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Author Topic: IC MARKETS  (Read 508886 times)

Offline nwboater

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Re: IC MARKETS
« Reply #2955 on: June 21, 2019, 03:46:29 PM »
I just asked ICM if their new SC Entity would accept Canadian Residents. Their very brief answer was No!

Cheers,
Rod

Offline ahtiong

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Re: IC MARKETS
« Reply #2956 on: June 21, 2019, 03:49:05 PM »
What about other nationalities? Ic markets only accept Aus residents?

sidewalk-star

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Re: IC MARKETS
« Reply #2957 on: June 21, 2019, 03:50:24 PM »
I too have just had an email. My gut instinct is telling me to get out and move my funds to an FCA regulated broker here in the UK.

FYI, AxiTrader UK have confirmed that new Australian regulations will not affect clients, as their accounts are FCA regulated.

Online HFT Group

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Re: IC MARKETS
« Reply #2958 on: June 21, 2019, 03:58:09 PM »
HFT any recommendation of reputable brokers? since all the big australia brokers seem not taking overseas clients with asic 8)

I believe there is a group of brokers contesting this pending ruling by ASIC so it ain't over yet. What we are seeing currently are brokers taking (the pre-planned) measures to retain their non AU clients. EU clients would already be trading via UK subsideries (Axi, Pepperstone etc.) For other clients I guess sticking with the broker they are using, assuming they are happy with them, is as good a choice as any. Assuming here that trading conditions remain identical of course which I see no reason why they wouldn't.
« Last Edit: June 23, 2019, 12:51:06 AM by HFT Group »

Offline nwboater

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Re: IC MARKETS
« Reply #2959 on: June 21, 2019, 04:00:03 PM »
I too have just had an email. My gut instinct is telling me to get out and move my funds to an FCA regulated broker here in the UK.

FYI, AxiTrader UK have confirmed that new Australian regulations will not affect clients, as their accounts are FCA regulated.

That is your safest approach, but unless you can be considered a "Professional Trader" you margin will become very low due to ESMA.


Cheers,
Rod

Offline nwboater

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Re: IC MARKETS
« Reply #2960 on: June 21, 2019, 05:07:46 PM »
What about other nationalities? Ic markets only accept Aus residents?

My understanding is AU & NZ only.

Cheers,
Rod

Online alaali

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Re: IC MARKETS
« Reply #2961 on: June 21, 2019, 06:35:11 PM »
I am trying to close all open trades in my account and will move somewhere else.

I like ICMarkets but not willing to move to another branch of IC Markets.

Would like to know my options with brokers providing the same services.

Thanks

Offline nwboater

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Re: IC MARKETS
« Reply #2962 on: June 21, 2019, 07:43:30 PM »
I am trying to close all open trades in my account and will move somewhere else.

I like ICMarkets but not willing to move to another branch of IC Markets.

Would like to know my options with brokers providing the same services.

Thanks

By same services do you mean with ASIC Regulations. If so we have no idea how long any of the other AU brokers will continue to keep non AU Residents.

This is a very frustrating mess. I'm with Axi and they are doing the same thing except their new Entity is in Saint Vincent and the Grenadines. There is no regulation there. I just withdrew 3/4 of my funds from Axi and will keep a small amount for trading there.

Cheers,
Rod

sidewalk-star

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Re: IC MARKETS
« Reply #2963 on: June 21, 2019, 08:38:12 PM »
I am trying to close all open trades in my account and will move somewhere else.

I like ICMarkets but not willing to move to another branch of IC Markets.

Would like to know my options with brokers providing the same services.

Thanks

By same services do you mean with ASIC Regulations. If so we have no idea how long any of the other AU brokers will continue to keep non AU Residents.

This is a very frustrating mess. I'm with Axi and they are doing the same thing except their new Entity is in Saint Vincent and the Grenadines. There is no regulation there. I just withdrew 3/4 of my funds from Axi and will keep a small amount for trading there.

Cheers,
Rod

Whereabouts are you located, Rod?

I spoke with Axi UK today, who have confirmed UK clients will not be affected by this.

Online traderstu

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Re: IC MARKETS
« Reply #2964 on: June 21, 2019, 09:05:36 PM »
What about other nationalities? Ic markets only accept Aus residents?

My understanding is AU & NZ only.

Cheers,
Rod

Rod, I'm not so sure that this is correct. I'm a NZ resident and when I tried to open an account at IC 18 months ago I was declined. Axi, for example, can open accounts for NZs (I presume) because they are licenced under the NZ FMA. That said, obviously this is a very fluid space at the moment, and things may have changed in the interem.

Offline nwboater

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Re: IC MARKETS
« Reply #2965 on: June 21, 2019, 09:40:34 PM »
I am trying to close all open trades in my account and will move somewhere else.

I like ICMarkets but not willing to move to another branch of IC Markets.

Would like to know my options with brokers providing the same services.

Thanks

By same services do you mean with ASIC Regulations. If so we have no idea how long any of the other AU brokers will continue to keep non AU Residents.

This is a very frustrating mess. I'm with Axi and they are doing the same thing except their new Entity is in Saint Vincent and the Grenadines. There is no regulation there. I just withdrew 3/4 of my funds from Axi and will keep a small amount for trading there.

Cheers,
Rod

Whereabouts are you located, Rod?

I spoke with Axi UK today, who have confirmed UK clients will not be affected by this.

I'm in Canada and ICM kicked Canadians out months ago. I then moved to Axi/AU and trading has been fine with them. Then today the next bomb hit.

I'm glad that you are okay with UK,

Cheers,
Rod

Offline nwboater

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Re: IC MARKETS
« Reply #2966 on: June 21, 2019, 09:43:47 PM »
What about other nationalities? Ic markets only accept Aus residents?

My understanding is AU & NZ only.

Cheers,
Rod

Rod, I'm not so sure that this is correct. I'm a NZ resident and when I tried to open an account at IC 18 months ago I was declined. Axi, for example, can open accounts for NZs (I presume) because they are licenced under the NZ FMA. That said, obviously this is a very fluid space at the moment, and things may have changed in the interem.

Very sorry for the confusion. After reading both their emails several times I must have switched the two re NZ.

Cheers,
Rod

Offline energetic

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Re: IC MARKETS
« Reply #2967 on: June 22, 2019, 03:29:40 PM »
Besides ICM, Oanda also close all account of people form China and Hong Kong.

Offline Waleed121

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Re: IC MARKETS
« Reply #2968 on: June 22, 2019, 09:56:30 PM »
I am trying to close all open trades in my account and will move somewhere else.

I like ICMarkets but not willing to move to another branch of IC Markets.

Would like to know my options with brokers providing the same services.

Thanks

By same services do you mean with ASIC Regulations. If so we have no idea how long any of the other AU brokers will continue to keep non AU Residents.

This is a very frustrating mess. I'm with Axi and they are doing the same thing except their new Entity is in Saint Vincent and the Grenadines. There is no regulation there. I just withdrew 3/4 of my funds from Axi and will keep a small amount for trading there.

Cheers,
Rod

Why not stick to FCA in AxiTrader? I am with them and I got my application enabled as a Professional back in 2018. I prefer ICMarkets then AxiTrader when it comes to customer service though. I feel like sooner or later Regulatory bodies are going to go in hard on retail clients, I have no idea why the strictness

EDIT: Just realised you mention you are in Canada, fair enough.
« Last Edit: June 22, 2019, 09:58:17 PM by Waleed121 »

Offline nwboater

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Re: IC MARKETS
« Reply #2969 on: June 23, 2019, 03:25:24 PM »
I am trying to close all open trades in my account and will move somewhere else.

I like ICMarkets but not willing to move to another branch of IC Markets.

Would like to know my options with brokers providing the same services.

Thanks

By same services do you mean with ASIC Regulations. If so we have no idea how long any of the other AU brokers will continue to keep non AU Residents.

This is a very frustrating mess. I'm with Axi and they are doing the same thing except their new Entity is in Saint Vincent and the Grenadines. There is no regulation there. I just withdrew 3/4 of my funds from Axi and will keep a small amount for trading there.

Cheers,
Rod

Why not stick to FCA in AxiTrader? I am with them and I got my application enabled as a Professional back in 2018. I prefer ICMarkets then AxiTrader when it comes to customer service though. I feel like sooner or later Regulatory bodies are going to go in hard on retail clients, I have no idea why the strictness

EDIT: Just realised you mention you are in Canada, fair enough.

Unfortunately getting qualified as a Professional Investor requires a lot more financially than what I have. It's a good answer for those that can do it. I believe you get 1:200 margin - is that correct? As you said though being a Canadian resident is very limiting in our choice of brokers.

Re the strictness of Forex regulators I think it has to do with all the scams and shady practices that go on in the industry. These are by brokers and vendors. As a result of that and naivete and greed on the part of too many retail traders there is a very high percentage of losses.  All of this makes Forex very ripe for heavier regulation by those who want to 'protect' us.

Cheers,
Rod

 

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