Story - My Experience with IC Markets

Complainant: P**x

Broker: IC Markets

Complaint: Price manipulation

Losses: $43,450

Recently, IC Markets has received intensive complaints from forex traders. What happened？ Is IC Markets a legit broker or a scam one？ One of the complainants shared his trading experience below:

Earlier this year, I was introduced to the platform IC Markets, then opened an account on their MT4 platform and deposited over $7,000. In the beginning, I had multiple hedged trades and my margin level was in excess of 650%. After several weeks, I found one night that in just a couple of hours my account was turned to zero; and I was sleeping then. I saw my account decreasing from $43,450 to $0. I was totally shocked and when I inquired IC Market; they sent me the following response (citing margin call):

I am certain that there is no way that my margin level could go from plus 650% to less than 50%, especially when I had hedged trades to balance each other.

I believe that they did something during the time I was foolishly sleeping to alter the metrics to bring my account down.

I have attached a screenshot showing one of the spikes (coupled with possible leverage reduction/other forms of manipulation that they used to start breaking into my account and subsequently ensure a margin call was faked to terminate the account).

I strongly believe that IC Markets is carrying out a combination of price manipulation/leverage sudden changes/swaps increases in order to liquidate my account by whatever means necessary!

On the WikiFX App, it can be found that the score of IC Markets has lowered from 8.69 to 7.72. According to the latest risk warning, the number of complaints WikiFX received about this broker has reached 11 in the past 3 months. Please be aware of the risk and the potential scam!

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