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.
IC Markets (AU) will notify clients whose accounts are being assigned to IC Markets (SC) by email as early as 14 June 2019.
IC Markets aims to give all affected clients up to two weeks’ notice for the move.
If you have been notified that your account is being assigned to IC Markets (SC), then your account will be moved automatically as of the end of 30 June 2019.
You may have many questions regarding to the migration of IC Markets’ trading accounts.
Below you may find all the answers you’re looking for regarding migrating your account to IC Markets (SC) or contact IC Markets friendly customer support 24/7.
Here are the popular 5 FAQs from IC Markets, to help investors understand more about the account migration.
1. What if you do not want your account to be moved?
If you do not want your account to be moved from IC Markets (AU) to IC Markets (SC) then IC Markets (AU) will cease to provide services to you from 30 June 2019.
Please reach IC Markets’ dedicated support team before 21 June 2019.
Should they not hear from you by this date, your accounts will be automatically assigned to IC Markets (SC).
2. Will the migration to IC Markets (SC) have any affect on open positions or account balance?
The migration to IC Markets (SC) will not affect your trading account’s open positions, balances, trading conditions or the level of services that you are already experiencing under IC Markets (AU).
3. Can I continue trading with my existing IC Markets trade account if I don’t migrate?
No. You will be able to trade on your account until the 28th June 2019, at which time all open trades will need to be closed and the remaining funds if any must be withdrawn.
4. What is the last date you can still trade under IC Markets?
Due to the strict timelines that the company has to meet, IC Markets is unable to allow any clients from certain jurisdictions to continue trading under IC Markets (AU) after 28 June 2019.
5. Is trading with both entities, IC Markets (AU) and IC Markets (SC) at the same time possible?
Unfortunately, you will not be able to trade with both entities at the same time.
Who is IC Markets Seychelles?
IC Markets (SC) is a trademark of True ECN Trading Ltd, regulated under Financial Services Authority of Seychelles, Securities Dealer Licence number: SD018.
IC Markets (SC) is a part of the IC Markets group of entities providing online trading services to clients across the globe.
Each group member is solely responsible for its clients.
The trading conditions are mostly the same for IC Markets SC traders and there are no leverage restrictions on IC Markets (SC) trade accounts.
You can enjoy a leverage as high as 1:500 for majority of instruments.
You may contact the 24/7 dedicated support team via livechat or send them an email.
How your fund will be treated through the IC Markets SC migration?
Your client moneys continue to be held on trust for you as per the Account Terms.
IC Markets (SC) will hold client moneys in segregated bank accounts with AA rated Australian banks.
Seychelles laws will apply to your client monies, although the custody of your client moneys by IC Markets (AU) is under Australian law.
Adding funds to your IC Markets (SC) accounts is very easy.
IC Markets offer a variety of funding methods, including but not limited to Debit/Credit Card, PayPal, Bank transfers, Skrill, Neteller, China UnionPay.
You can explore the full range of their payment options in the official website.
There will be no changes to the ways you withdraw your funds.
Your withdrawal experiences will remain the same as usual.
NBP is not available with IC Markets (SC)
IC Markets (SC) does not offer negative balance protection.
IC Markets (SC) has an automated stop out policy to protect against negative balances.
This will close the least profitable trade when the equity reaches 50% or below of the margin requirement.
However in a fast moving market, this may occur after the account has already incurred a negative balance.
What happens if IC Markets (SC) gets bankrupt?
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.
Which laws apply to my migrated account?
The governing law of your migrated Account’s terms and conditions will continue to be the laws in force in NSW, Australia until new (and almost identical) terms specific to IC Markets (SC) are provided at a later date (such as applying the laws of Seychelles), subject always to the laws of Seychelles.
Upon migration, the laws of Seychelles will apply to the services of IC Markets (SC).
This is why IC Marlets will soon move to update your migrated Account terms to be governed only by the laws of Seychelles.
Australian financial services and products laws applying to CFD providers (such as IC Markets (AU) will not apply to your migrated Account or to IC Markets (SC).
You will not be treated as a retail client under Australian law nor have the disclosures and statutory provisions relevant to that.
ASIC does not regulate IC Markets (SC).