IC Markets moving accounts to Mauritius...? | Forex Factory

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IC Markets moving accounts to Mauritius...?

  • #1
  • First Post: Apr 28, 2025 11:39am Apr 28, 2025 11:39am
Hello all,

As many of you have already heard, IC markets is planning to move most ASIC (Australian regulator) FX trading accounts to Mauritius....

What are your thoughts on this?
  • #2
  • Apr 29, 2025 3:30pm Apr 29, 2025 3:30pm
It’s the type of broker that will try almost anything to prevent most of its customers from being protected by a genuine regulator who might rule in their favor in the event of a dispute - and IC customers do seem to have rather more than their share of disputes. Lol, "go figure!"
  • #3
  • Apr 29, 2025 4:52pm Apr 29, 2025 4:52pm
Quoting Yotobe
Hello all, As many of you have already heard, IC markets is planning to move most ASIC (Australian regulator) FX trading accounts to Mauritius.... What are your thoughts on this?
Please post the source of this "news" otherwise it's just hearsay and rumours.

Read this for instance -

https://www.financemagnates.com/fore...rseas-clients/

It takes a lot for me to IGNORE you, but you can try.
  • #4
  • Apr 30, 2025 9:37am Apr 30, 2025 9:37am
Quoting Erebus
{quote} Please post the source of this "news" otherwise it's just hearsay and rumours. Read this for instance - https://www.financemagnates.com/fore...rseas-clients/
Hi Erebus,

No problem, this is the official email IC Markets sent to their customers:
Attached Image (click to enlarge)
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  • #5
  • Apr 30, 2025 9:37am Apr 30, 2025 9:37am
This is scheduled to take place in less than a month from today.
  • #6
  • Apr 30, 2025 9:43am Apr 30, 2025 9:43am
Quoting Erebus
{quote} Please post the source of this "news" otherwise it's just hearsay and rumours. Read this for instance - https://www.financemagnates.com/fore...rseas-clients/
With regards to your link, that is correct.
I remember clearly when that happened.

I also remember that a few months later they came back with another initiative, and this one did go through, they moved a ton of accounts to Seychelles.
  • #7
  • Apr 30, 2025 4:49pm Apr 30, 2025 4:49pm
Quoting Yotobe
{quote} Hi Erebus, No problem, this is the official email IC Markets sent to their customers:
Thanks, wasn't that hard, was it?

I had withdrawn all funds from my IC Markets Australia recently due to a hacking issue so maybe I didn't get that email.

I assume that you have Australia account and that is what they are referring to in the email?

Because they say "your region" so that may not be for Australian residents' accounts IMHO.

I reckon that will break Australian laws if they just transfer Australian residents' accounts out of country.

And you are not in Australia, so the first post is misleading, it cannot be "moving most accounts to Mauritius", only non-residents.

Cheers.
It takes a lot for me to IGNORE you, but you can try.
  • #8
  • May 2, 2025 12:46pm May 2, 2025 12:46pm
Quoting Erebus
it cannot be "moving most accounts to Mauritius", only non-residents.

Cheers.

Non-residents are 80% of their accounts.

Cheers.
  • #9
  • May 3, 2025 9:31pm May 3, 2025 9:31pm
Quoting KarlKraus
{quote} Non-residents are 80% of their accounts. Cheers.
How do you know?

It takes a lot for me to IGNORE you, but you can try.
  • #10
  • May 4, 2025 8:39am May 4, 2025 8:39am
Quoting Erebus
How do you know?

I discussed it with a former colleague from the 1990s who now works for ASIC.

Anyone/everyone with experience in the industry regards IC as being as scammy and crooked as any broker can be that has an ASIC-regulated branch at all.
  • #11
  • May 4, 2025 4:51pm May 4, 2025 4:51pm
Quoting KarlKraus
{quote} I discussed it with a former colleague from the 1990s who now works for ASIC. Anyone/everyone with experience in the industry regards IC as being as scammy and crooked as any broker can be that has an ASIC-regulated branch at all.
Very good, tell us more.

For instance, moving those majority 80% accounts to Mauritius, is that to scam them or because perhaps a change of ASIC ruling that non-residents can no longer hold an Australian based account?

Any plans to give Australian residents accounts a shove to overseas? Or just keep them here to scam easier?

Thanks.
It takes a lot for me to IGNORE you, but you can try.
  • #12
  • May 10, 2025 8:41pm May 10, 2025 8:41pm
I don't see any issues with the IC, at least not up to now.
  • #13
  • Last Post: May 11, 2025 8:49am May 11, 2025 8:49am
Quoting vuthuydxtq34
I don't see any issues with the IC

You can't have looked very far!!
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