IC Markets

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Forex Broker
TypePrivate
IndustryFinancial services
Founded2007; 14 years ago (2007)
FoundersAndrew Budzinski
Headquarters,
ProductsRetail forex trading, Contract for Differences
Number of employees
260 (2020)
Websitewww.icmarkets.com/en/

IC Markets is an Australian-based online retail forex and Contract for difference broker trading in financial derivatives headquartered in Sydney.[1][2] IC Markets specializes in CFDs over Forex, stock indices, commodities, bonds, and equity markets in Asia, Latin America, Middle East, Australia and Europe.[3]

History[edit]

IC Markets was founded in 2007 in Sydney, Australia by entrepreneur Andrew Budzinski. In 2009 the company received an Australian Financial Services License from ASIC, with AFSL No. 335692.[4]

In 2015, IC Markets announced that it would cover negative balances following the Swiss franc flash crash which occurred on 15 January 2015.[3] In the chaotic aftermath of the Swiss central bank move, IC Markets told its customers that it was fed erratic foreign exchange prices by its "liquidity providers" allowing the banks to execute "client trades at prices they shouldn't have".[5]

In September 2017, IC Markets announced record trading volumes for the month of August totalling US$343 billion. In the same year IC Markets introduced 4 Cryptocurrencies to its forex offering[6]

In June 2018, IC Markets announced record average daily volumes (ADV) of US$19.4 billion in May and a monthly total of US$447 billion. May's ADV record of US$19.4 billion represents a 24% increase compared to the Q1 2018 average of 15.6 billion. May's monthly volume total of US$447 billion is a 30% increase (over US$100 billion) compared to the US$343 billion record reported in August 2017. In October 2018, the company announced that it had obtained a license in Cyprus.[7]

In December 2019, Nick Twidale was appointed as the general manager.[8][9] The Australian reported that the $144m IC Markets paid in tax for 2019 was among the 60 highest amounts paid by an Australian corporation that year, and more than well-known companies such as Bank of Queensland, Resmed, TPG Telecom and JB Hi-Fi.[10] In March 2021, The Australian Business Review named Budzinski Australia's 69th richest person and referred to IC Markets as "one of Australia’s most remarkable financial success stories in recent years" in their third annual list of Australia's Richest 250.[11]

Operations[edit]

IC Markets is headquartered in Sydney, Australia and its legal entities are registered in the Seychelles, The Bahamas, and Cyprus.[12][13] IC Markets is regulated by the CySEC in the EU. It is also authorized by the Financial Services Authority (FSA) in the Seychelles, in the Bahamas by the Securities Commission of The Bahamas and by ASIC in Australia.[14][15][4]

IC Markets offers MetaTrader 4 and 5, Ctrader and supports trading tools via web, desktop, and mobile.[16][17]

IC Markets offers CFD's for precious metals, soft commodities, and energy commodities including WTI Crude Oil, Brent, and Natural Gas.[18][19] The stock indexes covered by IC Markets CFDs includes S&P 500, Dow Jones Industrial Average, FTSE 100, and the Australian S&P 200. In 2017, IC Markets launched crypto CFDs in Bitcoin, Bitcoin Cash, Ethereum, Dash, Litecoin, Ripple, EOS, Emercoin, Namecoin, and PeerCoin. However, crypto CFD trading is not allowed for UK regulated clients since 6 January 2021 after the FCA banned the sale of crypto-derivatives to retail consumers.[20] Copytrading has become increasingly popular in the online retail trading sector, however, IC Markets said it did not directly offer copy trading, saying instead the product is offered by third parties.[21]

Controversies[edit]

In October 2020, Commissione Nazionale per le Società e la Borsa (CONSOB) blocked IC Markets' operations in Italy due to continuous violations of the regulatory provisions. The same month it became known that FC Inter Milan cancelled the sleeve sponsorship contract with the IC Markets. According to the club representatives, the broker failed to fulfill its contractual obligations. The brokerage firm denied all allegations and false statements made by the contractual partner for dumping its sleeve sponsor. IC Markets has filed a ‘wrongful termination lawsuit’ against the club and are seeking reimbursement of the money they have already given, plus interest. The preliminary hearing of this case will be held before the court of Milan on April 14, 2021.[22][23][24]

References[edit]

  1. ^ "IC Markets Becomes Latest Broker to Brace for Potential Brexit Impact". Finance Magnates.
  2. ^ "IC Markets Review". Eglise La Combe.
  3. ^ a b "IC Markets Covering Negative Losses". Finance Magnates. 5 February 2015.
  4. ^ a b "IC Markets Review 2021 - Is it a Safe and Trusted Broker?". Safer Investor. Retrieved 2021-09-01.
  5. ^ "'Fake margin calls': Forex traders furious after losses". Sydney Morning Herald. 27 January 2015.
  6. ^ "Australia Retail FX broker IC Markets reports record volumes of $343 billion for August". Leaprate.
  7. ^ "IC Markets Obtains CySEC License, Opens Cyprus Office". Finance Magnates. October 19, 2018.
  8. ^ "IC Markets Appoints Nick Twidale as General Manager | Finance Magnates". Finance Magnates | Financial and business news. 2019-12-11. Retrieved 2020-12-23.
  9. ^ "Australia Forex - IC's Angus Walker moves to Global Prime, replaced by Nick Twidale". FX News Group. 2020-06-19. Retrieved 2020-12-23.
  10. ^ "CFD and forex brokers ride Covid-19 boom, but ASIC crackdown nears". The Australian. 10 December 2020. Archived from the original on 2021-04-29.
  11. ^ "The List of Australia's Richest 250". The Australian Business Review. 18 March 2021. Archived from the original on 2021-04-30.
  12. ^ "Best Forex Brokers In Bahamas 2021 (Top 10)". FxBeginner. 2020-09-03. Retrieved 2020-12-23.
  13. ^ "IC Markets Get CySEC Regulation". Best cTrader Brokers. 2018-12-04. Retrieved 2020-12-23.
  14. ^ Harvel, Erika (2018-10-20). "Australian broker IC Markets acquires CySEC license". Hercules.Finance. Retrieved 2020-12-23.
  15. ^ "Cyprus Securities and Exchange Commission | IC Markets (EU) Ltd". CySEC.gov. 2020-12-23.
  16. ^ "How to use the IC Markets MT4 download?". www.expertinvestor.net. Retrieved 2020-12-23.
  17. ^ "IC markets Account Verification Procedure". Forex Education. 2020-06-12. Retrieved 2020-12-23.
  18. ^ "IC Markets Review 2020 | Public Finance International". www.publicfinanceinternational.org. 2020-07-27. Retrieved 2021-01-12.
  19. ^ "IC Markets". CFD certificates. Retrieved 2021-01-12.
  20. ^ "FCA bans the sale of crypto-derivatives to retail consumers". FCA. 2020-10-05. Retrieved 2021-09-01.
  21. ^ "Sock puppets and Lifeline ads: Welcome to the wild world of copy trading". Sydney Morning Herald. 12 December 2020.
  22. ^ "IC Markets Continues to Suffer Problems with Expansion to the Italian Market". The Financial Commission. Retrieved March 3, 2021.
  23. ^ "CONSOB blocks IC Markets with dramatic consequences". RegBlack Compliance Blackboard. November 7, 2020. Retrieved March 3, 2021.
  24. ^ "IC Markets Takes Inter Milan to Court for Dumping Sponsorship Deal". Finance Magnates. Retrieved March 4, 2021.

External links[edit]