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Attachments: The death of IC Markets
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The death of IC Markets

  • #21
  • Jun 21, 2019 3:39pm Jun 21, 2019 3:39pm
there is no issue. funds are still held with NAB AU. still the same team in australia serving u..
  • #22
  • Jun 21, 2019 3:43pm Jun 21, 2019 3:43pm
i would say offshore is somewhat more comprehensive than cysec. if you recall ironfx and alpari bullshit.

for your info.
Attached Image (click to enlarge)
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  • #23
  • Jun 21, 2019 4:34pm Jun 21, 2019 4:34pm
I have some money with IC .. but I think its time to part... Im not sure how safe I feel with having money in a broker operating out of the seychelles...Doesn't feel safe enough and it feels to me that any day they feel they can turn around and tell you to F off and take your hard earned trading funds.

Prove me wrong
  • #24
  • Jun 21, 2019 5:10pm Jun 21, 2019 5:10pm
Quoting venividivici
I have some money with IC .. but I think its time to part... Im not sure how safe I feel with having money in a broker operating out of the seychelles...Doesn't feel safe enough and it feels to me that any day they feel they can turn around and tell you to F off and take your hard earned trading funds. Prove me wrong
LOL
Attached Image
Insanityoing same ting over expecting different results..Einstein
  • #25
  • Jun 22, 2019 10:10pm Jun 22, 2019 10:10pm
Nothing bad happens. It's just a different switch. The same thing happened to Vantage FX, and Global Prime. If you're not convinced of the services they provide, feel free to move over to another broker. They are plentiful of brokers who would like to serve you: IB, IG, FX Pro, Oanda, LMax, Darwinex and so on. It's not like as if it's the end of the world just yet
  • #26
  • Jun 23, 2019 7:25am Jun 23, 2019 7:25am
This mail did not reach all the traders, we are a group of traders that operate with IC MARKETS and this mail only reached the traders that represented a high risk for the brokers, most of them do scalping
  • #27
  • Jun 23, 2019 8:08am Jun 23, 2019 8:08am
I don't mind trading with offshore brokers.... if your account getting bigger just split into several brokers.
  • #28
  • Jun 23, 2019 8:33am Jun 23, 2019 8:33am
Just received this email. I was very happy with Icmarkets all these years and like the Aussie regulation but now they are transferring me to Icmarkets (Seychelles).
Will there be any change and how about the safety and protection of our funds? Can anyone provide more info on this?
  • #29
  • Jun 23, 2019 8:49am Jun 23, 2019 8:49am
Quoting Noyasolarepi
This mail did not reach all the traders, we are a group of traders that operate with IC MARKETS and this mail only reached the traders that represented a high risk for the brokers, most of them do scalping
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).

What do you mean by not reaching all the traders? Isnt it for overseas clients outside of Australia's?
  • #30
  • Jun 23, 2019 10:41am Jun 23, 2019 10:41am
This is most shocking .....
If you read the IC market regulation page

IC Markets (SC):
When funding your trading account client funds are held in client segregated trust accounts at Barclays Bank Seychelles. IC Markets (SC) complies with the Securities (Conduct of Business) Regulations, 20018 and employs strict policies and procedures regarding the maintenance and operation of these accounts.
IC Markets (SC) holds client money separately to company funds and does not use these funds for any operational expenses or purposes. Our Product Disclosure Statement outlines our client money handling policies.

News:
Barclays Bank Seychelles is not owned by Barclays but by "Absa Group takes over Barclays in Africa; no changes to services in Seychelles"

I think IC markets cannot be traded anymore .......
Any moment the money is gone
  • #31
  • Jun 23, 2019 11:29am Jun 23, 2019 11:29am
This actually is good news! The new regulations are toxic and ridiculous and most traders already trade with offshore brokers anyway.
The reputation, and trading conditions of the brokers are much more important than regulation.
If you have large capital just split it between several offshore brokers and you are golden.
  • #32
  • Jun 23, 2019 9:25pm Jun 23, 2019 9:25pm
Quoting alphaomega
This actually is good news! The new regulations are toxic and ridiculous and most traders already trade with offshore brokers anyway. The reputation, and trading conditions of the brokers are much more important than regulation. If you have large capital just split it between several offshore brokers and you are golden.
Like the wise say: Don't put all your eggs in one basket.
  • #33
  • Jun 23, 2019 11:56pm Jun 23, 2019 11:56pm
Quoting Noyasolarepi
This mail did not reach all the traders, we are a group of traders that operate with IC MARKETS and this mail only reached the traders that represented a high risk for the brokers, most of them do scalping
The migration is affecting "all overseas clients" - nothing to do with high risk. IC markets has a commission based earning model, they like scalpers - very much!!

You must be based in AU for not to have received the email.
  • #34
  • Jun 23, 2019 11:59pm Jun 23, 2019 11:59pm
Quoting Shocktropper
This is most shocking ..... If you read the IC market regulation page IC Markets (SC): When funding your trading account client funds are held in client segregated trust accounts at Barclays Bank Seychelles. IC Markets (SC) complies with the Securities (Conduct of Business) Regulations, 20018 and employs strict policies and procedures regarding the maintenance and operation of these accounts. IC Markets (SC) holds client money separately to company funds and does not use these funds for any operational expenses or purposes. Our Product Disclosure...

From the FAQ page:

Where are my funds held under IC Markets Seychelles?
Client money is held on trust for IC Markets (SC) by IC Markets (AU) with AA rated Australian banks.

What happens to my client moneys after the migration?
Your client moneys continue to be held on trust for you as per the Account Terms. IC Markets (SC) will hold client moneys in segregated bank accounts with AA rated Australian banks. Seychelles laws will apply to your client monies, although the custody of your client moneys by IC Markets (AU) is under Australian law.

Having said the level of protection you get under ASIC would not be the same.. and thinking about it, SC clients would go back of the list for receiving compensation in case of bankruptcy scenario...
  • #35
  • Jun 24, 2019 11:36am Jun 24, 2019 11:36am
thumbs up if u received the new email. dont have to post out content in case of jelly feelings. if u received it. u know who you are
  • #36
  • Jun 24, 2019 12:12pm Jun 24, 2019 12:12pm
Quoting mavrick14
{quote} The migration is affecting "all overseas clients" - nothing to do with high risk. IC markets has a commission based earning model, they like scalpers - very much!! You must be based in AU for not to have received the email.
disagree.
outward ICMarkets has a commission based earning model,
in reality they heavily depend on their 'B' side of the hybrid book and the number of clients to attract to place there to keep their outward tight spread, while acting as a discount rate bucketshop in reality.

nothing wrong with this, until you know what you are up against; and if you are a profitable scalper, that means it is much recommended to keep a very close eye on your execution and slippage when start to come to larger lots!
since it is 90% of the time you vs them, the mischiefs will start to occur more frequently.
a non issue if one can lose on their anyway.

for those who unsure what to think:
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and just what this Tapaas is really about?
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there is always, always another trade!!
  • #37
  • Jun 24, 2019 12:29pm Jun 24, 2019 12:29pm
Quoting Bicarus
thumbs up if u received the new email. dont have to post out content in case of jelly feelings. if u received it. u know who you are
Should be all get the new one
"following the valuable feedback of all our clients"
I guess everybody sending the same inquiry
Don't mind me.. i'm crazy
  • #38
  • Jun 24, 2019 12:43pm Jun 24, 2019 12:43pm
Quoting profitfarmer
{quote} disagree. outward ICMarkets has a commission based earning model, in reality they heavily depend on their 'B' side of the hybrid book and the number of clients to attract to place there to keep their outward tight spread, while acting as a discount rate bucketshop in reality. nothing wrong with this, until you know what you are up against
What's your plan PF? sticking with them and migrating to Seychelles?

I had them on my shortlist for Thailand but this kind of info, plus the whole regulation issue is massive reg flag.
  • #39
  • Jun 24, 2019 1:26pm Jun 24, 2019 1:26pm
Quoting C-12
{quote} What's your plan PF? sticking with them and migrating to Seychelles? I had them on my shortlist for Thailand but this kind of info, plus the whole regulation issue is massive reg flag.
for the time being i will stay.
it isnt the regulator that were doing the pricing in the past, my mainly execution issues were solved largely in-house, usually with the standard practice that it must be my internet connection ( even when it was the sponsored VPS, lol)
they arent my only broker, i trade with Axitrader as well, and they are doing the same thing too.
i hold an EU passport, so if i choose i could get back under those ESMA brokers, or for example Axi's FCA subsidy, or pick something from the bucket shops that strong locally...and offer local deposit...
time will tell, for now, ICMarkets is still happen to offer the best overall conditions ( but doesnt hurt to know what we are trading up against exactly; and i do my due diligence that side too, as much as possible).
there is always, always another trade!!
  • #40
  • Jun 24, 2019 1:30pm Jun 24, 2019 1:30pm
When is this going to happen for let's say FPMarkets? Also Australian broker?
If you want to see charts on different level, start listening to Madonna
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