Is IC Markets Scam? | IC Markets Safety and Reliability

Introduction

IC Markets is a leading forex and CFD broker founded in Sydney in 2007. It has a number of offerings of investments like stock indices, crypto currencies, commodities, bonds, and equity markets.

Is IC Markets Regulated?

The IC Markets broker is regulated by many financial authorities in different countries like:

• CySEC: Cyprus Securities and Exchange Commission
• FSA: Seychelles Financial Supervisory Authority
• ASIC: Australian Securities and Investments Commission

On the other hand, IC Markets are not regulated by the top-tier FCA.

Is IC Markets a Scam?

IC Markets has a long track record since 2007 and has survived from a lot of financial disasters up-till-now. It also has more than 180,000 clients worldwide and a trading volume of US$950 Billion in February 2021.

Client Protection

The client of IC Markets has a protection amount according to his country of residence as the following table shows.

IC Markets Legal Entities Table

Negative Balance Protection

IC Markets does provide a negative balance protection for the EU clients only.

Two-step Verification

Unfortunately, IC Markets lacks the two-step verification method while logging in on the cTrader platform.

FAQs

1. How long does it take to verify my account?

• It takes about 1 business day or less to verify your IC Markets account.

1. Can I open more than one trading account?

• Yes, you can. IC Markets allows you to open multiple accounts through your client area.

1. Does IC Markets allow bot trading?

• Yes, by using cAlgo which is an automated trading software that allows you to develop algorithmic trading systems.

1. Does IC Markets give a bonus?

• Unfortunately, IC Markets does not offer any deposit bonuses.

1. Does IC Markets allow scalping?

• Yes, IC Markets does allow both hedging and scalping trading strategies.

1. Where is my money held?

• IC Markets hold your money in segregated client trusted accounts at Westpac Banking Corporation and National Australia Bank (NAB).

1. What happens to my funds if the bank which holds my funds goes insolvent?

• IC Markets holds client’s money in segregated client trust accounts across multiple banks to reduce the credit risk and counterparty exposure.

1. Is my credit card information safe with IC Markets?

• IC Markets takes the matter of your personal information -including your credit card information- seriously. It has in place policies and procedures to safeguard these information.

1. When trading forex, will you lose more than your initial deposit?

• Both our MetaTrader 4 and cTrader platforms are set to automatically close your positions when your margin requirement reaches 100% (stop out level).
• Please note that this process is automated and is not a guarantee that your account will not enter into a negative equity situation and you should keep a balance amount in your account above your required margin.

1. Can I login to more than one account from the same computer?

• Yes, you can do such a thing by using the MT4 Multi Terminal.

1. Can I login to the same account through different devices?

• Yes, you can login to the MetaTrader 4 platform using the same password and username through different devices.

1. Does IC Markets accept payments from third parties?

• No, as all deposits into your trading account must come from a bank account in your name.