IC Markets Broker Testimonials

I had mixed feeling about this broker, so before I starts trading with them I decided to ask around. But the response I get from other traders is quite confusing. Some of them say that IC Markets is great, while others say they have been conned. So, I decided to try them out by myself, I start out with a demo account like the typical trader I am. It went on okay, with great spreads, no slippages, etc, then I moved to a real account. But, the problem starts when I trade NZDUSD news. 

I put a pending stop order at 22:55 pm, news came in the candlestick didn't move and just stood there for 3 minutes. Luckily, I also open the same positions in another broker and its moves, so it wasn't the market. Then suddenly my order got opened after a 121 pips downward move when bearish run had finished, instead of banking 121 pips profit. Obviously, I was forced to close positions and I literally don't know what just happened. Are they really manipulating the prices?

I placed two pending orders in two different accounts I had with IC Markets. The pending positions on one account were triggered and the price went on high enough to cause a margin call and account stop-out. However, the pending account on the other account was not triggered. I find this very odd, so I decided to check and I didn't do anything wrong. I asked the customer service and they explained that happened because "bid" & "ask" prices are not recorded on the MT4 platform. This is very weird because I have never experienced something like this before. I have received several theories from other traders on the sudden account stop-out and two of them made sense in that:

1) The leverage was suddenly changed not by me.

2) My server was moved to one of their server which has a wider spread.

To this day, I have never received a good explanation from this broker of what has caused the failure. I thought I could trust them, but I don't think so anymore.

I had several accounts in IC Markets and other brokerages. Recently, my IC Markets account lost over 14k while my account in another broker lost 200euro's with exact same robot. I find this really odd since both of them place entry at the same time, and exit at similar times as well. So, I did some digging, and probably IC Market was sending different prices for USDCHF during the news. I checked on the financial reports and everywhere including the Bloomberg, that the pair was never on that price. So, I found that the difference between the actual price and IC Markets price is over 2000 pips! That is almost impossible.

I thought that has been a mistake and my order was having an error or whatever, so I called their support service. After 3 weeks of calling, several emails, and promises, they finally come to a conclusion that during the SNB announcement, spreads were extremely wide, and there was uncertainty by the banks. In the end, all they do is blame the liquidity provider that they CHOOSE by THEMSELVES. I was really mad about this, I lost on 3 accounts with the same results. I feel cheated and tricked.

I don't have the best experience with IC Markets. I originally have around $10,000 on my account during SNB news. I was trading 2 NZDCHF and 1 USDCHF and several small positions. But, this broker suddenly send me a horrible unbelievable quotes like a 0.06050 on USDCHF! This is of course immediately send me to stop out. During positions were closed I have $103,7 margin used, but after stop out, I have left $240 on my account. After the adjustment, they threw me $1884. I do not have to explain when I have $1884+$240 equity and while $103,7 margin is used it is very far away from margin call and stop out. However, this broker decided they don't want to compensate me. So, in the end, I lost 85% of my account while prices was on 50% or around $5000.

Yesterday I open several small positions with IC Markets. But I keep having problems, the server keeps disconnecting which causes my traders not to be executed. This isn't the first time it's happening, and I'm really worried. I already contacted their customer service but they said there is a problem with the system and that they will fix it. But it just keeps occurring!

I had the worst experience with this broker, and I don't know how to deal with it. So, I recently moved from their demo account to a live account but I am already complaining. For those who want to know, this broker slippage is really bad! They keep saying they are a 'good no slippage broker' but I think that is a lie. I lost 20% on my account due to slippage, they should have included this in the demo account! I feel tricked. They also need around 10 days to withdraw, and even then, there is a 55 USD fee! I can't believe it! On top of that, customer service is mediocre, they should fix it. I really don't feel apreciated. For now I am moving to other broker.

This is my experience with IC Markets.

I opened several accounts with this broker, and recently I managed to get $11,000 profits from one of my positions. Naturally, I want to withdraw the money. So, I fill out the requirements and wait for their answers. However, they somehow blocked me and nullified my account. At first, I thought this might be a mistake, there is no way they would do that without reasons, right? So I contacted their customer support, but I only got mediocre answers. They told me that my contract has been dissolved and that all of the transactions has been canceled. As a result, I couldn't get my money and I lost all of my deposits! How it is possible to cancel transactions on the STP and ECN technology? Are they really STP and ECN brokers? This is insane!

I did go to the regulator, but I'm not sure it will give me anything. But, again, this is MY experience. Others might be different.