logo |


    Home   >     Industry    >     IC Markets    >     Main body

    FCA Flags IC Markets Clone for Offering Services in UK

    Abstract:The regulator flagged several domains, including icmarketspro.com IC Markets itself is a reputed retail broker.

      The British financial market supervisor, the Financial Conduct Authority (FCA), has flagged ICMarkets, which looks like to be a clone of the popular retail brokerage brand headquartered in Australia, for offering services in the United Kingdom without the necessary authorization.

      The UK agency has shared two telephone numbers, four email addresses, and a few domains that are used to operate a platform that is imitating IC Markets.

      All of the flagged emails are of the domain icmarketpro.com, which has no links with the genuine IC Markets platform, the broker confirmed to Finance Magnates. The warning has also specifically red-flagged four domains: www.icm-market.com, www.i-cmarketz.com, www.icmarketpro.com, and www.ic-forexmarket.com.

      The genuine IC Markets platform is operating with the domain icmarkets.com.

      “We believe this firm [the clone] may be providing financial services or products in the UK without our authorization,” the regulator stated on the warning issued on Monday.

      “This firm is not authorized by us and is targeting people in the UK. You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong.”


    A Reputed Broker


      Founded in 2007, IC Markets licensed in multiple jurisdictions including Australia, Cyprus, Seychelles and the Bahamas. But, it is not licensed or registered in the United Kingdom with the FCA.

      For its operations within the European Economic Area (EEA), the broker is passporting its license obtained from the Cyprus Securities and Exchange Commission ( CySEC ). This Cypriot entity, IC Markets (EU) Limited has received temporary permission from the FCA to operate in the UK after the closure of Brexit .

      With operations across most of the top jurisdictions, IC Markets is one of the very few brokers recording more than $1 trillion in monthly trading volume. Furthermore, it is expanding its brand presence across Europe by sponsoring multiple sports clubs, a strategy followed by many other top brokerages.


    Read more

    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.