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IC Markets - your thoughts on this broker

  • #1
  • First Post: Feb 14, 2024 3:24am Feb 14, 2024 3:24am
So my trading revolves around scalping and day trading, So tightest spread is essential, i found this broker offer great spreads for both indices and forex but wondering what your thoughts on this broker,
  • #2
  • Feb 14, 2024 6:11am Feb 14, 2024 6:11am
I`m a scalper myself and I have used IC for several years without any problems. Withdrawals are trouble free. I use the Ctrader and have only experienced problems once (platform froze for a little while during news). I can recommend.
  • #3
  • Feb 14, 2024 7:10am Feb 14, 2024 7:10am
Great broker for scalping Major Pairs.
  • #4
  • Feb 29, 2024 10:21am Feb 29, 2024 10:21am
Is it only me or IC Market server is having problems during peak market opening hours?

I seem to experiencing price freeze or server disconnection every few seconds during US market time. Sometimes this happens during London market opening time as well. It is frustrating as I scalp on 1 minute chart and the price freezes now and then and I always have to refresh the connection on the MT5 server. At first, I thought it was only on MT4, hence I changed to MT5, but the same price freeze problem happened on MT5 as well.
  • #5
  • Feb 29, 2024 3:34pm Feb 29, 2024 3:34pm
Quoting $$Trader
Is it only me or IC Market server is having problems during peak market opening hours?
It isn’t only you.

IC are famous for this. They were a few years ago, and they still are now.

They’re also dishonest with people about how they’re regulated. They run different companies and most of their accounts are not properly regulated, though on their website they claim to be ASIC-regulated, which sounds good; if you don’t live in Australia and you open an account, your account WON’T be ASIC-regulated and that’s VERY important indeed!
  • #6
  • Feb 29, 2024 7:00pm Feb 29, 2024 7:00pm
Quoting Quickly
{quote} They run different companies and most of their accounts are not properly regulated
Can you clarify what you mean by not properly regulated? you are regulated or you don't. Also, if you are not in Australia or the EU you will access "IC Markets Global" which clearly states the regulator you are in on the disclaimer of each page, as well as in the terms and conditions, but most people tend to ignore it because the only thing they care is how much leverage they will get, only to find themselves part of the 90% who are excessively exposed and ultimately lose all their funds and then the regulator is suddenly important. Sorry, but due diligence comes first...

I have experienced server disconnections with them which is indeed annoying, but not only with them, however, to be fair they are among the few brokers willing to compensate for a trade affected by server downtime. Good luck in getting funds back from most brokers due to a server disconnection.

Also, I see on this forum plenty of people moaning about platform freezing then you realize that are trading on the phone during news or with some dodgy
Free EA that is not correctly optimized.

Not a perfect broker for sure, but probably one of the best out there for scalping.
  • #7
  • Mar 2, 2024 5:42am Mar 2, 2024 5:42am
I used IC for around 2.5 years for Gold/majors trading. I like Ctrader. I decided to move on as the issues have become more frequent with IC: freezing platform(something to do with their servers), slippage (I've traded over ASIA LDN and NY- trust me price rarely gets filled at what you order) and commission.

Yes, the spreads are good, but factor all above and you'll get better deal up there. As per regulation- it is what it is, you can pay in and withdraw no probs.
  • #8
  • Mar 4, 2024 10:16am Mar 4, 2024 10:16am
Quoting bascupower
Can you clarify what you mean by not properly regulated? you are regulated or you don't.

This is just totally wrong.

For example, the UK’s FCA, ASIC in Australia and CFTC/NFA in the US are proper regulators, set up and financed by central government to protect the public, and are in no way beholden to or controlled by the firms they regulate.

In all the highly questionable Caribbean and Pacific island nations where so many "brokers" choose (key word) to be regulated, the regulators are paid for by the firms they pretend to regulate and have never ruled against one at all. Couldn’t be more of a contrast.

Being "regulated" in Vanuatu or the Seychelles or St Vincent & Grenadines is - from the perspective of customer protection - exactly the same as being unregulated.

This is absolutely basic and it’s essential to understand it clearly BEFORE depositing trading funds anywhere!!
  • #9
  • Mar 4, 2024 11:13am Mar 4, 2024 11:13am
Thanks, Karl.

Quoting KarlKraus
In all the highly questionable Caribbean and Pacific island nations where so many "brokers" choose (key word) to be regulated ...
This is the point I think you're missing, bascupower?

The question you should be asking yourself is "Why would an Australian-resident company like IC Markets, which has a branch regulated (properly!) by ASIC also be choosing to have other offshore branches in obscure, tiny island nations not noted for their fiscal probity (I'm wording it really politely!!) when they don't need to?

Is it for reasons that make it easier or more difficult for their customers to have an effective regulator available when they have a problem withdrawing funds, or a dispute arising over their trading?

Are they helping themselves or their customers?

Once you ask that question, and do just a little bit of due diligence with it specifically mind, it becomes very easy to discover what you need to know.

Quoting andrewlato81
As per regulation- it is what it is, you can pay in and withdraw no probs.
I think what you probably meant to say, Andrew, is that YOU withdrew with no problems. But what about the large number of customers who did have problems and discovered - too late!! - that ASIC was not available to help them because their accounts were only "regulated" offshore? My own guess is that people considering opening an account with IC might consider that pretty relevant, too?
  • #10
  • Mar 5, 2024 7:13am Mar 5, 2024 7:13am
Quote
Why would an Australian-resident company like IC Markets, which has a branch regulated (properly!) by ASIC also be choosing to have other offshore branches in obscure, tiny island nations not noted for their fiscal probity (I'm wording it really politely!!) when they don't need to?

The reason is very obvious, it is called offer/demand and product intervention, before the intervention, the influx of volume of Australian regulated brokers was probably 20 times what it is now, if not more, a well structure regulatory framework along with flexible leverage was a big demand for retail traders. I think we all can agree if you are a serious trader you don't need 200 or 500 leverage, however, who am I to establish the risk tolerance of anyone?

I do not need to think hard enough to see why 90% of brokers moved to offshore jurisdictions where regulations are more flexible to cater that demand, plus tax benefits.

There's nothing more democratic than the Free Market. If I don't like the service of one place I move somewhere else, but ultimately is my responsibility to do my due diligence and have clear goals.

Again, you are regulated or not regulated if a broker is incorporated in Saint Vicent and the Grenadines, and is telling you that is regulated they are simply lying and they can worded as much as they want, however a regulation is a regulation, we can agree that the dispute resolutions from one place to other varies greatly but also the flexibility and offer.

"But what about the large number of customers who did have problems and discovered - too late!! - that ASIC was not available to help them because their accounts were only "regulated" offshore?"

Discovered too late...... This is the first decision a trader must take, where I'm trading and where my money is held, come on... Anyone who has traded a bit knows that if you are in +1:200 you are not in one of the so-called "proper" regulators.

To be honest is far more important the institutional track record than anything else... I'm old enough and I still remember when the CHF was unpegged from the EUR, most brokers went bust, and IC Markets was one of the very few that paid, Did the triple-A regulators provide protection to the consumers?"
  • #11
  • Mar 5, 2024 10:50am Mar 5, 2024 10:50am
Quoting bascupower
I think we all can agree if you are a serious trader you don't need 200 or 500 leverage

I agree with you, but most of the people asking for and getting advice in this forum aren't "serious traders", and for sure many don't understand that.


Quoting bascupower
if a broker is incorporated in Saint Vicent and the Grenadines, and is telling you that is regulated they are simply lying

I agree with you, really, but technically they're "regulated" without offering their customers the protection that the customers usually imagine the word "regulated" means.


Quoting bascupower
Anyone who has traded a bit knows that if you are in +1:200 you are not in one of the so-called "proper" regulators.

Again, I agree with you, but again many of the people asking for and getting advice in this forum don't understand that.


Quoting bascupower
I still remember when the CHF was unpegged from the EUR, most brokers went bust

I also remember. (Actually only a small handful went bust, but I do take your point.)
  • #12
  • Mar 5, 2024 3:24pm Mar 5, 2024 3:24pm
Quoting bascupower
I'm old enough and I still remember when the CHF was unpegged from the EUR
People using an FCA-regulated broker in the UK were not so badly affected (one of those brokers did go under) because their funds were covered by a government-backed guarantee, and you don’t have to be British or live in the UK, to get that protection.

Yet again, another example of why regulation is SO important.
  • #13
  • Mar 5, 2024 9:13pm Mar 5, 2024 9:13pm
Yes, that was in case of insolvency, but what about all the thousands of cases that were in the right direction and didn't get paid, all those brokers were in well-established regulations, and the traders didn't see a dime. Don't get me wrong, I'm not advocating for no Regulation, regulation is good and necessary, however, you will be surprised how some people legislate or regulate without understanding the industry or product. They just copy each other, without really understanding the impact and scope.

Is regulation important? Yes, but more important is to understand your broker.
  • #14
  • Apr 22, 2024 8:38pm Apr 22, 2024 8:38pm
There is a problem that many of you do not pay attention to. There is even a certain amount of mockery regarding clients seeking leverage or ending up opening accounts with suspicious regulators, as discussed here in this forum.

What many of you don't know is that there is simply no option to choose the regulator when opening an account with major brokers.
I'm from Brazil and I can't open an account with any broker under ASIC, FCA or CFTC/NFA regulation. Brokers such as IC Markets, FX PRO, Fusion Markets simply state that they only open accounts under these regulations for clients who live in the countries of each regulator. They only open accounts for us under regulations in Seychelles, Vanatu and other dubious regulators. If you ask for more information about the reason, they are simply vague and direct you to random links with the intention of making you give up on obtaining more information. Basically the answer is "no, because not".

So when you're trying to act smart and say that a colleague you don't know is looking to open an account in tax havens attracted by high leverage, try to find out more beforehand to understand the real reason.
  • #15
  • Apr 23, 2024 7:38pm Apr 23, 2024 7:38pm
I have been IC Market for over 10 years, first with ICM Au, now with Seychelles. I withdraw a few $K every month without issues.
Before ICM I have tried numerous brokers both ASIC & FCA, but settled with ICM since it is the best in terms of trading and funding/withdrawal.
Based on the comment in this thread, most of you are novices, not in terms of trading strategy but how brokers work. Good luck.
  • #16
  • Jun 14, 2024 2:09am Jun 14, 2024 2:09am
So icm is indeed scammy broker, i were unable to close my profitable orders nor open buy down there and until then when it pulled back i managed to open an hedge, id reccomend to withdraw all your funds and find trustworthy brokee than this shit
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  • #17
  • Jun 16, 2024 3:32pm Jun 16, 2024 3:32pm
Quoting Kaabakas
So icm is indeed scammy broker
No question.

Quoting Kaabakas
id reccomend to withdraw all your funds and find trustworthy brokee than this shit
Good advice, there.

Sorry to hear about your problems.
  • #18
  • Jun 17, 2024 10:20am Jun 17, 2024 10:20am
Quoting Kaabakas
So icm is indeed scammy broker, i were unable to close my profitable orders nor open buy down there and until then when it pulled back i managed to open an hedge, id reccomend to withdraw all your funds and find trustworthy brokee than this shit {image} {image}
oh no. how is this case going?
  • #19
  • Jul 24, 2024 6:12pm Jul 24, 2024 6:12pm
From FF news section

IC Markets (EU) Ltd Disputes CySEC Fine, Criticizes Investigation LeapRate

IC Markets (EU) Ltd Disputes CySEC Fine, Criticizes Investigation
MAY THE TREND BE WITH YOU
  • #20
  • Jul 24, 2024 6:28pm Jul 24, 2024 6:28pm
Quoting erebus
from ff news section ic markets (eu) ltd disputes cysec fine, criticizes investigation leaprate ic markets (eu) ltd disputes cysec fine, criticizes investigation
seems the best broker for trading being targeted by cysec morons been with them for over 2 decades never had a problem collecting my money from them
people leave, but this thread will go on for ever
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