The UK Financial Conduct Authority (FCA) has issued a warning against the CySEC-regulated broker IC Markets and its offshore entity Raw Trading Ltd in Seychelles. The offshore broker operates with the domain www.icmarkets.com. The CySEC regulated broker IC Markets (EU) Ltd operates under license number 362/18 with the two approved domains www.icmarkets.eu and www.icmarkets.com/eu. The IC Markets offshore mutation also acquires clients from the EU and UK.
|Legal entities||Raw Trading Ltd (Seychelles)|
IC Markets (EU) Ltd (Cyprus)
IC Markets Ltd (Bahamas)
International Capital Markets Pty Ltd (Australia)
|Regulatory regimes||CySEC in Cyprus, license no 362/18|
FSA in Seychelles, license no SD018
Securities Commission of the Bahamas, license no SIA-F212
ASIC in Australia with license no 335692
Visitors of the website of the Offshore Mutation www.icmarkets.com get a hint that Europe would not be authorized and that they would not recruit customers from Europe. However, registration is possible for customers from Europe and the EU without problems. The notice is probably more of a fig leaf for CySEC. The FCA sees it that way as well and has issued a warning.
IC Markets Global has not been approved or licensed by any regulator or government authority in your country of residence … You understand that our software platform is licensed to IC Markets Group Ltd, and the issuer of the products available on the platform is Raw Trading Ltd.IC Markets website
The FCA has stated in its warning that IC Markets performs its illegal offshore activities with various domains (see list above).
Like most offshore mutations of CySEC-regulated investment firms, it was possible in our review to deposit up to €100,000 via bank wire to Raw Trading Ltd‘s bank account at JPMorgan bank in Seychelles without confirmation of our identity and without proper KYC. At the point of the simulated bank wire, we had not even confirmed our email. This operation is a breach of regulatory requirements in the EU and UK.