ICMarkets.com (International Capital Markets)

Javiervs

Private
Messages
12
Hi folks. I wanted to let you know something about this broker that I'm upset about.

Everywhere it says that they charge no comission for withdrawals, which is only partly true. If you deposit funds using your credit card, you can withdraw funds using the same method for free, but only up to the amount you deposited. If you have profits in your trading, you will have to withdraw more money that you have put in, then you will be forced to withdraw using bank transfer. For every bank transfer, they will charge you a minimum of AUD20 (20 australian dollars), which they say is what their australian bank charges them. The only exception is if you withdraw to an australian bank, then its free.

I find this very unfair because transfers in Europe using euros (SEPA transfers) are totally free and I'm being charged a fee for an international wire transfer to a bank on the other end of the world.

So let me recap: I live in Europe. I invest in stocks in euros in an european stock exchange. Using ICMarkets (EU) which is regulated in Cyprus. BUT I have to pay AUD20 to an australian bank to withdraw my funds. Astounding if you ask me.

Well, rant over.
Good night everyone.
 

CrazyFly

Recruit
Messages
1
Hello ,
Why MT5 and MT4 Chart are different, is it normal. Both Chart is H4- XAUUSD
My MT5 ICmarketsSC Raw Account
My MT4 ICmarketsSC Raw Account too.
IC.jpg
 

xerof

Private
Messages
24
Good broker, just don't forget to use some forex rebate provider to get better trading conditions.
 

Javiervs

Private
Messages
12
Hi folks.

Lately I have been considering about changing the regulator of my broker. I live in Spain so I always chose brokers regulated in Cyprus (CySec). But I have been comparing IC Market's CySec and ASIC (Australia) versions, and I happened to find that the ASIC version is much better overall.

Leverage: CySec 10-30 vs ASIC 200-500, both 50% stop out margin.
Raw account commissions: CySec 7€ vs ASIC 5,50€ (standard lot roundturn)
Many more funding and withdrawal options for ASIC than for CySec.
CySec has negative balance protection while ASIC has not, however, I find that with that low leverage, in case of a market gap you almost always end up paying the losses yourself anyway.

One thing I know is that they're not allowed to advertise the ASIC version in Europe, so that directs almost all european customers to the CySec despite apparently being worse.

So, what do you think? Am I missing something? Is the ASIC version really better than the CySec for this broker?

Best regards.
 

Javiervs

Private
Messages
12
Hi folks.

Lately I have been considering about changing the regulator of my broker. I live in Spain so I always chose brokers regulated in Cyprus (CySec). But I have been comparing IC Market's CySec and ASIC (Australia) versions, and I happened to find that the ASIC version is much better overall.

Leverage: CySec 10-30 vs ASIC 200-500, both 50% stop out margin.
Raw account commissions: CySec 7€ vs ASIC 5,50€ (standard lot roundturn)
Many more funding and withdrawal options for ASIC than for CySec.
CySec has negative balance protection while ASIC has not, however, I find that with that low leverage, in case of a market gap you almost always end up paying the losses yourself anyway.

One thing I know is that they're not allowed to advertise the ASIC version in Europe, so that directs almost all european customers to the CySec despite apparently being worse.

So, what do you think? Am I missing something? Is the ASIC version really better than the CySec for this broker?

Best regards.
Correction!

Seems like ASIC has recently passed new rules similar to the already existing in Europe (ESMA, CySec) and UK (FCA) and has ordered to limit leverage to the 1:30 range, thus eliminating the first advantage I mention.

Maybe it is worth it to change over to Seychelles (FSA) regulation to take profit of high leverage? What do you think?

I've only traded with CySec brokers so I'm not sure if it would be safe to change to a tax haven regulator... If it is the same broker after all, shall we expect the same treatment independently of the regulator? What do you think?
 
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