IC Markets is, according to its website title, an Australian foreign exchange broker that offers trading in Forex CFDs. The website of the provider is available in several languages, the English version can be found at the URL https://www.icmarkets.com/au/en/.
Have you invested money with IC Markets and want to talk about your experience? Or do you want to learn more about this provider or online trading in general? If so, you can seek an exchange with a lawyer.
The law firm Herfurtner Rechtsanwaltsgesellschaft mbH, which has offices in Frankfurt am Main, Munich and Hamburg, is approached by private investors seeking investor protection. Furthermore, the lawyers are active in the fields of industrial property rights, trademark law and competition law.
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IC Markets Broker
Investors who plan to entrust their money to an online broker should take the trouble to gather as much information as possible about the broker in advance. The Internet can be used for this purpose, for example to trigger a search query for “IC Markets Trading”.
Private investors often exchange their experiences in dedicated blogs and forums. There you can also find reviews of the individual trading platforms. If you search for the broker IC Markets, you will come across an ambivalent opinion.
In general, it is a good idea to look at the source of the articles that deal with a specific trading platform. For not without exception are the texts written from an impartial point of view. Whoever has the appropriate online marketing knowledge can influence the opinion.
Online brokers themselves or their affiliated advertising partners will, according to the circumstances, express themselves favourably about their own or the advertised offer. At the same time, it is conceivable that contributions may be placed whose tenor is intended to deter customers from becoming involved with a competitor.
There is a warning from the French AMF (Autorité des Marchés Financiers) regarding International Capital Markets Pty Ltd, the provider of the IC Markets website. The AMF has placed the company on a blacklist of companies/websites that are not authorized by the authority to offer Forex trading.
Domicile of the Company and Regulatory Status of IC Markets
It is true that the company’s own website is also used to convey a positive impression to interested parties. Nevertheless, the interested investor will also find valuable information on the company’s registered office and its regulatory status.
There is no legally binding imprint on the IC Markets website. Information on the company’s registered office can only be found in the footer and in the contact area. The footer indicates that IC Markets’ website is operated by a company called International Capital Markets Pty Ltd. Its address is Level 4, 50 Carrington Street, Sydney, NSW 2000, Australia.
The company holds an Australian licence for the provision of financial services. It is also noted that the trade name IC Markets is also used by other companies. In addition, a company called Raw Trading Ltd. is mentioned in the footer area. This company is referred to as “IC Markets (SC)” when trading and is regulated by the FSA Seychelles.
Furthermore, there is an IC MARKETS (EU) LTD, which is regulated by the Cypriot financial supervisory authority CySec and operates under the URL www.icmarkets.eu. It is based in Limassol, Cyprus.
The contact section of IC Markets’ website mentions a “head office” located in Sydney, Australia. Its address is Level 6, 309 Kent Street, Sydney, NSW 2000, Australia. Under “Postal Address” you will find a telephone number with a German country code. Additionally, there are different e-mail addresses, global phone numbers and special contact data for China.
IC Markets Website
At the top of IC Markets’ website, the company describes itself as the largest global provider of Forex CFDs (Contracts for Difference on foreign currencies). IC Markets’ offering is aimed at both retail and institutional investors. IC Markets was developed by traders, who had traders as their target audience in mind. The focus is on transparency and service.
In a total of six points, IC Markets emphasizes the advantages of its own offer:
- five different global markets: indices, equities, currencies, commodities and bonds,
- fast execution of orders through technical infrastructure,
- various options for deposits, fast transactions,
- powerful technology with different software platforms,
- attractive spreads,
- high quality of liquidity.
IC Markets serves more than 60,000 customers worldwide, has good ratings with Trust Pilot, and in March 2019 had settled a trading volume of more than 640 billion US dollars. Half a million orders are processed daily in automated trading.
Technology offered by IC Markets
For trading activities with an online broker, the broker provides trading software, the use of which is generally free of charge for the investor. At IC Markets customers could use the software Metatrader 4 and 5. IC Markets also offers cTrader as another option. Customers can use Webtrader with IC Markets across both systems, i.e. IC Markets login via the web browser.
Furthermore, both systems are available for mobile devices such as smartphones and tablets. It is irrelevant whether they have Android or iOS operating systems. IC Markets also provides access to various trading tools such as a virtual private server (VPS).
Registration and different Account Models at IC Markets
To trade on IC Markets’ platform, registration as a client is required. Once you have set up your account, you can choose between several account types when selecting a trading account:
- cTrader account: Minimum deposit 200 USD, trading platform cTrader, leverage 500:1
- Raw Spread Account: Minimum deposit 200 US dollars, trading platform MetaTrader, leverage 500:1
- Standard Account: Minimum deposit 200 US dollars, trading platform MetaTrader, leverage 500:1
For each of the account types offered, it is possible to first try a free demo account to carry out an IC Markets test.
According to the provider, deposits and withdrawals can be processed by various methods. For example, bank transfer, payment via Klarna or Paypal, the use of a credit card or a transaction via e-wallet could be chosen.
Training offered by IC Markets
IC Markets has set up a separate section on the subject of education as part of its own online presence under the heading “Education”. Here you will find mainly topic-specific contributions. The main topics are CFD trading and Forex trading. In addition to pure text, there are also various training videos and a so-called Web TV.
What are the possible Pitfalls of Online Trading?
Even after the change at the top of the European Central Bank, experts believe that there will be no significant adjustment of monetary policy in the near future. Investors who not so long ago were satisfied with an investment in overnight money are therefore turning to more profitable alternatives.
Digitization has shaken up many industries and led to innovative business models. While a few years ago, going to your local bank was indispensable if you wanted to conclude a contract for an investment, this can now be done online without any problems.
This has led to the fact that there are currently a large number of platforms operating all over the world, vying for the investor’s favour with their offers.
Even if foreign companies advertise with supposedly lucrative return opportunities, one should be on guard. For if a dispute should ever arise, it is considerably more demanding – unlike with your own bank – to clarify the facts in a personal conversation.
As a rule, online providers focus on a number of complicated products, including crypto currencies, contracts for differences or forex trading. Nevertheless, these offers are not necessarily recommended for everyone.
With this type of products, a detailed consultation in advance of an investment is mandatory. However, this is by no means standard with an online broker. Even fixed contact persons who speak their own language are not standard.
This can quickly become critical, especially if there are difficulties with the user account. And an insufficient assessment of the risks is often accompanied by losses, which often even affect the entire investment.
Risk of Loss in Online Trading
If you have lost money while trading on an online platform, you should act actively. First of all, you should avoid additional transfers. It is also advisable to ask the online trading provider about the reasons for the losses and to find out what options are available to recover the investment.
If the conversation with the broker is unsuccessful, you can turn to a legal advisor and seek investor protection. The law firm Herfurtner Rechtsanwälte determines, which claims you can assert and implements your interests with your contracting party.
Would you like to inquire about the possibilities available to our legal advisors? Then you can get in touch with us by visiting our contact area.