IC MARKETS - DEBACLE IN TRADING BITCOIN AND SUSPENDING TRADING FOR 3 WEEKS | Forex Forum - EarnForex
IC MARKETS
I was with them for several years but had the miss fortune to be with them when they suspended trading in BITCOIN at $12000 at the time I was short and had the experience of 38 minutes to close my trades which I ended doing with the trading desk . A week or so later when the market was at 16000 I contacted the support and was informed that we could not trade to lack Volatilitybut in reality the volumes had trebled in actual fact . When the market hit the 19000 plus and had shown a spinning top candle on the daily chart I was keen to SHORT it . I trade with 2 bitcoin trades one with 5-1 target and I with no target . This debacle as cost me 20,000 minimum . I will never trade with them again . There response IS A JOKE !
Ctrl/Cmd+V Amy Pepper (IC Markets)
Dec 27, 20:59 AEDT
Dear John,
Thank you for contacting us.
Yes, Bitcoin has now resumed trading since we are now able to offset risk with our hedge counter party. Due to the extreme volatility of the Crypto currenices it has also been necessary to increase margin requirements (Bitcoin leverage is now set to 1:5, and other Cryptos to 1:2). Please note that these leverages are very much inline with the wider market.
We do understand that our not accepting new positions on Bitcoin caused some inconveniences for our clients, and for that we sincerely apologise. Please do note though that we will only ever act in the best interests of our clients, and any decisions such as these are not taken lightly, and will always have been fully considered by our experienced risk management team.
Please do not hesitate to contact us should you require further assistance with anything,
Kind Regards,
Amy Pepper | Head Of Customer Support | IC Markets
Please note when we were allowed to trade the margin was 1000 per 1 BITCOIN it know is $3700 also there competitors IG & PEPPERSTONE trade on the week ends but IC MARKETS does not let you manage your positions on the week end so you get a big gap !
There must be many clients like me there had there cake and eat it there not disclosed the real reason there market makers caught with there pants down hence the big change in margins also please note any existing positions could be closed but no new ones opened .
Any interested in joining me in a CLASS ACTION due to there actions please PM me there is nothing in there disclosure of this instrument to trade that they could suspend trading for over 21 days ! Best John
