IC Markets New Info - What does this mean for German dealers?

Hello my friends,
I am from Germany and have an Australian brokerage account with IC Markets. When I logged in yesterday, the first thing I saw was the following text. Does anyone know what that means? Will leverage be lowered to 20:1 in Australia or will leverage remain at 500:1 ?


Important Information
Dear Trader,
As a client of International Capital Markets Pty Ltd (IC Markets AU), and based your country of residence, we would like to inform you that you have now access to the IC Markets Global Offering. Our global offering allows eligible clients to apply to trade under one of the entities operating IC Markets’ brand (see below).
The purpose of this communication is simply to provide you with the information below. It is not intended to suggest or encourage any specific action.
What options do I have?
You can choose to request to trade with:

1. IC Markets (EU) LTD, Trading as IC Markets (EU), regulated by the Cyprus Securities and Exchange Commission with Licence No 362/18, or
2. Raw Trading Ltd, trading as IC Markets (SC), regulated by the Financial Services Authority of Seychelles with Securities Dealer Licence number: SD018, or
3. Keep trading with International Capital Markets Pty Ltd, Trading as IC Markets (AU), regulated by the Australian Securities and Investments Commission with Australian financial services licence No. 335692

An overview of the features and characteristics of each IC Markets entity can be found by clicking on the “Global Offering” item in your Client Area menu under “Profile”. Before making any decision (including any decision to change entities), make sure you understand all the important information, features and characteristics of each entity.
We cannot, and will not, make any recommendation about which entity you should have your account with. We will provide you with further information if needed. And if you decide to trade with a different entity than IC Markets (AU), we encourage you to read the relevant T&C for each entity (as set out in the “Global Offering” page), before you to take any action. It is entirely your decisImportant Information
Dear Trader,
As a client of International Capital Markets Pty Ltd (IC Markets AU), and based your country of residence, we would like to inform you that you have now access to the IC Markets Global Offering. Our global offering allows eligible clients to apply to trade under one of the entities operating IC Markets’ brand (see below).
The purpose of this communication is simply to provide you with the information below. It is not intended to suggest or encourage any specific action.
What options do I have?
You can choose to request to trade with:

1. IC Markets (EU) LTD, Trading as IC Markets (EU), regulated by the Cyprus Securities and Exchange Commission with Licence No 362/18, or
2. Raw Trading Ltd, trading as IC Markets (SC), regulated by the Financial Services Authority of Seychelles with Securities Dealer Licence number: SD018, or
3. Keep trading with International Capital Markets Pty Ltd, Trading as IC Markets (AU), regulated by the Australian Securities and Investments Commission with Australian financial services licence No. 335692

An overview of the features and characteristics of each IC Markets entity can be found by clicking on the “Global Offering” item in your Client Area menu under “Profile”. Before making any decision (inclImportant Information
Dear Trader,
As a client of International Capital Markets Pty Ltd (IC Markets AU), and based your country of residence, we would like to inform you that you have now access to the IC Markets Global Offering. Our global offering allows eligible clients to apply to trade under one of the entities operating IC Markets’ brand (see below).
The purpose of this communication is simply to provide you with the information below. It is not intended to suggest or encourage any specific action.
What options do I have?
You can choose to request to trade with:
IC Markets (EU) LTD, Trading as IC Markets (EU), regulated by the Cyprus Securities and Exchange Commission with Licence No 362/18, or
Raw Trading Ltd, trading as IC Markets (SC), regulated by the Financial Services Authority of Seychelles with Securities Dealer Licence number: SD018, or
Keep trading with International Capital Markets Pty Ltd, Trading as IC Markets (AU), regulated by the Australian Securities and Investments Commission with Australian financial services licence No. 335692
An overview of the features and characteristics of each IC Markets entity can be found by clicking on the “Global Offering” item in your Client Area menu under “Profile”. Before making any decision (including any decision to change entities), make sure you understand all the important information, features and characteristics of each entity.
We cannot, and will not, make any recommendation about which entity you should have your account with. We will provide you with further information if needed. And if you decide to trade with a different entity than IC Markets (AU), we encourage you to read the relevant T&C for each entity (as set out in the “Global Offering” page), before you to take any action. It is entirely your decision who you trade with.
How do I progress any decision I have made?
If you have decided to trade with IC Markets (EU), Regulated by Cyprus Securities and Exchange Commission, please send an email to [email protected] with from the email address linked to your current account and one of the support agent from IC Markets (EU) will be in contact soon.
If you have decided to trade with IC Markets (SC), Regulated by the Financial Services Authority of Seychelles click here
If you have decided to keep trading with IC Markets (AU), regulated by the Australian Securities and Investments Commission, please click on the button below saying, “keep trading with IC Markets (AU)”. By doing so, (a) you confirm that that your decision was made independently by you without any solicitation or recommendation having been made by IC Markets AU; (b) that, based on your country of residence, you acknowledge that IC Markets AU falls outside the European regulatory framework and is not in scope of (among others) the Markets in Financial Instruments Directive (MiFID) II and as a result there is no provision for an investor compensation scheme.uding any decision to change entities), make sure you understand all the important information, features and characteristics of each entity.
We cannot, and will not, make any recommendation about which entity you should have your account with. We will provide you with further information if needed. And if you decide to trade with a different entity than IC Markets (AU), we encourage you to read the relevant T&C for each entity (as set out in the “Global Offering” page), before you to take any action. It is entirely your decision who you trade with.
How do I progress any decision I have made?

1. If you have decided to trade with IC Markets (EU), Regulated by Cyprus Securities and Exchange Commission, please send an email to [email protected] with from the email address linked to your current account and one of the support agent from IC Markets (EU) will be in contact soon.
2. If you have decided to trade with IC Markets (SC), Regulated by the Financial Services Authority of Seychelles click here
3. If you have decided to keep trading with IC Markets (AU), regulated by the Australian Securities and Investments Commission, please click on the button below saying, “keep trading with IC Markets (AU)”. By doing so, (a) you confirm that that your decision was made independently by you without any solicitation or recommendation having been made by IC Markets AU; (b) that, based on your country of residence, you acknowledge that IC Markets AU falls outside the European regulatory framework and is not in scope of (among others) the Markets in Financial Instruments Directive (MiFID) II and as a result there is no provision for an investor compensation scheme.

ion who you trade with.
How do I progress any decision I have made?

1. If you have decided to trade with IC Markets (EU), Regulated by Cyprus Securities and Exchange Commission, please send an email to [email protected] with from the email address linked to your current account and one of the support agent from IC Markets (EU) will be in contact soon.
2. If you have decided to trade with IC Markets (SC), Regulated by the Financial Services Authority of Seychelles click here
3. If you have decided to keep trading with IC Markets (AU), regulated by the Australian Securities and Investments Commission, please click on the button below saying, “keep trading with IC Markets (AU)”. By doing so, (a) you confirm that that your decision was made independently by you without any solicitation or recommendation having been made by IC Markets AU; (b) that, based on your country of residence, you acknowledge that IC Markets AU falls outside the European regulatory framework and is not in scope of (among others) the Markets in Financial Instruments Directive (MiFID) II and as a result there is no provision for an investor compensation scheme.

It looks to me as if they are building a framework for clients to react comfortably on the ongoing measures from the regulations.

ASIC might step in and limit CFD leverage for retail clients someday in the future. Discussions are around for years now though currently delayed because of Covid-19.
Once the proposed limitations are in effect (you will be informed about that, do not worry) you can choose your desired entity without changing the broker.

Nice move, IC Markets - thumbs up!

ASIC will be reduced to 1:30 for majors 1:20 for minors 1:10 for commodities 2:1 for cryptos and 5:1 for shares. It's been published by ASIC today. At least you can change regulator, lucky you, I will need to make a plan to reduce my exposure before the 27 of march.

I'm also an Aussie.

I'm seeking alternatives - maybe finding another broker which operates without ASIC regulations.

Try these -offices in various locations including BVI
https://global.markets.com/en/?&inte...|_Markets_com=


Click on "Our group" -top left for locations and use 'chat' for more info.

The key here is where is bank account is held. In IC markets seychelles, Global prime vanuatu, the bank acct is still in Australia which is good.
Tickmill seyschelles has their bank acct in syechelles(Barclays) which is not so good. When Tsunami hit seychelles the last time, their country/banks were out of action for a few days, which means withdrawals/deposits will be affected.

Note that although Barclays, HSBC etc are global banks, each banking IT system is located within each individual country and operated independently.

ICM and GlobalPrime has overseas jurisdiction in name only, the customer data is flagged as belonging to jurisdiction X. The only difference I see is restricted leverage.

I think ICM setup Cyprus operations in case ESMA decide to restrict EU traders from signing up with non eu brokers. But they have not done so(yet).

Brokers objectives is to capture market share, ASIC, EU, and the rest of the world - seychelles.

In theory, US clients can sign up with seychelles but brokers just doesn't want the hassle to deal with uncle sam overreaching powers.
But Japanese, Canadian traders in theory can sign up with ICM Globalprime offshore. You need to check with them.
I do know that GP vanuatu accept NZ traders whereas their Aus company doesn't.

I have also received this proposal from ICMarkets (I have moved to an ASIC regulated broker, being an EU citizen, after the ESMA's 2018...).
I have some doubts regarding trading with ICMarkets (Seychelles juris.):

1. May I have surprises with withdrawals? I mean, refusing them ...
2. May I have surprises with order execution?

[And an optional question: Do you think that ESMA will plan to restrict EU traders from trading with Non-EU Brokers, in the future? Moreover, how can they enforce this rule as long as anyone using a VPN can sign-up with any broker from the world ... dang it's 2020!]

I plan to start with just 1000$ (withdraw all my money from ASIC, leaving just 1000$ before moving to IC Seychelles...

VPN does not matter, it is your id and proof of address if EU decide to restrict EU residents from signing up with non EU brokers. A US citizen living in Australia is still not eligible to sign up with ICM.

The money with ICM is still with the same bank and I believe the same acct number. If you switch from ASIC to Seychelles, you will be flagged as SY in the database instead of AU.
That is how IC is implementing this change, those with SY flagged will have leverage up to 1:500, those with AU will have lower leverage. Other than that, nothing changes, your open trades, Live server, money remains the same after March 2021.
ASIC rules is for the ASIC regulated Broker not the customers.

Hello Pivoter and Rhesus,

I have had the same as you. I'm really sad/concerned about these changes given that up to this point, IC markets has been by far the best broker I have ever traded with...I can only speak for myself, and for me the execution has been excellent from Day #1, I've never ever had a problem with withdrawals or deposits, their customer service has been there the few times I've needed them to be....so to hear that "things will change" regardless of the fact that there's a huge interest in playing this down as a "minor change that won't affect you in any way....everything will be the same.....etc" Of course I want to believe that....but....time will tell...

So that leaves us with the question....which of the 3 options should we choose?

1) Move to CYSEC and trade at 1:30
2) Seychelles trade 1:500....but then god knows how withdrawals, disputes, etc. go if something were to go wrong. I know how things will go theoretically as explained in their T and Cs....but that doesn't tell me ANYTHING about how it will go in real life.
3) Stay with ASIC, and on April, trading will automatically go to 1:30

So if you don't mind 1:30....the choice is clear.
But if you have some strategies that require 1:500 Seychelles is the only post March option.
Thus the question is....will IC Markets keep the same level quality, safety, ease of withdrawals and deposits, execution, etc. not only the few months after the transition (I'm sure the first 2-3 months everything will go clean as a whistle) but what will happen long term? Is this the end of IC Markets as we know it? Are they to become yet another broker you ignore? Or will this be like they say, and the ONLY thing that will change is the authority you trade under, and ALL will remain as before (withdrawals, deposits, execution, spreads, etc.)...

4) Of course there is a fourth option, which is look for another broker...

So do you fellow traders feel comfortable with moving with IC Markets to Seychelles?

Dear Pivoter,

I am from The Netherlands and trade with ICMarkets SC (Seychelles juris.)

Until now I have no problems with deposits and withdrawals.

Best Regards,

Hi overvloed2,

Thanks for your post.
May I ask...
1) Since when have you been on the SC (Seychelles) arm of IC markets?
2) How is the trade execution as compared to IC Australia?

Many thanks!

Polaris

who is already at SC (Seychelles)?

Doesn't seem a lot of people have moved to IC Seychelles, perhaps they found a better option elsewhere...

With respect to the tech, everything should be the same because the trade servers reside not in AU but in the US (NY). So, the logic would be that the orders are routed to the same servers (your instance of say MT4 is connected to the trade servers, not the company HQ), so no change there.

Yes, in theory it should be like that...

Nut I have seen people complain about the execution after the switch...

I am also experiencing this situation. SC management areas are mandatory for regional clients. though only know that SC management policy will not be tightened by ASIC management. But if we do not like, we have to find another broker

You mean, you were IC ASIC, now you are IC Seychelles and you are now experiencing problems?

Hello Pivoter

As date to decide gets closer, what have you decided so far?
Staying? Moving to Global? Another broker?

Take care

Hi Polaris,

What did you decide in the end and how are you finding it?

Also overvloed2, still happy with the change to SC?

I'm still on AU but keep getting those pop ups.

Much appreciated.