEPRESSING ...

Yes it does suck... and 1200% return in 3 months is very good so cheer up! If you have the ability to generate that return chalk up this loss to lack of research.

Here is a good thread... if you do a broker search to research like you should before signing up its one of the first that come up:

http://www.forexfactory.com/showthread.php?t=155164

When looking for a broker do two basic things first

http://www.nfa.futures.org/basicnet/ Look up the firm... and in this case I dont see them...

Then look em up here

http://www.cftc.gov/marketreports/fi...fcms/index.htm

Dont see em there either...

Also 400:1 leverage is never a good sign...

That to me screams come here and lose money!

And personally I always like to do a quick whois search... which reveals telling info..

Domain Name: ICMTRADING.COM
Created on..............: 09-MAR-2009
Expires on..............: 09-MAR-2011
Record last updated on..: 09-MAR-2009
Status..................: ACTIVE

So the domainname is pretty new.

Here is a good sign of a good broker:

Registrant:
MB Trading, Inc.
1926 East Maple Avenue
El Segundo, CA 90245
US

Domain Name: MBTRADING.COM

Administrative Contact, Technical Contact:
Brown, Brenton ContactMiddleName http://source.domaintools.com/email....;]=transparent
MB Trading, Inc.
1926 East Maple Avenue
El Segundo, CA 90245
US
(866) 628-3001 fax: 123 123 1234

Record expires on 29-Aug-2013.
Record created on 30-Aug-1997.

But anyways yeah I would say your crap outta luck. But cheer up and move on with your skills and make that money up with a quality firm.

thanks mate i really appreciate your replies and the concern that you have shown...
I just wish someone can get me back atleast my deposit from those scamsters...
still thanks a lot for your help ...

Yeah np now tell me your trading system .

I have noticed some guys using igmarkets because they offer binaries and options and I haven't heard of any problems. They also seem to have offices in several countries including here in Australia.

But of course you should check them out through the usual channels mentioned in the previous post.

And I am also interested in you strategy if you are willing to share!

Today after a lot of discussion with their staff they abruptly closed my account and refunded me my deposit.. Imagine what a simple way they had ... frustrated me to the point that I felt that even getting back my deposit of 500$ was a good choice even when i had 9000+ dollars in my account.

And that too from legitimate trading.

OK Now let me tell u how exactly i made this 9000 dollars.
You are free to try this on their demo or live platform wintrader and it works 100% of times.

firstly they have no system of spread for the options premium so if a person buys an option ... then he has the liberty of 40-50 pips of movement before the premium changes for the bought strike price.
so what i did was ... i bought the options at premiums of 0.0001 ... and so i had 40-50 pips of liberty to sell it at 0.0001 (same as what i bought it for) without incurring a loss
and if price rises by 50 pips or sometimes even less then my invested amount was doubled instantly.
This is especially important when the price is at the junction of 2 strike prices.. so the premium keeps shuffling between 0.0001 and 0.0002 several times along with the price action. So just buy when its 0.0001 and sell it at 0.0002 of premium. Trust me I made over 5000 dollars in almost 1 hours when eur/usd kept moving in a range.

moreover what i did was i bought a call and a put at 0.0001 premium at the same time ... so even if market went in any direction I got profit to the scale of 1:3 or sometimes even more than that.

and trust me what u are doing is completely legitimate ... the part about buying a call and put at the same time is a modification of the commonly known "long straddles" option strategy

Just have a demo account and try this on the options trading ... the results are unbelieveable....
Since I am far away from them and not much into legalities I cannot pursue the lawsuit ...

Incase of any questions i will be glad to help u ...