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IC Markets margin call

  • #61
  • Jan 17, 2015 5:51am Jan 17, 2015 5:51am
Hi Guys,

Please find IC Markets' official post in their site http://www.icmarkets.com/blog/2015/0...or-ic-markets/.

They seem to be going strong, IC is one of the very few brokers to have survived the Swiss Franc crisis.

http://forexmagnates.com/foreign-exc...surpass-1-bln/
http://forexmagnates.com/ic-markets-...sses-setbacks/
  • #62
  • Jan 17, 2015 10:34am Jan 17, 2015 10:34am
Quoting joshi90
Hi Guys, Please find IC Markets' official post in their site http://www.icmarkets.com/blog/2015/0...or-ic-markets/. They seem to be going strong, IC is one of the very few brokers to have survived the Swiss Franc crisis. http://forexmagnates.com/foreign-exc...surpass-1-bln/ http://forexmagnates.com/ic-markets-...sses-setbacks/
How can those Liquidity Providers lose when they are the BIGGEST bucket shops around? They operate in pure market maker model so if all the pure market maker brokers, i.e. bucket shop model all fared much better then how they can lose? They trade against the brokers which are their clients so any losses from the traders and the brokers will be their gain so if the majority of the traders were on the wrong side of the market, then those LP's would've made a killing against all of us traders. How can they be losing? Deutsche supposedly lost $125 million (Good for those of you who profited! Congrats! You just beat Deutsche!) but their gain should be lot larger than that even with all the potentially uncollectable negative balances from the brokers. I think they just want to join in the foray of it to post some one-sided losing numbers to win some sympathies. Uh no tears for you!!

Those LP's garner no sympathies from me especially when they are the ones who added to their own losses by stopping to provide liquidity when liquidity was needed the most. If those LP's had stayed in the market and continued to provide quotes, their "losses", a.k.a negative balances from the brokers would've been lot smaller because brokers would've been able to close the losing trades at margin stop-out levels lot sooner and their own losses would've been lot smaller too because some of the winning traders would've tp'ed sooner thinking the price had hit the bottom but no, they chose to walk away from the table and stop issuing price quote maybe thinking they can make a bigger killing by drying up liquidity and let price fall, well now it's backfired and they get to eat their own losses that they exacerbated themselves because 1) the winning traders got to wait until the price hit rock bottom and tp and 2) the brokers could only wait until to close the trades also at the rock bottom prices which increased the negative balances which they might not be able to pay up. So suck it up and eat your own s***! Maybe next time they will remember to stay in the market! Bunch of f***ing greedy irresponsible deadbeats!
Make your losses in demo. Earn your profits live.
  • #63
  • Jan 19, 2015 7:05am Jan 19, 2015 7:05am
ActivTrades: “no negative impact”. The company took measures: “Back in November 2014, ActivTrades had already anticipated the possibility of such events. Consequently, we decided at the time to increase the margin required on our CHF pairs by a multiple of 16. Thanks to this measure ActivTrades was able to protect its clients by substantially limiting their losses. Hence by protecting our clients’ interests, we protected the interests of the company as a whole”

Below is the updated list of many brokers :
http://www.forexcrunch.com/snbomb-re...forex-brokers/
  • #64
  • Jan 19, 2015 10:37am Jan 19, 2015 10:37am
Hi all, have you all received the email from IC markets saying that all CHF trades are under investigation?
  • #65
  • Jan 19, 2015 11:34am Jan 19, 2015 11:34am
Quoting Chris2
Hi all, have you all received the email from IC markets saying that all CHF trades are under investigation?

Yes, affected traders did on the same day this mess happened. Inquiries with their Support Team have also been picked up accordingly.

But so far, no resolution or follow-up.
  • #66
  • Jan 21, 2015 2:20am Jan 21, 2015 2:20am
I have just recieved the following frome I C Markets.

Support (IC Markets)
Jan 21, 20:18
Hi Brian,
Thank you for submitting your trade query regarding your CHF positions. As you are aware, the forex markets experienced extreme volatility last week following the Swiss National Bank’s announcement that it would be removing the cap on the Swiss Franc’s value against the Euro.
As IC Markets operates under a Direct Market Access model, all client trades regardless of size are filled directly by our liquidity providers and subsequently any CHF positions executed on erroneous prices during the announcement must be adjusted individually both by our liquidity providers and IC Markets on the underlying position/s.
There were certain periods where erroneous prices were being quoted by some of our liquidity providers and those prices will be adjusted according to the amended rates provided by our liquidity providers. IC Markets has made adjustments to your CHF trades on your account 505415 according to rates provided by our liquidity providers, and the final account balance is -94.79 USD as of the 21st January 2015. This balance is currently owing to IC Markets and must be paid back in full.
Kind Regards,

Now I had a placed a stop buy order that was activated in the middle of the gap shown on their charts. And supposedly retraced to wipe out the account.
Yet there is no evidence to support their pricing.
The ticket response looks like a standard letter to me, and not a serious attempt to address the issues. There has been no adjustments made to the account. Is the standard business practice.
Of cause I am going to take it to the regulators if the cannot justify their actions
  • #67
  • Jan 21, 2015 3:33am Jan 21, 2015 3:33am
Quoting HungryHound
I have just recieved the following frome I C Markets. Support (IC Markets) Jan 21, 20:18 Hi Brian, Thank you for submitting your trade query regarding your CHF positions. As you are aware, the forex markets experienced extreme volatility last week following the Swiss National Bank’s announcement that it would be removing the cap on the Swiss Franc’s value against the Euro. As IC Markets operates under a Direct Market Access model, all client trades regardless of size are filled directly by our liquidity providers and subsequently any CHF positions...
Slippage was expected in this environment and could well have triggered a margin call. The real question at stake is "Have you been executed at an interbank quote that actually traded elsewhere than their servers?". I could help determine whether your claim is legit. I just need to know your trade and execution price.
  • #68
  • Jan 21, 2015 3:57am Jan 21, 2015 3:57am
Hi all,

I had a long position on Eur/CHF and forgot to place a stop for 2 months, that part is my fault. Here are the details of the second part:

Position size: 0.04
Start Price: 1.2033
Close Price: 0.77350
Loss: -2222.62 euros

Can someone explain me how its possible to have this loss? According to my calculations the close price used was around 0.53 not 0.77350.

I was told the adjustments would take 48 hours, its smelling good .
  • #69
  • Jan 21, 2015 4:37am Jan 21, 2015 4:37am
Quoting PedroGuedes
Hi all, I had a long position on Eur/CHF and forgot to place a stop for 2 months, that part is my fault. Here are the details of the second part: Position size: 0.04 Start Price: 1.2033 Close Price: 0.77350 Loss: -2222.62 euros Can someone explain me how its possible to have this loss? According to my calculations the close price used was around 0.53 not 0.77350. I was told the adjustments would take 48 hours, its smelling good .
It's calculated like this:
p/l in quote currency = (0.7735-1.2033)*0.04*100000 = -1719.20 CHF
convert to account currency -1719.20/0.7735 = -2222.62 EUR

I hope you get a positive adjustment.
  • #70
  • Jan 21, 2015 5:11am Jan 21, 2015 5:11am
Thank you for your response.


what level of prices on Eur/Chf would be considered erroneous?
  • #71
  • Jan 21, 2015 1:55pm Jan 21, 2015 1:55pm
Quoting PedroGuedes
Hi all, I had a long position on Eur/CHF and forgot to place a stop for 2 months, that part is my fault. Here are the details of the second part: Position size: 0.04 Start Price: 1.2033 Close Price: 0.77350 Loss: -2222.62 euros Can someone explain me how its possible to have this loss? According to my calculations the close price used was around 0.53 not 0.77350. I was told the adjustments would take 48 hours, its smelling good .

And 48 hours takes us AFTER the ECB announcement.

So basically, we cannot control the risk on our EUR/CHF positions until after they are reinstated. That's fantastic.
  • #72
  • Jan 21, 2015 3:25pm Jan 21, 2015 3:25pm
Quote
So basically, we cannot control the risk on our EUR/CHF positions until after they are reinstated. That's fantastic.

To tell the truth I am sceptical regarding a reinstatement of our positions. If this is not corrected, its a robbery!
  • #73
  • Jan 22, 2015 3:44am Jan 22, 2015 3:44am
Well guys, I too had been having troubles with them and tried to get it sorted but they kinda delay response or just avoid answering. There's been more people who had troubles with them too who reported in other forums. You should check out the older posts here too http://www.forexfactory.com/showthread.php?p=5577062 pay attention to the details noted by Marv. I certainly wish I had read it earlier...

Next, look at forexpeacearmy http://www.forexpeacearmy.com/forex-...alerts-folder/ and http://www.forexpeacearmy.com/public....icmarkets.com to see whether anyone else had similar problems. Also if I were you, I would also be suspicious of "too good to be true" reviews, the most of which seems to be from Australia. (maybe its only catered optimally to Australian consumers, i wouldnt know). Because we all know, life is not perfect so if someone said its perfect, there is something wrong really. Even the best brokers in the world are not perfect; they know it and always try to upgrade.

Additionally if you fail to get a satisfactory reply and they keep avoiding you, leave a rating on the site there too and open a thread. Ask the mod for help too.
  • #74
  • Jan 22, 2015 6:28am Jan 22, 2015 6:28am
Look at Eur/Nok on IC platform, compare to other brokers, and tell me your thoughts.
  • #75
  • Jan 22, 2015 9:56am Jan 22, 2015 9:56am
IC Markets Wants Your Business - Latest News!

Not much of a discount because you get this rebate if you go through an IB

Dear Trader,

In light of the extreme volatility caused due to the unexpected announcement made by the Swiss National Bank (SNB) that it would remove the cap on the Swiss Franc’s value against the Euro, IC Markets would like to express our condolences to all traders effected.

We ourselves were surprised by the volatility in the market after the announcement, however fortunately in December, 2014 we reduced the leverage offered on this pair to clients. This pre-emptive risk management approach meant that we were able to minimise the effect of negative client equity and protect client balances.

As a gesture of good faith to those affected by this unprecedented event we are offering a commission discount to all new client that open and fund a new live true ECN account before the 31st of January, 2015. You will receive a commission discount from the ordinary commission of $7.00 per lot round turn to $5.50 per lot round turn, this is $1.50 discount for the life of your account.

To take advantage of this offer simply follow the steps below

  1. Open a new Live ECN account by clicking link below.
  2. Send copy of a statement from your current broker to [color=#39B01E][email protected][/color]

  • #76
  • Edited 10:51am Jan 22, 2015 10:23am | Edited 10:51am
Quoting Princeton
{quote} Slippage was expected in this environment and could well have triggered a margin call. The real question at stake is "Have you been executed at an interbank quote that actually traded elsewhere than their servers?". I could help determine whether your claim is legit. I just need to know your trade and execution price.
Ok that would be great . I have take screen shots off a 1 Minute chart together with the data of each High Low Vol.

Below is record of the Major trade that caused the problem and is in question.
I would appreciate someone else to look at the data and give a independent opinion.

I forgot to mention that I was running a EA that monitors the account and is designed to shut down all orders and positions once it gets to 40% margin level
It did not get activated which leads me to the conclusion the prices were being manipulated by IC Markets.


https://charts.mql5.com/6/796/chfsgd...al-markets.png


Log of events:

11:30 CHFSPD started to rise. After anouncement
11:33 shows data Low : 1.39446 High 1.44635
11:33:08 Ticket No 1439662 Order Placef StopBuy at 1.44112 TP at 144312
11:33:23 Order 1439662 Activated at 1.45088 – Price not shown on data feed.
11:34:40 Order 1439662 Closed at 1.40746
11.34:00 Data Shows : Low 1.40746 High 1.40746 – No Liquidity ?
11:35 Data Low : 1.44054 High : 1.46563
11:35 Data Low : 1.40746 High : 1.40746
The above shows clearly that there was no data feed on which orders should have been actioned.

On the chart the significant points are candle 4 and 5 candle 4 is where the order was activated although it never reached the price according to the data.
Candle 5 is where it was closed although it shows no volume. The next candle shows the price again higher.
  • #77
  • Jan 22, 2015 12:23pm Jan 22, 2015 12:23pm
Quoting HungryHound
{quote} Ok that would be great . I have take screen shots off a 1 Minute chart together with the data of each High Low Vol. Below is record of the Major trade that caused the problem and is in question. I would appreciate someone else to look at the data and give a independent opinion. I forgot to mention that I was running a EA that monitors the account and is designed to shut down all orders and positions once it gets to 40% margin level It did not get activated which leads me to the conclusion the prices were being manipulated by IC Markets....
This is exactly a case of what I explained earlier. At worst, you should have been your own counterparty (you buy and sell at the same price). But they cannot only stand on the offer side of a trade which is BOTH executed above your SL and your TP. Both should have been triggered simultaneously at the same price.

Clearly, one LP or IC Markets themselves took the best side of the trade and gave it back to you at the first occasion on the next bar, at a loss, even though no volume officially changed hands there. Another great example of IC Markets superb IT and fair trading environment.
  • #78
  • Jan 22, 2015 2:18pm Jan 22, 2015 2:18pm
OK thanks for that. Its nice to have another person check over the data.
Yesterday I took the complaint to the next level with them.
Hopefully they will do the right thing, but if not then the is the FOB.

I always like to give people the benefit of any doubt until they shit on me and then I get like a bulldog.
  • #79
  • Jan 22, 2015 2:26pm Jan 22, 2015 2:26pm
Quoting HungryHound
OK thanks for that. Its nice to have another person check over the data. Yesterday I took the complaint to the next level with them. Hopefully they will do the right thing, but if not then the is the FOB. I always like to give people the benefit of any doubt until they shit on me and then I get like a bulldog.
What's FOB? I thought they are regulated by ASIC.
Make your losses in demo. Earn your profits live.
  • #80
  • Jan 22, 2015 2:57pm Jan 22, 2015 2:57pm
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