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The death of IC Markets

  • #1
  • First Post: Jun 21, 2019 5:23am Jun 21, 2019 5:23am
Got a shocking and upsetting email today:

Quote
Dear Client,
In light of recent regulatory developments within Australia, International Capital Markets Pty Ltd (IC Markets AU), AFSL 335692, cannot guarantee that it will be able to provide its services to clients residing outside of Australia (“Overseas Clients”) and therefore, has decided that it will cease providing services to its Overseas Clients on 30 June 2019 (Effective Date).
To minimise the impact on you as a client of our ASIC regulated company, IC Markets AU, we have arranged for IC Markets (SC) to provide financial services to you pursuant to clause 29.6 of the IC Markets AU Account Terms. IC Markets (SC) is the registered business name of True ECN Trading Ltd (regulated under Financial Services Authority of Seychelles, Securities Dealer Licence number: SD018). IC Markets (SC) is a related entity of IC Markets AU.
To make the transition smoother we have automated the migration process, it is completely seamless and will not affect your account balance, existing orders, open positions, trading history and client area login. Post-migration you will be able to continue trading as usual.

What options do I have?

Option 1:
Transfer your account, open positions and client money to IC Markets (SC) on the effective date.

What do I need to do?

No further action is required from you

By continuing to trade on your account after the 30th of June 2019 (effective date) you consent for your account details, account balance, existing orders, open positions, trading history and client area login to be transferred from IC Markets AU to IC Markets (SC) and you will be able to continue trading as a client of IC Markets (SC) with the same trading conditions going forward just as you were with IC Markets AU in the past.
Important Notice: The financial services laws of Seychelles do not provide the same protection as Australian law. Under Australian law, ASIC has the power to regulate IC Markets AU conduct and the power to protect consumers (like you) against misleading, deceptive and unconscionable conduct relating to the provision of financial products and services by IC Markets AU to you. The Australian Financial Complaints Authority has the power to externally and independently resolve complaints about the products and services IC Markets AU has provided to you. If you transfer to IC Markets (SC) you will lose all these protections.
Under the laws of Seychelles, True ECN Trading Ltd is regulated under Financial Services Authority of Seychelles, (Securities Dealer Licence number: SD018). IC Markets (SC) is the trading name of True ECN Trading Ltd. IC Markets (SC) will keep offering its products and services in line with its terms and conditions which are substantially the same as those of IC Markets AU. This includes the provision to segregate client money and hold it on trust. IC Markets (SC) holds client money with AA-rated banking institutions in Australia regulated by the Australian Prudential Regulation Authority (APRA). IC Markets (SC) will also continue to handle complaints in accordance with its well-established internal dispute resolution procedures which are similar to IC Markets AU.
For more information please refer to the IC Markets (SC) Account Terms
Option 2:
Maintain your account with IC Markets AU

What do I need to do?

If you choose not to migrate you will need to opt out of the migration process, you can do so by clicking on the button below and completing the form. IC Markets AU cannot guarantee that you will be able to continue trading on your account after 30 June 2019. Furthermore, we cannot guarantee that we will be able to continue to offer certain features of your account such as your current leverage.
We will also need to open a new account for you so that we can properly manage any changes that may occur in the future (e.g. leverage), this will mean that you will lose your account history.
IC Markets AU will provide you with notification should we be unable to continue trading with you under our Australian Financial Services Licence after the 30 June 2019.
  • #2
  • Jun 21, 2019 5:29am Jun 21, 2019 5:29am
Yes, I just got the same e-mail. I am not able to logon to the website anymore either.
  • #3
  • Jun 21, 2019 6:14am Jun 21, 2019 6:14am
All brokers regulated under ASIC do the same not just Ic Markets. The question is will there be any changes in spread and their new system manage our accounts. I think it’s not something new, Oanda and Fx pro did the same thing long time ago. Obviously ASIC force them to do so, they don’t want to do it. So I think everything will be fine and they don’t want to ruin their reputation.
  • #4
  • Jun 21, 2019 6:58am Jun 21, 2019 6:58am
Quoting BobBiryani
Yes, I just got the same e-mail. I am not able to logon to the website anymore either.
well, i've just logged in fine
  • #5
  • Jun 21, 2019 7:02am Jun 21, 2019 7:02am
Just got the mail too.Not impressed at all,I hope the trading conditions will be the same.
Money management is the Holy-grail
  • #6
  • Jun 21, 2019 7:56am Jun 21, 2019 7:56am
Any good brokers unaffected where I can get 500:1 leverage and MT4? Pepperstone, Oanda?
  • #7
  • Jun 21, 2019 8:07am Jun 21, 2019 8:07am
Quoting dcbrit2003
{quote} well, i've just logged in fine
That is good to hear. I still can't... I am investigating and logged a ticket with them. So it maybe just me.
  • #8
  • Jun 21, 2019 8:58am Jun 21, 2019 8:58am
Which countries do you guys trade from, i was with ICMarkets until they stopped accepting clients from Canada, im thinking they won't change conditions because most traders worry about overseas regulations "that are not ASIC, FCA, IIROC or any other well known regulations"

This tells me they won't do much bad with clients money

Correct me if im wrong ..
  • #9
  • Jun 21, 2019 10:40am Jun 21, 2019 10:40am
I'm a trader from UK and I was happy with IC Markets australia. I didn't have any problems with them.
Now they are moving my account to Seychelles; will the same quality of service will impact? I don't know.
Any other recommended brokers for UK trader with similar levels of leverage?
  • #10
  • Jun 21, 2019 11:15am Jun 21, 2019 11:15am
This threadtitle is fairly bullshit and misleading. This move was clear since the beginning of April when ASIC forced brokers to cease services for overseas clients.

And now everybody panics like they have got cheated or something. ICMarkets will stay in play for sure.

This ridiculous focus on regulation alone makes me laugh - everybody thinks to be in a safe environment when there is a well known regulation behind. I would like to remind of IronFX here. Just watch for yourself in case you forgot. They were CySec regulated and NOTHING happened when their SCAM got public. So trading with a broker with a good reputation over a long period of time will give you way better chances than any regulation. Do not get fooled by fancy names.

In the end you should only trade with capital you can put at risk anyway.

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  • #11
  • Jun 21, 2019 12:10pm Jun 21, 2019 12:10pm
Quoting Forex.RayV1
I'm a trader from UK and I was happy with IC Markets australia. I didn't have any problems with them. Now they are moving my account to Seychelles; will the same quality of service will impact? I don't know. Any other recommended brokers for UK trader with similar levels of leverage?
What strategy are you using that needs this kind of leverage?

If you want to try and turn $500 into $50,000 in a month then sure its going to sting a bit, but that's not trading or a good idea...
  • #12
  • Jun 21, 2019 12:22pm Jun 21, 2019 12:22pm
for your general reading pleasure.... : https://www.financemagnates.com/fore...rseas-clients/
  • #13
  • Jun 21, 2019 12:32pm Jun 21, 2019 12:32pm
Quoting C-12
{quote} What strategy are you using that needs this kind of leverage? If you want to try and turn $500 into $50,000 in a month then sure its going to sting a bit, but that's not trading or a good idea...
Please no discussion about leverage - there are strategies with a fair risk/reward ratio over a longer period of time that rely heavily on leverage. Only because most people fail creating a big leverage strategy that is working, it does not mean higher leverages are a problem in general.

Just check one of my strategies. Already out of risk at this point. Would not be possible with 1:30 crap this way. I want to DECIDE what I am doing and not get harassed by a f*cking regulation.
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  • #14
  • Jun 21, 2019 12:36pm Jun 21, 2019 12:36pm
Quoting dcbrit2003
for your general reading pleasure.... : https://www.financemagnates.com/fore...rseas-clients/
Every time i read Vhina in this matter, but if its the only country then simply get brokers to refuse clients from there, why does it have to be the rest of the world too
  • #15
  • Jun 21, 2019 12:48pm Jun 21, 2019 12:48pm
Quoting Drolph
{quote} Would not be possible with 1:30 crap this way. I want to DECIDE what I am doing{image}
How much leverage are you actually using on that account? Myfxbook will tell you on each position.

I'd be surprised if this account ever goes above 1:30 looking at these figures, or it's some very odd low RR strategy if it does.
  • #16
  • Jun 21, 2019 1:17pm Jun 21, 2019 1:17pm
Quoting C-12
{quote} How much leverage are you actually using on that account? Myfxbook will tell you on each position. I'd be surprised if this account ever goes above 1:30 looking at these figures, or it's some very odd low RR strategy if it does.
I recently had a 5 lot trade here - you can do the math .. as if I do not know how to calculate required margin ..

To be honest I rarely need the full 1:500 here, that is true - but exceed 1:100 on a regular basis.
  • #17
  • Jun 21, 2019 1:30pm Jun 21, 2019 1:30pm
I don't think they would ruin a reputation, this will lose them enough clients anyways.
If you want to see charts on different level, start listening to Madonna
  • #18
  • Edited 3:10pm Jun 21, 2019 1:44pm | Edited 3:10pm
Quoting Drolph
{quote} I recently had a 5 lot trade here - you can do the math .. as if I do not know how to calculate required margin .. To be honest I rarely need the full 1:500 here, that is true - but exceed 1:100 on a regular basis.
5 lots on a $5-$10k account is going to land most people in trouble, even for those with years of experience can get blown out at any moment. You are an exceptionally disciplined trader to be able to trade consistently like that for 2 years.

What I'm basically saying is for the majority of traders (i.e- 95% plus of people) 1:30 is enough if they crunch the numbers.

The problem is nobody can be arsed doing the maths, preferring to scream about leverage while blowing account after account..
  • #19
  • Jun 21, 2019 1:47pm Jun 21, 2019 1:47pm
This is not a major problem i am glad they are doing this so i dont have to choose some bucket broker that is scamming you on executions and spreads...This is a greate move,just wonder why european brokers didnt do this when ESMA pulled the same bullshit ore whatever...I havent read the Australian regulators bullshit either...
Insanityoing same ting over expecting different results..Einstein
  • #20
  • Jun 21, 2019 2:49pm Jun 21, 2019 2:49pm
I am in the same boat...thinking what to do...
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