I have just opened an account with IC Markets and am based in the UK.
In the client area, there is an option to Choose your regulator with the choices being:
- IC Markets (EU) Ltd
IC Markets
- Raw Trading Ltd
IC Markets Global
The first is regulated by CySec, the second by the FSA. Since I am based in the UK, would it be better to be regulated by the FSA?
It isn’t particularly clear which one my account has been opened in, the only clue being that the max leverage available to me is 1:30 which matches the maximum available if you are regulated by CySec in the first option.
What are the pros and cons of selecting either?
On that page IC Markets say:
While we do not make any recommendation on which entity to contract with, if you do apply for a new account opening with IC Markets Global, we encourage you to read the IC Markets Global Terms and Conditions.
Any insight gratefully received. TIA
IC markets is no doubt a good broker. will be able to tell you the pros and cons going forward
For newbies a 30:1 ratio is ample leverage to keep risk exposure low, and therefore the FSA is the recommended tier one regulator. As you are based in the UK, it’s a no-brainer.
IC global does offer higher leverages, but relying on a Cyprus regulator if you need to, is not the road I would take. BTW I’ve been trading IC markets for years, with no problems whatsoever, and providing any withdrawals requested are made back to the same deposit account, it’s plain sailing.
If, for any reason you need to change your deposit account, or add another person, you must seek their criteria to action this, which could mean again providing all personal details, e.g. passports, driving licences. utility bills and bank account statements etc. etc. The reason is that tier1 brokers are required by FSA regulations to always send withdrawals back to the same named deposit account. No exceptions.
Thanks for your reply Steve.
The 30:1 leverage is when you are regulated by CySec, if you switch to being regulated by the FSA then you get access to 500:1 but can you choose the level of leverage you want to use?
I’ll post a screenshot of the page in a bit…
OK - contacted them via Chat for some clarification.
The above page is a little misleading IMO, the Global entity of IC Markets shows as being regulated by the Financial Services Authority (FSA) but that isn’t the FSA that is based in the United Kingdom, it is actually the regulator in the Seychelles that has the same name.
The full description of each of the regulators for the three different IC Markets entities are detailed on this webpage on their website.
So, must return to the question - which is better? Stay with the entity that is regulated in Cyprus or with the one that is regulated in the Seychelles…
Which entity and therefore regulator, are you with if I may ask?
My main $6k FX live account is with IC markets 30:1 leverage. As I live in Thailand their very simple deposit and withdrawal process is available directly through my Thai bank account to theirs. No bank fees at either end, just the exchange rate. I use an EA bot provided by a pro friend of mine on a 70 -30% profit share High Water Mark agreement.
I have a mini live account with Pepperstone, which I use for micro lots index trading DAX, DOW, FTSE & NASDEC. And for trading the USD/THB.
I’m also trading a $5k live evaluation account with the CTI prop firm. Their MT4 broker platform uses CBT Ltd which I believe is regulated in Guernsey. As I have only a £200 cost to lose on the 28 FX pairs only, with a maximum 0.24 open risk, it’s fine.
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30X leverage restriction is for the Cysec regulated entity only.
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