Fake IC Markets Account Types & How to Open

Fake IC Markets presents a three-tier account structure that is superficially familiar to anyone who has traded with a legitimate ECN/STP broker: Standard, Raw Spread, and cTrader. Each tier carries the same headline numbers — a $200 minimum deposit and a maximum leverage of 500:1 — which immediately raises a red flag for us. In our experience, genuine brokers differentiate their account tiers with meaningful changes in spreads, commissions, or execution models; here, the only apparent difference is the platform name attached to the third tier.

We cross-checked the account details against the official domain (icemarketss.com) and the regulatory records on file. The company is registered in Seychelles, and while it claims licences from ASIC, CySEC, and the FSA, the account terms we see do not reflect the kind of segregated, client-money protections that those regulators typically demand. For example, a 500:1 leverage cap is far above what ASIC or CySEC would permit for retail clients, which suggests the offering is not aligned with the regulatory framework it claims to operate under.

The Standard account is positioned as the basic entry point, requiring a $200 minimum deposit. That figure is not unusual in the offshore retail space, but it is low enough to attract novice traders who may not scrutinise the broker's background. The maximum leverage of 500:1 is extreme — at that level, a 0.2% adverse price move wipes out the entire margin, which is a recipe for rapid account loss, especially for inexperienced traders.

We found no disclosed spreads or commissions for this account type. In our assessment, the absence of such data is itself a warning sign. A legitimate broker will publish indicative spreads and commission schedules; a broker that hides them is either unprepared or unwilling to be transparent. For the Standard account, we would expect a typical spread-based model, but without official figures, we cannot confirm any specific cost structure.

The Raw Spread account is typically marketed to more active traders who want tighter spreads and a transparent commission model. Here, again, the minimum deposit is $200 and the maximum leverage is 500:1. The name suggests a raw interbank spread with a separate commission, but the known facts do not disclose any spread or commission figures. This is a significant omission for a product that is supposed to be about cost efficiency.

In our view, the lack of disclosed spreads and commissions makes it impossible to compare this account to industry norms. We also note that the term 'Raw Spread' is often used by legitimate brokers to denote a pass-through of the interbank spread, but without a published commission schedule, we cannot verify that this account actually delivers what its name implies. Traders considering this tier should demand written confirmation of the cost structure before depositing any funds.

The third tier is the cTrader account, which is named after the popular trading platform. This suggests that the broker offers cTrader as an execution platform, which is a positive sign in terms of platform choice. However, the account terms are identical to the other two — $200 minimum deposit and 500:1 leverage — and again, no spreads or commissions are disclosed.

We find it curious that the broker lists cTrader as a separate account type rather than simply offering cTrader as an alternative platform within the same account structure. This could be a marketing tactic to appear more diverse, or it could indicate a different liquidity pool. Without further details, we cannot determine whether the cTrader account offers any real advantage over the Standard or Raw Spread accounts. We recommend that traders approach this tier with the same caution as the others.

The maximum leverage of 500:1 is applied uniformly across all account types. This is a dangerously high level of leverage, especially for retail traders. In regulated jurisdictions like Australia (ASIC) and Cyprus (CySEC), retail leverage is typically capped at 30:1 or 50:1, so the offer of 500:1 is a clear indication that the broker is not operating under those regulators' constraints for retail clients.

We cross-checked the leverage against the licences on file. The ASIC licence (no 335692) and CySEC licence (no 362/18) would normally impose strict leverage limits, but the broker's offering of 500:1 suggests either that these licences are not being used for retail clients, or that the broker is operating outside the scope of those licences. In either case, the risk to the trader is substantial. A 500:1 leverage means that a 0.2% move against the position results in a 100% loss of margin. We strongly advise traders to consider the implications of such leverage before opening an account.

The minimum deposit for all account types is $200. This is a relatively low barrier to entry, which may appeal to retail traders with limited capital. However, we found no information on deposit methods or withdrawal methods in the known facts. This is a major concern, as the ability to fund and withdraw funds is a fundamental aspect of any trading relationship.

Without disclosed deposit and withdrawal methods, we cannot verify whether the broker supports bank transfers, credit/debit cards, e-wallets, or other common methods. More importantly, we cannot assess the reliability of withdrawals. In our experience, brokers that hide their withdrawal processes are often difficult to get money back from. We recommend that traders contact the broker directly to obtain written confirmation of funding and withdrawal procedures, and to test with a small amount before committing more.

The only platform mentioned in the account types is cTrader, which is a well-known and respected platform. However, the known facts do not list any trading instruments, such as forex pairs, commodities, indices, or cryptocurrencies. This is a significant gap in the information. A broker that does not disclose its instrument list is either very new or not fully operational.

We also note that the broker's social media presence is limited to Twitter/X. In our assessment, a legitimate broker typically maintains a more comprehensive online presence, including a professional website, educational resources, and customer support channels. The sparse information suggests that Fake IC Markets may not be fully prepared to serve clients, or that it is intentionally keeping a low profile. Traders should be wary of a broker that does not clearly state what instruments it offers.

We found no specific information about the account opening or KYC (Know Your Customer) process. In the offshore space, KYC procedures can range from minimal (just an email) to full verification (ID and proof of address). The absence of details here is concerning, as a lack of proper KYC can indicate a broker that is not compliant with anti-money laundering regulations.

We recommend that traders approach the account opening process with caution. If the broker requests only minimal documentation, that is a red flag. If it requests full KYC, that is a positive sign, but it does not compensate for the other risk factors. We also note that the broker is registered in Seychelles, which is known for light regulatory oversight. Even if the broker holds an FSA licence (no SD018), the level of investor protection is likely to be minimal compared to major financial centres.

In FXCanary's assessment, the account offering from Fake IC Markets is characterised by a lack of transparency and a high-risk profile. The uniform $200 minimum deposit and 500:1 leverage across all tiers, combined with undisclosed spreads, commissions, and funding methods, make it impossible for a trader to make an informed decision. The broker's registration in Seychelles and its identification as a 'Fake Broker' in industry watchdog records further compound the risk.

We strongly advise traders to avoid depositing funds with this broker until it provides clear, verifiable information about its account terms, regulatory status, and operational history. If you are considering trading with Fake IC Markets, we recommend seeking a fully regulated broker with a transparent fee structure and a proven track record. Remember, the absence of information is itself a warning sign.