IC Markets Scam or You can Call it illegal Tactics

Fault accepted, I was not aware of this third party deposit thing in the first place and when the very first deposit was accepted I was sure that they will not have any problem and they accepted 2 more deposits all in 3 deposits and when the whole thing get worse they silently made changes in the T&C and front of their website. If you want to see I can attach everything here so you can get to know why I was and I am still in the legal battle.

I’ve been reading some negative reviews about IC Markets too lately. If what CreativeT is saying is true then I believe that ICM should return all funds, including any profit made, to the rightful owners. Had the account made a loss they would not have returned the lost amount, would they? If that is the case then they have no right to keep the profits either.

The regulatory authorities should make an example of ICM and fine them for even accepting the funds from USA and Canada when they know that it is illegal or against regulations for them to do so. They should not be allowed to hide behind AML policies when it suits them and when they themselves have clearly violated those policies. That is just plain nonsense and such behavior should not be tolerated. What happened to protecting the rights of traders? Isn’t that the reason that these regulatory bodies were instituted?

I am not a lawyer and the above is just my opinion.

1 Like

I completely agree with your suggestions, I contacted ASFL and FCA, FCA’s response was very quick and to the point but ASFL took days and their response was not clear when I provided all the payment proofs, changes in the T&C and website of ICM.

ICM always yelling it’s against AML policies and when I asked the same question that why you ICM accepted third party payments especially when it was coming from the countries ICM is not legally permitted to accept payments. I learned a big lesson that whenever you start telling truth the whole world of scammers will surround by asking legal questions. I only have one question now if it was against AML policies why ICM kept accepting third party payments.

I have no connection with ICM. I don’t have any communications with them, I don’t have an account with them and I have never had an account with them.

I am only able therefore to post based on what you have posted. You have said you deposited money with a firm, at least some of which was not yours and which was in breach of their T&C’s. You therefore have no right to trade this account and no rights to any profits made. But you do have a right I believe to a refund of your part of the money originally deposited and you should pursue the company for this using all legal means available.

I’m not going to comment again on the money which you handed over to IC and which was not yours because that’s none of your business what happens to it. It wasn’t your money, IC won’t give it to you, and whatever IC decide to do is between them and the owners of the money.

Please keep us at BP informed how you get on.

I mostly agree. The money deposited should be returned to the rightful owners, which means some might go to CreativeT but the rest has to be split and go back to whoever he got it from. They and he must prove ownership of the money and at that point IC are no doubt legally required to hand it back to the owners. But not all the money is CreativeT’s.

As for the profits, there’s no way the profits are going to CreativeT or anyone else.

Yes, the regulators should look into this and sounds like they should take tough action.

Another interesting point here.

IC say they don’t accept clients from the US, Canada, Israel or Iran, but you sent them money from Canada and the US. The fact that you sent money from these countries and the fact that it arrived at IC does not mean you automatically therefore have a client/broker relationship with the firm.

Think about it, I could send money to every broker in the world but that doesn’t mean they all must now work for me. Especially if they said they’re not accepting any clients from my country.

You’re trying to convince us you have a contractual relationship which the firm have clearly said they do not permit. The absence of the contractual relationship means you are not entitled to any benefits that would arise from such a relationship - in this case, the profits from forex trading on your behalf.

Face it, in law, you are not a client of IC and you never have been.

Of course, what the firm must do is return the money to whoever owns it. I hope you can prove the amount that you own.

OK, but what about the people who gave you money to trade with for them? What do they say? Have you even told them you have thrown their money into a firm’s bank account and you cannot trade it and you cannot get it back for them? Have you told them you tried to trade it with a firm that would not have you as a client? What did they say? What were the actual words please?

But they did accept the funds and placed it in his trading account to trade with. That, to me, is an implied contract. If they had returned the funds immediately upon their arrival or not accepted the funds in the first place that would have been a different matter. They did neither, on multiple occassions! ICM has a fiduciary responsibility and should be held accountable and liable.

The above not withstanding, if ICM is taking the stance that the OP is not a client then, again, they should return the funds to the rightful owners. In either case, I fail to understand the logic that they have the right to keep any of the funds.

IMO, the case is clear and ICM is culpable. Were I the judge in this matter I would deal a severe hand and throw the book at them.

So far as we have hear from the OP, ICM have not said they have confiscated the funds. I am sure they await evidence as to who are the legal owners and they will reimburse each deposited amount accordingly.

The profits however were obtained outside the T&C’s (and possibly also illegally, depending on the jurisdiction’s regulator). There’s no way ICM will honour their side of conditions of an implied contract that breach specific T&C’s in an actual contract.

I just looked up the T&C’s of the firm I use. They contain a specific clause - if they credit my account with any money in error, they reserve the right to remove it without delay. Any profits which ICM credited into the OP’s account would probably fall under this heading, as it was their error which allowed the account to be used for trading. Perhaps as a goodwill gesture they might even split the profits with him and his backers.

I will say again Read my first post carefully and then comment. It was my money that I received from my clients. I am a freelancer I did their required work and instead of sending money into my bank account I requested my clients to directly deposit into my ICM account. It was my ICM account not other people’s account, now clear or do you need more clarity?

My ICM account was opened in 2016 not in 2018. I just requested my clients to deposit into my ICM account because when:
1- When client send me money into my bank account it take some days to arrive
2- It converts USD, GBP, AUD in to PKR and conversion rate is very low
3- When depositing in to ICM or any other broker Pakistani banks charge 4% extra fee plus some taxes because money is going out

These were the main reasons I requested my clients to deposit into my ICM account. I know why you are replying to everyone’s questions to remove what’s going into their heads and you are trying to tell people that it was not my money. And, I know you have been hired to represent ICM to maintain it’s reputation on the online forums. If ICM regulated by FCA I can guarantee you that they will pay me all my funds with profits and the time I wasted by replying to nonsense people who never ever tried to read the post and try to claim That we are specialized in maintaining online reputation.

I represent nobody except myself. The views I express here are my own. I have no connection with ICM and have never been a client or employee of theirs.

I am sure you will get your money back. I am sure your clients will get their money back: but your clients’ money is your clients’ money, not yours, so I can’t see ICM sending someone else’s money to you in order to pass on to them. But either way, ICM have no right to retain funds which have been deposited with them.

As for the profits, I don’t think ICM are obliged to pay these out to anyone, since the account appears to have been created and funded contrary to their T&C’s.

But I could be wrong. You will remember that I did advise you to consult a lawyer. They know more about these things than you or I do.

@CreativeT - You posted this to me on another thread, it relates to your ICM issue -

You have 0% understanding and no knowledge and don’t have brain to even understand what is the actual issue. If you are not representing ICM what are your stakes here? You are only posting/replying to this thread to gain more authenticity? Knowledge speaks by itself and you doesn’t know anything else.

What regulations and rightful owners you are talking about, you know nothing. There is more drama to come, I already submitted that case to ASIC and relevant authorities and you will see very soon ICM will pay me back by saying sorry and you will be kicked out from maintaining ICM online reputation.

I say again, I have no connection with ICM. All my posts are my own opinions and views, I am a private retail forex trader, I represent nobody.

It would be very good to hear how the regulator and the firm respond to your approaches. I have already said in my very first post to you (in March!) that IC should return the money deposited to the people who own the money. I do think the owners of the money are entitled to get it back, and that includes you. I think it would be illegal for ICM to simply keep the money.

Please post any news here so that we can all learn how this matter is resolved.

[Edit: not planning to post here again.]

Definitely I will keep it updated.

To the best of my knowledge,

Deposits by third parties to your trading account are prohibited. Withdrawals to a third party account are prohibited.

The funds (the original amounts only) should be returned to the original funding source. However, these third party deposits were made over a year ago using a debit/credit card. Unfortunately, it is no longer possible to refund the card after this amount of time has lapsed. This is a limitation of the payment method. The broker does not know who these third parties are.

You state above:

“I am not new into eCommerce business or into the Forex business. I know the rules very well, now let me know who was accepting payments and who is breaking their own AML policies.”


" I know how Forex Brokers works that’s why I requested my client to make a $1 deposit and it was accepted by the broker then after 15 minutes he made another deposit of $999 and it was also accepted it was in 2018 not in 2019."

This suggests that you knew before hand that this activity is prohibited, but you proceeded anyway.

You probably do not want to hear this, but the mistake was yours from the moment you asked third parties to deposit in to your trading account.

The mistake on the brokers side was that they did not identify this soon enough after the deposits were made.

With all that being said, the chances of you receiving any money, that you did not deposit from a funding source in your name is zero.

if you are entitled to get any money back, that will depend on the total amount deposited by third parties, how much you deposited from your account and the current balance in the broker account.

Possibly nothing but you haven’t provided all of this information.

The third parties, should definitely have their funds returned regardless. Its just a matter of verifying them and sending the money back to source. If you earned that money doing work for them, then that is a matter between you and them and you can recover it from them.

If there is sufficient balance left over, for your original deposit, you should get that back.

For any profits however…I doubt it, because you used third party funds to trade with. That will probably be erased.

Just my two cents and I do wish you all the best.

1 Like

I’m currently looking for a good trader and was actually going to IC markets, so preferred to do some research about them, though it is ASIC certified there are reviews on the customer support stating its crap.

I need to know if its actually a legitimate broker or no ?

As I work in this industry, I think IC is ok, but some focus on their technical issues like slippage.
I will personally suggest other broker.

Hi, I think I understand your point. However, I think you first need to convince regulators that your case is valid ie it does not violate any AML related regulation. So you have to proof your source of funding is compliant, what country is it coming from, did your “cleints” give you proper authorization for you to trade on their behalf, you have any contractual agreements? Once you have set a valid argument that you dont violate AML rules, then I think you can escalate the case to local regulators and take it up to ICM. Otherwise, personally I thinkit’s waste of time and effort.

Don’t waste your time - this guy didn’t get the attention and profile he must have been hoping for and has gone away to sulk.

Or maybe I’m wrong and he got the money back…

Someone was asking about FX Leader.They are a scam team ,who operate from Estonia,and are not regulated,I see you put down 10k.if they wanted to give you the money back they can repay the money to your bank with the card you used initially.You will have a hard time getting your money back as the are 100%scammers.Best off luck jame 7571

They close my position which should make a profit of 800000usd and removed all the funds from my account. Couldn’t sue them as I am not in Australia. Use them at your own peril