Is anyone going to IC Markets Seychelles on March 2021?

As you know, IC will make us choose on March 2021 with which entity we would like to continue...(if we want to continue with them at all)....

Is anyone going to IC Markets Seychelles on March 2021?

If so, what will this mean? If there's ever any trouble with withdrawals, execution, for example I can imagine that filing a dispute with Seychelles FSA is equivalent to sending a letter to Santa...so this translates into, it's 100% up to IC markets how fairly they will treat us if we agree to move our trading funds to Seychelles....

I will move to IC Markets Global (Seychelles), i had never any complaint with ICmarkets and i have no reason to think they will change their behaviour only because they change their regulation.

So, they'll be totally out of regulation and stuff? or cysec will be there and they'll just have an offshore entity?

just so you guys know.

all along, ASIC/AFCA does not cover non AU clients.

so you'd been trading on "faith" all these while.

Exactly!

This is so brilliant - everybody got this false sense of security and panics about an offshore move though nothing would really change in terms of security.

I have said this so many times here: you are trading with a broker, not a regulation! If you are scared of losing money, do not trade at all. Otherwise look for the reputation of your broker, that's all you need. Regulations generally are NOTHING to rely on! Do not take them as argument for any decision!

ICMarkets does not force you to go to their SC entity. Instead THEY are forced to act and OFFER you the possibility to react.

Iv been a client of icmarkets for a few years. I wont be able to trade with the new leverage. Is the nee ASIC intervention only affecting icmarkets or all forex brokers in australia?

What is the best alternative available?

I initially started trading through ICM with my own ltd company in Aus in order to take advantage of the leverage as the broker I was with in the UK had to abide by the new rules. In a way it was a case of picking from the best recommendations at the time but I have been fully satisfied with ICM to date. I keep my account relatively low for the reasons of protecting my investments wherever my money is sitting.

The reality is that if I stay where I am I will have to increase my account 10 fold to continue trading at my current levels so the question then becomes am I happy with my account being 10x as large with a broker the other side of the world. (I am in the UK).

As I understand it current legislation protects your money up to a max 45k (Dont shoot me if I am wrong but I think thats right).
So the reality is anything over could be lost if the worst was to happen. Well with this scenario the amount I would lose roughly equals what I keep in my account in Aus anyway so I will probably bite the bullet and move to the Seychelles .

I also have an account with a recognised broker in the UK along with my clients with which I trade CFD and Spreadbet and we have to hold 10x the money.
For me this is a bit of a no brainer as ICM have always been good to me but time will tell I guess.

I deal with AFCA/ASIC quite a bit in my previous line of work. ASIC rules covers corporate entities and by default all the clients/customers of these entities. It doesn't matter whether these customers are in Aus or overseas. So if you reside in Bangladesh and have a bank account e.g. Westpac in Australia, you are covered for A$250K of your deposits if Westpac goes under.
But what ASIC like to emphasize is that it can only deal with Australian entities. So if the same Bangladesh trader make a withdrawal from IC Market to his Westpac acct but did not receive his money. He can complain to AFCA/ASIC. ASIC/AFCA can demand Westpac to check if the money is lost somewhere in their system if NAB proved that they have made the transfer. You will eventually get your money one way or another if ICM actually confirmed the withdrawal.

But if the Bangladesh trader withdrew to his local bank in Bangladesh. ASIC can only ask NAB to confirm that the transfer was made and AFCA/ASIC responsibility stops there. They cannot ask the Bangladesh bank to do anything since it does not have any jurisdiction.

So in summary ASIC rules covers Australian corporate entities and all their customers regardless of where they reside. Also the product intervention rules coming into effect on 29 March affects ONLY brokers. IN theory, you can trade anyway that allows you the higher leverage.

Likewise if you are shareholder of an australian company residing overseas, if they are any claims/refunds to shareholders due to class action, you are entitled to it. There is no distinction on your citizenship or residency.

Hi there,

I am new to the forum and a newbie in FX trading. I am an Australian currently with IC Markets.
The new ASIC rule capping retail investors at 1:30 will impact me and IC Market will not move me to IC Markets Seychelles because I am an Australian.
Can anyone recommend a reputable brokerage firm that will accept Australian client and provide 1:500 leverage after March 2021?
Thank you in advance.

PT

Portree,
In theory you are allowed to open an account in overseas jurisdiction belonging to Aussie brokers e.g Seychelles for ICM, Bahamas for Pepperstone, Vanuatu for Global Prime. The regulation in those countries do not prohibit Australians. Also ASIC rules only applies to Brokers in Australia.
Just like last year, EU restrict leverage but EU citizen can open acct with Aussie brokers or elsewhere since ESMA restriction only applies to brokers in EU.

BUT in practice, an Aussie broker will NOT transfer you to its overseas company. It is not ethical for them to do so. So you can go to the overseas website and sign up.
If they don't allow you to sign up, then ask them why. Ask them to show you the laws in those countries that prohibit an Aussie from signing up.
They won't be able to show you the regulation but they can still deny you signing up just any restaurant can deny you service. Go to another broker and try again. Usually the bigger ones are more bureaucratic. Do it now before 29 March so that you can try different brokers before that date if one is not successfull.

Note: you need to use a VPN server to pretend you are from another country so that it will direct you to overseas portal. Of course do NOT choose a VPN server in USA, Japan or NZ or Iran for obvious reason.

Share your experience here.

I have just contacted the representative from FP markets, the new ASIC intervention will also affect the AUSTRALIAN clients for FPmarkets as well. If you wish to have 500:1 leverage, you will be opening an account with FPmarkets St vincent entity. Basically this is the same as ICmarkets Global (Seychelles). Im not from Australia.

At this moment, I am more inclined to move to ICmarkets Global (Seychelles). What is the review for ICMarkets Global currently?

Hi I’m with IC Markets Seychelles been there since July19, when they first announced there leverage restriction. I’ve not had any faults customer service is still on point, I withdraw every month never had any issues.

kind regards

There is absolutly no difference them moving offshore the regulaters are only there to mess up for us retail traders dont expect any help whatever complain you have isues with them i used to use Finpro now Coinexx and had no issues with them either even they had main office in london registered offshore...So if you bail and follow ASIC/ESMA bullshit well then find someting else to do.....Do you really think IC market will destroy there reputation fucking over some retail traders come on are we on the same planet.....I am trying to get my propfirm to move with them offshore also and they have millions invested,but i am not sure tey if they have the stumac for it,,,

No problem with IC Markets Seychelles for me. All withdrawals have been spot on. I have a policy of only depositing a small percentage of my trading capital with the broker, no matter who it is, or where they are based. That way I retain as much control as possible. Very pleased with IC Markets.

I called IC Markets today and asked to move my account to its global entity and the reply was I can't if I am a resident of Australia. The person on the phone told me that if my address in whatever ID I provide for verification is an address in Australia then my account has to be ASIC regulated, so I am not sure that even VPN will solve the issue for Australians living in Australia. Obviously, residents of other countries won't have an issue.
I never thought one day I will be looking for brokers that are specifically not ASIC regulated.

Tony,
The point I was trying to make is that IC market seychelles is regulated by seychelles authority. Does seychelles authority prevent an australian resident from signing up? IC markets seychelles does not prevent a EU resident from signing up. It didn't insist that the EU resident should sign up with a Cysec broker.

I will be moving over, just got to time it well as i'll be down trading for up to 48 hrs i'm told.

those who have already transferred, how long did it take you?

switching actually takes only a few minutes.
Remember ICM backend is the same. That is why you need to close open trades. The the acct balance is then recorded as SCY balance instead of ASIC balance. the servers are renamed e.g. icmarkets-live20 becomes icmarketsSC-live20.
Note: for those who have not switched, the server login to SC is the same as without SC. Try it.
This means that the servers are just proxies i.e. both servers are directing traffic to single actual server.
The reason why ICM or others uses proxy is that if the proxys are attacked (e.g. DDOS), it doesn't affect the back end servers.

I did the jump over to Seychelles and from time of submission to completion was less than 1 day for me. I applied in the morning and by the evening it was done. All good so far, will see how the withdrawals are like later this month.

was done in a day