Yes but they’ve shown they are capable of doing all the wrong things . Been caught red handed by FPA for fake reviews. been banned and blacklisted by European regularly. Everyone is talking about them on all forums so there must be a reason. I personally talked to many traders on FPA when I was looking for the clients with same experience.
The funny part of my story is that they offered the same high 1:500 leverage to another client at the same time 
It’s pretty clear what broker says when you get into dispute with them . We have no power and they can do whatever they want with your money. The following response was all I received repeatedly from them during the dispute.
“IC Markets has discretions under the Account Terms which can affect your Orders
and positions. You do not have any power to direct how we exercise our
discretions. When exercising our discretions"
"You should consider the significant risks that arise from IC Markets exercising its discretions"
Unfortunately, nothing funny about your situation… But I think you will find that the Leverage squeeze was only on OIL at the particular period… 1:500 possibly still applied to your Currency Crosses…
@Trendswithbenefits. You know there is no way to find out who’s affected. Main website shows 1:500 at all time and they can restrict anyone’s leverage with unregulated discretion. Means I had more balance they restricted my leverage but were luring another client with 1:500 to trap her later.
I have exchanged more than 30 e-mails with all their support and have solid proof that I was talking to people either in Cyprus or Seychelles.
I called them today and requested to visit their manager and told them that I’m coming to your office. it’s a few mins away.He was nice Indian fella possibly a VOIP call with a little delay.They said we do not meet at the office. We will call you back. Probably a shared office with a few part time staff to handle the AFCA disputes.
Please keep at it and continue escalating your complaint. Post this on all threads you can find and trading groups. Make sure no one else gets scammed like this. Best if everyone leaves them and puts them out of business. I’ll pass this message on too. Best of luck!
@Rickster99 Thanks for your support mate . I really feel responsible for the next guy who might end of in their trap. I posted on FPA and here and will try trustpilot as well . Do you know any other related forums ?
Well they take action when it’s too and there is media pressure. According to this report we are getting ripped off half of billion dollars a year by scammers including Forex scam.
For an ordinary person like me there is no justice. Look what I received back from ASIC. Only a template response with no phone number from the relevant officer. I tried to contact her by e-mail, still no reply to this date. I called them they told me the same thing.They openly admitted that they do not get involve in these disputes and it takes years of investigations to take action against a broker.
Some of these Forex platforms run on decentralized servers from overseas and their Australian address is just an office address with a few staff. Even if AFP raid into these offices, It’s unlikely that they find anything. There is lack of proper audit and law enforcement not only for online brokers. even finance brokers.
Don’t know if you ever been in western Sydney. Finance brokers gang up with car yards and advertise low rate finance, later customer end up paying twice interest rate plus application fees. It happened to many of my friends and family and here goes the same response from ASIC.
Aye, the first thing that struck me from the link were the words -
ASIC has commenced civil penalty proceedings in the Federal Court of Australia against Forex Capital Trading Pty Ltd (Forex CT) and its sole director, Shlomo Yoshai.
There is a thread on here on ‘escaping the cftc’ - when you read cftc guidance they state -
The Division of Enforcement (Division) investigates and prosecutes alleged violations of the Commodity Exchange Act (CEA or Act) and Commission regulations. The Division takes enforcement actions against individuals and firms registered with the Commission, those who are engaged in commodity futures and option trading on designated domestic exchanges, and those who improperly market futures and option contracts.
The difference is huge - the cftc will go after a violator big time and will include the DOJ if they think it fit - 420k to some of these guys is small change and well worth the risk.
A long read -
https://www.cftc.gov/sites/default/files/anr/anrenf98.htm
Edit: DOJ - Dept of Justice - criminal law violation - jail time.
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@peterma Well said .ASIC is a toothless tiger here. They refer poor victims to AFCA as so called independent assessor. AFCA is a private company and gets membership fees and charges for disputes and openly admits that they usually side with their clients (Financial firms) The conflict of interest in these disputes is obvious from this fact alone!
AFCA has no power to take evidences under oath so our evidences are not admissible. They do not have the power to penalize financial firms which means we are on our own, unless you take the matter to court.
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