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.
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.
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.
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.
Icmarket refused to pay money. They just Playing with me. I am not stupid. I have been trying to withdraw my money they close all options from me because not withdraw money.
I have evidence for everything. They said you have withdrawn money on card you deposited and I deposited my money on trustpayment.
I contacted again I told isn’t I can’t they didn’t tell they removed after long conversation they told me trust is not available although is their duty to inform clients all the news.
I contacted them again they told me I they send the problem to one of their experts. They send massage which was ,solution was solved’’ they didn’t solved anything. I don’t they send to me that.
I contacted again
They said try different card and they send different options. Nothing is worked for me.
I contacted again
They told me use Visa Direct
I said ok. I couldn’t save my card and they did not accept card.
I contacted again
They just playing with me. They don’t help me. They removed trustpayment for a reason.
I will not accept that I want my money. I lost trust for ICmarket.
I will review on their pape and show to the world what is going on ICmarket and I will put on my YouTube which I have almost 1 million flowers.
I want get back my money I am gonna beg you for what I own. Stop misleading me please.
The client I have talked to with is unprofessional.
A common reason why a broker will not return money which a client has deposited is because the client cannot prove it was their money in the first place.
No bro. I have been trading ICmarket almost 3 years. I became a profitable trader then they switched it they remove trustpayment from my account. I have evidence for everything. And I will show to the world
@tommor Is correct… With Global Money Laundering laws really starting to have teeth… Brokers (All Financial Institutions…) are very wary of refunding deposits without proper due diligence…
Rubbish… I’ve used ICM (ASIC) for 7 years and never had a problem… Only a handful in this forum ever bothers to read their T’s and C’s before they open an account with a retail broker…
Most have no idea where their Broker is based or who their Broker is regulated by… They can’t deposit their money fast enough…
CySec and FSA regulation is based in Nations where Financial Regulation is the wild west at best…
So please before rushing into the market of premature speculation… Always check all the details including regulation of your Broker before depositing funds any which way…
Note: Most Australian based Retail Brokerages are geared heavily toward the Asian Clientele Market… Due to the huge numbers in the expandingly prosperous Asian Region and their propensity to gamble heavily…
It is not for the broker to prove that the money was not your money, it is for you to prove that it was.
This means you must also be able to prove that it was you who deposited the money, not someone else - again, it is not for the broker to prove that it was not you, it is for you to prove that it was.
From what you’ve said, I’m guessing that you do, and if you do, then you’re protected by ASIC and that’s the point.
The point some are perhaps missing is that IC runs multiple different companies. This is a common brokerage scam designed to protect the broker against the customer, not the other way round.
Most of IC’s accounts are NOT properly regulated. IC claims on its website to be regulated by ASIC but if you don’t live in Australia, any IC account you have will not be ASIC-regulated.
For anyone who actually wants to learn something, rather than just struggling to try to “be right” (you can’t do both: they’re mutually exclusive behaviors!), here are threads that may interest and/or help you …
tl;dr version: it’s not about where the broker’s regulated - it’s about where YOUR ACCOUNT is regulated.
I think we all know it’s easy to plant good reviews on Trustpilot, and not difficult to get bad ones removed, either.
I notice you didn’t answer Pipsteroid’s question, @trendswithbenefits. I’m guessing you do live in Australia, then? So your account is ASIC regulated? Rather confirms what Pipsteroid’s saying?
Thanks for stressing that… It’s what people actually need to know.
