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IC Markets (AU) ceases serving global clients

  • #21
  • Jun 24, 2019 8:17am Jun 24, 2019 8:17am
Quoting simond2002
{quote} 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...

Thanks for your input on this thread. I am thinking the same as yourself and have hit NOT TO MIGRATE button. We will need to settle with the lower leverage and make the money from what we have. It will have some effect to overall trading experience and potential earnings as compared to higher leverage but there is not a lot we can do as of now...

Best of luck anyhow.
  • #22
  • Jun 24, 2019 9:04am Jun 24, 2019 9:04am
Just got sent an email to my question regarding Dukascopy who claim to still offer 200:1 leverage to uk residents and the esma rules do not effect them.

Please check the images attached.
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  • #23
  • Jun 24, 2019 10:55am Jun 24, 2019 10:55am
Quoting Subaal
Just got sent an email to my question regarding Dukascopy who claim to still offer 200:1 leverage to uk residents and the esma rules do not effect them. Please check the images attached. {image} {image} {image}
Something important they did NOT tell you - their leverage gets reduced EVERY weekend. That means positions which are held for more than scalping like timeframes have to be effectively calculated on the weekend leverage - which is between 30 and 60, if I remember correctly.

Quote:

OVER-THE-WEEKEND LEVERAGE
Maximum available leverage for the weekends and other market closure days is set to 1:30 (1:60 for accounts with maximum leverage 1:200). The purpose of this policy is to mitigate risks caused by potential price gaps during market closure, which may seriously threaten invested funds.
Standard algorithm: Over-the-weekend trading conditions are effective starting 3-4 hours before each market closure (weekend, holidays, etc) until re-opening of the market. For usual Friday night closure, over-the-weekend conditions would become effective at 18:00 GMT, which may cause the Use Of Leverage to increase if there is an net exposure. Regardless of the over-the-weekend margin conditions, the general execution mechanisms of the margin call and margin cut remain the same. That is, if the amount of equity on the account is not sufficient to support existing positions with a leverage of 1:30, the margin cut procedure will be applied to the account (see paragraph Margin Call and Margin Cut).
  • #24
  • Jun 24, 2019 11:12am Jun 24, 2019 11:12am
Update.. I think they changed their mind?




Dear Client,
Following the email sent to you on Friday, 21 June 2019 “Important Update Regarding your Trading Account”, in which we have informed you that, on 30 June 2019, we will migrate your trading account(s) to IC Markets (SC), regulated by the Financial Services Authority (FSA) of Seychelles (Securities Dealer Licence No: SD018), unless you inform us otherwise.
However, following the valuable feedback of all our clients, we are pleased to inform you that we have made the decision to maintain your trading account(s) with International Capital Markets Pty Ltd (IC Markets AU).
Accordingly, nothing changes for you: You will be able to continue with your current trading account(s) with IC Markets (AU).

  1. There will be no impact on your trading account/activity at all.
  2. Your funds will remain in the same segregated trust account with AA rated Australian banks.
  3. You will maintain your current open positions and account history.
  4. Services provided to you by IC Markets (AU) will continue to be governed by the Australian financial services laws.
  5. Finally, you will keep trading in the exact same market-leading trading conditions as usual.

Nonetheless, should you wish for your account to be migrated to IC Markets (SC) in the future, you will be able to do so with a seamless transition process, which provides you with more choices and flexibility.
Both IC Markets (AU) and IC Markets (SC) holds all client funds in fully segregated client trust accounts with AA rated Australian Banks, NAB and Westpac and operate following the same core values that made IC Markets a leader of the industry trusted by thousands of traders.
We apologise for any inconvenience or confusion the previous email may have caused and thank you for your patience and understanding.
For further enquiries, please do not hesitate to contact us at [email protected]
Kind Regards
IC Markets

  • #25
  • Jun 24, 2019 11:16am Jun 24, 2019 11:16am
Quoting JayBag
Update.. I think they changed their mind? Dear Client, Following the email sent to you on Friday, 21 June 2019 “Important Update Regarding your Trading Account”, in which we have informed you that, on 30 June 2019, we will migrate your trading account(s) to IC Markets (SC), regulated by the Financial Services Authority (FSA) of Seychelles (Securities Dealer Licence No: SD018), unless you inform us otherwise. However, following the valuable feedback of all our clients, we are pleased to inform you that we have made the decision to maintain your trading...
Was quoted with the exact letter aforementioned. They might be scared to death to see their overseas client pulling out funds when the news hits the shore.
  • #26
  • Jun 24, 2019 11:19am Jun 24, 2019 11:19am
Quoting JayBag
Update.. I think they changed their mind? Dear Client, Following the email sent to you on Friday, 21 June 2019 “Important Update Regarding your Trading Account”, in which we have informed you that, on 30 June 2019, we will migrate your trading account(s) to IC Markets (SC), regulated by the Financial Services Authority (FSA) of Seychelles (Securities Dealer Licence No: SD018), unless you inform us otherwise. However, following the valuable feedback of all our clients, we are pleased to inform you that we have made the decision to maintain your trading...

Hi there! Are you from UK too or from outside of EU. Based on how the other brokers seem to be functioning so long as you are outside the EU and US you can still enjoy the bigger leverage.
  • #27
  • Jun 24, 2019 11:22am Jun 24, 2019 11:22am
Quoting Drolph
{quote} Something important they did NOT tell you - their leverage gets reduced EVERY weekend. That means positions which are held for more than scalping like timeframes have to be effectively calculated on the weekend leverage - which is between 30 and 60, if I remember correctly. Quote: OVER-THE-WEEKEND LEVERAGE Maximum available leverage for the weekends and other market closure days is set to 1:30 (1:60 for accounts with maximum leverage 1:200). The purpose of this policy is to mitigate risks caused by potential price gaps during market closure,...
Ridiculous that. Thanks for the info.
  • #28
  • Jun 24, 2019 11:24am Jun 24, 2019 11:24am
Quoting thegrimreape
{quote} Was quoted with the exact letter aforementioned. They might be scared to death to see their overseas client pulling out funds when the news hits the shore.
Most definitely..
the withdraw request came in bulk this time ..

Still my best broker till date..
Spread are great
  • #29
  • Jun 24, 2019 8:12pm Jun 24, 2019 8:12pm
Quoting JayBag
{quote} Most definitely.. the withdraw request came in bulk this time .. Still my best broker till date.. Spread are great
Have to agree that they provide an outstanding spread amongst the rest. They can't afford to lose the clients like the rest because they might not be "True ECN" as advertised
  • #30
  • Jun 24, 2019 9:43pm Jun 24, 2019 9:43pm
I worked in the financial industry in Aus. ASIC motto has always to prevent broker collapsed rather than providing safety net like insurance etc which adds to the cost.
They mentioned on numerous times on what they can do with regards to complaints (handled by AFCA). e.g. If a trader from some distant country fund via wire transfer to IC market. IC Market did not receive the money. If trader complaint to AFCA, all AFCA can do is request IC Market and/or NAB bank to confirmed that money has not been received. They cannot request the foreign bank for info. The complaints ends there.

Note: ASIC rules cannot/does not prevent internal fraud. It insist that client trust account are reconciled every week with trading accounts. But if a broker decide to close shop and transfer client money overnight to cayman islands, the money is gone.

So cases like Madoff fraud case in the USA where he planned from beginning to defraud is prevented with checks and balances in place but directors (plural) waking up one morning and wants to abscond will be hard to prevent. So some brokers has insurance in place for this.

With weekly reconciliation hopefully all the money is the bank/trust account and broker collapsed means money for traders are safe. IC Market (SC) can follow the same reconciliation process but there is no penalty if they don't do it or if figures do not reconcile unlike ASIC brokers.

So it comes down to the integrity of IC Market and their management is what we need to decide on.
Some brokers came to the conclusion that they do not have offices in other countries. Traders sign up via thew website and agree to the terms (especially protection offered by ASIC/AFCA above). So they did not solicit clients from overseas but clients came to them. Hence they feel that they did not violate rules in those countries and will continue to do so.

But some countries regulator make complains - eg Japan, Canada and now China. So clients from these countries are a no-no. New Zealand and Australia regulator often speak to each other, when NZ came up with new rules, broker can accept NZ clients but need to follow those rules. Most brokers find it a burden dealing with a country with only 4.5 mil people and so decide not to accept the few traders that they have from NZ.
  • #31
  • Jun 25, 2019 5:20am Jun 25, 2019 5:20am
Just received the same email as JayBag, i.e. ICM (AU) have done a full 180 degree turn on their original proposal re non-AU clients. I'd already decided to remain with ICM (AU) and hit the "don't migrate" button. Dunno... it all seems a bit odd.
  • #32
  • Edited 7:13am Jun 25, 2019 7:01am | Edited 7:13am
Quoting Drolph
{quote} Something important they did NOT tell you - their leverage gets reduced EVERY weekend. That means positions which are held for more than scalping like timeframes have to be effectively calculated on the weekend leverage - which is between 30 and 60, if I remember correctly. Quote: OVER-THE-WEEKEND LEVERAGE Maximum available leverage for the weekends and other market closure days is set to 1:30 (1:60 for accounts with maximum leverage 1:200). The purpose of this policy is to mitigate risks caused by potential price gaps during market closure,...

Could you please provide a link to where you got the above quote from? I am communicating with one of their agents who says they do not have over the weekend increase of margins. Thanks **** UPDATE *** found the reference on their website. thanks

Thanks for your valued Input RedDevil.
  • #33
  • Jun 25, 2019 7:07am Jun 25, 2019 7:07am
Quoting Subaal
{quote} Could you please provide a link to where you got the above quote from? I am communicating with one of their agents who says they do not have over the weekend increase of margins. Thanks Thanks for your valued Input RedDevil.

https://www.dukascopy.com/swiss/engl...counts/margin/

You have to scroll down a bit.
  • #34
  • Jun 25, 2019 7:34am Jun 25, 2019 7:34am
Thanks Drolph.

Your thoughts on the following guys:

https://blackbullmarkets.com/en/

These guys still provide 500:1 leverage to UK residents. They are based in NZ. Regulated in NZ but have an office in the UK (for payment processing).

Their email response:

Anish Lal replied:
Dear Subaal
Thank you for your email.
We can offer leverage of up to 500:1 for clients based in the UK and all of our client funds are held at ANZ Bank, Auckland, New Zealand.
We do not plan on changing our trading conditions, however, if something does happen, you will be notified well in advance.
For reference, Live accounts can be opened here: http://blackbullmarkets.com/liveaccount
Hope this helps and for any other questions before getting started, please let me know.
Kind regards,
Anish Lal
Head of FX & Metals

BlackBull Group Limited
Level 22, 120 Albert Street, Auckland, 1010, New Zealand

Phone:
+64 (0)9 558 2505
Email:
[email protected]
Skype:
anish.lal89
Web:
www.blackbullmarkets.com
  • #35
  • Jun 25, 2019 3:02pm Jun 25, 2019 3:02pm
I also received the email first saying that my account was gonna be moved, and now I got the email saying that my account is gonna remain in AU and not be moved to SC, and that everything is gonna be the same as ever was, ok...

So, regarding the leverage restriction, does anyone know if that is for specific countries? In the case of Brazil, do I still can use my 500:1 leverage??
  • #36
  • Jun 25, 2019 3:43pm Jun 25, 2019 3:43pm
Quoting Gauer
I also received the email first saying that my account was gonna be moved, and now I got the email saying that my account is gonna remain in AU and not be moved to SC, and that everything is gonna be the same as ever was, ok... So, regarding the leverage restriction, does anyone know if that is for specific countries? In the case of Brazil, do I still can use my 500:1 leverage??
This bit is still unclear. We need to see this week out and hooe another email doesn't appear. Having said that, i feel the U.K residents are in for a hit of reduced leverage. But i hope this time I am wrong.
  • #37
  • Jun 26, 2019 1:22am Jun 26, 2019 1:22am
Quoting Subaal
{quote} This bit is still unclear. We need to see this week out and hooe another email doesn't appear. Having said that, i feel the U.K residents are in for a hit of reduced leverage. But i hope this time I am wrong.
It might very well be a dangerous situation for IC Markets to turn/flip at the final moment. As this could backfire them and caused huge havoc after.
  • #38
  • Jun 27, 2019 1:40pm Jun 27, 2019 1:40pm
I was considering continue with ICMarkets until I got that email. If you didn't noticed, there is a paragraph which said that the broker is not responsible for any mislead execution made by IC(SC) because it is another legislation. Also, there have been many changes in the trading world related to Leverage, Margins, Legislations, accepting or not international clients. It made me decide to switch to Nadex exchange. They accept people from different countries, you can withdraw without problems, they offer different products (Binaries, Spreads & Touch Brakets) which we can use to create different strategies. It is true that we can not use EAs because it is basically manual trading but I have found also advantages that the normal forex-cfd-futures broker doesn't.
Swing with the tide, Surf with the waves!
  • #39
  • Jun 28, 2019 7:56pm Jun 28, 2019 7:56pm
I think at least IC Markets migrates your account to IC Markets SC, Oanda even close hong Kong account with all your trades closed automatically before 12 July and your account closed down with no further service for you. I am very happy with IC Markets until now.
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  • #40
  • Jul 4, 2019 2:08pm Jul 4, 2019 2:08pm
Quoting imm
I think at least IC Markets migrates your account to IC Markets SC, Oanda even close hong Kong account with all your trades closed automatically before 12 July and your account closed down with no further service for you. I am very happy with IC Markets until now. {image}
Regulations are becoming too tight for the retail trader around the world. For now IC Markets (AU) will resume services without any changes, but for how long no one knows.
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