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ASIC Brokers will DIE ?

JamDay
Jun 21 2019 at 10:14
10 posts
That is very good news. Broker should stand their ground not only for their own business but for all the traders like us that need the higher leverage

togr (togr)
Jun 21 2019 at 11:06
4862 posts
In light of recent regulatory developments within Australia, International Capital Markets Pty Ltd (IC Markets AU), AFSL 335692, cannot guarantee that it will be able to provide its services to clients residing outside of Australia (“Overseas Clients”) and therefore, has decided that it will cease providing services to its Overseas Clients on 30 June 2019 (Effective Date).
Oh shit!

FXPIP ONE
apple1st
Jun 21 2019 at 11:09
126 posts
Dear Client,
In light of recent regulatory developments within Australia, International Capital Markets Pty Ltd (IC Markets AU), AFSL 335692, cannot guarantee that it will be able to provide its services to clients residing outside of Australia (“Overseas Clients”) and therefore, has decided that it will cease providing services to its Overseas Clients on 30 June 2019 (Effective Date).
To minimise the impact on you as a client of our ASIC regulated company, IC Markets AU, we have arranged for IC Markets (SC) to provide financial services to you pursuant to clause 29.6 of the IC Markets AU Account Terms. IC Markets (SC) is the registered business name of True ECN Trading Ltd (regulated under Financial Services Authority of Seychelles, Securities Dealer Licence number: SD018). IC Markets (SC) is a related entity of IC Markets AU.
To make the transition smoother we have automated the migration process, it is completely seamless and will not affect your account balance, existing orders, open positions, trading history and client area login. Post-migration you will be able to continue trading as usual.
What options do I have?
Option 1:
Transfer your account, open positions and client money to IC Markets (SC) on the effective date.
What do I need to do?
No further action is required from you
By continuing to trade on your account after the 30th of June 2019 (effective date) you consent for your account details, account balance, existing orders, open positions, trading history and client area login to be transferred from IC Markets AU to IC Markets (SC) and you will be able to continue trading as a client of IC Markets (SC) with the same trading conditions going forward just as you were with IC Markets AU in the past.
Important Notice: The financial services laws of Seychelles do not provide the same protection as Australian law. Under Australian law, ASIC has the power to regulate IC Markets AU conduct and the power to protect consumers (like you) against misleading, deceptive and unconscionable conduct relating to the provision of financial products and services by IC Markets AU to you. The Australian Financial Complaints Authority has the power to externally and independently resolve complaints about the products and services IC Markets AU has provided to you. If you transfer to IC Markets (SC) you will lose all these protections.
Under the laws of Seychelles, True ECN Trading Ltd is regulated under Financial Services Authority of Seychelles, (Securities Dealer Licence number: SD018). IC Markets (SC) is the trading name of True ECN Trading Ltd. IC Markets (SC) will keep offering its products and services in line with its terms and conditions which are substantially the same as those of IC Markets AU. This includes the provision to segregate client money and hold it on trust. IC Markets (SC) holds client money with AA-rated banking institutions in Australia regulated by the Australian Prudential Regulation Authority (APRA). IC Markets (SC) will also continue to handle complaints in accordance with its well-established internal dispute resolution procedures which are similar to IC Markets AU.
For more information please refer to the IC Markets (SC) Account Terms
Option 2:
Maintain your account with IC Markets AU
What do I need to do?
If you choose not to migrate you will need to opt out of the migration process, you can do so by clicking on the button below and completing the form. IC Markets AU cannot guarantee that you will be able to continue trading on your account after 30 June 2019. Furthermore, we cannot guarantee that we will be able to continue to offer certain features of your account such as your current leverage.
We will also need to open a new account for you so that we can properly manage any changes that may occur in the future (e.g. leverage), this will mean that you will lose your account history.
IC Markets AU will provide you with notification should we be unable to continue trading with you under our Australian Financial Services Licence after the 30 June 2019.


Drolph
Jun 21 2019 at 17:37
28 posts
togr posted:
In light of recent regulatory developments within Australia, International Capital Markets Pty Ltd (IC Markets AU), AFSL 335692, cannot guarantee that it will be able to provide its services to clients residing outside of Australia (“Overseas Clients”) and therefore, has decided that it will cease providing services to its Overseas Clients on 30 June 2019 (Effective Date).
Oh shit!


You forgot to quote, that you have TWO options. Move to SC or opt for the possibility to stay in Australia until a final date/decision is made from ASIC.

Generous
Jun 23 2019 at 05:31
18 posts
The Australian government has recently given 'teeth' to ASIC to tighten Australian brokerages (brokering services provided to overseas and local clients). I'm not surprised this is happening. I also have a feeling introducing brokers in the distance future (around the world) will be banned.

marklite
Jun 23 2019 at 05:47
8 posts
IC Markets migrating all it's EU users to their Seychelles Office. Starting from 30th June 2019. All accounts, history, leverage etc.. stays the same as they say. I have attached an email from them in PDF >>

Attachments:


FXPIP ONE
apple1st
Jun 23 2019 at 05:56
126 posts
Drolph posted:
togr posted:
In light of recent regulatory developments within Australia, International Capital Markets Pty Ltd (IC Markets AU), AFSL 335692, cannot guarantee that it will be able to provide its services to clients residing outside of Australia (“Overseas Clients”) and therefore, has decided that it will cease providing services to its Overseas Clients on 30 June 2019 (Effective Date).
Oh shit!


You forgot to quote, that you have TWO options. Move to SC or opt for the possibility to stay in Australia until a final date/decision is made from ASIC.


read this one more time : If you transfer to IC Markets (SC) you will lose all these protections.
Regulated broker push you to Scam non regulated Office

ninjaforex (ninjaforex)
Jun 23 2019 at 06:05
30 posts
(sorry if my language didnt perfect)
about 1 month ago, i am make new account as new client with broker vantagefx (sorry-red) under ASIC, but 2 weeks ago have notivication my account migrate to other offshore regulate, they tell except client australia will migrate to offshore regalate
event we dont know the truth... event i have a proff about this broker have plugin cheat my position (SL hunter not touch), very sad to see this, when we want to report this to ASIC, we can't because my acc under offshore, and you know like whats offshore handling client when broker have problem like this

until this problem, we dont trust again broker listing ASIC (much proff from me to share) and we migrate back again with regulate FCA UK, MiFId, or NFA US
hope ASIC can be consist to manage politic the truth their broker, same like cysec regulate didnt consist to handle their client when their broker have a problem/collaps


Founder of Number 1 Ninja Forex Strategy in The World -
FXPIP ONE
apple1st
Jun 24 2019 at 06:06
126 posts
looks like ALL ASIC Brokers not available for people OUTSIDE AU

Only one thing disappoint me - i worked as IB for 5 years for this broker and now they easy canceled all income....

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