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IC Markets (AU) ceases serving global clients

  • #1
  • First Post: Jun 22, 2019 9:50pm Jun 22, 2019 9:50pm
Hi, as many may have heard IC Markets (Australia) will be ceasing global service and is migrating their internstional client accounts to IC Markets(SC).

I want to know what traders using them are thinking? Will you stay with them and migrate to the SC regulations (IC Markets SC or are you moving to a different broker?

Should we be concerned with the IC Markets SC regulations? I.e. if IC Markets SC goes down under would we get our money back?

Is there anyone from UK that is using a non fca regulated broker?

I would use a UK based broker or fca regulated but the 30:1 leverage is really making it difficult for my scalping with large margins requirements. I sometime use stops as low as 5 pips.

All info appreciated.
  • #2
  • Edited 11:16pm Jun 22, 2019 10:18pm | Edited 11:16pm
The same happened to the rest of the Aussie brokers. If IC were to go down, the rest would too. Aussie regulators force them to do so.

On a side note, if you are uncomfortable with it, perhaps consider Oanda? IIRC, they're still providing 1:100 to EU clients with an FCA checkmark as assurance.

Besides, if you are scalping, try Darwinex? Their spreads are tight and regulated by FCA as well. I would like to suggest Oanda and LMax, however, I don't think a lot of traders here would deposit more than 20k$ to trade considering most are trading based on leverage available margin. If you're wondering why I mentioned Oanda, it's because of the premium account they offered.
Link for your reference: https://www.oanda.com/us-en/trading/account-comparison/
For your utmost concern, this would be your best alternative: https://www.darwinex.com/deposits-withdrawals

My own POV: I do have accounts with IC Markets, Global Prime and many other brokers. I would still stay with them at the time being but with (A less than 2k account, due to the concerned surrounding regulations at the moment). My primary account is with LMax, IB and Oanda at the present, holding at least 30 to 50k in between the brokers I'm currently trading with.
  • #3
  • Edited 10:40pm Jun 22, 2019 10:28pm | Edited 10:40pm
Quoting thegrimreape
The same happened to the rest of the Aussie brokers. If IC were to go down, the rest would too. Aussie regulators force them to do so. On a side note, if you are uncomfortable with it, perhaps consider Oanda? IIRC, they're still providing 1:100 to EU clients with an FCA checkmark as assurance. Besides, if you are scalping, try Darwinex? Their spreads are tight and regulated by FCA as well. I would like to suggest Oanda and LMax, however, I don't think a lot of traders here would deposit more than 20k$ to trade considering most are trading based...
Thanks mate. Will look into Oanda and the other mentioned Brokers. I'm currently trading with £8k but intended to increase capital but with current situation it will have to be reconsidered.
  • #4
  • Jun 23, 2019 10:43am Jun 23, 2019 10:43am
Oanda is market maker and will have withdrawal issues

I am deeply upset by IC markets actions:

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.

Means your money is held in: (NOT IN BARCLAYS)
Absa Group takes over Barclays in Africa; no changes to services in Seychelles
  • #5
  • Jun 23, 2019 2:54pm Jun 23, 2019 2:54pm
I'm in the UK and I use IC Markets. I'm going to stay with them because I have had a very positive experience with them to date and I don't think anything will change with their move.
  • #6
  • Jun 23, 2019 3:12pm Jun 23, 2019 3:12pm
Quoting HairyHarley
I'm in the UK and I use IC Markets. I'm going to stay with them because I have had a very positive experience with them to date and I don't think anything will change with their move.
Thanks for the feedback. Should there be any cause for concern with the IC Markets (SC) regulation and more importantly the protection of our capital should anything happen?

I guess if they keep the funds in Australia then it may still be good enough.
  • #7
  • Jun 23, 2019 4:48pm Jun 23, 2019 4:48pm
https://www.icmarkets.com/en/help-re...migration-help

Just came across most of the info from IC Markets regarding the SC transition.
The funds will remain in Australia but SC regulations does not have a protection scheme should ic market go bankrupt. ASIC will not be protecting the funds even though the funds are in Australia.
  • #8
  • Jun 23, 2019 9:18pm Jun 23, 2019 9:18pm
Quoting Subaal
https://www.icmarkets.com/en/help-re...migration-help Just came across most of the info from IC Markets regarding the SC transition. The funds will remain in Australia but SC regulations does not have a protection scheme should ic market go bankrupt. ASIC will not be protecting the funds even though the funds are in Australia.
Yes, same people under the same umbrella serving you the dishes with no regards to the regulations being exercised as it's just a word-to-mouth promise that "Everything's going to be okay". That's the advert they are selling at the moment.
  • #9
  • Jun 23, 2019 9:20pm Jun 23, 2019 9:20pm
Quoting Shocktropper
Oanda is market maker and will have withdrawal issues I am deeply upset by IC markets actions: 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....
Yes, they are a market maker, but how does being a market maker linked to having withdrawal issues? I see no causation to that and it could be very well defamation to Oanda. I'm in no position to speak the rights for them, however, as a long-serving client, I've had no issues with them for a long interval of time. Please do not remark based on any false info you have had online unless you had experienced it your own. Honesty is a virtue.
  • #10
  • Jun 23, 2019 10:02pm Jun 23, 2019 10:02pm
Quoting thegrimreape
{quote} Yes, they are a market maker, but how does being a market maker linked to having withdrawal issues? I see no causation to that and it could be very well defamation to Oanda. I'm in no position to speak the rights for them, however, as a long-serving client, I've had no issues with them for a long interval of time. Please do not remark based on any false info you have had online unless you had experienced it your own. Honesty is a virtue.
The difference is they are your counterpart for each and every trade you execute as these trades stay in their house. Consequently you always have a conflict of interest with your broker. If you are too successful, they will/have to kick you out. But since 80-90% lose money, nobody cares about that fact here..
  • #11
  • Jun 23, 2019 11:16pm Jun 23, 2019 11:16pm
Quoting Drolph
{quote} The difference is they are your counterpart for each and every trade you execute as these trades stay in their house. Consequently you always have a conflict of interest with your broker. If you are too successful, they will/have to kick you out. But since 80-90% lose money, nobody cares about that fact here..
Would the statistics of 80-90% change in years to come? No. That's how the smart money stays consistently profitable while the dumb money keeps on providing to them. Unless it's a huge turnover, I could expect this to happen not only in Oanda but many other reputable brokers too.
  • #12
  • Jun 24, 2019 2:44am Jun 24, 2019 2:44am
Quoting Drolph
{quote} The difference is they are your counterpart for each and every trade you execute as these trades stay in their house. Consequently you always have a conflict of interest with your broker. If you are too successful, they will/have to kick you out. But since 80-90% lose money, nobody cares about that fact here..
Started to trade with Oanda a few month ago. Not a single loosing trade so far. Withdrawed 6 % profit with no problem. So far so good. They say it is fine because they hedge my positions.

At the start they connected me to some girl in customer service, it was impossible to communicate with her, had to spell my country in english several times and she still did't understand. Now have other agent Georgi to communicate with and everything is fine.
Toxic Trader
  • #13
  • Jun 24, 2019 4:15am Jun 24, 2019 4:15am
Hi guys, Will read your comments soon. Just noticed the following in my email? any thoughts?:


Dear Client,
You may have received an email from International Capital Markets (AFSL 335692) regarding the new regulatory developments within Australia on 21st of June 2019.
We would like to inform you that IC Markets will keep your trading accounts under ASIC regulation without any changes.
This means your Security of Fund and Trading Conditions will remain unchanged after 1st July 2019.
Should you wish to continue trading with IC Markets under ASIC Regulation, you can login back to your Secure Client Area to cancel the withdrawal requests before market opens on Monday.
To cancel your withdrawal please login to the secure Client Area: https://secure.icmarkets.com
Select "Withdraw Funds" under the Transfers menu and click on the "x" symbol next to the requested withdrawal item to cancel.
If you are having difficulties cancelling your withdrawal request from your Client Area, you can send an email with the subject of “Withdrawal Request Cancellation” to[email protected] and our Accounts team will assist you as soon as possible.
We wish to express our apologies for the late update on this matter.
We hope to continue this relationship in the coming years with great reverence and respect.
Kind Regards
IC Markets
  • #14
  • Jun 24, 2019 4:33am Jun 24, 2019 4:33am
This is interesting.

So I guess you were trying to withdraw your funds, right? And they reacted this way to prevent you from withdrawing your capital?

The message from Friday offered a general opportunity to stay with the Australian branch. Maybe this message should emphasize this option. The only difference here would be, that you do not need to open new accounts as it seems. As far as I understood, staying under ASIC requires to open new accounts, while existing ones get shifted by default.
  • #15
  • Jun 24, 2019 4:50am Jun 24, 2019 4:50am
Quoting Modris
{quote} Started to trade with Oanda a few month ago. Not a single loosing trade so far. Withdrawed 6 % profit with no problem. So far so good. They say it is fine because they hedge my positions. At the start they connected me to some girl in customer service, it was impossible to communicate with her, had to spell my country in english several times and she still did't understand. Now have other agent Georgi to communicate with and everything is fine.
You gave the explanation by yourself: "few month ago" plus "6% profit". Come back in two years telling me you where able to withdraw more than the inital deposit at least. Then we are talking. Of course they do not put you in front of the door until now this soon. No offense, but your profit up to now is nothing to really talk about. They want to earn money on (not with) you! And time and odds are on their side. I experienced it by myseld. Just make more than 100% within a reasonable time and they start to rethink their "business" with you.

The argument to hedge your positions is highly hypocritical. This only works if they have clients within their house to do so. Once you start to trade REAL amounts of money they run out of possible hedging options. At THIS point they need to pay you out of their own balance when you are profitable. Do this over a reasonable time .. do the math.

Quoting thegrimreape
{quote} Would the statistics of 80-90% change in years to come? No. That's how the smart money stays consistently profitable while the dumb money keeps on providing to them. Unless it's a huge turnover, I could expect this to happen not only in Oanda but many other reputable brokers too.
Sure. But as the odds are against you in general - why put even more on top than necessary?
  • #16
  • Jun 24, 2019 4:56am Jun 24, 2019 4:56am
Quoting Drolph
This is interesting. So I guess you were trying to withdraw your funds, right? And they reacted this way to prevent you from withdrawing your capital? The message from Friday offered a general opportunity to stay with the Australian branch. Maybe this message should emphasize this option. The only difference here would be, that you do not need to open new accounts as it seems. As far as I understood, staying under ASIC requires to open new accounts, while existing ones get shifted by default.
Yes i Tried to withdraw the funds thus their prompt reaction.

Just had a chat with the chat team. UK residents (in my case) can stay with IC MARKETS (AU) and will be protected by the ASIC if we chose not to migrate. The leverage figure however, has not been mentioned and the lady on the chat was unaware of it but did say it will be reduced.

In summary based on the emails on Friday and today, we can resume trading with (AU) as they do give the option of NOT TO MIGRATE but that the account will be with the reduced UNKNOWN leverage (most likely 30:1). Most other brokers around the globe have had to undergo similar regulation changes.

With that making a bit more sense than them totally ceasing global business through AU, I think IC MARKETS (AU) may still be a safe option for now. The UK residents are stuck now with the 30:1 leverage no matter who their properly regulated broker is.
  • #17
  • Jun 24, 2019 5:02am Jun 24, 2019 5:02am
Quoting Subaal
{quote} Yes i Tried to withdraw the funds thus their prompt reaction. Just had a chat with the chat team. UK residents (in my case) can stay with IC MARKETS (AU) and will be protected by the ASIC if we chose not to migrate. The leverage figure however, has not been mentioned and the lady on the chat was unaware of it but did say it will be reduced. In summary based on the emails on Friday and today, we can resume trading with (AU) as they do give the option of NOT TO MIGRATE but that the account will be with the reduced UNKNOWN leverage (most likely...
I see. This solves the puzzle. The original message also described it this way. So you did not get offered an "extraordinary solution". Nevertheless thank you for sharing the mail.

But if I may give a a personal advice. Do not focus too much on fancy regulations. You are trading with the broker, not the regulation. Therefor HIS reputation is far more worth than the regulation he is registered with.
  • #18
  • Jun 24, 2019 6:15am Jun 24, 2019 6:15am
Quoting Subaal
{quote} Yes i Tried to withdraw the funds thus their prompt reaction. Just had a chat with the chat team. UK residents (in my case) can stay with IC MARKETS (AU) and will be protected by the ASIC if we chose not to migrate. The leverage figure however, has not been mentioned and the lady on the chat was unaware of it but did say it will be reduced. In summary based on the emails on Friday and today, we can resume trading with (AU) as they do give the option of NOT TO MIGRATE but that the account will be with the reduced UNKNOWN leverage (most likely...
Thanks very much for sharing this. I too (UK resident) received the ICM email last Friday and have spent the weekend wondering whether or not the principle difference going forward and remaining an ICM (AU) client would be in the leverage change. This does now seem to be the case.

As has been rightly pointed out in the thread, the only option left for us UK traders if we wish to remain with a UK FCA type regulated broker is to trade with lower leverage, max 1:30. Although it would be nice to have the option for higher leverage I personally don't think the risk of having little to no fund protection is worth it (having lived through the PFGBest scandal and demise of Alpari it's clear that the brown stuff does hit the fan on occasion!!)

Pulling funds from AU back to the UK is only going to result in a like-for-like trading situation so I guess at this point I'll hit the "don't migrate" button and remain with ICM AU.
  • #19
  • Edited 6:57am Jun 24, 2019 6:44am | Edited 6:57am
Quoting Drolph
{quote} You gave the explanation by yourself: "few month ago" plus "6% profit". Come back in two years telling me you where able to withdraw more than the inital deposit at least. Then we are talking. Of course they do not put you in front of the door until now this soon. No offense, but your profit up to now is nothing to really talk about. They want to earn money on (not with) you! And time and odds are on their side. I experienced it by myseld. Just make more than 100% within a reasonable time and they start to rethink their "business" with you....
What is so special about 2 years?

Have you experienced any problems with them?
Toxic Trader
  • #20
  • Jun 24, 2019 7:57am Jun 24, 2019 7:57am
Quoting Drolph
{quote} You gave the explanation by yourself: "few month ago" plus "6% profit". Come back in two years telling me you where able to withdraw more than the inital deposit at least. Then we are talking. Of course they do not put you in front of the door until now this soon. No offense, but your profit up to now is nothing to really talk about. They want to earn money on (not with) you! And time and odds are on their side. I experienced it by myseld. Just make more than 100% within a reasonable time and they start to rethink their "business" with you....
One goal - Make money. The rest is unnecessary.
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