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IC Markets

  • #861
  • Jan 29, 2015 10:37am Jan 29, 2015 10:37am
[quote=Rims;8032384]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.'

I got the same sort of response. No data as requested to back up their decision. No replies to emails. Just a pack of form letters.
IC Markets Customer Service Sucks. I have lost all faith in their internal review process. They are making no genuine effort to address traders problems.
Looks like FOS is going to be busy with claims from IC Markets ex clients.
  • #862
  • Jan 29, 2015 2:39pm Jan 29, 2015 2:39pm
Are there more people affected and have the same problem with ICMarkets? i'm sure they are!
I think its better to send several complains to FOC and ASIC with same subject. Together we may be more strong!
If anyone wants to join me on this, my emailadress: [email protected]
  • #863
  • Jan 30, 2015 4:05am Jan 30, 2015 4:05am
Quoting Rims
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!!!
The fx market is decentralised and there is no one correct price for a currency pair - the real price is the price your broker/liquidity provider offers at the time. If you don't understand that simple concept you shouldn't be trading forex.
  • #864
  • Jan 30, 2015 4:26am Jan 30, 2015 4:26am
This morning after a yesterday mail in which the say my adjustment price was OK and after they ask me to recover my negative balance, they transfer found from my other account to this negative one... WITHOUT ANY COMUNICATION
Really really annoying... Pay attention to ICMARKETS
Regards
  • #865
  • Jan 30, 2015 4:47am Jan 30, 2015 4:47am
what they are doing right now is ruining their reputation. So many brokers have waived negative balances, while they still try to squeeze from clients. what a joke to claim to be a big fx broker.

Quoting cescof
This morning after a yesterday mail in which the say my adjustment price was OK and after they ask me to recover my negative balance, they transfer found from my other account to this negative one... WITHOUT ANY COMUNICATION Really really annoying... Pay attention to ICMARKETS Regards
  • #866
  • Jan 30, 2015 6:49am Jan 30, 2015 6:49am
Quoting TheMaxx
{quote} The fx market is decentralised and there is no one correct price for a currency pair - the real price is the price your broker/liquidity provider offers at the time. If you don't understand that simple concept you shouldn't be trading forex.
Maxx, it looks like you are working at ICMarkets what you say is not totally true. I do forex for many years. If broker sends fictionary quotes they know weired things will happen as many systems will respond on that. Difference between brokers is no more than 10pips (on non-majors. On majors its less than 2pips). But over 2000pips? thats called steeling money from peoples account. You should know that too
  • #867
  • Jan 30, 2015 7:31am Jan 30, 2015 7:31am
Quoting Rims
{quote} Maxx, it looks like you are working at ICMarkets what you say is not totally true. I do forex for many years. If broker sends fictionary quotes they know weired things will happen as many systems will respond on that. Difference between brokers is no more than 10pips (on non-majors. On majors its less than 2pips). But over 2000pips? thats called steeling money from peoples account. You should know that too

+1
  • #868
  • Jan 30, 2015 4:51pm Jan 30, 2015 4:51pm
You guys just bear with me until the beginning of next week.

https://www.forexsignals.com/forum/s...l-read/page49?
  • #869
  • Jan 30, 2015 5:33pm Jan 30, 2015 5:33pm
what do you expect going to happen next week? This Sung ignore us more? This whole thing is been calculated by ICMarkets. They play by the rules they've agreed on before they even look at any case. They really are scam.
  • #870
  • Feb 2, 2015 1:45pm Feb 2, 2015 1:45pm
Update from IC Markets.

"IC Markets has completed the task of amending all trades on client accounts and adjusting balances where appropriate. They are now at the stage where there are only a few clients who require IC Markets to take another look at their account.
Please send an email to support with ‘Angus’ in the subject field and he will call you after having a look at your account. [email protected]"
Real Time Discounts for IC Markets. Partner ID = 1695
  • #871
  • Feb 2, 2015 2:23pm Feb 2, 2015 2:23pm
Is ruble trading still suspended?
  • #872
  • Feb 3, 2015 8:56am Feb 3, 2015 8:56am
Quoting ahmerkhan
Update from IC Markets. "IC Markets has completed the task of amending all trades on client accounts and adjusting balances where appropriate. They are now at the stage where there are only a few clients who require IC Markets to take another look at their account. Please send an email to support with ‘Angus’ in the subject field and he will call you after having a look at your account. [email protected] ("[email protected]")"
Thanks for your offer. I guess it would not bring any additional value. I got feedback from the support team leader, that the rates have been verified as correct. I did some more research, it seems truely normal for icmarkets to quote enormous spreads. They are missing a control mechanism like other brokers have to limit the spread.
i quit on icmarkets. I cannot recommend this broker. Average spread might be good but its not possible to trade with that spread peaks. I payed abou 1000€ commision / month and it seems not worth to find a solution for my issue of 1200€ lost).
  • #873
  • Feb 3, 2015 10:15am Feb 3, 2015 10:15am
hi all,

i am new guy, new trader, and in the middle to decide to open new account with several candidates, one of those are IC Markets.
Indeed they have the best Website interfaces for clients navigation, at least that is my first impression compared to my other candidates.
Also the general spread, the lowest.
One of my consideration to open the account is how the broker deal with profitable clients and losing clients during the SNB event.
For negative balance clients, it is a plus if a ECN broker has the strength to reset all those negative.
However, I am also concerned about the profitable clients, so i asked IC markets live chat, they replied:

Quote
Me 05:00:22 pm

last thing i'd like to know is about the last CHF event, for clients who profit from CHF trade, do they get what they profit or IC made adjustments for those profit trades?

(Support Team)05:05:30 pm
The ones that had profit and closed the trade on non-erroneous prices have kept the profits from their trades

Me 05:09:25 pm
may i know what type of error that might cause the profit trade to be voided or adjusted on the ecn mechanism?

(Support Team)05:10:20 pm

for example, getting a fill price of 0.00 in a currency pair, this...


I conclude that any ticket that filled with 0.0x price is error according to them and need adjustment. So, despite the price feed problem if they adjust for all negative (reduce the losses) and positive balance clients (reduce the profits) then it would be fair right?
Is that the case they do to all you guys?

Anyway, the price is never 0.0x in reality. so if they quoted the price like that during that SNB event, does it mean their system is bad?
Is the same thing (price quote 0.0x ) happens with other ASIC ECN broker? says .. Axitrader and Globalprime
  • #874
  • Feb 3, 2015 11:01am Feb 3, 2015 11:01am
i have been trading with them for last few months and its gives me pleasure to work with them. the support system is good for me.
  • #875
  • Feb 4, 2015 4:36am Feb 4, 2015 4:36am
Everyone,

I had a constructive conversation with Angus Walker last night and I wanted to make clear with everyone that IC Markets finally DID MAKE AN ADJUSTMENT to my account in the end. I understand that Angus has pretty much been caught between angry traders and IC Markets management strategic choices both in terms of business (constant quote streaming) and service (compensating clients). So out of respect for Angus who has shouldered most of the mess, I will not specify the exact nature of the adjustment so as not to create a vaccuum of claims, especially as everyone's cases are widely different from one another.

But first, I would just like to underline his willingness to help and his straightforward talk which was refreshing after these two weeks of confusion. Second, the phone call was helpful in getting a better grasp of the ramifications of what happened throughout the responsibility chain. In essence, IC Markets made a business choice. A choice which obviously relies on a dilemma for which I do have an opinion but for which there is no right answer. That choice is that of not shuting down IT systems and not stopping traders from placing trades during high volatility events. The truth is that many traders want to keep being able to trade at all times and may have equally blamed IC Markets should they have not provided quotes (even outlier LP bids) during the SNB event. There are two schools. I rather belong to the "allow fair pricing or shut systems down" one and I respectfully disagree with their business choice which can lead to absurd extremes (hence my claim). But again, it's a business model that does suit many other traders and having it clearly outlined is as honorable as well as worth considering in matching their own trading priorities with those of IC Markets.

For this reason, unlike other brokers, this choice makes their quote feed more vulnerable to spread spikes and rogue LP quotes. On the other hand, and unlike with other brokers, you will be allowed to trade during news events and you will also receive tighters spreads during regular market hours. It is a trade-off. Again, there is no right answer. It is merely a matter of what kind of trading systems your profitability depends on.

So all in all, and despite the communication which was admittedly very poor over the last two weeks and could lead to assumptions, I can testify after talking to Angus that IC Markets is really trying hard to meet their client expectations while providing solid trading advantages versus competitors, because let's face it, we all came to IC Markets in the first place because of their tight ECN spreads and no second-look execution. I think that everyone now will be better off knowing what to expect from their business model and I wanted to make sure that Angus takes credit for taking care of my case.

Best regards,
Princeton
  • #876
  • Feb 4, 2015 8:18am Feb 4, 2015 8:18am
Quoting Princeton
Everyone, I had a constructive conversation with Angus Walker last night and I wanted to make clear with everyone that IC Markets finally DID MAKE AN ADJUSTMENT to my account in the end. I understand that Angus has pretty much been caught between angry traders and IC Markets management strategic choices both in terms of business (constant quote streaming) and service (compensating clients). So out of respect for Angus who has shouldered most of the mess, I will not specify the exact nature of the adjustment so as not to create a vaccuum of claims,...
very happy to hear this, good job IC Markets to finally come through for this customer
  • #877
  • Feb 5, 2015 2:12am Feb 5, 2015 2:12am
Hi All,

I've been reading that IC Markets is part of eToro, (though I dont know any bad things about eToro yet), so I ask IC Markets support what is the relationship with eToro, they replied:
Quote
IC Markets is a separate entity from eToro and is not connected to any other brokers.
International Capital Markets Pty Ltd (IC Markets) is authorised and regulated by the Australian Securities and Investments Commission (ASIC), licence number 335692.
You can find the details of the Licence by following the link http://www2.search.asic.gov.au/cgi-b...3=&start_date=

However, i searched and found IT HAS some relationship with eToro. Please CMIIW.
Here are some links I found

The business name of IC Markets is "Etoro Asia Pasific"
http://abr.business.gov.au/SearchByA...12+123+289+109

https://connectonline.asic.gov.au/Re...=18poihn0na_27

https://connectonline.asic.gov.au/Re...te=qwxcaubin_4

I do not know anything about Etoro , i don't have any complaints or searching anything complaints against them yet.
So for me, there is no problem even IC markets is part of eToro.

What I am not so happy is the reply from their support not explaining their relationship with eToro.
Or.. am I wrong here? Please help me to clarify
  • #878
  • Feb 5, 2015 3:12am Feb 5, 2015 3:12am
Quoting sun85
Hi All, I've been reading that IC Markets is part of eToro, (though I dont know any bad things about eToro yet), so I ask IC Markets support what is the relationship with eToro, they replied: {quote} However, i searched and found IT HAS some relationship with eToro. Please CMIIW. Here are some links I found The business name of IC Markets is "Etoro Asia Pasific" http://abr.business.gov.au/SearchByA...12+123+289+109 https://connectonline.asic.gov.au/Re...=18poihn0na_27...
Sun85, i remember seeing this discussion in some other old thread in FF, it was confirmed by representative from ICM that eToro and IC Markets are two different entities with completely different infrastructure. The partnership talks with ICM was only related to sales and marketing for eToro's asia pacific operations.
  • #879
  • Feb 5, 2015 4:10am Feb 5, 2015 4:10am
As per my information IC Markets and etore are two separate business.

A good information is here.
Real Time Discounts for IC Markets. Partner ID = 1695
  • #880
  • Feb 5, 2015 4:54am Feb 5, 2015 4:54am
Thanks ahmerkhan for your useful information. But I am confused with these pages.
https://connectonline.asic.gov.au/Re...e=5x5bmghyd_22

http://abr.business.gov.au/SearchByA...12+123+289+109

Are those registration details confirm that both are separated entities?

And what kind of partnership do they have from the news dated 2010? I don't see any social trading platform belongs to etoro available on IC markets.
Or what type of partnership that we can see?
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