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IC Markets

Quoting Princeton
{quote} Bloomberg shows the following lows: USDCHF = 0.7406 (BGN feed) EURCHF = 0.8517 (BGN feed) Another very reliable broker shows the following lows on their LIVE platform: USDCHF = 0.83956 EURCHF = 1.00469 So the truth has to be somewhere between both feeds. In any case, getting margin called at 0.36xx is simply not happening on USDCHF. I am sure they will fix it. Let's wait and see.
Is this bid or midpoint?
Quoting shrike
{quote} Is this bid or midpoint?
That was midpoint for Bloomberg, but by the time price touched its low, LP's came back in and mid was a good proxy for bid.
BGN feed shows a bid low at 0.8472 for EURCHF and 0.7402 on USDCHF.

Broker information was bid price.
Hi Guys,

Please find IC Markets' official post in their site http://www.icmarkets.com/blog/2015/0...or-ic-markets/.

They seem to be going strong, IC is one of the very few brokers to have survived the Swiss Franc crisis.

http://forexmagnates.com/ic-markets-...sses-setbacks/
http://forexmagnates.com/foreign-exc...surpass-1-bln/
Quoting joshi90
Hi Guys, Please find IC Markets' official post in their site http://www.icmarkets.com/blog/2015/0...or-ic-markets/. They seem to be going strong, IC is one of the very few brokers to have survived the Swiss Franc crisis. http://forexmagnates.com/ic-markets-...sses-setbacks/ http://forexmagnates.com/foreign-exc...surpass-1-bln/
Collection agencies will be very busy for the forex industry for brokers who chose to demand clients to make up for negative balances. Come to think of it, trading on leverage is like trading with money lent by the broker according to the leverage rate, 1:100 for example means for every dollar the trader has put in, the broker is lending out $99 normally when a trade closes, whatever is borrowed is immediately paid back to the broker. But in the wake of huge losses that is larger than how much the trader has put in then he/she is still on the hook to pay back how much was borrowed from the broker, i.e. that $99 that the broker has put in for every dollar that the trader has put in UNLESS the broker decides to forgive that loan in the situation of negative balances otherwise it's no any different from any bad loan collections.

Just hope these brokers do not resort to employing questionable personnel and methods in their collection efforts.
Make your losses in demo. Earn your profits live.
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]"
I was using FXCM TS2 trading XAUUSD for years, but now its leverage becomes too ineffective to hold on. Therefore, I am now preparing to turn to IC cTrader. Although experiencing quite fluently and conveniently with Demo account, I still have some questions before taking actions to open a real account:

 

  1. Is there any restriction or problem for withdrawing funds with large amount frequently? For example, $200,000 every week. Especially after the SWISS SHOCK. By now, FXCM TS2 is okay.
  2. The trading response speed of Demo account is quite good, is the real account feels the same? In my opinion, that's a great advantage over FXCM TS2.


Any suggestion or reply of my questions about IC Markets cTrader will be highly appreciated.
Thanks!

Quoting joshi90
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] ("[email protected]")"
IHMO stay away from this broker... I my case after adjusting balance in the right way they have take my money from another account to recover my negative balance without any communication..
Regards
Quoting lemonde
I was using FXCM TS2 trading XAUUSD for years, but now its leverage becomes too ineffective to hold on. Therefore, I am now preparing to turn to IC cTrader. Although experiencing quite fluently and conveniently with Demo account, I still have some questions before taking actions to open a real account: Is there any restriction or problem for withdrawing funds with large amount frequently? For example, $200,000 every week. Especially after the SWISS SHOCK. By now, FXCM TS2 is okay. The...
Hi Lemonde, i am trading with IC Markets for almost 2 years now. I am currently using their MT4 platform for my true ECN account, but I may shift to their ctrader platform sometime in the near future as i have heard good feedback from few of my trader friends who are using ctrader with ICM. The ctrader was built to operate specifically in a True ECN environment and should definitely be better. Regarding your query about withdrawing funds, i am sure you need not worry about it as they are have made a clear statement that they remain solid inspite of the SNB crisis and backed by a strong regulation( ASIC).

Regards
Quoting cescof
{quote} without any communication.. Regards
CESCOF, I am not sure about the exact details of your situation. But as far as i am aware IC Markets are trying their level best to handle the situation. Their staff have made sure to regularly update and contact the affected traders directly. Like mentioned in my previous post Please try sending an email to support with ‘Angus’ in the subject field and he will call you after having a look at your account. [email protected]
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
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,...
Good on you my Prince.
Fear prevent possibilities, and so does Greed
I got stopped out with a price that was no even on a chart. No spike. Simply a price that was never on a chart. It happened while the spread was normal and it happened twice (eurjpy and with gold) on a demo account.

Has anyone similar issue?
Quoting Vitez
I got stopped out with a price that was no even on a chart. No spike. Simply a price that was never on a chart. It happened while the spread was normal and it happened twice (eurjpy and with gold) on a demo account. Has anyone similar issue?
Hi Vitez, can you share the screenshot of the trades that were stopped out? Usually, if there was no spike/price printed, the trade would have most probably closed due to spreads. Did the price trade within 1-2 pips of your stop loss?
the eurjpy trade was on a demo account I don't have anymore but the gold happened today. the spread was super tight all day and I was watching the price as it happened.

spread is 20 cents so it was no near 1235.04 price where it got me out.

they said that I should check the journal why it happened and there's no info there. I said don't you think it shouldn't happen no matter what?

I understand I was out because of stop out level I get all that but it shouldn't happen at that price.
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it went up to 1234.32 + 0.20 (spread) = 1234.52 while exit price was 1235.04
Quoting Vitez
the eurjpy trade was on a demo account I don't have anymore but the gold happened today. the spread was super tight all day and I was watching the price as it happened. spread is 20 cents so it was no near 1235.04 price where it got me out. they said that I should check the journal why it happened and there's no info there. I said don't you think it shouldn't happen no matter what? I understand I was out because of stop out level I get all that but it shouldn't happen at that price. {image}
see, this is the kind of problem some of us had. whenever we report to them they always say shouldnt happen, should be no issue etc. do go to scam alert folder under forexpeacearmy and look at the cases there.

you are fortunate to be on DEMO else idk how much u would lose with this "trick"

ps: Joshi90 is staff of icmarkets just FYI
Quoting MaryAnne
{quote} see, this is the kind of problem some of us had. whenever we report to them they always say shouldnt happen, should be no issue etc. do go to scam alert folder under forexpeacearmy and look at the cases there. you are fortunate to be on DEMO else idk how much u would lose with this "trick" ps: Joshi90 is staff of icmarkets just FYI
Nice to know that Mary Anne.

So it happens on live too? Well then I don't see a reson to trade with them. There are other brokers however it is true most brokers that offer 500:1 have some bad reviews on forexpacearmy.
Quoting Vitez
{image}
Quoting Vitez
it went up to 1234.32 + 0.20 (spread) = 1234.52 while exit price was 1235.04
Vitez, i think you have mistaken. The spreads in XAUUSD can never be 0.20 pips. It is on a average 3 pips and can easily touch a Max of around 5 pips during swing high/lows, volatility etc. Also, i cannot see any SL in your Trade history screenshot? I'm not sure how you were "Stopped out" then like you mentioned.
  • Post #279
  • Quote
  • Edited 10:51am Feb 17, 2015 10:43am | Edited 10:51am
Quoting Vitez
{quote} Nice to know that Mary Anne. So it happens on live too? Well then I don't see a reson to trade with them. There are other brokers however it is true most brokers that offer 500:1 have some bad reviews on forexpacearmy.
there was a russian guy who had similar problem u described, on live server and lost a lot of money. he opened thread in forexpeacearmy scam folder to voice his complaints together with logs/screenshots. he said it was something to do with their bridge server problem (see? again server issues zzz) but he never got his money back.

yea, 1:500 is honestly very big. I dont see other ecn brokers offering that much... it did make me wonder. not to mention you also get referral commissions, nice ones (see screenshot), for people who sign up under you. and yes, do pay more attention to the bad reviews or the detailed ones for any broker. usually those tend to be more truthful unfortunately as compared to the 5 stars "perfect broker" reviews.

update: checked with the guy who referred me and the group (many of us). he said he didnt get those nice commission. only a measly amount in fact... not too sure why. he said they evade the topic when he asked lastime.
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Quoting Jlrobert
{quote} {quote} Vitez, i think you have mistaken. The spreads in XAUUSD can never be 0.20 pips. It is on a average 3 pips and can easily touch a Max of around 5 pips during swing high/lows, volatility etc. Also, i cannot see any SL in your Trade history screenshot? I'm not sure how you were "Stopped out" then like you mentioned.
Robert I am not mistaken. I was watching the price and the spread was tight at 20 cents it went up to max 25cents. It should not happen no matter how you look at it. The volatility was low because it was US holiday so.........do you work for ICM as well?
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