Is this more of ICmarkets Shady Operations..!

This Broker has gone from being half decent to NOT TRUSTWORTHY AT ALL

ICMARKETS Price feed for XAU/USD :

XAU/USD on TradingView :

WTF ?

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Hey @A1lenTrader, Use to be my most profitable Broker once a upon a time…I’d get the hell out of IC Markets… I have a few posts on BP showing some dodgy chart comparisons over the last 12 months…

Pepperstone (Asic) XAUUSD 1 Hour (Below)

IC Markets (Asic) XAUUSD 1 Hour (Below)

IC have had a nice Stop (Liquidity) Hunt, obviously in the knowledge that price is about to move up over the next 24 - 48 Hours…

Check what Regulation your account is under… ASIC, FCA… SeychellesFCA…

Its under ASIC, I switched to them from pepperstone when they cut the leverage.

To top it all off I work self employed and cant go to work now because of the lockdown and the government are just taking the pi$$.

Not a good day for me today,

I’m not saying ICM is not shady but that gold spike has been seen on every broker I trade or demo with. So it’s a ‘real’ thing. However whether it was ‘fat fingers’ or a malicious effort to wipe the slate clean before moving price to another level…

were you in a trade at the time?

I had the same problem
Got a big loss due to this crazy spike on gold yesterday:

Please note that on 26.03.2020 at 07:23 UTC we experienced an issue with off-market pricing and execution on all Gold symbols.

Kindly note that in accordance with section 3.1(j) of our Account terms “if errors have occurred in the pricing of Transactions quoted by us to the Client, we may choose not to be bound by such Transactions (without further liability to the Client) if we believe that there was a Manifest Error at the time of the Transaction;”

Further to the above and in accordance with section 12.6 (d) of our Account Terms, we will treat any trades that were opened on Gold symbols during the aforementioned time as void.

Please be informed that any Profits / Losses you may have gained/suffered as a result of those trades will be considered as void and your balance will be adjusted accordingly.

So not sure if they will revert my account to what it was before this spike or is just they saying, good luck we won’t do anything.

Any thoughts?

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@msacchifx, my thoughts on this fracas…

Please Note… Our liquidity provider, who at the time was supplying fictitious off market pricing levels decided to spike the Gold Symbols in the opposite direction to which the market had started to move, and by running price all the way down to a nearly perfect 1500 level… we were able to garnish a large percentage of traders stops, most of who have open long positions in this volatile environment

Kindly Note… That if we can get away with this we will… but it will depend on if anyone contacts ASIC and they act on it… and we are very confident that they are tied up elsewhere… Or if our client base kicks up enough of a fuss that we will feel compelled to adjust selected account balances or just take the money for an easy win in these difficult times…

IC Markets lost the plot middle of 2019… stay right away…

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same problem, any updates on the situation or action you are taking ?

So this is what they replied to me today:

Claire Celine P. (IC Markets)

Mar 27, 23:36 EET

Dear,

Thank you for reaching out to us regarding the off-market pricing on Gold instruments.

IC Markets aim is to treat all clients in a fair and transparent way. Due to the off market price we received from our Liquidity providers at that moment, any profits / losses you may have gained/suffered as a result of those trades are not legit.

Please be informed that balance adjustment will take place in the next few following business days based on the legit market price.

Your patience is highly appreciated.

Feel free to contact us, should you have further inquires after the adjustment.

Kind Regards,

So, let’s see if they will return the money. I won’t hold my breath that’s for sure.

Nothing shady here for me. Just crazy spreads and price dumps caused by all the chaos going on. It doesn’t help when the world 2nd biggest gold holder has to work from home!

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