I hope IC Markets sort out this mess soon. I agree with many of you here that cescof's pending order should have never been executed in the first place from 1) Price fairness point of view. If you are not willing to buy from IC Markets' clients how can you sell it to IC Market's clients? and 2) Margin call issue if executing the order put the client immediately at Margin Stop-out levels. IC Markets needs better order-filtering mechanisms for margin requirement. What must've happened is that there must've been enough funds in the account to satisfy the margin requirement but once it's executed, it's immediately reached the margin stop-out level but by that time, IC Markets was not able to stop the trade anymore due to the huge spread and could only close the position once it's executed, and by that time the account is already in the negatives. So what IC Markets should've done is do a pre-emptive check for the potential order value against the margin stop-out levels according to the spread and if the spread is way too large to the point that would've rendered the trade value to be below the margin stop-out level then it would not execute the trade. If a trader is in a trade and all of sudden due to a widening of a spread, the position value falls below the margin stop-out level, that position would've immediately been closed so in this case, the spread is already known to be too large to trigger the margin stop-out level, then why execute the order still to cause the account to go into negative balances and cause everybody's grief? That was bit of an oversight on IC Markets' part, in my opinion.
And plus the unscrupulous action of some LP's posting "errorneous" price, more like manipulation of price, cescof and actually not only cescof but IC Markets and all of the rest of traders at IC Markets got screwed. All of traders' funds are pooled together in the client funds accounts at IC Markets; they are segregated from the operating funds account of IC but not segragated from each other so at any time when a client of IC Markets's account balance is in the negative, all of the rest of the clients of IC Markets are all covering for it, as stated in IC Market's legal documents. So in this case, if anything happens, it's not IC Markets who will be going after cescof for the negative balance but all of the traders at IC Markets, with IC Markets should go after those a$$holes of LP's who posted those "errorneous" prices and made a killing at the expense of IC Markets and all of the traders including cescof. What those LP's did is nothing short of highway robbery.
And plus the unscrupulous action of some LP's posting "errorneous" price, more like manipulation of price, cescof and actually not only cescof but IC Markets and all of the rest of traders at IC Markets got screwed. All of traders' funds are pooled together in the client funds accounts at IC Markets; they are segregated from the operating funds account of IC but not segragated from each other so at any time when a client of IC Markets's account balance is in the negative, all of the rest of the clients of IC Markets are all covering for it, as stated in IC Market's legal documents. So in this case, if anything happens, it's not IC Markets who will be going after cescof for the negative balance but all of the traders at IC Markets, with IC Markets should go after those a$$holes of LP's who posted those "errorneous" prices and made a killing at the expense of IC Markets and all of the traders including cescof. What those LP's did is nothing short of highway robbery.
Make your losses in demo. Earn your profits live.
