ICMarkets, a foreign exchange broker born in Sydney, Australia in 2007, claims to be subject to multiple supervision by the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Services Authority (FSA).
The platform provides a variety of financial product trading services, covering multiple fields such as foreign exchange, commodities, indexes, stocks, etc., and is equipped with popular trading software such as MT4, MT5 and cTrader. With extremely low spreads and rich account type selection, it is in the industry.It was once famous.
However, back to June 2019, according to a report by the authoritative overseas industry media FinanceMagnates, retail foreign exchange and contracts of difference (CFD) broker ICMarkets, regulated by ASIC, had planned to migrate overseas customer accounts, including China, to Seychelles.A regulatory operation platform.
However, this plan was in a deadlock due to strong resistance from customers and ultimately failed to proceed smoothly as planned.
On June 22 of that year, ICMarkets notified customers, including mainland China, by email, saying that given Australia's current regulatory policies, it is impossible to ensure that it can continue to provide stable services to customers outside Australia (i.e. overseas customers) in the future.
Therefore, ICMarketsAU decided to terminate its services to overseas customers on June 30, 2019 and plan to migrate its overseas customers' trading accounts to ICMarkets' operating platform in Seychelles.
☛Sechelles and Australian companies have "zero action" MT4/5, where will the funds go?
After an in-depth investigation, it was found that by sorting out the recent and past customer complaint records of ICMarkets, a large number of accounts opened by Huiyou from Hong Kong are mostly affiliated with the Seychelles Company, a subsidiary of the ICMarkets platform.
At present, RawTrading Ltd, which is regulated by Seychelles, is responsible for most of the trading business of domestic investors.
But after careful investigation and testing, it is worrying that neither the Seychelles company nor its Australian parent company have generated any transaction records on the MT4/5 platform.
This abnormal phenomenon undoubtedly sounded a wake-up call for investors' capital safety, implying that there may be huge capital security risks hidden in it.
☛The overlord clause turns into a "vampire" and devours investors' hard-earned money!!
Secondly, from the previous customer service of the ICMarkets platform exposed customer complaints to Huiyou, they often responded to customer questions because the customer violated certain terms and conditions.
But after we read the RawTrading Ltd legal documents on ICMarkets' official website, we were shocked...
Look at these so-called terms, this is simply the "overlord shackle" tailored by the platform for us. Every word is ruthlessly depriving users of their rights and turning users into "slaves" at their mercy, which is to sell themselves with signs.What is the difference between contract?!(The following screenshots are screenshots of the legal documents of the official website of RawTrading Ltd)
What else can I complain about if I slipped?
There is no limit on slippage. Isn’t this obviously a fraud at the gambling table? You can cheat you as much as you want?
Delaying quotation and closing prices will change at will, just like a scammer who sneaks in his nose and tells you with a proud look that this is all "legal".
If you still want to complain and protect your rights, it is simply talking about reasoning with the scammer on the territory of the scammer, which is tantamount to dreaming of!
This 5.12 clause is the "privileged magic weapon" created by the platform!
On the surface, it is to provide trading services, but in fact it is to grasp investors tightly.Only trading according to their quotes is like locking investors in an invisible cage and unable to move.
Moreover, before the transaction is finalized, they can reject orders at any time under the excuse of "reasonable". The word "reasonable" is their fig leaf. They can explain whatever they want. To put it bluntly, investors' orders will be collected as soon as they want., if you don’t want to stop, just kick it away, completely trampling the interests of investors under your feet. This clause is simply a blasphemy to fair transactions!
In Article 6.2, the platform directly blames the delay in order transmission or error in the execution of instructions, claiming that as long as the law does not provide, it will not be responsible and has no credibility or responsibility.
Article 6.6 is even more of a "dominant clause". The platform can find strange reasons to refuse orders at will, and set various restrictions as they like. The orders we have worked hard to place are worthless in their eyes and can be disposed of at will.
These two clauses give the platform the advantage, being both a referee and an athlete, making all the benefits, but the risks and losses are borne by investors, just to eat up our rights and squeeze our money, and it is simply a disguised "vampire", providing services on the surface, but actually exploiting and plundering.Don’t be confused. You must stay away from such a bad platform and protect your hard-earned money!
The last clause 16.1 about the ICMarkets platform is simply outrageous!Just ask for evidence of the source of funds. The key is to make the platform "satisfied", which undoubtedly gives the platform "privileges". They can ban our transactions by simply making excuses that the evidence does not meet the standards.
This is like an unfair game where rules are all set by the platform, and we investors can only let it make things difficult for us.I wanted to use the platform to achieve asset appreciation, but before trading started, I was overwhelmed by these unreasonable requests.The platform does not consider the interests of investors at all. It only wants to control us with terms and plunder wealth. It is simply an investor’s nightmare and must stay away from it!!
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