Is IC Markets safe?

logomark Luca Puddu calendar Last Updated: November 2021 timer 7 min read
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It is safe to assume that you did not come across this article by chance. You probably are contemplating trading some digital assets on International Capital Markets (IC Markets) and want to find out whether the trading platform is safe or not.

You are not alone in this. Every trader is concerned about the safety of the platform where they wish to trade. Nobody wants to lose their hard-earned money to fraudsters running illegal trading platforms.

This article addresses IC Market’s safety and thus helps you to address your concern too. Check our IC Markets Review for more information about its general security and more.

Table of contents

Is IC Markets Safe for traders?

IC Markets is considered a safe broker for multiple reasons. First, it’s well regulated by 4 regulatory bodies (CySEC, ASIC, FSA Seychelles, SCB Bahamas) which secure customer protection policies such as Segregated Bank Accounts, Negative Balance Protection, and an ICF up to $20.000. Secondly, there’s no conflict of interests when trading with IC Markets since it’s not a Market Maker.

What happens if IC Markets goes Bankrupt?

Since with IC Markets your money is stored in segregated bank accounts, the broker does not have access to them. You are the only one allowed to deposit and withdraw funds, as well as using them for trading. So if IC Markets goes bankrupt, your funds are safe because it cannot use them to repay its debts or be insolvent.

Problems You May Encounter with IC Markets

Expectedly, IC Markets isn’t a perfect trading platform. No broker is perfect. Thus, some of the broker’s users complain about some of its services. Some common complaints you may come across border on verification and withdrawal issues.

Withdrawals Issues – Something to be aware of

A common complaint among traders is the inability to withdraw more than their deposit, especially if they want to withdraw their deposit and earnings simultaneously. However, it’s noteworthy that IC Markets has a standing withdrawal policy.

As a trader, you are allowed to withdraw your deposit first before you can withdraw your earnings. The policy’s primary objective is to prevent money laundering.

Verification Issues – A way IC Markets enhances its security

One verification complaint is that the broker doesn’t accept any of the uploaded verification documents. However, IC Markets prioritizes security and will leave no stone unturned to protect its users’ safety.

The broker asks for documents in compliance with established regulations by the regulatory bodies as a part of its effort to ensure the user’s safety. Hence, IC Markets rejects documents that fail to meet eligibility requirements.

To spare yourself of verification disappointment, your proof of identification document should contain the following information:

  • Identification document number.
  • Date of expiry.
  • Government-issued documents of identification, such as driver’s license or ID card.
  • Full name.
  • Colored photo.
  • Date of birth.
  • Full name.

You must also provide proof of residence. The broker accepts residential verification document issued by a utility company, financial institution, judicial authority, or government agency. However, the document must meet these requirements:

  • It must contain your full name and address.
  • The issuer’s logo must be attached to the document.
  • It mustn’t be issued earlier than three months ago.

You can count on getting swift approval within two business days if your documents tick the boxes.

IC Markets Company, Regulations, and Licenses

IC Markets came into existence in Sydney, Australia, in 2007. From the humble beginning over a decade ago, it has consistently grown to become a popular and traders’ choice ECN broker.

IC Markets has offices in different parts of the world; Sydney (Australia), Limassol (Cyprus), Mahe (Seychelles) and New Providence (Bahamas). The ASIC, CySEC, FSA, and SCB-regulated broker is a leading ECN/STP broker in Australia.

Funds Protection with IC Markets

If you are concerned about your funds, IC Markets removes that fear. CySEC and a host of other top-tier regulators regulate the broker. These regulators ensure that traders’ funds are fully protected.

As a part of its funds-protection strategies, IC Markets keeps traders’ funds in segregated bank accounts, away from their business money. The trading platform keeps customers’ funds with notable credible banks across Australia. National Australia Bank (NAB), Westpack Banking Corporation, and Commonwealth Bank of Australia are the top banks where customers’ funds are stored.

In 2015, CBA was the largest Australian bank listed on the Australian Securities Exchange. In the same vein, NAB ranks among the top 4 financial institutions in the country and makes the world’s top 21 banks by market capitalizations.

That is aside from its negative balance protection and €20.000 compensation funds for its customers across Europe.

Data Protection with IC Markets

You apparently can’t trade on IC Markets without providing your personal information at the sign-up point. The broker put the policy in place for regulatory reasons and to prevent money laundering.

For improved services and security, the broker tracks your trading history and website usage. It secures these pieces of confidential information and makes them inaccessible to unauthorized people.

Of course, there are exceptions to this information-sharing rule. IC Markets can share your information under some exceptional circumstances to its collaborators, financial institutions, within the company, and for legal cases when necessary.

Aside from these particular situations, the trading platform encrypts your passwords and other personal details. They store such sensitive information in servers. In the servers, accessibility is limited to a small number of the members of the staff.

How IC Markets can help you In Case of Emergency

You are not immune to emergencies. You may be stuck and need professional advice to move on. You may also need answers to some questions. These are some of the common emergencies that traders have to handle.

IC Markets is fully aware of such situations and established a support system to address your concerns and answer your questions. You can contact the support team through e-mail, Live Chat, or telephone. If you can’t get on-the-spot answers to your questions, the team will get back to you without delay.

What if English isn’t your first language and will prefer answers or assistance in your first language? Well, IC Markets’ support team offers assistance to traders in 18 different languages. Thus, you probably can get answers in your preferred language if it makes the list of languages that the broker supports.

IC Markets Safety and Trading

So far, this article has addressed the broker’s safety concerning confidential information and funds. What about trading safety? How does it handle that?

IC Markets ECN/STP reliability

The trading market is evolving. In the past, most brokers used just one execution model. That has changed. Most brokers have jettisoned the one-execution model approach in favor of a mix of models. Traded assets and other relevant factors determine the execution model at any given time.

IC Markets has improved with its impressive execution speeds as an ECN/STP broker.

Its ECN broker status prevents IC Markets from altering spreads manually. The broker’s inability to alter spreads is one reason it is considered a safe trading platform. Our article on the top 10 ECN brokers gives a detailed analysis of the top performers in the industry.

IC Markets Trading Tools for Safety

IC Markets isn’t all about trading only. It is also concerned about safe trading. No wonder that it provides money-protecting features to help its traders manage their activities properly.

Some of these trading tools that guarantee investment safety include:

  • Trailing stop: This feature allows an investor to keep a trade active and profit from it for as long as the price is favorable to the investor. If you target a long position, you can place the trailing stop loss below the current market price and above it for a short position.
  • Stop loss and take profits: A stop-loss enables a trader to place a price limit on a trade. The open position will automatically close once it reaches the price to prevent the investor from losing more money. The take profit also enables an investor to close the trade at a specific price. Thus, the trader can take their profit at that price.
  • Guaranteed stop loss: This is a type of stop-loss. It ensures that the trader’s position is always closed at a price predetermined by the trader. This risk management tool comes in handy when dealing with a volatile market.

Closing Remark

From all indications, IC Markets is a reliable and safe trading platform. Its shortcomings aside, the broker generally has some features that support its users’ safety. Once you meet its requirements, you won’t have issues with using the platform.


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About the Author

Luca Puddu

Broker Expert

Always full of different interests, Luca started to get interested in the field of personal finance in 2014.

His self-taught studies led him year by year to become increasingly interested in the investment field.

To date, Luca actively invests in the stock market and cryptocurrencies, focusing on rising markets and the industries of the future.

His main role at InvestinGoal.com is to analyze and study in the smallest detail the brokers and their platforms, while checking carefully that the information shown by them is genuine.

In this way, he provides readers with a complete and truthful overview of the broker they might be interested in.


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