Is Fake IC Markets a Scam?

When we at FXCanary evaluate a broker, we do not rely on marketing claims or website copy. We start with the public regulatory registers, cross-check the legal entity against the official domain, and then weigh the strength of client-fund protections, the transparency of the operation, and any red flags that appear in aggregated industry data. For a broker with no independent user reviews yet, this documentary evidence is the entire picture — and where it is thin, we say so plainly.

For Fake IC Markets, our assessment is built on a Scam Risk Score of 85 out of 100, which we classify as 'Severe'. That score is driven by three specific 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, a jurisdiction with light oversight. Each of these flags is significant on its own; together they paint a picture of a high-risk operation that a cautious trader should approach with extreme care — or avoid altogether.

Our records list three regulators for Fake IC Markets: ASIC in Australia, CySEC in Cyprus, and the FSA in Seychelles. On the surface, that looks like a well-regulated, multi-jurisdictional broker. But the devil is in the details — and in the status column, which is blank for all three licences. A blank status means we cannot confirm that any of these licences are currently active, and for a broker flagged as a fake, that is a serious concern.

We cross-checked the licence numbers against the public registers. The ASIC licence number 335692 and the CySEC licence number 362/18 are real numbers that belong to legitimate entities — but they are not necessarily held by this broker. In fact, our records indicate that Fake IC Markets is a clone, meaning it may be using licence numbers that belong to another firm. This is a classic impersonation tactic, and it is why we never take a licence number at face value without verifying the legal entity behind it.

For a trader, the most important question is: what happens to my money if the broker fails? In well-regulated jurisdictions, client funds are typically held in segregated accounts, and compensation schemes may offer a safety net. Under ASIC, Australian clients benefit from the Australian Financial Complaints Authority (AFCA) and, in some cases, the Australian Government's compensation arrangements. Under CySEC, clients are covered by the Investor Compensation Fund (ICF) up to €20,000, and negative balance protection is mandatory for retail clients.

However, our records show no confirmation that these protections are actually in place for Fake IC Markets. The licence status is blank, and the broker is flagged as a clone. If the ASIC and CySEC licences are not genuinely held by this entity, then those protections do not apply.

In Seychelles, the FSA licence (number SD018) is an 'EP' — an Exempt Person — which is a lighter-touch regime. Seychelles does not offer a compensation scheme, and client fund segregation is not as rigorously enforced as in Australia or Cyprus. For a trader, this means that if the broker disappears, there is likely no safety net.

Seychelles is a popular registration jurisdiction for forex brokers, but it is also one of the weakest from a regulatory perspective. The Seychelles Financial Services Authority (FSA) oversees brokers under the Securities Act, but its oversight is far less stringent than that of ASIC or CySEC. There is no mandatory compensation scheme, no strict negative balance protection requirement, and enforcement actions are rare. For a broker flagged as a fake, this is a dangerous combination.

Our records show that Fake IC Markets was founded on 5 July 2021 and is registered in Seychelles. The FSA licence number SD018 is on file, but the status is blank. In our experience, a blank status on an offshore licence is a red flag — it may mean the licence is not active, or that the broker has not provided evidence of its current standing. For a trader, this means that the Seychelles licence offers little practical protection. It is a registration, not a guarantee of safety.

The name 'Fake IC Markets' is itself a warning. It is deliberately similar to 'IC Markets', a well-known and legitimate Australian broker. This is a classic clone tactic: use a name that is close enough to a trusted brand to catch unwary traders, but different enough to avoid an immediate trademark claim. Our records show that the official domain is icemarketss.com, which is one letter different from the real IC Markets domain (icmarkets.com). That single extra 's' is a telltale sign of an impersonator.

We found no clone or impersonator sites for Fake IC Markets itself, but that is not reassuring — it simply means that this broker is the clone, not the victim. The risk for traders is that they may believe they are opening an account with the real IC Markets, only to find their funds are held by an unregulated entity in Seychelles. We strongly advise traders to double-check the domain and the legal entity before depositing any money. If the name looks even slightly off, it probably is.

Fake IC Markets has no independent user reviews yet. In our experience, that is a double-edged sword. On one hand, it means there is no trail of complaints — but on the other, it means there is no trail of satisfied customers either.

For a broker that has been operating since 2021, the absence of reviews is unusual. Legitimate brokers typically accumulate at least some feedback, even if it is mixed. A total silence is more consistent with a broker that is not widely used, or one that has changed its name or domain to avoid a negative history.

We also note that the broker lists zero employees in our records. That is a red flag in itself. A forex broker, even a small one, needs staff to handle client support, compliance, and operations. Zero employees suggests that the entity may be a shell, with no real operational presence. Combined with the fake broker flag, this reinforces our view that Fake IC Markets is not a broker we can recommend under any circumstances.

If you are considering trading with Fake IC Markets, our advice is simple: don't. But if you have already deposited funds, or if you are tempted by the low $200 minimum deposit and 500:1 leverage, there are steps you can take to protect yourself. First, verify the broker's identity independently.

Go to the official ASIC and CySEC registers and search for the licence numbers 335692 and 362/18. Check whether the legal entity behind those licences is the same as the one on the Fake IC Markets website. If the names do not match, you are dealing with a clone.

Second, never deposit more than you can afford to lose. With a Scam Risk Score of 85, the probability of losing your entire deposit is high. Third, use a regulated broker instead.

There are many legitimate brokers with strong regulatory oversight in Australia, the UK, or Europe. The extra effort of opening an account with a regulated broker is worth it for the peace of mind. Finally, if you have been scammed, report it to your local financial regulator and to the Seychelles FSA.

While recovery is unlikely, reporting helps build a case against the operators.

In FXCanary's assessment, Fake IC Markets is a high-risk broker that we cannot endorse. The combination of a fake broker flag, clone identification, offshore registration, and blank licence statuses is a textbook warning sign. The lack of independent reviews and zero employees only deepen our concern. We have seen this pattern before: a broker that looks legitimate on the surface, but is designed to take money from traders who do not do their due diligence.

Our Scam Risk Score of 85/100 is not a number we assign lightly. It reflects a broker that poses a severe threat to your capital. We urge traders to avoid Fake IC Markets entirely and to choose a broker with a verifiable regulatory track record. If you have already engaged with this broker, we recommend withdrawing any funds immediately and reporting your experience to the relevant authorities. The evidence is clear: this is not a safe place for your money.