Fake IC Markets

Fake IC Markets is a retail forex and CFD broker that presents itself under the legal name IC Markets Ltd, operating the website icemarketss.com. According to our records, the company was established on 5 July 2021 and is registered in Seychelles, an offshore jurisdiction known for lighter regulatory oversight. The broker targets individual traders with a range of account types and leveraged trading products.

Despite its name, which closely resembles the well-known Australian broker IC Markets, this entity is a separate and distinct firm. Our records show no connection to the legitimate IC Markets brand, and the use of a similar name raises immediate concerns for traders who may confuse the two. The broker's registration in Seychelles further distinguishes it from the Australian-regulated entity it appears to imitate.

Our records list three licences for Fake IC Markets, though the status of each is marked as '—', meaning we have not verified their current validity. The licences on file are: ASIC (Market Making, licence no 335692, Australia), CySEC (Derivatives Trading License, licence no 362/18, Cyprus), and FSA (Derivatives Trading License, licence no SD018, Seychelles). However, we have not been able to confirm these licences against public registers, and the inclusion of an ASIC licence is particularly suspect given the broker's Seychelles registration.

In FXCanary's assessment, the presence of multiple licences from different jurisdictions is unusual for a newly established offshore broker. The fact that the licence numbers are not independently verified, combined with the broker's offshore base, suggests that traders should treat these claims with caution. We recommend that any trader considering this broker independently verify each licence with the respective regulator before depositing funds.

Fake IC Markets offers three account types: Standard, Raw Spread, and cTrader. Each account requires a minimum deposit of $200 and offers a maximum leverage of 500:1. The broker does not disclose minimum spreads or commission structures for any of these accounts, which is a significant omission for traders who need to assess trading costs.

The high leverage of 500:1 is a double-edged sword: it can amplify profits but also magnifies losses, and such leverage is typically restricted in well-regulated jurisdictions. The lack of transparency on spreads and commissions means traders cannot compare the broker's pricing with other providers. Our records do not include details on the trading platforms available beyond the mention of cTrader, nor do they specify the range of instruments offered.

Our records do not list any deposit or withdrawal methods for Fake IC Markets, nor do they specify the financial instruments available for trading. This absence of information is a red flag, as legitimate brokers typically provide clear details on how clients can fund and withdraw from their accounts. Without this information, traders cannot assess the convenience, fees, or security of transactions.

Similarly, the lack of instrument information means we cannot confirm whether the broker offers forex pairs, commodities, indices, or cryptocurrencies. This lack of transparency makes it difficult for traders to determine if the broker suits their trading needs. In our view, the absence of such fundamental details is a serious concern and suggests that the broker may not be fully operational or may be deliberately withholding information.

Fake IC Markets was founded on 5 July 2021, making it a relatively new entrant in the forex brokerage space. The company is registered in Seychelles, a jurisdiction that is often used by offshore brokers due to its lenient regulatory environment. Our records indicate that the broker has zero employees, which is unusual for a firm claiming to offer multiple account types and licences.

The broker's only social media presence is on Twitter/X, which is minimal compared to established brokers that typically maintain a broader online footprint. The lack of a substantial online presence, combined with the absence of independent reviews, makes it difficult for traders to gauge the broker's reputation. In FXCanary's assessment, the combination of a new company, offshore registration, and minimal presence warrants extreme caution.

FXCanary's Scam Risk Score for Fake IC Markets is 85 out of 100, indicating a 'Severe' level of risk. This score is based on several risk flags: the broker is listed as a 'Fake Broker' in industry watchdog records, it has been identified as a clone or impersonator firm, and it is registered in Seychelles, which offers light oversight. These flags together paint a highly concerning picture.

The 'Fake Broker' designation is particularly serious, as it suggests that the broker may be deliberately misleading traders by using a name similar to a legitimate firm. The clone/impersonator flag reinforces this, indicating that the broker may be attempting to capitalise on the reputation of the real IC Markets. For traders, this means that any funds deposited with Fake IC Markets are at high risk of loss, and the broker may not honour withdrawals or operate fairly.

Our web search results did not clearly match this broker's official domain or its Seychelles registration, so we have limited independent public information to draw upon. This lack of verifiable information is itself a warning sign, as legitimate brokers typically have a traceable online footprint, including reviews, news articles, and regulatory records. The absence of such information makes it impossible to confirm the broker's claims or to assess its reliability.

In light of this, we advise traders to exercise extreme caution when considering Fake IC Markets. The combination of a high scam risk score, regulatory red flags, and lack of transparency suggests that this broker is not a safe choice for retail traders. We recommend that traders only deal with brokers that are properly regulated in their own jurisdiction and that have a proven track record of transparency and reliability.