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IC Markets (AUS) no longer serving other countries?

#1
Any opinions on this:

International Capital Markets Pty Ltd. ACN 123 289 109, AFSL No. 335692 (“IC Markets AU”) has decided to cease providing financial services (in Australia) to clients in a number of countries effective from 01 July 2019. This decision was made due to the changing regulatory environment for CFD providers across the world. The Seychelles regulatory regime allows IC Markets (SC) clients to continue to enjoy the same market leading trading conditions available in Australia, including 1:500 leverage.

Your credit risk is solely on IC Markets (SC), so if it goes bankrupt it will depend on all of the claims on IC Markets (SC) and its net resources If any) and any costs of winding up. Client moneys held in segregated bank accounts for IC Markets (SC) with AA rated Australian banks should be available to clients, subject to Seychelles law, including liquidation and winding up practices and the applicable Account Terms. Under current FSA regulations there is no investor compensation fund in case of company's insolvency.

IC Markets (SC) forms part of the IC Markets group of companies. While each entity in the group, including IC Markets (SC), is solely responsible for its trading activities and is not guaranteed or collateralised by any other member of the group. The group’s significant capitalisation reflects its capacity to meet demands and act responsibly to its clients.


Re: IC Markets (AUS) no longer serving other countries?

#2
losajoca wrote:
Fri Jun 21, 2019 9:19 pm
Any opinions on this:

International Capital Markets Pty Ltd. ACN 123 289 109, AFSL No. 335692 (“IC Markets AU”) has decided to cease providing financial services (in Australia) to clients in a number of countries effective from 01 July 2019.
Are you from Australia? When did you get this?
Download over 500+ Forex & Trading books from Forex-Station's (member's only) Trader's Library.

Re: IC Markets (AUS) no longer serving other countries?

#4
ChuChu Rocket wrote:
Fri Jun 21, 2019 9:35 pm
losajoca wrote:
Fri Jun 21, 2019 9:19 pm
Any opinions on this:

International Capital Markets Pty Ltd. ACN 123 289 109, AFSL No. 335692 (“IC Markets AU”) has decided to cease providing financial services (in Australia) to clients in a number of countries effective from 01 July 2019.
Are you from Australia? When did you get this?
I'm in Europe.
Received mail just today.
It´s all in: https://www.icmarkets.com/en/help-resou ... ation-help

The mail refers:

In light of recent regulatory developments within Australia, International Capital Markets Pty Ltd (IC Markets AU), cannot guarantee that it will be able to provide its services to clients residing outside of Australia (“Overseas Clients”) and therefore, has decided that it will cease providing services to its Overseas Clients on 30 June 2019 (Effective Date).

Australian Brokers Split on Overseas Clients

#5
losajoca wrote:
Fri Jun 21, 2019 9:48 pm

I'm in Europe.
Received mail just today.
Los, I believe this is what is happening.

Australian Brokers Split on Overseas Clients

While some bow to ASIC's pressure, others seem confident to use legal opinions allowing them to onboard overseas

Australia-and-FX.jpg

As the deadline for Australian brokers to submit a significant amount of data to the Australian Securities and Investments Commission (ASIC) is looming, their strategic approach is vastly different.

Some companies have bowed to the regulatory demands from the Australian watchdog. They are proactively informing their overseas clients about the closure of their accounts. The latest batch of brokers who have joined the camp are some of the leading names in the forex brokerage industry in the land down under.

Over the past couple of days AxiTrader, IC Markets, and OANDA Australia have become the latest companies to inform their overseas clients that their accounts are facing changes. The first two brokers have offered to their customers to have their accounts migrated to offshore subsidiaries in St Vincent and Grenadines and Seychelles accordingly.

To our best knowledge, there is a big number of other companies that appear to continue operating as usual, at least when it comes to non-Chinese clients.

Legal Opinions

Earlier this spring, ASIC has requested that brokers provide the regulator with legal opinions that enable the companies to onboard overseas clients. Finance Magnates can confirm that several firms have acquired legal opinions as requested, that allow them to service clients outside of Australia.

Some brokers have even acquired documents that show ASIC that they are legally allowed to operate in China. The relationship between Australian and Chinese regulators over recent quarters has become detrimental to the industry, and many brokers believe that ASIC is greatly abusing its powers.

That said, the Australian watchdog is preparing to enforce its product intervention powers in the near future.

Post-June Insurance

While both AxiTrader and IC Markets are stating that clients can keep their accounts in Australia, the firms are not providing any guarantees to traders whether they would be able to keep the same trading conditions and namely leverage.

While some ASIC-regulated brokers have mounted a resistance against the demands on part of the regulator, others are choosing a safer approach and informing overseas clients about a pending migration of their accounts.

Clients do not need to undertake any actions to migrate their accounts to the offshore subsidiaries of the brokers. That said if they do not wish to be migrated they need to opt out by filling a form online.

Some Australian brokers did opt to apply for European licenses over the past several months, arguably to be able to advertise their services in the EU.

China and.. Hong Kong

While ASIC regulated brokers have been divided about the rest of the world, their operations in China have been on a decline in recent quarters. The companies have been looking for ways to continue operating, but most of them encountered pressure from local authorities and significant hurdles, especially when it comes to taking money out of China.

Meanwhile, according to an email from OANDA Australia to a client in Hong Kong, the company stops servicing its clients in the area. The customer is not even offered the opportunity to migrate the account, as the broker states implicitly that all positions should be closed no later than the 12th of July.

hong_kong_oanda.jpg

OANDA Australia also states that it will automatically close the account before the 19th of July. After the escalation in tensions between China and Hong Kong, it appears that brokers are also reassessing their presence in the Chinese special administrative region.

Source: https://www.financemagnates.com/forex/b ... ients/amp/
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Re: IC Markets (AUS) no longer serving other countries?

#6
Yeah i get the email to and I'm based in UK.
I think it dosnt change much as they said they will migrate us to over sea
IC Markets (SC) to provide financial services to us pursuant to clause 29.6 of the IC Markets AU Account Terms. IC Markets (SC) is the registered business name of True ECN Trading Ltd (regulated under Financial Services Authority of Seychelles, Securities Dealer Licence number: SD018). IC Markets (SC) is a related entity of IC Markets AU.

Everything should stay the same well I hope if not I don't know which broker is good as ic markets lol

Re: IC Markets (AUS) no longer serving other countries?

#7
TheKMC wrote:
Sun Jun 23, 2019 4:32 pm
Yeah i get the email to and I'm based in UK.
I think it dosnt change much as they said they will migrate us to over sea
IC Markets (SC) to provide financial services to us pursuant to clause 29.6 of the IC Markets AU Account Terms. IC Markets (SC) is the registered business name of True ECN Trading Ltd (regulated under Financial Services Authority of Seychelles, Securities Dealer Licence number: SD018). IC Markets (SC) is a related entity of IC Markets AU.

Everything should stay the same well I hope if not I don't know which broker is good as ic markets lol
Yeah IC Markets are good they're execution speeds are always on-point, no lag or slippage (unlike FxPro :thumbdown: ).
Pepperstone are good too but just a fraction slower than IC Markets. I think it'll be fine though.
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Re: IC Markets (AUS) no longer serving other countries?

#8
Migration to Seychelles canceled, everything stays the same, at least for now
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).

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


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