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IC Markets Australia vs. IC Markets Seychelles 35 replies

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Attachments: Is anyone going to IC Markets Seychelles on March 2021?
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Is anyone going to IC Markets Seychelles on March 2021?

Just an update: IC Markets Seychelles would not onboard me as I am an Australian resident. So now I am looking for a new broker.
Has anyone have any good/bad experience with ICFX Capital? They only accept Crypto payment and withdrawal. What are the benefits and disadvantage of using crypto payments to broker? I don't have experience in this area, so any advice is helpful.

PS: I wanted to start a new post in the right forum directory but am unable to do so as I am a new member.
I am in the process of transferring today. It is strange to see all my accounts on my thread to 0. Am I going to have the same accounts numbers? I have EAs and few activation left on some of them
  • Post #23
  • Quote
  • Edited 9:44am Jan 14, 2021 9:05am | Edited 9:44am
Quoting manuforex
I am in the process of transferring today. It is strange to see all my accounts on my thread to 0. Am I going to have the same accounts numbers? I have EAs and few activation left on some of them
Update us please with your status after the transfer is complete. I was wondering the same thing as what would happen to my stats. I have some really good stats on the current Aussie IC Markets account that I do not want to lose.

I asked IC Markets in their chat and they said the account numbers and the stats like profit percentage and so on all stay the same. Maybe you or someone else could confirm this for us.

Thanks
myfxbook stats will remain the same, no changes required. Like I said the earlier post, the server is the same.
But from accounting point of view, they will need to "withdraw" from ASIC and "deposit" into Seychelles. You will see a withdrawal and deposit of the total balance in terminal on MT4. This is the reason why you need to close all open orders before you do the transfer.
Other than that your stats will remain the same, all you trades history is still there.
Quoting Portree
Just an update: IC Markets Seychelles would not onboard me as I am an Australian resident. So now I am looking for a new broker. Has anyone have any good/bad experience with ICFX Capital? They only accept Crypto payment and withdrawal. What are the benefits and disadvantage of using crypto payments to broker? I don't have experience in this area, so any advice is helpful. PS: I wanted to start a new post in the right forum directory but am unable to do so as I am a new member.
I suggest you try other brokers like global prime? I suggest you stick with ASIC broker but with other offices rather than totally unknown broker. Getting your money out is just as , if not, more important.

If a broker cannot onboard an australian because of ASIC, a kiwi because of FMA, a Brit because of FCA, Eu because of ESMA and not Canadian, US, Japanese.
Well that is not much left of the traders from the rest of the globe !!
Quoting kweiss10
{quote} Update us please with your status after the transfer is complete. I was wondering the same thing as what would happen to my stats. I have some really good stats on the current Aussie IC Markets account that I do not want to lose. I asked IC Markets in their chat and they said the account numbers and the stats like profit percentage and so on all stay the same. Maybe you or someone else could confirm this for us. Thanks
Hi,
My transfer is finished. Everything is the same for me on my VPN servers, but from my phone I need to change the server name.
My stats changed. It's like when you add money on your account, you know, the percentages will decrease.
Iv been with ICmarket Australia for 5 years and trades and entries have been great. I have just switched to IC market global Seychelles for 3 weeks now due to the leverage change. However i have been getting worse entry by 1 point very very often for my pending trades, which i seldomly experience from ICmarket Aus. I trade daily and this -1 point difference do affect my trading plan.

Anyone experiencing this change?
  • Post #28
  • Quote
  • Edited 8:25am Jan 26, 2021 8:08am | Edited 8:25am
Quoting covetousrat
Iv been with ICmarket Australia for 5 years and trades and entries have been great. I have just switched to IC market global Seychelles for 3 weeks now due to the leverage change. However i have been getting worse entry by 1 point very very often for my pending trades, which i seldomly experience from ICmarket Aus. I trade daily and this -1 point difference do affect my trading plan. Anyone experiencing this change?
What platform are you trading from?
Quoting kweiss10
{quote} What platform are you trading from?
MT4. Still using the same account no. They did the account transfer on their end.
Quoting covetousrat
{quote} MT4. Still using the same account no. They did the account transfer on their end.
I am on cTrader and so far no lagg or probs there. Will continue to monitor though.
If you are a consistent trader already, choose an offshore broker like IC with a decent reputation and build your trading account up to 100k, after that you have enough to apply for professional trader status (100k in assets and enough trading volume), and you can sign up to where you feel safer again with high leverage.
Quoting venividivici
If you are a consistent trader already, choose an offshore broker like IC with a decent reputation and build your trading account up to 100k, after that you have enough to apply for professional trader status (100k in assets and enough trading volume), and you can sign up to where you feel safer again with high leverage.
Great advice!

Any chance you know of any reliable / reputable brokers offering professional trader status providing high leverage of around 1:500 that offers? I need that high leverage for my trading method.

Most websites I checked only have info for retail clients. Oanda said they go up to 1:100 under professional trader status. That is unfortunately not enough.
Quoting kweiss10
{quote} Great advice! Any chance you know of any reliable / reputable brokers offering professional trader status providing high leverage of around 1:500 that offers? I need that high leverage for my trading method. Most websites I checked only have info for retail clients. Oanda said they go up to 1:100 under professional trader status. That is unfortunately not enough.
Well I googled two well known UK based brokers and they still offer 500:1 leverage to professional accounts, but your assets have to be higher (500k)

If you answer yes to at least two of these three questions, you’re eligible for a professional account:

  1. Have you placed 10 significantly sized trades per quarter in the last year?
  2. Do you have a financial instrument portfolio, including cash deposits, exceeding €500,000?
  3. Do you, or have you worked in the financial sector in a professional position, with knowledge of derivatives trading, for at least a year?

Quoting venividivici
{quote} Well I googled two well known UK based brokers and they still offer 500:1 leverage to professional accounts, but your assets have to be higher (500k) If you answer yes to at least two of these three questions, you’re eligible for a professional account: Have you placed 10 significantly sized trades per quarter in the last year? Do you have a financial instrument portfolio, including cash deposits, exceeding €500,000? Do you, or have you worked in the financial sector in a professional position, with knowledge of derivatives trading, for...

Those questions are the common questions brokers ask before accepting someone into professional status. I can answer two of them, yes.

But since you said, you found two well known UK based brokers and they still offer 500:1, I will start looking for them. I think I will have to mail them.
Hi,
I would need some advice. I am trading with ICMarket mainly on forex like most of us here, and I live in UK. Today, I received a letter from HMRC with the title: Your overseas assets, income or gains.
My question is the following, do I need to declare all my gains, if yes, do I need to provide them with all the monthly P/L? I have 10 accounts so that's a lot of stuff to give. Or do I just have to tell them I made this amount of profit without giving any proof.
Is this gain will be a capital Gain tax or income tax. It's all quite confusing.
Thanks for you answers.
I also received this message from this broker. but I am currently considering whether or not to move. Because, asic, it is still safer, while the leverage is low
Quoting richardks
I also received this message from this broker. but I am currently considering whether or not to move. Because, asic, it is still safer, while the leverage is low
Safer in which regards?
Quoting manuforex
I am in the process of transferring today. It is strange to see all my accounts on my thread to 0. Am I going to have the same accounts numbers? I have EAs and few activation left on some of them
Hello manuforex...how has it gone so far with the move?

Any issues?
Withdrawal problems?
Did you notice any change in execution?
Quoting covetousrat
Iv been with ICmarket Australia for 5 years and trades and entries have been great. I have just switched to IC market global Seychelles for 3 weeks now due to the leverage change. However i have been getting worse entry by 1 point very very often for my pending trades, which i seldomly experience from ICmarket Aus. I trade daily and this -1 point difference do affect my trading plan. Anyone experiencing this change?
Hi covetousrat,
Are you still having execution issues? Worse entries? Or is this fixed now?

Thanks
I have migrated my account. I'd like to know the general consensus though with traders around here. Would you rather keep trading under ASIC to feel safer? Or move your account to Seychelles FSA for better trading conditions but less protection?
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