Order Execution - Forex Broker Testimonials

There was a server halt when I was trading last week. Unfortunately, this cost me a lot and made my balance negative. The worst part is that I actually place a stop loss but apparently that doesn't mean anything for IC market. During the Corona volatility, one Monday morning, during the Asia session, I realized my balanced turned to -600 (was 1,100+) in about 5 minutes. I was online and connected to my platform but it just happened so suddenly. I am utterly disappointed, back in the day they use to be so good. 

I can't open my account and all their server is down during the most important time! I understand the server must be working very hard and an error like this is no surprise. But, they should anticipate it and do something about it. This has happened more time once, I can't keep losing trades like this. Good thing I have another account in another broker.

There are several delays that happened during high-impact news, but the customer service is very helpful. I know they are very busy since there are a lot of traders having the same problems. I appreciate how they stay calm and very understanding about the issue. Other than that it's all smooth sailing. The delays only happen for about 10 seconds. Although it does not have any huge effect on me, it might be a bigger problem for scalpers. So IC Markets should be more careful not to let it happen again.

They use to be a really good broker, but they since have changed and no I'm no longer trust them. Especially because their executions and customer service going downhill. Here are some of the reasons why I choose to withdraw my funds from them.

1. Numerous platforms freeze, even when it's not during news releases.

2. Frequent slippage which has cost me a lot.

3. Delayed confirmation of execution.

4.  Platform going down during important news events.

5. This is personal but, they deducted funds from my credit card by mistake, wouldn't admit it. I had to contact my credit card company.

I can't say that I'm satisfied with this broker. I have been experiencing very poor communication, with automated emails. Sometimes they won't even bother to answer me at all. For example, I ask if a certain payment option works for international clients, and they said it would work. But when I checked again it doesn't, so I ask again if there are any options that will work the same. I got no response.

Another problem is that my analytical program began to record increasingly poor execution speeds and increased slippage. I have compared it with another broker where I also use the same EA on the same VPS. I wrote an email, explaining this but I didn't get any response. So, I have decided to withdraw my funds from IC Markets. Which also takes a long time to do. It is supposed to take 2-5 working day time frame they quote in their wire transfer withdrawal option has long since lapsed, and the funds have not been returned. At this point, I'm really tired of emailing them.

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!