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  • #841
  • Jan 22, 2015 1:43am Jan 22, 2015 1:43am
Quoting Machinator
Is it invitation for not to trade till 26 of January?!))))) {image}
yes, got this one too. actually a bit upset about this.

i am fully aware last week's SNB news caused huge storm to most brokers out there. i do understand icmarkets just want to manage their risk by limiting the leverage but they should only do this few hours prior to ECB announcement instead of limiting leverage all day until next monday. Just my opinion.
  • #842
  • Jan 22, 2015 2:00am Jan 22, 2015 2:00am
Quoting rsg10z
{quote} yes, got this one too. actually a bit upset about this. i am fully aware last week's SNB news caused huge storm to most brokers out there. i do understand icmarkets just want to manage their risk by limiting the leverage but they should only do this few hours prior to ECB announcement instead of limiting leverage all day until next monday. Just my opinion.
As my grandmother loved to say-Better safe than sorry)
I am also a little bit upset and surprised,and a little bit worried- not by this announcement(it is entirely within the framework of common sense),but not getting the same one from another Australian broker I use.

Rgs,
David.
Success is nothing more than a few simple disciplines, practiced every day.
  • #843
  • Jan 22, 2015 2:32am Jan 22, 2015 2:32am
Quoting Machinator
{quote} As my grandmother loved to say-Better safe than sorry) I am also a little bit upset and surprised,and a little bit worried- not by this announcement(it is entirely within the framework of common sense),but not getting the same one from another Australian broker I use. Rgs, David.
i agree. while i don't care much about such leverage change considering i will stay away from the market until next week, but I'm more curious about the financial health of icmarkets. i think pepperstone didnt send any email regarding margin/leverage change so i'm really curious why ic markets took this step? I might be too paranoid but beside ICMarkets only FXCM sent me email about margin requirement change for today (and we all know FXCM took a very serious hit last week). Again, i might be too paranoid, but does ICMarkets lie about their press release? I read somewhere in leaprate or forexmagnates that icmarkets took $1million hit last week. $1m is not much compared to other brokers who lost more from SNB event, but because other brokers don't take the same policy, I start to wonder if they actually lose a lot more than just $1m.
  • #844
  • Jan 22, 2015 2:44am Jan 22, 2015 2:44am
Hi Guys

I think that the whole "thinking-process" of most of the brokers have changed(or at least the good ones)

I think we will see more of these types of controls being set by brokers not only to protect themselves but also to try and protect very inexperienced traders from themselves.Nobody (the brokers included ) want to see negative balances again.

I am lucky I dont trade CHF and follow very closely what major events might move the market as I like to trade with high leverage.

I was happy to receive this e-mail and look forward to many more when there is major volatility and lack of liquidity excepted.Gives me a double check on myself to make sure I'm well away from being in the market at those times.

I'm very glad I moved from Alpari to ICmarkets in Jan last year and I dont have a single bad word about ICmarkets.

I think I had a slippage once for -2.5 pips on the ECN account bearing in mind I trade with very small SLs

Anyway,Just sharing my 2cents

All the best for all here at ICmarkets

Rooi
We miss 100% of the shots we don't take
  • #845
  • Jan 22, 2015 2:50am Jan 22, 2015 2:50am
Quoting Rooi
Hi Guys I think that the whole "thinking-process" of most of the brokers have changed(or at least the good ones) I think we will see more of these types of controls being set by brokers not only to protect themselves but also to try and protect very inexperienced traders from themselves.Nobody (the brokers included ) want to see negative balances again. I am lucky I dont trade CHF and follow very closely what major events might move the market as I like to trade with high leverage. I was happy to receive this e-mail and look forward to many more...
Thanks Rooi and have a nicest longer weekend
Success is nothing more than a few simple disciplines, practiced every day.
  • #846
  • Jan 22, 2015 3:02am Jan 22, 2015 3:02am
Quoting Machinator
{quote} Thanks Rooi and have a nicest longer weekend
Thank you

And the same for you.

Rooi
We miss 100% of the shots we don't take
  • #847
  • Jan 22, 2015 2:56pm Jan 22, 2015 2:56pm
So it has been a whole week of waiting for IC Markets to give us a fair fix on our balances that got wiped out because of erroneous prices and fills after the CHF announcement. I am one of those that got stolen for literally thousands of dollars after their IT broke down and let 2,400+ pip spreads trigger fake margin calls.

Since then, my query has been picked up but left unanswered; their live chat gives half-baked answers as to when a resolution is coming; no solution is offered as to how we could manage our positions until they are reinstated; no refund has been given whatsoever; and now, to add insult to injury, IC markets (which is supposedly "busy" fixing this mess) apparently had time to fool everyone playing the compassionate side with a cheap trick rebate all the while they are SCREWING THEIR OWN CLIENTS for thousands of dollars.

Let me get this straight, as long as there is no answer to our queries or no refund in our accounts, this money left with them is officially LOST. The fact that they are trying to entice traders with nickels and dimes while intentionally trying to elude real solutions to fix their own errors that affected their very clients just goes to show the business ethics that we are being delivered when we have an account there.

I can only think of a legal recourse at this stage. The situation is just getting out of hand.

Here is their answer to fix THEIR LOSSES. Are you guys kidding me?!!
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  • #848
  • Jan 23, 2015 8:31am Jan 23, 2015 8:31am
Quoting rsg10z
{quote} i agree. while i don't care much about such leverage change considering i will stay away from the market until next week, but I'm more curious about the financial health of icmarkets. i think pepperstone didnt send any email regarding margin/leverage change so i'm really curious why ic markets took this step? I might be too paranoid but beside ICMarkets only FXCM sent me email about margin requirement change for today (and we all know FXCM took a very serious hit last week). Again, i might be too paranoid, but does ICMarkets lie about their...

saw the chart in forexmagnates. icm supposedly 2m USD loss (compared to fxcm 235m), but etoro 10m loss lol
  • #849
  • Jan 23, 2015 9:14am Jan 23, 2015 9:14am
Quoting Princeton
So it has been a whole week of waiting for IC Markets to give us a fair fix on our balances that got wiped out because of erroneous prices and fills after the CHF announcement. I am one of those that got stolen for literally thousands of dollars after their IT broke down and let 2,400+ pip spreads trigger fake margin calls. Since then, my query has been picked up but left unanswered; their live chat gives half-baked answers as to when a resolution is coming; no solution is offered as to how we could manage our positions until they are reinstated;...
Hi Princeton

Let me start by saying sorry to hear about your loss and frustration.I am happy you are sharing your experience here with us.I for one did not have any exposure to CHF because I dont trade it and most probably never will.

Hope you dont mind me asking the following questions......

Do you have negative balances?
Are your losses due to the erroneous feeds from ICmarkets or a the lack of liquidity?
What pair or pairs are your losses on?
Did you have a SL order in place?
What have they said they are going to do about it?
Did you report in to the ASIC?
Is it going through the "Member of external dispute resolution scheme – FOS " process as advertised on their website http://www.icmarkets.com/about-us/regulation/

I will appreciate if you share your experience here or if you feel you dont want to then I understand as well.

Thanks for your time

Rooi
We miss 100% of the shots we don't take
  • #850
  • Jan 23, 2015 10:51am Jan 23, 2015 10:51am
I had $10,000 on my account during SNB news. I had opened 2 NZDCHF and 1 USDCHF and plus some small positions. During SNB news ICMarkets sent horrible unbelievable quotes like a 0.06050 on USDCHF which is causing my account to stop-out. During positions were closed i have $103,7 margin used. After stop out i have left $240 on my account.

After i get "adjustment" they thrown me $1884 like a for dog and they said it is final decision. I do not have to explain when i have $1884+$240 equity and while $103,7 margin used it is very far away from margin call and stop out.

They decide to not reinstate positions. They decide do not compensate more. I lost 85% of account while RIGHT prices was on 50% ( ~$5000 ) of my account.

Also i have another 2 accounts which is not get margin called or stop outed. I have there only 1 USDCHF and even with that weird misquote imy account was alive. After SNB news i was in shock and quickly closed that positions on both accounts. After that ICMarkets adjusted my closings, because i closed my positions ON WRONG PRICES, they adjusted 2 of my accounts and deposited some money.

But here is the shame they suddenly removed adjustment from these 2 accouns ! I have a daily statements where i can see adjustments, but on platform it is erased already and no money was refunded at all !

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  • #851
  • Jan 27, 2015 8:57pm Jan 27, 2015 8:57pm
Fortunately on this week ICMarkets making a sense on my claims ( ant on claims of another clients as well ) . I get adjusted NZDCHF to close price at 0.6700 and USDCHF on 0.91163. That is caused me to get back my ~65% of deposit which is reasonable and fair.
From now i have no any claims to ICMarkets.
Thanks.
  • #852
  • Jan 27, 2015 8:59pm Jan 27, 2015 8:59pm
I like the fact they accept CAD currencies, and are a regulated broker within Australia with a segregated account.. I think ill be funding my account here.
  • #853
  • Jan 27, 2015 9:38pm Jan 27, 2015 9:38pm
Quoting vadimizumov
Fortunately on this week ICMarkets making a sense on my claims ( ant on claims of another clients as well ) . I get adjusted NZDCHF to close price at 0.6700 and USDCHF on 0.91163. That is caused me to get back my ~65% of deposit which is reasonable and fair. From now i have no any claims to ICMarkets. Thanks.
Great news, Im pleased that finally they are fixing what was obvious the clients, that their system just did not cope with the rapid and volatile movements in all currencies paired with the chf.

Well done IC Markets for fixing his account. You may well have ensured that another active trading client that provides you with a income remains a client to the benefit of both parties in the long run.
  • #854
  • Jan 27, 2015 10:13pm Jan 27, 2015 10:13pm
IC Markets still under a process of reinstating clients accounts. Below is the email response from IC Markets support.

We are working at the CHF related trade investigation forms. We are advising to clients that their accounts are still under investigation and for them to be patient.
Real Time Discounts for IC Markets. Partner ID = 1695
  • #855
  • Jan 28, 2015 12:37am Jan 28, 2015 12:37am
Quoting ahmerkhan
IC Markets still under a process of reinstating clients accounts. Below is the email response from IC Markets support. We are working at the CHF related trade investigation forms. We are advising to clients that their accounts are still under investigation and for them to be patient.
That would be great if they are, but I have not received such an email.

I was told that I would be notified by the 27/01 of the outcome. But have yet to hear back apart from receiving data that I requested.
  • #856
  • Jan 28, 2015 12:56am Jan 28, 2015 12:56am
Quoting vadimizumov
Fortunately on this week ICMarkets making a sense on my claims ( ant on claims of another clients as well ) . I get adjusted NZDCHF to close price at 0.6700 and USDCHF on 0.91163. That is caused me to get back my ~65% of deposit which is reasonable and fair. From now i have no any claims to ICMarkets. Thanks.
Now your position was closed to 0.91163. I want to ask if you have SL on that position?
Thank you.
  • #857
  • Edited 2:35pm Jan 28, 2015 2:12pm | Edited 2:35pm
Hi,
i'm trading on ICMarkets since nov last year. On 15.01.2015 i ordered 0.2 Lot SELL GBP/CHF.
Stop Sell Pending Order: 0.2Lot SELL GBP/CHF with 1.5249 SL 1.5360.

The trade was executed at 11:30:55 (GMT+2) with 1.48756 price (373,4 pips slippage).

The trade was closed due to sl at 11:35:31 (GMT+2) with 1.55929 price (232,9 pips slippage).

I know from other traders on other brokers (traded the same signal), that they got pretty good profit from that trade.
At 11:34 the quote was at 1.4963 and never above after.

I asked ICMarkets for details and the fix of this missquote. They gave me the details of the trade and rejected my fix request.
Here it comes: Core price GBP/CHF at 2015-01-15 11:35:30 BID = 1.49167 / ASK = 1.55929 (my price i got).
That means they covered everything with that spread of 676,2 pips !!! My trade ended up with -1253,01€.
I got it black on white. And here is the best, the customer support teaches me about risk and spred, instead to care about his faults to quote such a spread... read that.

---

Dear Client,
Following our last email, we have reviewed your trading account and can confirm the prices that your trades in CHF related pairs were executed at are in fact correct. There will be no amendments made to your trading account and your equity balance is as stated on your trading platform.

Please note that trading the news is extremely risky especially on an ECN as the probability for negative slippage is extremely high. To be honest, if you had received slippage free fills during news announcements in the past, you are more of the exception than when compared to the majority of cases. Irrespective of the order type , once triggered all orders are filled at the first available price by Banks/liquidity providers. In this case both your orders had experienced slippage as they were triggered during scheduled high impact volatile news announcements.
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.
When you are trading in a real ECN environment all your orders are executed at the first available price, this applies for all orders (and all trading accounts) i.e. stop orders, market orders, pending orders etc. To reiterate - once triggered your orders are filled at the first available price with absolutely no deal desk intervention. To be more specific – when you trade in an ECN environment fills at a specified price level are not guaranteed i.e. the fills are based on the available liquidity in the market at that given point in time ( this also implies that stop loss levels are not guaranteed). On the same note - slippage is neither predictable nor predetermined i.e. it is absolutely dependent on market conditions at that given point in time.
If one is looking slippage free execution, the chances are likely to be better at a Market Maker broker as no real ECN can ‘ guarantee ‘ slippage free execution. Market makers are able to offer guaranteed fills at price levels quite simply because they have simulated execution i.e. just like a demo account. To be more specific - the orders are filled internally by the market maker broker i.e. the broker takes client risk ( since the orders are never filled by the banks/real market) and hence the conflict of interest and the dependence on client losses to drive profits. This is in stark contrast to an ECN were all the orders are filled by the banks, resulting in no conflict of interest between the client and the broker.
This does not mean that you are always going to get slipped on your order. On the other hand there can be both positive and negative slippage too. However slippage is most probable during low liquidity periods such as -news events, geopolitical events, roll over, periods of high and episodic volatility, holiday periods, beginning and ending of the trading week. As a trader it is extremely important to be aware of scheduled news announcements and to actively manage your risk/exposure around these times. Moreover, we prefer clients to not trade the news as it is just too risky and not conducive for long term consistent profitability.
Please see attached file with details of the execution from our Liquidity Provider.
Kind Regards,
Support | IC Markets
  • #858
  • Jan 29, 2015 12:30am Jan 29, 2015 12:30am
Have to say, I'm very happy to see IC Markets consistently honouring its promise to judiciously review client claims and issues due to the SNB's decision.

Further, I think it says a lot about the quality of their risk management and leadership that they didn't go bust when so many other brokers did.
Offering $1.50 (21%)/RTL Commission Discounts at IC Markets & Global Prime
  • #859
  • Jan 29, 2015 12:40am Jan 29, 2015 12:40am
Quoting Tim_isoara
{quote} Now your position was closed to 0.91163. I want to ask if you have SL on that position? Thank you.
I have not SLs on any of adjusted position.
  • #860
  • Jan 29, 2015 7:45am Jan 29, 2015 7:45am
ICMarkets is a real scam broker! STAY AWAY!!!

I had 3 accounts at ICMarkets and another account on Saxo. With SNB debacle the ICMarket accounts lost over 14k while Saxo account lost 200euro's with exact same robot. All 3 ICMarket accounts had exact same trades copied from 1 to another.

ICMarket was sending illegal/fiction prices for USDCHF during the news. Regarding all financial reports, including Bloomberg, USDCHF has never ever been on that price. The difference between actual price and ICMarkets price is over 2000pips!!!
You can see all my trade details here!

After 3 weeks of calling, several emails and promisses that they will adjust the trades to the right price, all they say was this:
'Upon further review of your accounts, our trade desk have assessed that there are no pending adjustments on your accounts as the rates have been verified as correct by our liquidity providers and stopouts occurred correctly. During the SNB announcement, spreads were extremely wide, and as there was uncertainty by the banks on where to price the CHF pairs there was no liquidity as a result.'

These 3 accounts lost all together over 14k and had same trades. They adjusted trades on 1 account with 740euro's (which is nothing if you look at the loss). But the most crazy thing is that they say the trades on the other 2 accounts don't need adjustments while they have been traded on the same price.

All they do is blame the liquidity providers which they chose by themselfs. When you don't know where to price a currency why do you just send fiction prices? and allow trades on those prices? Saxo just blocked tradings and did send real prices. On ICMarkets graph you can see USDCHF went down all to 0.04, which should mean: USD doesn't exist anymore.

This is just steeling money from traders by sending fictionary prices to MT4.

I'm now sending a letter to Australian Securities and Investments Commission (ASIC) to investigate this as ICMarkets is not taking this seriously.

You can also read this: http://www.smh.com.au/business/markets/fake-margin-calls-forex-traders-furious-after-losses-20150127-12ypsm.html#ixzz3Py4OV9EE
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