Last updated on January 21st, 2021 at 10:36 pm
Latest update - 21 Jan 2021
IC Markets Australia announces on 7 Dec 2020 that it will reduce leverage to 30:1, provide negative balance protection, among other changes, in accordance with new ASIC regulations. Clients who wish to keep up to 500:1 leverage should apply as ‘pro trader’ (subject to wealth conditions – have net assets of A$2.5mil or gross income over last two years of A$250,000)
Alternatively, they can transfer their account to IC Markets Seychelles to continue trading with up to 500:1 leverage. I write in detail what options you can take with regards to this new rule here.
All IC Markets clients continue to remain under IC Markets Australia
IC Markets has reversed its decision to move its non Australian clients to Seychelles on 25 June 2019. Originally, on 21 June 2019, IC Markets sent out an emailer saying non-Australian clients will moved to IC Markets Seychelles as it was unsure if ASIC would allow it to continue servicing overseas clients.
This is because ASIC did not want to be seen as a lax jurisdiction where people come to because of regulatory arbitrage. i.e. avoid stricter trading restrictions, such as reduced leverage, in their home jurisdictions, like ESMA (Europe)
For the full commentary about the 21 June email, see here
The latest email reversing IC Markets decision to move its clients to its Seychelles entity is below. Kindly note all clients will continue to trade with IC Markets Australia with zero changes. Same good spreads, funding methods, regulator (ASIC)