After a 6 month investigation from the Ombudsman in Australia (FOS) , tons and tons of emails exchanged and lots of lies, innuendo and piles of constructed false argumentation from this broker, ILQ was finally forced to return my funds back.
It's a story with a partial happy ending as the process took lots of months and as ILQ only accept USD accounts. As I am in an EUR based country and EUR was appreciating so much during the months of the dispute, I ended up loosing a ton of money in currency exchange difference, as ILQ refunded the USD nominal value they were trying to seize. The FOS doesn't protect customers in this instance, or any other costs you incur when trying to get your money back, so please be aware that you are only partially protected by the regulation scheme in Australia, but nevertheless it seems to work and to be effective as opposed to other jurisdictions.
In the end of a very stressful process I was happy though to see that ILQ couldn't get away it its intents to steal money from a customer and some justice was made.
This scam company profits from your business with them in the form of spreads for months in a row and when you decide to withdraw your funds, if you are in a good profit, they terminate your account and confiscate 100% your profits including the ones made long time ago, since the very first day of trading with them.
They terminate the account on the argument that there was scalping trading involved, but refuse to give you any details about the exact trades they consider that to have occurred, or what leads them to think your trading is not acceptable. You have no way to dispute what ILQ is presenting as the reason to confiscate your profits (even if there is no reason whatsoever that can justify the cancellation of profits made almost one year ago). They 'cleverly' wait for the time you need your money back and close down the business with you and misappropriate your hardly won money.
I cannot provide any extra detailed information here as I am building a case against this scam company to recover my money back and I don't want them to know all my arguments beforehand, but please just be aware they have no problems in even acting against their own Terms of business, if that means they can steal all your profits from you to their own benefit.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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Past performance is not indicative of future results.