IC Markets Price Discrepancy | Forex Factory

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IC Markets Price Discrepancy

  • #1
  • First Post: Jan 22, 2015 9:35am Jan 22, 2015 9:35am
i want to share with you the following story.
IC markets liquidated my account

attached you find the liquidated trades, they closed usd/chf at 0.6700 resulting in mass liquidation of all positions.

0.6700 was not a price that was traded
Attached Image (click to enlarge)
Click to Enlarge Name: icmarkets.png Size: 116 KB
  • #2
  • Jan 22, 2015 10:37am Jan 22, 2015 10:37am
The loss occured on the 15th Jan.

One of the biggest events to hit forex happened that day:
http://www.bloomberg.com/news/2015-0...-shocker-.html

SNB lifted their peg to the EURO. This resulted in CHF pairs moving an unprecedented amount (some by 4000+ pips within minutes) as liquidity providers stopped quoting.

As IC markets is an ECN, your SL was filled at the next available best price offered/asked by the LP's which wasn't until 0.67x.
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  • #3
  • Jan 22, 2015 10:53am Jan 22, 2015 10:53am
Quoting doktorforex
i want to share with you the following story. IC markets liquidated my account attached you find the liquidated trades, they closed usd/chf at 0.6700 resulting in mass liquidation of all positions. 0.6700 was not a price that was traded {image}
Thatīs probably because the spread went up. Some experienced a 1500 pip spread or more. Then the bid is hundreds of pips lower than the actual price.
  • #4
  • Jan 22, 2015 11:05am Jan 22, 2015 11:05am
i am inviting ic markets to thris thread, we all go for transparency , dont we?
  • #5
  • Jan 22, 2015 11:09am Jan 22, 2015 11:09am
Quoting doktorforex
i want to share with you the following story. IC markets liquidated my account attached you find the liquidated trades, they closed usd/chf at 0.6700 resulting in mass liquidation of all positions. 0.6700 was not a price that was traded {image}
Your USD/CHF was close at 11.42 0.2 lots at 0.67219 and 0.2 lots at 0.67747
On 11,42 on 1M chart I have High at 0.8842 and Low at 0.67219. Price is traded in 11.42

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf 1M.png Size: 43 KB
  • #6
  • Edited 11:39am Jan 22, 2015 11:13am | Edited 11:39am
Doktorforex
But I want to ask what SL it was for usd/chf? Or NO SL?
  • #7
  • Jan 22, 2015 11:50am Jan 22, 2015 11:50am
i used no stop loss, positions were liquidated as a whole
  • #8
  • Jan 22, 2015 2:32pm Jan 22, 2015 2:32pm
USD/CHF never went this low anywhere, whether it is brokers or institutional benchmarks.

I posted a picture on another thread of spreads reaching 2,400+ pips on EUR/CHF at IC Markets. It should be the same mayhem for USD/CHF. Their IT systems broke down, plain and simple. They know it and they have to refund their clients, which is why they have been dragging their feet for a whole week now.
  • #9
  • Jan 22, 2015 4:04pm Jan 22, 2015 4:04pm
Quoting Princeton
USD/CHF never went this low anywhere, whether it is brokers or institutional benchmarks. I posted a picture on another thread of spreads reaching 2,400+ pips on EUR/CHF at IC Markets. It should be the same mayhem for USD/CHF. Their IT systems broke down, plain and simple. They know it and they have to refund their clients, which is why they have been dragging their feet for a whole week now.
Might be more of them widening the spreads and trying to give you bad fills on outside of market prices than IT problems. I would try to talk to them to get them resolved. IF they still don't resolve it to your satisfaction. You are gonna have to go with the regulators route since they don't have an Ombudsman and launch a complaint to ASIC. And search for a lawyer at the same time.
Make your losses in demo. Earn your profits live.
  • #10
  • Jan 23, 2015 9:31am Jan 23, 2015 9:31am
Quoting Forexia
{quote} Might be more of them widening the spreads and trying to give you bad fills on outside of market prices than IT problems. I would try to talk to them to get them resolved. IF they still don't resolve it to your satisfaction. You are gonna have to go with the regulators route since they don't have an Ombudsman and launch a complaint to ASIC. And search for a lawyer at the same time.

agreed. I talked to them about this previously and they always have excuses... Anyway we can still go to Financial Ombudsman Services Australia http://www.fos.org.au/, because ICM is one of their members. ASIC is a good idea, thanks.
  • #11
  • Jan 23, 2015 2:13pm Jan 23, 2015 2:13pm
their arrogancy in this matter is really apparent. I have filed a complaint with the FOS, because they are not interested in any way of diplomacy.
It's sad to be treated this way when the facts are evident. These guys have no morals left.
  • #12
  • Jan 23, 2015 5:47pm Jan 23, 2015 5:47pm
Please post where to file a complaint to officials.
  • #13
  • Jan 24, 2015 6:23am Jan 24, 2015 6:23am
http://www.fos.org.au/
  • #14
  • Jan 24, 2015 3:56pm Jan 24, 2015 3:56pm
Quoting doktorforex
http://www.fos.org.au/
I would also complain to ASIC http://asic.gov.au/ to have them launch a formal investigation into this situation. I am leaning toward the LP's screwing them and they were just playing along accepting these bad fills. Take a look at the link below:

In an extreme example (that affected at least two brokers), Barclays had filled EUR/CHF sell orders at 0.065 (no extra zero) while at the same time EBS was quoting its session low of 0.85. Technology providers that Forex Magnates spoke to corroborated with similar examples of their clients. Firms did state that Barclays and other banks ultimately did provide some price improvement, but often to levels below that of EBS’s low of the day.

http://forexmagnates.com/banks-bucke...nc-volatility/

The price that Barclays in the article chooses to fill the orders seem to coincide with the prices that many of the traders have received from IC Markets. I have talked to them before regarding their order-handling process and they stressed that they have NO dealing desk and pass your orders directly to the pool of liquidity f***ers for them to fill. So you never know. Nevertheless the investigation, should we complain to ASIC and ASIC chooses to conduct, will hopefully reveal whether we are being f***ed over by IC Markets or IC Markets' LP.
Make your losses in demo. Earn your profits live.
  • #15
  • Jan 24, 2015 4:50pm Jan 24, 2015 4:50pm
in either case, it's not client's fault or responsibility. ICM and its LP should split the loss.

Quoting Forexia
{quote} I would also complain to ASIC http://asic.gov.au/ to have them launch a formal investigation into this situation. I am leaning toward the LP's screwing them and they were just playing along accepting these bad fills. Take a look at the link below: In an extreme example (that affected at least two brokers), Barclays had filled EUR/CHF sell orders at 0.065 (no extra zero) while at the same time EBS was quoting its session low of 0.85. Technology providers that Forex Magnates spoke to corroborated with similar examples of their clients....
  • #16
  • Jan 24, 2015 4:52pm Jan 24, 2015 4:52pm
Quoting rootkit
in either case, it's not client's fault or responsibility. ICM and its LP should split the loss. {quote}
It's not a loss on their end. It's a GAIN actually.

YOU lost money on this trade, someone has the gain made on erronous grounds. They just need to give it back.
  • #17
  • Edited 12:15pm Jan 26, 2015 10:04am | Edited 12:15pm
Quoting bajie
At SNB time my account balance is 6825.27 USD and free margin is about 7700 USD. My account only have 0.1 Standard Lot of USD/CHF, but because IC Markets MT4 platform stream erroneous prices and closed my USD/CHF at prices 0.25473, so my account had to blow and all profit orders had to be closed. Yesterday, IC Markets adjusted USD/CHF close price at 0.67219. The result is my account lost 3500 USD. I am in adamant refusal, because: 1. I checked all the brokers and their platforms and Bloomberg Professional Service, the price of USD/CHF had never...
Just as I suspected, IC Markets is taking advantage of the period where liquidity "providers" stopped providing quote to put in whatever price of their own to fill the trades. Take USDCHF for example, even though if you look at a larger tf of chart, it looks like there is price continuity, but if you look at chart of smaller tf like 2M chart, there was NO price quotes from 4:34 until 4:54 AM and your trade was executed at 4:44 which is when the trade was executed. See the chart screenshot below. So if your trade is closed between that time, because there was no quotes from the liquidity f***ers, IC Markets gets to put in whatever price they want to make your negative balance bigger and even turn your profitable trade into losses. And this is Securities Fraud. They can't just fill clients' orders with prices created by their own. They have to fill client orders with a price that's a fair market value, or like somebody said in other threads, a fair close. So this is either a price posted by those liquidity "providers", then in that case, it would show up on the chart. Or if there was no price provided by their liquidity "providers", then they need to use prices from other sources, like Bloomberg, Reuters EBS and etc. Either way they don't get to fill orders with prices of their own invention.

This really needs to be forwarded to ASIC and FOS to investigate. And this is also a test for those regulators like ASIC and FOS to see how capable they are in adjudicating securities fraud cases.

Good luck!
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF_SNB.JPG Size: 162 KB
Make your losses in demo. Earn your profits live.
  • #18
  • Jan 26, 2015 10:27am Jan 26, 2015 10:27am
Quoting Forexia
{quote} Just as I suspected, IC Markets is taking advantage of the period where liquidity "providers" stopped providing quote to put in whatever price of their own to fill the trades. Take USDCHF for example, even though if you look at a larger tf of chart, it looks like there is price continuity, but if you look at chart of smaller tf like 2M chart, there was NO price quotes from 4:34 until 4:54 AM. See the chart screenshot below. So if your trade is closed between that time, because there was no quotes from the liquidity f***ers, IC Markets gets...
You have a trade close between 4:34 and 4:54.
Or just a story of yours
  • #19
  • Jan 26, 2015 11:27am Jan 26, 2015 11:27am
Quoting Tim_isoara
{quote} You have a trade close between 4:34 and 4:54. Or just a story of yours
???
Make your losses in demo. Earn your profits live.
  • #20
  • Jan 26, 2015 11:51am Jan 26, 2015 11:51am
Quoting Forexia
{quote} Just as I suspected, IC Markets is taking advantage of the period where liquidity "providers" stopped providing quote to put in whatever price of their own to fill the trades. there was NO price quotes from 4:34 until 4:54 AM. So if your trade is closed between that time. And this is Securities Fraud.
You have a trade close between 4:34 and 4:54.
Or fraud is in your head?
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