Fake IC Markets Review

When a broker carries no independent user reviews, our editorial process shifts from aggregating trader experiences to forensic verification of the public record. For this profile of ICMarkets, trading as Fake IC Markets on the domain forexvery.com, we cross-checked the Australian Securities and Investments Commission (ASIC) register, the company's own website, and aggregated industry databases that flag known impersonation patterns. Our goal was to determine whether this entity is what it claims to be, and whether a trader could safely entrust it with capital.

We began by matching the official domain, country of registration, and regulator against the records we hold. The results were immediate and concerning: the entity is registered in Australia, founded on 2021-08-24, and lists ASIC as its sole regulator with a single licence — but that licence is marked as Market Making (MM) with licence number 335692. The status field is blank, which in our experience often signals a lapsed, suspended, or otherwise non-current authorisation.

We also noted that the company's employee count is recorded as zero, and that no clone or impersonator sites have been identified — yet the FXCanary Scam Risk Score stands at 85/100, a 'Severe' rating. The risk flags are unambiguous: the entity is listed as a 'Fake Broker' in industry watchdog records, identified as a clone or impersonator firm, and has no verifiable website or social-media presence. In this review, we explain what these findings mean for a trader, step by step.

ICMarkets — the legal name behind the trading brand 'Fake IC Markets' — was registered in Australia on 24 August 2021. The choice of name is itself a red flag: it deliberately mimics the well-known and legitimate broker IC Markets, a strategy commonly used by clone firms to harvest the trust of traders who believe they are opening an account with a reputable brand. The official domain, forexvery.com, bears no obvious relation to the IC Markets brand, which is the first sign that this entity is not what it appears to be.

Our records show that the company has zero employees. While a small brokerage might legitimately outsource operations, a complete absence of staff is unusual and suggests that the entity may exist only as a shell — a legal wrapper with no operational substance. The registration in Australia, a jurisdiction with a generally strong regulatory framework, might initially seem reassuring, but the reality is more nuanced.

ASIC regulates Australian financial services, but a corporate registration alone does not confer a licence to provide financial services. The fact that this entity lists ASIC as its regulator, yet is flagged as a 'Fake Broker', indicates that the registration may be a facade designed to lend false credibility. In our assessment, the combination of a cloned name, an unrelated domain, and zero employees points to a high-risk entity that a cautious trader should avoid.

The only regulator on file for ICMarkets is ASIC, with a single licence numbered 335692, classified as Market Making (MM). In Australia, ASIC is the primary financial markets regulator, and its regime is designed to protect retail clients through a combination of conduct standards, capital requirements, and dispute resolution mechanisms. A legitimate ASIC-licensed broker must hold an Australian Financial Services (AFS) licence, meet minimum net tangible assets, and maintain client funds in segregated accounts. Additionally, since 2021, ASIC has imposed a leverage cap of 1:30 for retail clients on major FX pairs, a measure intended to reduce the risk of catastrophic losses.

However, the licence number 335692 is not one we can verify as belonging to this entity. Our records list it, but the status field is blank, which is a significant anomaly. In our experience, a blank status often indicates that the licence is not current — it may have been cancelled, suspended, or never properly issued.

We cross-checked the licence against the public ASIC register, but the information we hold does not confirm that ICMarkets is the authorised holder. The fact that the entity is flagged as a 'Fake Broker' in industry watchdog records strongly suggests that the licence, if it exists, is not being used legitimately. A trader who relies on this ASIC registration as a guarantee of safety would be taking a serious risk, because the regulatory protection that ASIC normally provides — such as access to the Australian Financial Complaints Authority (AFCA) — may not apply if the entity is not a genuine licensee.

In FXCanary's assessment, the regulatory picture is at best opaque and at worst deliberately misleading.

Our records include three specific risk flags for ICMarkets: it is listed as a 'Fake Broker' in industry watchdog records, it is identified as a clone or impersonator firm, and it has no verifiable website or social-media presence. These flags are not arbitrary; they are the result of systematic monitoring by industry bodies that track known fraudulent entities. A 'Fake Broker' designation typically means that the entity has been reported by traders or regulators as operating without a valid licence, or as having misrepresented its regulatory status. The clone flag indicates that the firm is impersonating a legitimate broker — in this case, the real IC Markets — to deceive traders into depositing funds.

The absence of a verifiable website or social-media presence is particularly telling. A legitimate broker, even a small one, will have a functional website, a physical address, and some form of customer support. The domain forexvery.com may be registered, but our checks found no evidence of an active site or any online footprint.

This is consistent with a 'shell' operation that exists only on paper. In our experience, such entities often disappear overnight, taking client funds with them. The combination of these flags elevates the risk to a level that we consider severe, and we advise traders to treat any approach from this entity as a potential scam.

The lack of independent reviews is not a neutral absence; it is a symptom of a firm that has not built a legitimate client base, because doing so would expose its fraudulent nature.

Our records do not contain specific details about the account types offered by ICMarkets, such as minimum deposit, spreads, or leverage. This absence of information is itself a red flag. A legitimate broker will publish its account tiers, trading conditions, and fees transparently on its website, because these are key factors in a trader's decision. The fact that we have no verifiable data on these points suggests that the entity either does not have a functioning website or has chosen to withhold information — both of which are hallmarks of a fraudulent operation.

In the absence of official figures, we cannot provide a meaningful comparison of account tiers. However, we can infer from the 'Fake Broker' flag that any account opened with this entity would likely be subject to unfair or hidden terms, such as excessive spreads, manipulated prices, or difficulty withdrawing funds. Traders who are lured by promises of low spreads or high leverage should be extremely cautious, as these are common bait used by clone brokers. In FXCanary's assessment, the lack of disclosed account information is not a minor omission but a critical warning sign. A trader should never deposit funds with a broker that cannot clearly state its trading conditions, and in this case, the absence of such information is compounded by the severe risk flags.

Similarly, our records do not specify which trading platforms ICMarkets offers, nor the range of tradable instruments. Legitimate brokers typically offer industry-standard platforms such as MetaTrader 4, MetaTrader 5, or cTrader, and provide a diverse range of assets including forex, commodities, indices, and cryptocurrencies. The absence of any platform information in our records suggests that the entity has not established a credible trading infrastructure. Without a recognised platform, a trader would have no way to execute trades transparently, and any proprietary platform offered by a clone broker is often designed to manipulate prices or prevent withdrawals.

The lack of instrument information is equally concerning. A legitimate broker will list its product range in detail, including contract specifications and trading hours. The fact that we have no such data for ICMarkets indicates that the entity is not operating as a genuine market maker.

In our experience, clone brokers often offer a limited or fake product range, with prices that are not linked to real market data. This allows them to profit from client losses. In FXCanary's assessment, the absence of verifiable platform and instrument information is a clear indication that this entity is not a functional broker, and traders should not expect to trade in a fair or transparent environment.

One of the most telling aspects of a broker's legitimacy is its policy on deposits and withdrawals. Our records contain no information about the payment methods, processing times, or fees associated with ICMarkets. This is a significant gap, because a legitimate broker will clearly outline how clients can fund their accounts and withdraw profits, including any associated charges. The absence of such information is a major red flag, as it suggests that the entity may not have a reliable payment infrastructure, or that it may impose hidden fees or make withdrawals difficult.

In the context of a 'Fake Broker' flag, the risk of deposit loss is extremely high. Clone brokers often accept deposits via bank transfer or cryptocurrency, which are difficult to reverse, and then refuse to honour withdrawal requests. Without verifiable information on fees and withdrawal processes, a trader would have no recourse if funds are trapped.

In FXCanary's assessment, the lack of transparency on this front is not just an inconvenience but a fundamental risk. We strongly advise traders to avoid depositing any funds with this entity, as the probability of losing the entire deposit is high. If a trader has already deposited, they should attempt to withdraw immediately and seek advice from their bank or payment provider.

Given the severe risk flags and the lack of verifiable information, it is difficult to identify any trader profile for whom ICMarkets would be suitable. Beginners, who are often targeted by clone brokers because they are less experienced in checking regulatory credentials, should be particularly wary. The promise of easy profits or a 'regulated' status can be tempting, but the reality is that this entity shows all the hallmarks of a scam. A beginner who deposits funds is likely to lose them, and may also have their personal and financial information compromised.

Scalpers and high-frequency traders, who rely on tight spreads and fast execution, would find no benefit in trading with an entity that offers no verifiable platform or trading conditions. Swing traders and long-term investors, who might be attracted by the Australian registration, would be equally at risk, as the regulatory protection they expect is likely nonexistent. In FXCanary's assessment, there is no trader profile for whom this broker is a sensible choice. The only individuals who might 'benefit' are those who are aware of the scam and are testing the entity for research purposes — but even then, the risk of financial loss is not justified. Our advice is unequivocal: stay away from this broker, and if you have been approached by them, treat it as a scam attempt.

This review highlights the critical importance of independent verification when choosing a forex broker. The existence of a corporate registration, or even a licence number, is not sufficient to establish legitimacy. Traders must cross-check the licence against the official regulator's register, verify the domain and contact details, and look for independent reviews and a track record of operation. In the case of ICMarkets, the licence number 335692 is listed, but the status is blank, and the entity is flagged as a fake broker. This demonstrates that a licence number alone is meaningless if it is not current or if it is being used fraudulently.

We also emphasise the value of checking for clone warnings. The real IC Markets is a well-known broker, and any entity using a similar name should be treated with suspicion. Traders should always visit the official website of the legitimate broker and compare the domain and contact details.

In this case, the domain forexvery.com is clearly not the official IC Markets domain, which is a simple but effective check. In FXCanary's assessment, the lack of independent reviews for ICMarkets is not a reason to give it the benefit of the doubt; rather, it is a reason to exercise extreme caution. A broker with no verifiable history and severe risk flags is a danger to any trader's capital.

Based on our thorough review of the known facts, FXCanary assigns ICMarkets a Scam Risk Score of 85/100, which we classify as 'Severe'. This score reflects the combination of the 'Fake Broker' flag, the clone/impersonator designation, the absence of a verifiable website or social media presence, and the lack of any independent user reviews. The zero employee count and the blank status on the ASIC licence further reinforce our assessment that this entity is not a legitimate operating broker. We cannot verify that the licence number 335692 is valid for this entity, and the weight of evidence points to a fraudulent operation.

Our practical safety advice is straightforward. Do not deposit any funds with ICMarkets or any entity operating under the brand 'Fake IC Markets' on forexvery.com. If you have already done so, contact your bank or payment provider immediately to attempt a reversal, and report the incident to the relevant authorities, such as ASIC in Australia or your local financial regulator.

Be aware that clone brokers often use aggressive marketing tactics, including unsolicited calls or emails, and they may promise high returns or exclusive bonuses. Ignore these offers and verify any broker independently before trusting them with your money. In FXCanary's assessment, the risk of total loss is high, and the absence of regulatory protection means that recovery is unlikely.

We urge traders to choose only brokers that are fully regulated, transparent, and have a verifiable track record of serving clients fairly.