@Rickster99 . I worked in oil industry for 10 years. Brent has cash settlement at the end of contract so it’s not risky like WTI. I had a little saving decided to invest in Brent . I called many brokers and even local banks . ICmarkets offered reasonable swap rate .
I was deceived by their rates and advertisement. after they changed a receiving swap to -12, I complained to AFCA. I said them I don’t know what to do. if I close i now it’s a bad timing it was early April and was little drawdown . They said we cannot suggest you anything. I thought I’d wait until they process the complaint and I was still negotiating with them.
They increased the swap charge again and I thought I change the strategy and use hedge to neutralize the heavy swap. but before doing that I contacted them again to make sure they do not want to reduce the leverage because it could be another threat to my balance.
I contacted their support and ask this question on 15th of April. They ignored my e-mail and did not reply and sent another e-mail as “acknowledgment” and changed the topic and refereed me to another support team. I thought I was paranoid and deposited more funds to be on the safe side and opened more positions because after Opec meeting price was bouncing back.
Only 7 days after my e-mail after I deposited money and opened positions they suddenly reduced the leverage to 1:10! .
Now I know I made a mistake .I should have closed my trades on 15th of April with a little loss and run for the hills! I trusted them
After my friend told me that they offered her 1:500 leverage for oil I realized what’s going on . I made the best decision and closed all positions and withdrew the renaming . They could have reduced 1:10 to 1:1 or changed the swap to -50 to push me to margin call with a little cherry on top (negative balance ! ) later they replied back to AFCA with following:
“Margin requirements are highly likely to change continuously” !
“You should consider the significant risks that arise from IC Markets exercising its discretions”