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IC Markets margin call

  • #81
  • Jan 22, 2015 4:00pm Jan 22, 2015 4:00pm
Quoting Forexia
{quote} What's FOB? I thought they are regulated by ASIC.
Yes but the FOS http://www.fos.org.au/ is responsible for looking at claims.

The process is that first you must give the business a chance to fix the problem then if you are not satisfied they will look at it.

You need to make a claim with 45 days if I read the info correctly.

IC Markets in its info says it may need up to 21 days to decide on a case.
  • #82
  • Edited 9:58pm Jan 22, 2015 5:22pm | Edited 9:58pm
Quoting HungryHound
{quote} Yes but the FOS http://www.fos.org.au/ is responsible for looking at claims. The process is that first you must give the business a chance to fix the problem then if you are not satisfied they will look at it. You need to make a claim with 45 days if I read the info correctly. IC Markets in its info says it may need up to 21 days to decide on a case.
Ok that's standard with all regulatory bodies. With IIROC at Canada, any firms you launch complaints against has up to 90 days to investigate and give you answer; yup they make you wait on your a$$ for THREE months while the firm takes their sweet little time to "investigate" and get back at you. I had a problem with Interactive Broker and I launched a complaint against them with IIROC and this is what I got. I didn't take that s***, I was on their a$$ everyday demanding an update. I told them I am not going to wait 90 days for them to answer, and they gave me an answer in 2 weeks.

So check with ASIC and FOS to find out how long is IC Markets entitled to and go from there. They can't just take forever and hold you in limbo like that. I would launch my complaint to BOTH ASIC AND FOS if I were in your situation.
Make your losses in demo. Earn your profits live.
  • #83
  • Jan 22, 2015 6:21pm Jan 22, 2015 6:21pm
Quoting Forexia
{quote} Ok that's standard with all regulatory bodies. With IIROC at Canada, any firms you launch complaints against has up to 90 days to investigate and give you answer; yup they make you wait on your a$$ for THREE months while the firm takes their sweet little time to "investigate" and get back at you. I had a problem with Interactive Broker and I launched a complaint against them with IIROC and this is what I got. I didn't take that s***, I was on their a$$ everyday demanding an update. I told them I am not going to wait 90 days for them to answer,...
Yes well I will give them a weeks grace before I launch into them in ernest.
They have not even acknowledged my email requesting a higher level look. They are bloody slack. Either they are understaffed, don't give a dam or think that they can just weather the storm.
  • #84
  • Jan 22, 2015 9:09pm Jan 22, 2015 9:09pm
Quoting HungryHound
{quote} Yes well I will give them a weeks grace before I launch into them in ernest. They have not even acknowledged my email requesting a higher level look. They are bloody slack. Either they are understaffed, don't give a dam or think that they can just weather the storm.
Launch into them in earnest NOW!!! This is what I would do if they didn't adjust my positions properly with wrong price. Chat with them. I find chatting gets better results because you are face to face with them and putting them on the spot to resolve issues with you. Try to chat with them during the time when their Australian office (which is starting 5:00 PM EST) is open so that way they can liaison with their back office if needs to be to resolve your issue. There are more people too in the CSR department during their Australian office hours otherwise if you chat with them outside of their office hours, your chat is routed to their Cyprus satellite office and there is only one guy there that responds to you and he's clueless.

Chat with them to get a timeline from them. And then follow up with them according to the timeline that they give you. You have to be on their a$$ all the time cuz it's your money. If you don't, they are not going to give a s***. You have to be like those collection agency people, keep harassing them until you get results from them. The more you harass them, the more they will give your issue priority and try to resolve it first. If they see you are relaxed, then why should they hurry?
Make your losses in demo. Earn your profits live.
  • #85
  • Jan 22, 2015 9:29pm Jan 22, 2015 9:29pm
Quoting Forexia
{quote} . Chat with them to get a timeline from them. And then follow up with them according to the timeline that they give you. You have to be on their a$$ all the time cuz it's your money. If you don't, they are not going to give a s***. You have to be like those collection agency people, keep harassing them until you get results from them. The more you harass them, the more they will give your issue priority and try to resolve it first. If they see you are relaxed, then why should they hurry?
Yes you are probably right. Initially I wanted to create a paper trail so that I have something to refer back to if I need to take it further.

I will start that on Monday when they open.
  • #86
  • Jan 22, 2015 9:54pm Jan 22, 2015 9:54pm
Quoting HungryHound
{quote} Yes you are probably right. Initially I wanted to create a paper trail so that I have something to refer back to if I need to take it further. I will start that on Monday when they open.
Make sure you click on the little envelope button at the top of the chat screen to send a transcript of your chat to your email BEFORE you leave the chat. That way you have a transcript of your conversation with them and later on, when needs to be (hopefully not), you can show the regulators everything. Yeah it's also a good idea to compile everything, all the statements, order and transaction history, independant quote information from sources like EBS, Bloomberg and even from other brokers and etc.

Good luck!
Make your losses in demo. Earn your profits live.
  • #87
  • Jan 22, 2015 10:48pm Jan 22, 2015 10:48pm
Quoting HungryHound
{quote} Yes you are probably right. Initially I wanted to create a paper trail so that I have something to refer back to if I need to take it further. I will start that on Monday when they open.
Try Tuesday, Monday is a public holiday in Australia.
  • #88
  • Jan 23, 2015 3:47am Jan 23, 2015 3:47am
Exact same problem some of us had. Even showed screenshot, another guy took video and showed them. Apparently they show different prices for his different accounts under them, yup. Silence, and no satisfactory explanation (and no money back). Reported to FOS already.

I could not run EAs too over there. Always have problem. Dont wait too long, u got to chase them and if they avoid you, go to the regulators. And report in the other sites too

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....
  • #89
  • Jan 23, 2015 3:54am Jan 23, 2015 3:54am
Hi XXXXXXXX,
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 XXXXXX according to rates provided by our liquidity providers, and the equity balance is as stated on your trading platform.
Kind Regards,
Sung Choi | Support Team Leader | IC Markets


No adjustments were made, they are thiefs....
  • #90
  • Jan 23, 2015 4:45am Jan 23, 2015 4:45am
Not surprised. They will never admit when their system wrong or has failure. Like they cant explain why ctrader and mt4 show different price and just choose to avoid the issue. As traders, we also get confused when we have some money in both platforms (wondering which is the right one).

I think you should do what the others advised and get a proper timeline, all the documents and start considering writing to the regulators. At least there's a chance to get money back... if not, just gotta bear the losses and move on, look for a new reliable honest broker.


Quoting PedroGuedes
Hi XXXXXXXX, 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...
  • #91
  • Jan 23, 2015 5:20am Jan 23, 2015 5:20am
There partnership with etoro is very suspicious also, they manipulate prices to hunt your SL, first time I have seen. Its sick that they dont assume wrong prices quoted and the spikes that did not exist. I will write a claim to the regulator in the next few days, at this point I dont see any way to get my money back.

The only broker I found reliable so far is Dukascopy.
  • #92
  • Jan 23, 2015 5:26am Jan 23, 2015 5:26am
They did adjustments!
On the 21.01.2015 they did a withdrawal of 1211,75 Euro from my account!
Yes a withdrawal. They gave me no information why they did that and how they calculated this amount.
They just call it chf-trade adjustment.
I wrote 2 emails, asking how they calculated this amount and why they withdaw money from my account.
No answer.
I had two chf long trades. udschf closing time 11:30:51 price 1.01282 and eurchf closingtime 11:30:49 price 1.19499
Both trades lost money anyway, but IC Market took 1.211,75 Euro from my account!
I told them that I will consult my lawyer.
Marcus
  • #93
  • Jan 23, 2015 6:11am Jan 23, 2015 6:11am
Quoting PedroGuedes
There partnership with etoro is very suspicious also, they manipulate prices to hunt your SL, first time I have seen. Its sick that they dont assume wrong prices quoted and the spikes that did not exist. I will write a claim to the regulator in the next few days, at this point I dont see any way to get my money back. The only broker I found reliable so far is Dukascopy.
If you read etoro.com.au carefully, it says that etoro (similar to MT4 and Ctrader) is merely a trading platform offered by ICM... it really raises questions, doesnt it? Someone else in other forum was saying if your orders are below a certain level, you are routed to HK server (i didnt even know they had one there), others to NY server. And the HK server is where a lot of these spikes occur. And yes, if you dont get money back just write to ASIC and FOS. No harm. PM me if you need help. There's already a bunch of us writing in.


Quoting mhtrade
They did adjustments! On the 21.01.2015 they did a withdrawal of 1211,75 Euro from my account! Yes a withdrawal. They gave me no information why they did that and how they calculated this amount. They just call it chf-trade adjustment. I wrote 2 emails, asking how they calculated this amount and why they withdaw money from my account. No answer. I had two chf long trades. udschf closing time 11:30:51 price 1.01282 and eurchf closingtime 11:30:49 price 1.19499 Both trades lost money anyway, but IC Market took 1.211,75 Euro from my account! I told...
Good idea. Consult lawyer, get all documents and timeline of event. Then, make a formal report to regulators there.
  • #94
  • Jan 23, 2015 12:15pm Jan 23, 2015 12:15pm
my account was adjusted and i lost another thousands of dollar due to THEIR price error?!! fine, ALWAYS go after clients for WHOSE mistake??? the worst broker handling this CHF crisis. period
  • #95
  • Jan 23, 2015 3:47pm Jan 23, 2015 3:47pm
Please post where to file a complaint to officials.
  • #96
  • Jan 23, 2015 5:28pm Jan 23, 2015 5:28pm
Quoting rootkit
Please post where to file a complaint to officials.
FOS http://www.fos.org.au/ is responsible for looking at claims.

The process is that first you must give the business a chance to fix the problem then if you are not satisfied they will look at it.

You need to make a claim with 45 days if I read the info correctly.

IC Markets in its info says it may need up to 21 days to decide on a case.
  • #97
  • Jan 23, 2015 5:45pm Jan 23, 2015 5:45pm
This is unreal. I only see adjustments to IC Markets side, does anyone received some positive adjustment? I am pissed off, hate scams like this......
  • #98
  • Jan 23, 2015 6:16pm Jan 23, 2015 6:16pm
This is a group of IC clients that is planning to complain to ASIC or go to the Media.

This may help everyone who got unfair adjustments from IC.

https://www.forexsignals.com/forum/s...lease-all-read

Cheers,
Fear prevent possibilities, and so does Greed
  • #99
  • Jan 24, 2015 3:37am Jan 24, 2015 3:37am
rootkit,
did they tell you, how they calculated the adjustment?
They did not give me any information what eurchf respectively usdchf price they used to calculate the withdrawal from my account.
It shoud be very easy for them to give that information or did they just roll the dice?
  • #100
  • Jan 24, 2015 3:44am Jan 24, 2015 3:44am
Quoting PedroGuedes
Hi XXXXXXXX, 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...
PedroGuedes, I recieved the exact same answer from their Tradeinvestigation . I really thought they looked into My account but know I understand that IT was just a standardanswer to anyone affected. Anyway I wrote back to him (Sung choi) and askes him what adjustments he was refering to. No answer! So I send him anotherone to remind him and today I got this;

We apoligise for a late reply. We have reviewed your trading account 401400 and can confirm the prices that your trades in CHF related pairs were executed at correct price. There will be no amendments made to your trading account.
Kind Regards,
Elena Bushueva | Support | IC Markets

So, I wrote to Elena this time asking her what adjustments Sung had in mind when i recieved his mail? They clearly have no Idea. What a mess! And if you Did not read My input in the forum "brokers hunting you for negative balance", you should know that they closed my short position in USDCHF (should been a nice profit) at the price of 1.48xx !!
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