ICMarkets took my money illegally

Lately, I notice that there are some illegal activities in my account, a person from an account team member in Vietnam decided to withdraw my money from my account without an explanation.

The situation is this:

In May, I tried to deposit some money into my account (1080 US). It’s successful on my side but the deposit was denied on ICMarkets’s end. After submitting a ticket, my problem was solved on the 20th of May and I got my 1080 US in the trading account.

After that, on 21th of May, another 1080 US was mistakenly deposited into my account. ICMarkets sent me an email saying that the deposit’s a mistake, they’ll withdraw that amount of money from my account and they already did that on the 31st of May.

Now after one month, another email sent by ICMarkets told me that they will withdraw another 1080 US from my account. I opened a ticket to report this but that amount of money was still illegally taken out of my account this morning (28th Jun).

There is no way for me to contact any of the supervisors, someone with the power to investigate this issue without interference from the Vietnamese account team. I opened some tickets but all of my tickets were closed immediately by the Vietnamese account team without giving any answer. I already got a stop-out warning because of the illegal withdrawal, which forced me to close all of my open orders with big losses.

Does anybody have any idea on how to reach higher ranking employees from ICMarkets? It would be much appreciated.

My account: MT5 5315519 & MT5 5321885

This is poor customer service. I expect they will re-fund the money to you eventually because you are not eligible to open an account and trade with them. But you might need to submit proof of identity and much other information which they might eventually tell you about.

Remember that some legitimate companies do not work hard to prevent you depositing money with them. However, before they send money to you they have to be certain it was your money in the first place and that you had the right to deposit it with them and that you are the person who deposited it. Strict anti-money laundering regulations mean they have to be more careful paying out than we need to be when paying in.

Keep pushing.

Thank you for the support but that’s not the case. I’m eligible to open the account, did all the KYC and passed.

The actual problem is with the account team on ICMarkets side. First, my deposit 1080 USD got declined for no reason and then that same deposit got approved after I opened a ticket asked them to investigate.

Then they mistakenly deposited another 1080 USD into my account, which they already took back almost immediately. Everything’s fine until they decided to take another 1080USD out of my account illegally this morning.

I think there’s something wrong on their end, but I have no idea what it is. I just know that after I got the email notify me about their intention, I opened the ticket right away to tell them it’s a mistake. They took the money anyway without doing a single thing the check.

P.s. I posted a bad review on Trustpilot and that review was being deleted almost immediately. Look like Trustpilot is just a joke.

I’m sure its just an administrative mistake. Possibly someone at IC set up an instruction for movement of money and accidentally duplicated it. Or someone else at IC moved the money manually and didn’t check if this had already been done or if there was another instruction pending. Keep checking your bank account in case the money withdrawn has been returned to you - its clear the left hand and the right hand at IC are not working together.

You’ll have to reach out to them. Contact their customer care and give all the important information about your case and if that doesn’t happen, contact the higher authorities. If not done, there are chances that this type of withdrawal can happen again.

Update:

On 30th Jun: They admitted that they made a mistake and returned the money to me.
But the thing is that I couldn’t withdraw it at all. My withdrawal request’s pending for 2 days now and counting.

I don’t think waiting 2 days for a withdrawal to appear in your account would be unusual. The broker is not a bank. They are required to check that they are not being used to launder money. Their checks will be especially thorough if there is unusual activity on the account - for example withdrawing deposited funds a very short period of time after they were deposited. The checks should be done in a week.

First, ICMarkets promise all Withdrawal requests will be processes within 24 hours.

Second, that’s my money and it’s been stayed in my account for at least a month with a lot of trading before it’s illegally taken from me & then credited back in.

What’s there to check?

Don’t forget the person who is in charge of the approve/disapprove withdrawal request is also the one I’m reporting for the crime. I have found a way to reach their Compliance and will keep pushing. I’m also collecting evidence to report this to the FSA, Scamwatch, etc.

Report this to the regulators but please post here what their response is.

By the way, ICM regulators have changed! All the good ones left them