IC Markets announced today that it will cease offering services to non-Australian client starting from 30 June. According official statement reviewed by FX Magazine, the broker will be migrating effected clients to its Seychelles subsidiary IC Markets (SC)
IC Markets is the third broker, regulated by the Australian Securities and Investments Commission (ASIC).
Last month Vantage FX and IFGM both sent messages to clients telling them that they would soon be closing or migrating their accounts.
Heading to the Seychelles
IC Markets will be doing the latter with its clients.
In the email it sent to clients warning them about the upcoming changes, the broker said that it would automatically migrate non-Australian clients to True ECN Trading Ltd – the business name of IC Markets (SC).
As the name suggests, IC Markets (SC) is a subsidiary of the broker which is based in the Seychelles.
Regulated by the Financial Services Authority of Seychelles, the broker can provide the same high leverage available to clients via its Australian entity.
“To make the transition to IC Markets (SC) smoother we have automated the migration process, it is completely seamless and will not affect your account balance, existing orders, open positions, trading history and client area login,” wrote the broker in its email to clients. “Post-migration you will be able to continue trading as usual.”
ASIC has been putting pressure on retail trading firms to stop doing business outside of Australia over the past couple of months. The regulator appears to be particularly concerned about brokers trying to access the Chinese market.
In April, the Australian parliament also handed ASIC product intervention powers that may mean we will soon be seeing leverage caps and marketing restrictions akin to those that now exist in Europe