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IC Markets - public statements vs individual traders

  • #41
  • Jan 23, 2015 6:07am Jan 23, 2015 6:07am
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...
I got the same thing. I luckily only had like 30 pips slippage. i wonder why they felt it necessary to take a week for this, not very cool.
  • #42
  • Jan 23, 2015 6:15am Jan 23, 2015 6:15am
Did they add anything to your balance?
  • #43
  • Jan 23, 2015 6:49am Jan 23, 2015 6:49am
Quoting Banksia
Why don't you contact the journalist from the ABC who gives his details in the "CHF move as a broker "Stress Test" - Which tried to honor SL's? thread, post #163? Perhaps the ABC would be interested in reporting on what is happening with your situations with IC Markets. The bad publicity which would be generated from this could be enough to force IC Markets to do the right thing.
Where is this journalist? Please send us the contact
Thanks!
  • #44
  • Jan 23, 2015 7:20am Jan 23, 2015 7:20am
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...
Of course they are thiefs.... they adjusted the closed price at 0.67. But in fact, at that price, my account had enough balance to hold my orders. So, Do you think it is reasonable that IC closed all my orders? I lost chance and best prices to close my orders. This causes me lost more than 4000 USD for my other orders.
  • #45
  • Jan 23, 2015 7:37am Jan 23, 2015 7:37am
Quoting PedroGuedes
Did they add anything to your balance?
nope, just left it as is. I have not heard of any adjustment for anyone yet. Perhaps those who won big are being adjusted though.
  • #46
  • Jan 23, 2015 8:07am Jan 23, 2015 8:07am
In all honesty, even until now I have never heard of them giving back money to anyone whether it be through platform freeze and issues, slippage or widening spreads or whatever. Complaints are rife in forums if you ignore those "too good to be true" 5 star reviews usually from Australia. You will notice majority of the clients from overseas always complain of such issues and even withdrawals yup.

Last year during July NFP I also had this platform problem. It would never close for me even if price went far below my short TP... went to live help and saw 40+ people in queue ahead of me. Yet when you message them, they still insist their server is up fine and running? Am not surprised history repeats itself last week, and yes it is indeed odd ctrader and mt4 showed you different lows for that CHF pairs, but u will not get a reply from them. They will just avoid you.

Better to report to ASIC and FOS and see if you can get some money back.
  • #47
  • Jan 25, 2015 7:16am Jan 25, 2015 7:16am
Support (IC Markets)
Jan 25, 16:34
Hi Sund,
I can confirm no adjustments have been made on your account XXXXXX, as all executed prices have been verified correct by our liquidity providers. Let us know if you have any further questions.
Kind Regards,
Sung Choi | Support Team Leader | IC Markets

Risk Warning: Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. International Capital Markets Pty Ltd. ACN 123 289 109. AFSL No. 335692.
Notice to recipient
The information in this email and any attachments may contain confidential and/or privileged information. It is intended solely for the addressee(s). If you are not the intended addressee, please notify the sender immediately (and destroy this email and any attachments from all computers). Any review, copying; redistribution in whole or in parts of this email or its attachments or any other action in reliance to this email or its attachments is strictly prohibited.
2014 International Capital Markets Pty Ltd | All rights reserved.



Louise Clark (Support Team) (IC Markets)
Jan 23, 23:09
HI Sund

I could not find the adjustment that was apparently made to this account.
Please check
Thanks
Kind Regards,
Louise Clark | Support | IC Markets

Risk Warning: Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. International Capital Markets Pty Ltd. ACN 123 289 109. AFSL No. 335692.
Notice to recipient
The information in this email and any attachments may contain confidential and/or privileged information. It is intended solely for the addressee(s). If you are not the intended addressee, please notify the sender immediately (and destroy this email and any attachments from all computers). Any review, copying; redistribution in whole or in parts of this email or its attachments or any other action in reliance to this email or its attachments is strictly prohibited.
2014 International Capital Markets Pty Ltd | All rights reserved.

This email is a service from IC Markets. Delivered by Zendesk.


Not even my name they can write, probably they didnt even bother to look to my account. I will press charge on the relevant institutions. SCAMMERS and THIEFS!
  • #48
  • Jan 25, 2015 7:37am Jan 25, 2015 7:37am
This was my answer:

Not even my name you can spell right, perhaps you answered yourself the email? Did you even bothered to check anything?

On your first email you said adjustments were made on my account and now you tell me that no adjustments were made. This is a serious joke with very serious consequences.

Your platform on Ctrader does not have the same spikes as on MT4. I was eliminated with a 800 pip spike that did no exist (bloomberg, reuters, swiss statement and all other brokers had a low on 0.85) and you say your liquidity providers confirmed the trade was executed on right prices, are you out of your mind or it makes part of the scam?

I will press charges in relevant institutions.
  • #49
  • Jan 25, 2015 2:09pm Jan 25, 2015 2:09pm
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. 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.
  • #50
  • Jan 27, 2015 7:24am Jan 27, 2015 7:24am
hi , everybody , do you have any response from IC Markets?
  • #51
  • Edited 5:27pm Jan 27, 2015 1:21pm | Edited 5:27pm
Quoting bajie
hi , everybody , do you have any response from IC Markets?
This is an article that was published in a Australian newspaper I guess that talks about IC Markets. IC Markets talked about how they want to handle the clients' trades and funds. Not sure if they will hold themselves to it. Great spin from them though.

http://www.smh.com.au/business/marke...#ixzz3Py4OV9EE

Good luck!
Make your losses in demo. Earn your profits live.
  • #52
  • Jan 27, 2015 4:34pm Jan 27, 2015 4:34pm
Quoting bajie
hi , everybody , do you have any response from IC Markets?
No still nothing on Tuesday, despite their expectation that my case would be looked at today.

I said that I would give them one last week to fix their mess. But not one extra. So I am waiting for now.
  • #53
  • Jan 27, 2015 5:17pm Jan 27, 2015 5:17pm
Quoting bajie
hi , everybody , do you have any response from IC Markets?
I was told hat they would re look at my case and come back to me by the 27/01 .
That was yesterday our time.
I will wait until tomorrow before taking it to the FOB.

If they don't do something for me, when I was on a Buy side trade, and I know that when they closed me out they must have made a substantial profit at my expense, I cant see then doing much for others, although it looks like they are now getting some unfavourable press coverage, and it will only get worse if they don't come to to party and start being reasonable, and doing the right thing.
  • #54
  • Jan 27, 2015 6:34pm Jan 27, 2015 6:34pm
I presented my charges on FOS and ASIC. Wont get my Money back but I will do whatever it takes to show what ic markets are. I really feel impotent with all this situation. This is a robbery.
  • #55
  • Jan 27, 2015 7:04pm Jan 27, 2015 7:04pm
1. reinstate account balances
2. write off negative balances
3. go after LPs


these are what ICM should do now to re-gain their reputation
  • #56
  • Jan 27, 2015 8:11pm Jan 27, 2015 8:11pm
Quoting PedroGuedes
I presented my charges on FOS and ASIC. Wont get my Money back but I will do whatever it takes to show what ic markets are. I really feel impotent with all this situation. This is a robbery.
I must say its been a real eye opener for me. It really made me question the wisdom of trading FX. I don't mind risk when you can have some control over it. But when events like this happen, your at the mercy of the broker. And as appears to be happening in this case, the broker will take advantage of the situation if possible.

From my on point I feel that IC markets has been shown to be very poor in communicating with its effected clients.

It will just remain to be seen how effective the FOS and Asic are.
  • #57
  • Jan 27, 2015 11:21pm Jan 27, 2015 11:21pm
Quoting HungryHound
{quote} I was on a Buy side trade, and I know that when they closed me out they must have made a substantial profit at my expense,.
IC Markets is a ECN broker, they don't made profit when you have a loss.
IC Markets not trade against you, they work for a comission.
  • #58
  • Jan 27, 2015 11:46pm Jan 27, 2015 11:46pm
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 know a trader, his trade was closed between 4:34 and 4:54? Or fraud is in your head?
  • #59
  • Jan 28, 2015 12:50am Jan 28, 2015 12:50am
Quoting Tim_isoara
{quote} IC Markets is a ECN broker, they don't made profit when you have a loss. IC Markets not trade against you, they work for a comission.
With all due respect you are incorrect.
Well I also thought they were a ECN and they are on larger lots. If it is a small lot then they take the other side, apparently.

I requested data and was only given data that the trade was activated. IC Markets closed me out during gap in the market where there was 1 lot traded. The true price was 400 pips higher. So if they closed me out and the next second the price is 400 pips higher and they must make a profit, at my expense. In addition I had a order pending to close my trade and it never got activated, bypassed in favour of IC Markets.
  • #60
  • Edited 1:37am Jan 28, 2015 1:25am | Edited 1:37am
Quoting HungryHound
{quote} With all due respect you are incorrect. Well I also thought they were a ECN and they are on larger lots. If it is a small lot then they take the other side, apparently. I requested data and was only given data that the trade was activated. IC Markets closed me out during gap in the market where there was 1 lot traded. The true price was 400 pips higher. So if they closed me out and the next second the price is 400 pips higher and they must make a profit, at my expense. In addition I had a order pending to close my trade and it never got...
No, you are wrong.You suppose, but the reality is this.


Attached Image


If you can prove the contrary, the IC is good for payment. A lot of money, not only the money you lost.
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