IC Markets - public statements vs individual traders

HungryHound

The problem is that a broker or liquidity providers may have 2 pips spread and next second 3,000 pips spread.
Regulators ( NFA, FCA, ASIC....) must do something about this problem.

yes its true, i have used ic markets for a while and i have a spread indicator on my mt4 which shows me the current spread..and its constantly changing..there are certain pairs that change from 3-9 spread eratically sometimes.

How about exchange 1 USD to 0.06 CHF instead 0.85 CHF, wow i must be rich, IC too =))

Still nothing as of Wednesday despite the assurance that my position would be looked at "tomorrow" (for the second time). And I am not even counting my unanswered query from two weeks ago right after the SNB decision.

What can regulators do when a major global bank makes sudden changes in their policy and market drops 30-40% in an instant? There's nothing regulators can do. Traders and brokers have to be prepared for such events, how ever remote the chances might be.

I am in the same position. Assured that it was being looked at by their head trader, and given a deadline that has now passed.
Also my queries are going unanswered. No reply to emails asking for clarification.

Dont know if they are swamped with work or have just playing for time. Very bad customer service in my opinion.

Tim_isoara how much do they pay you? they manipulate prices and its a robbery.

I presented my charges on FOS and ASIC already.

Not even the 200 euros remaining on my account (after losing more then 3k) they let me cashout, bunch of thieves.

My money would be on "playing for time". I hope you have already launched your complaint to both ASIC and FOS by now as I told you last week. By this time, they are NOT spitting out the money. You need to collect it from them now.

Good luck!

This is NOT about "market drops 30-40% in an instant". This is about IC Markets adding another 70% on top of that "30% - 40% drop" based on unfounded price just so they can extract more money from their clients. This is securities fraud. And there is no preparation for that. You just simply report it to the regulators for them to investigate it. Maybe it's their liquidity "providers" that's insisting on revising the trades with off-the-market prices and IC Markets is just passing them onto the clients, maybe it's IC Markets themselves that's greedy wanting to make a big profit on the spread or maybe both. But it's up to the regulators to investigate and find out and fix it now.

IC Markets has been given ample chances to fix it right but they haven't done it either because they are not willing to or not able to, another thing for the regulators to find out.

I have now heard back from IC Markets and they have dismissed my claim without supplying me with the data I requested supporting their decision.
So I am joining the queue and filing a complaint with the FOS.

I spoke to another firm today as I am moving all my remaining funds away from ICMarkets. He confirmed what is now becoming known that IC Markets are light on the ground and the problems lie with the way MT4 handles orders.

Also intend to post on Forex Peace Army.

Should set up a thread to follow progress on people that have filed complaints with IC Markets and then gone onto FOS

It looks as if icmarkets now working on solutions.
Trusted post?

http://www.forexpeacearmy.com/forex-...tml#post192898

Yes, this is correct. They decided to make good on the trades of only a select group of traders that I will not name for the moment.
Client discrimination is unethical and irregular when dealing with similar cases. Yet, IC Markets did it.

Have you guys presented charges on FOS and ASIC? I have done it already and urge you all to do the same.

Princeton those selected group of traders are Australian?

http://www.forexfactory.com/showthre...84#post8028784

Who? Alien?

Latest update from IC Markets support:

"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]

Angus has expressed that he would like the opportunity to speak with the following forum users; Princeton, Forexia, HungryHound and PedroGuedes"

blame the LPs and pass the negative hits on clients accounts, nice!

I can speak with him no problem. Just sent an email to support with the word "angus".

I have just sent off an email and am also happy to talk to him and welcome the fact that they will take another in depth look at my complaint.

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

IC Markets has decided to Cover for the Client Negative Losses from Swiss Franc Volatility.

Please find the latest official Press release announcement made by IC Markets here: http://forexmagnates.com/ic-markets-...nc-volatility/