IC Markets

faithl3ss posted:
I'd like to open an account.

I got one question and found nothing on google oder your site.

Do you have some negative balance protection like other Brokers (JFD) have it?

Yes, Negative balance protection is a very good advantage when it comes to choose a broker ...and a good sign that the broker is a reliable one. But I think if the brokers have it , they would put it on a visible place on the site, it is a positive feature after all ...

New EU regulations should mean that all brokers in the EU have negative balance protection

TiffanyK posted:

faithl3ss posted:
I'd like to open an account.

I got one question and found nothing on google oder your site.

Do you have some negative balance protection like other Brokers (JFD) have it?

Yes, Negative balance protection is a very good advantage when it comes to choose a broker ...and a good sign that the broker is a reliable one. But I think if the brokers have it , they would put it on a visible place on the site, it is a positive feature after all ...

they do. https://www.jfdbrokers.com/en/about-jfd/company-news/514-jfd-introduces-negative-balance-protection.html ;)

Wingandprayer posted:
New EU regulations should mean that all brokers in the EU have negative balance protection

yeah. BaFin (Germany) regulated Brokers, like JFD have a negative balance protection for good. I want open another account on IC Markets. IC is just ASIC regulated and they still have no negative balance protection.

So what could happen to a EU citizen in the worst case with an australian ASIC regulated broker?

faithl3ss posted:
So what could happen to a EU citizen in the worst case with an australian ASIC regulated broker?

I think in order to determine in which country's legislation you'd fall, what matters also is where you live .... There 's surely a difference in both regulators ( sorry, I am not very familiar with ASIC's regulations) , however if you are a European citizen, you still have to comply with EU regulations for financial markets.

If the broker does not have a EU entity EU citizens can trade with that ASIC broker. Negative balance protection will not be too far away for ASIC brokers I believe. IC Markets is rock solid and as well reputed as EU brokers, just not as stringently regulated (yet).

IC is a very good broker. I used them for years

About IC Markets, I would like to know:

1) What are the advantages of opening an account directly with IC Markets versus an IB?

2) Has anyone here had any problems with withdrawing money from them?

3) I am based in Europe, and they charge a LOT for bank transfers...what '100% cost free' options do they offer to deposit and withdraw money?

Thanks

1) No advantage whatsoever opening directly. If you open through a reputable IB you get exactly the same conditions but with a rebate or discounted commission rate.

2) I have been trading with IC Markets for 6 years. Never had an issue withdrawing direct to AU bank account and via Neteller. Have never had a client contact me regarding problems withdrawing.

3) Credit/Debit card, Neteller, Skrill etc.

TiffanyK posted:

faithl3ss posted:
I'd like to open an account.

I got one question and found nothing on google oder your site.

Do you have some negative balance protection like other Brokers (JFD) have it?

Yes, Negative balance protection is a very good advantage when it comes to choose a broker ...and a good sign that the broker is a reliable one. But I think if the brokers have it , they would put it on a visible place on the site, it is a positive feature after all ...

During the swiss peg removal when market gone crazy I have negative balance on one of my account. They simply took the negative amount from other profitable accounts. Without my permission or even notice.
When I complained they told me it is standard practice.
Can provide proofs if necessary
On the other hands I am trading with them for years- my Caesar system is on IcMarkets since 2013 without another issue.

Are these people 100% kosher? I'm a bit concerned about them. I opened an account because they offered low spreads and seemed to have decent reviews. I've been trading a demo account for a while.

A couple of weeks ago, I opened a live account for the future, but didn't do anything with it. It asked me for ID documents as they all do. Then last week I got an email saying my ID documents have been approved and that my account is now live to trade, however I didn't upload anything at all. Seems a bit fishy to me

chesterjohn posted:
Are these people 100% kosher? I'm a bit concerned about them. I opened an account because they offered low spreads and seemed to have decent reviews. I've been trading a demo account for a while.

A couple of weeks ago, I opened a live account for the future, but didn't do anything with it. It asked me for ID documents as they all do. Then last week I got an email saying my ID documents have been approved and that my account is now live to trade, however I didn't upload anything at all. Seems a bit fishy to me

Whatever, verifying the account via national ID or passport is not a bad thing actually.

togr posted:
During the swiss peg removal when market gone crazy I have negative balance on one of my account. They simply took the negative amount from other profitable accounts. Without my permission or even notice.
When I complained they told me it is standard practice.
Can provide proofs if necessary
On the other hands I am trading with them for years- my Caesar system is on IcMarkets since 2013 without another issue.

That's not а Negative balance protection at all.. the idea behind the negative balance is to cover the losses. Of course, it can't go on forever, and in such cases I suppose the broker may impose some limitations to t the account somehow ...

chesterjohn posted:
Are these people 100% kosher? I'm a bit concerned about them. I opened an account because they offered low spreads and seemed to have decent reviews. I've been trading a demo account for a while.

A couple of weeks ago, I opened a live account for the future, but didn't do anything with it. It asked me for ID documents as they all do. Then last week I got an email saying my ID documents have been approved and that my account is now live to trade, however I didn't upload anything at all. Seems a bit fishy to me

well I do not know if they are Jewish - as only Jewish can be kosher.
But they are pretty good. I do trade Caesar with them since 2013 and had only 1 problem so far.

TiffanyK posted:

togr posted:
During the swiss peg removal when market gone crazy I have negative balance on one of my account. They simply took the negative amount from other profitable accounts. Without my permission or even notice.
When I complained they told me it is standard practice.
Can provide proofs if necessary
On the other hands I am trading with them for years- my Caesar system is on IcMarkets since 2013 without another issue.

That's not а Negative balance protection at all.. the idea behind the negative balance is to cover the losses. Of course, it can't go on forever, and in such cases I suppose the broker may impose some limitations to t the account somehow ...

yeah broker should liquidate positions when you are out of equity. Not making users responsible for that.

TiffanyK posted:

togr posted:
During the swiss peg removal when market gone crazy I have negative balance on one of my account. They simply took the negative amount from other profitable accounts. Without my permission or even notice.
When I complained they told me it is standard practice.
Can provide proofs if necessary
On the other hands I am trading with them for years- my Caesar system is on IcMarkets since 2013 without another issue.

That's not а Negative balance protection at all.. the idea behind the negative balance is to cover the losses. Of course, it can't go on forever, and in such cases I suppose the broker may impose some limitations to t the account somehow ...

It's a turn of phrase over here, maybe not used where you are. They seem to have generally good reviews, it's just alarm bells go off when they start asking for my money but I haven't done the thing they're telling me I have to be able to do that...

AniLorak posted:
Whatever, verifying the account via national ID or passport is not a bad thing actually.

Yeah, it is actually quite a reliable sign to know if my broker is fully regulated.