Anyone else having problems with IC markets, I am worried now as I have just switched accounts from OCtafx becasue IC market offers better spread. My main concern is withdrawing money?
Also, I don’t know if this is true, but IC market doesn’t care if you win or lose, they still get their commissions from your trades that you place. So if anything, these brokers prefer that you win right? because, if you win then, you have money to place more trades and hence more commissions for them. That is what I have always thought. Any opinions on this?
I opened this topic and I stated that I’m from Australia and willing to help other traders . Even if some victims fall outside the jurisdiction of Australian Forex regularity, They are still registered and have ABN number here in Australia and people still have a shot to run a legal proceedings under Australian law.
.
ASIC does not really care about these single cases. AFCA is a non profit ORG here. Doesn’t have the power to punish a member who is actually paying! .That’s why they could get away with all these cases since 2007!
So gathering as one team and run a legal action for those who’ve lost money and suffered is the only way to go IMHO. Australian government is permitting remote swearing via Skype/Zoom because of pandemic which makes it even easier.
In my case, I have enough proof to flood this page but because of the ongoing proceeding, I’m not able to share it at this stage but even if it’ not within the terms of this site, I will upload it somewhere else and keep the members posted.
I’m their local client from Australia and they burned me. Chances that you will lose your investment is pretty high. If you play with small money under $1000 with micro lots, You will be fine.
They hunt for bigger investments. You are not connected to any real market from what I realized and will be playing with their platform with live price feeds which is not clear where it is coming from as they call it variety of liquidity providers! I
If I had another chance or could turn back the time to a few months ago. I’d go with the big brokers like IB. Even your local bank which offers shares and stock is more stable than these bucket shops.
Try reading all forums . FPA and experience from other traders then invest your hard earned money. that’s what I regret not doing before investing !
@Forexteamcmp, Yes I missed the reference to Australia in the OP… My apologies.
@trandog, unfortunately in Australia, Traders in the Forex, CFD’s and most other OTC Markets are not going to be protected by ASIC… Brokers are only labeling their businesses with the preferred (seemingly trusted) regulatory jurisdictions as part of their branding… This has come up in Babypips before with a number of influencers that use to post here claiming that you will be completely safeguarded by regulation…
I’m sure you will find that IC Markets (Aust.) has a “front end” based in Australia, but the financial concern itself is based in a completely untouchable jurisdiction. So I wouldn’t waste time throwing good money after bad attempting to recover funds from such Brokers… Their complicated and mostly unread T’s & C’s would see any attempt to recoup disputably gotten gains very safe from aggrieved retail traders…
Forex, Futures, Options markets are treated similar to SMSF investors, who are pretty much on their own.
1 Like
@Trendswithbenefits No worries mate.
@trandog That’s true . I’ve never been in contact with someone from Australia from the time I start arguing with them.
There is a language barrier issue with their live chat support and I’m sure their Sydney number is just a VOIP which forwards all these calls to Seychelles in Africa.
Most Aussie do not use these online Forex platforms. Most of their clients are from overseas.
Asic does not care about these cases as I mentioned. Check out what they sent me a couple of days ago and I realized they’ve sent the same copy of this letter to other victims in FPA .
That basically means don’t contact us anymore! We’ve got better things to do!
Sorry I had to remove their links babypipls does not let post their links in the letter.
Dear*****************
International Capital Markets Pty. Ltd. (ACN 123 289 109)
Thank you for your correspondence dated ************. We confirm that your concerns are primarily that you are in dispute with International Capital Markets Pty. Ltd. (ICM)
What you should do
ASIC believes that these types of disputes are best resolved through internal dispute resolution (IDR), external dispute resolution (EDR) and the benefit of legal advice; not with formal intervention by ASIC.
Please find enclosed [Information Sheet 174 Disputes with financial firms ( LINK) which includes details of what to do in cases such as this.
ASIC and disputes with financial firms
ASIC does not offer EDR services like the Australian Financial Complaints Authority (AFCA). Our role does not extend to taking action against financial firms on behalf of individuals in relation to their private disputes.
Reports such as yours provide us with useful intelligence. We will assess the issues you raised to determine whether regulatory intervention is warranted, however this will likely not assist you in relation to your dispute with the financial firm. The steps outlined in Information Sheet 174 are the best way to resolve your dispute.
ASIC has released [Information Sheet 151 ASIC’s approach to enforcement] (LINK ) which sets out information about how we select matters for formal investigation and our law enforcement role. If you require any information on our role as a regulator, or enforcement action taken by us, please visit our website at (LINK)
We will record the information you have provided on our internal database to assist us in regulating financial firms and in overseeing AFCA, and do not require further information from you.
Please note that you should not expect further communications from us in relation to this report.
Thank you for taking the time to report your concerns to ASIC.
Yours sincerely
1 Like
I am in Australia (Melb.) and Australian’s do use online Forex Platforms (MT4/5, Ctrader etc.)
The volume of Australian’s trading FX would be small compared to Europe, US and possibly even Asia so you are probably correct with the fact that most IC Markets clients are from abroad and trying to utilise the higher leverages still currently available from Downunder brokerages…
Hiya @Forexteamcmp
I’m so sorry to read about your loss. I’ve shocked to read this SWAP case you mentioned? What else do you suggest besides IB?
Why do you think IB does no doing this? And what is better than IB?
@coolBuTcute.01 Regarding the Admin/Server-side part of MT4/MT5/C-Trader and its plug-ins to increase the spread or move the money toward general SL locations,… there were many topics confirming this.
Long time no see @Trendswithbenefits 
What brokers do you suggest then?
Tnx and best of luck
Hey @campione, Yes… a few years… I use FXPro (UK) and Pepperstone (Aust.) only because they support Ctrader (3.7) which I use…
I can only suggest Australian based Brokerages which I don’t have accounts with, but… Blueberry Markets (Aust.) seem a safe new option as I haven’t heard a bad word about them… FP Markets (Aust.) are also another who appears to be staying out of trouble… both offer the MT4 Platform.
2 Likes
@campione Thank you. Well to be honest I never thought brokers can be that dodgy. The is no regulations and monitoring in countries like Australia, Gold helps those who are trading with brokers with less reputable regularities. I would say Dukascopy and IB but if you check their reviews there are still people who are complaining about their dishonesty.
Personally I lost my faith in Forex brokers and even crypto brokers . there was a time when I was trading Crypto with one of the top brokers called Bitmex. After market crashed in March I had a short position with Bitmex and they suddenly froze the platform.
I could not close my sell positions which were in profit and could not open buy at $3800 a bitcoin. No broker gives you X leverage for free just to help you make more money!
No one gives you a free loan. I learned my lesson and I bought my own cold wallet and transferred my bitcoin there without leverage and trade it whenever I wanted without losing its value, swap manipulation or being afraid of a margin call.
If I had bough ASX 200 with my local Australian bank and agreed to pay only $25 flat rate commission, I still had my money with a little profit now! At least you are sure that bank is not going to play dirty tricks to wipe out your account . You will be amazed when later I explain what tricks IC for example uses to send you to margin call zone!
2 Likes
Interesting…………I thought they were ok.
1 Like
@Trendswithbenefits Yes correct. I’ve met many traders who are trading with Aussie brokers from countries like Thailand, Singapore and Indonesia.
The only downside with Aussie brokers is regulation. ASIC regulation is not that tight. They are apparently free to do whatever they want to do with their clients. If you complain, They will refer you to AFCA. Who is AFCA ? AFCA is making money out of these brokers! Legal costs for going to court is around $4 to 5K.
Many people will give up during these stages.
3 Likes
Thanks, @Forexteamcmp I believe you may get help from ‘No win no fee’ solicitors and attorney’s in law. I advise getting a press interview with your proof with a left-wing media that cover the financial matters and update us if you want here?
You can get a loan from crowdfunding websites for a legal case, ask the people to leave their bank details from a small account that they send donations and when you win the case, get show the judge that you need to pay back the load from donators from crowdfunding websites and get the legal costs back to the ones who loaned to you.
I have nothing against IC Markets, but I’m against any unethical behaviour from any party including brokers. You may get another press interview when you win the case. I’m sorry If I couldn’t be any more help.
Tnx and best of luck 
1 Like
@campione . Thanks for your support mate . I started a forum on FPA and inviting all the victims there . I was busy these days talking to some lawyers about our cases. I’m sure there are many victims like us out there and once we reach to a certain number of complainants, we might be able to run a group legal proceeding .I took your advise and talked to some local medias here and they promised to publish our cases possibly once we lodged our complaint as a group. Thanks for your kind words anyways . wish you all the best 
Cheers
1 Like
Has anyone else been affected by this broker so far ?