IC Markets

The global website and the two licences below identify different companies

FXCN’s main website link goes to ic.com. That site identifies Raw Trading Ltd in Seychelles. The Australian and Cyprus companies in FXCN’s licence records are separate contracting entities. Establish which company will carry your account before comparing fees or relying on a protection scheme.

ASIC’s current conditions dated 22 July 2026 list advice/dealing for derivatives and foreign-exchange contracts for retail and wholesale clients, and market-making for those classes. Other product/client limits must be read individually. This is permission for the Australian company, not Raw Trading Ltd. ABN Lookup corroborates the Australian entity’s identity; an active ABN is not an AFSL.

The FSA record gives Eden House, 1st Floor, Eden Island; the provider’s privacy notice gives B11, First Floor, Providence Complex as head office. Ask for the current registered/contact address when authenticating correspondence. We have not resolved that address difference or audited ownership across the group.

The EU provider page excludes residents of Brazil, Belgium, the UK and US from the intended audience. Its 73.46% retail CFD loss warning is specific to that provider at review, not a worldwide IC group statistic. Cross-border entries in the regulator’s profile are not a current onboarding promise.

The FCA global-site warning is different from a clone warning

The FCA warning for IC Markets Global was first published on 1 October 2024 and updated on 10 August 2026. It names icmarkets.com/global/en and ic.com, states that the firm is not authorised by the FCA and may be targeting UK people, and advises avoiding it.

The warning states that dealing with this firm does not provide access to FOS for complaints or FSCS protection. This UK authorisation warning should not be rewritten as a clone-only alert or ignored because a separate Australian/Cyprus company has a licence. Equally, it does not revoke those other companies’ permissions. Check the FCA guide and the official record for your actual UK-facing activity.

“Per lot” and “per US$100,000 traded” are different fee units

The Australian account overview lists MetaTrader Raw at US$3.50 per lot per side, cTrader/TradingView Raw at US$3 per US$100,000 traded per side, and Standard at zero separate commission with spreads from 0.8 pips. These are published account terms, not measured fill costs or rates for every entity and instrument.

The EU cost page lists US-dollar MetaTrader Raw at US$3.50 per standard lot per side and cTrader at US$3 per US$100,000 traded. cTrader converts the resulting commission to the account’s base currency. The trade’s US-dollar value can change between opening and closing.

Adding the actual spread, financing, conversion and any other charges is necessary before comparing totals. A 0.0-pip starting spread is not a zero-cost execution guarantee. Confirm the schedule and instrument specification for the contracting entity, platform, account currency and proposed size; do not apply this example to the global site without its current schedule.

EU account activity is not the same as logging in

The EU Inactivity Fees and Dormant Accounts Policy, version 1, March 2025, defines inactivity as six continuous months without executing a trade in any account of the same client. Logins, deposits, withdrawals and internal transfers do not reset it. The monthly fee is 10 units of the account currency per account, excluding VAT where applicable; it must not create a negative balance.

The policy lists exceptions for open positions, a formal complaint about access/fees, restrictions not attributable to the client and materially impaired access from force majeure. It describes a five-month reminder and the first charge on the first business day after six full months. Ask how your linked accounts and any exception are recorded.

If you intend to leave cash unused, retain the applicable notice and ask about withdrawal or account closure. Do not place an unsuitable trade merely to reset the clock. This EU policy does not establish the Australian or Seychelles inactivity charge, and we tested no actual deduction.

Separate retail balance protection, client money and private insurance

The Australian PDS has a retail/wholesale distinction

The Australian CFD PDS is dated 25 September 2026, despite “July2026” in its filename. It identifies the company as the OTC CFD issuer. CFDs do not give ownership of their underlying asset. Section 3.5 describes negative balance protection for retail clients; it does not automatically apply to wholesale accounts.

Section 5 describes client money held in trust, with permitted withdrawals for realised losses, fees and charges. The PDS says trust funds are not used for the company’s hedging. These arrangements do not prevent market losses or certify solvency. Check the account classification and agreement; do not carry the Australian retail terms over to Raw Trading Ltd.

The global insurance claim needs its policy wording

The global insurance page advertises client-funds cover up to US$1,000,000 and gives reference TT2602110. Its expanded FAQ says “up to US$1,000,000 for all claimants” and that the cover is for Raw Trading Ltd clients, triggered only by that company’s insolvency. It describes available balances and open CFD positions.

We have not obtained the insurance policy or independently confirmed it with an insurer. The headline and FAQ do not establish a US$1,000,000 entitlement for each client. Obtain the insurer, period, aggregate/per-claim limits, exclusions, eligible account definition and claim procedure. A policy reference is not proof that your particular loss qualifies. This provider claim is not an Australian, Cyprus or UK statutory compensation scheme.

For the EU company, use its current agreement and compensation-fund policy, and the CySEC guide for the separate statutory conditions. Its fund-policy PDF did not load in this review, so this page certifies no individual EU payout eligibility. Segregation, a negative-balance limit and an insolvency claim address different risks.

Send the complaint to the company in your agreement

The Australian May 2023 complaint policy currently linked by the provider accepts [email protected] or [email protected]. It describes acknowledgement generally within one business day and an IDR response within 30 calendar days, with an explanation if delayed. It names AFCA membership 13527, which also appears in the ASIC record checked here.

Its policy describes AFCA referral after a final response or 30 days, whichever comes first. Confirm AFCA jurisdiction, current deadlines and eligibility for your claim; this route is for the Australian company, not automatically a Seychelles contract. The ASIC guide separates a provider dispute from a regulatory report.

For the EU company, its legal-document page links a complaint policy; that PDF returned 403 in this review. The accessible inactivity policy lists [email protected] for complaints. Obtain the current full policy and written case reference. For Raw Trading Ltd, request its current company-specific complaint policy and verify the FSA route; do not apply the Australian 30-day procedure globally.

1. Name the contracting company, account type, product and disputed event. State the remedy requested.
2. Keep the accepted agreement, dated fee schedule, statement, transaction references and timestamps/time zone. For a fee dispute, include the calculation and any inactivity notice.
3. Track the company’s real receipt, response and external filing deadline separately. An FXCN report does not file an AFCA, FSA or Cyprus dispute.

ASIC conditions, CySEC’s company profile, the FCA warning and the global insurance FAQ were checked in a browser on 9 October. FSA/provider/ABN sources were retrieved as source text; direct FSA browser access failed. Australian PDS and complaint PDFs and the EU inactivity PDF were read; the PDS retail distinction and inactivity fee were visually checked. We opened no account, traded no funds, filed no complaint and contacted no insurer. Send a factual correction.