FAKE ICMarkets Account Types & How to Open

IC TRADE MARKET, trading under the name FAKE ICMarkets, presents a four-tier account structure on its website: cTrader Raw Spread, Islam, standard, and Raw Spread. The company's own marketing describes these as catering to different trading styles, from raw interbank pricing to fixed-spread simplicity. However, our review of the public record and the broker's own disclosures reveals a far more concerning picture than the glossy account pages suggest.

Before a trader even considers which account to open, the fundamental question is whether this firm is legitimate. FXCanary's records list FAKE ICMarkets as a suspected fake clone broker, with a Scam Risk Score of 85/100 (Severe). The firm is flagged in industry watchdog records as a 'Fake Broker' and as a clone/impersonator firm. With four user exposure/complaint reports already filed and withdrawal complaints in approximately 100% of recent reviews, the account details below must be read with extreme caution.

The cTrader Raw Spread account is positioned as the flagship offering for active traders who demand tight spreads and fast execution. The broker claims raw spreads from 0.0 pips on this account, with a maximum leverage of 1:500. The minimum deposit is not disclosed in our records, and no commission figure is provided. This is a common structure for ECN-style accounts, where a commission is charged per lot in addition to the raw spread.

However, the lack of transparency on the commission is a red flag. In our experience, raw spread accounts almost always carry a per-lot commission, and the fact that FAKE ICMarkets does not publish this figure means traders cannot accurately calculate their true trading costs. Moreover, the account is tied to the cTrader platform, which is a legitimate and respected platform, but the broker's own legitimacy is in question.

The Islam account is described as a swap-free option for traders who observe Sharia law, which prohibits the earning or paying of interest. The account shows a minimum spread of 0.0 pips, but no leverage or minimum deposit is disclosed in our records. This is a niche account type, and its inclusion suggests the broker is attempting to attract a specific demographic.

That said, the lack of disclosed leverage and deposit requirements makes it impossible to assess the risk profile of this account. In the context of a suspected clone broker, the Islam account may be nothing more than a marketing hook. Traders should be extremely wary of any swap-free account offered by a firm with such severe risk flags.

The standard account appears to be the most traditional offering, with a minimum spread of 1.0 pips and a maximum leverage of 500:1. The minimum deposit is not disclosed. This account type is typically aimed at retail traders who prefer a simple, fixed-spread model without the complexity of commissions. The 1.0 pip spread is on the higher side for a standard account, but not unusual.

However, the leverage of 500:1 is extremely high and carries significant risk, especially for retail traders. In many regulated jurisdictions, such leverage is restricted or prohibited. For example, under ASIC regulations, retail clients are limited to 1:30 leverage, and under CySEC, the limit is 1:30 as well. The fact that FAKE ICMarkets offers 500:1 leverage suggests that it may be operating outside the bounds of its claimed regulators, or that the leverage is only available to professional clients—a distinction that is not made clear.

The Raw Spread account is the only account type for which a minimum deposit is disclosed: $200. It offers a maximum leverage of 500:1 and a minimum spread of 0.0 pips, with no commission listed. This account is clearly aimed at cost-sensitive traders who want tight spreads and are willing to deposit a modest amount to get started.

The $200 minimum deposit is relatively low, making it accessible to retail traders. However, the combination of 0.0 pip spreads and no commission is unusual—typically, such accounts charge a commission. The absence of a commission figure may indicate that the broker is hiding costs elsewhere, such as in wider spreads during volatile periods or through slippage. Given the broker's severe risk flags, we would caution against assuming that the advertised 0.0 pip spread is the whole story.

Across the account types, the maximum leverage is consistently 500:1, with the exception of the Islam account where it is not disclosed. This level of leverage is dangerous for retail traders, as it amplifies both gains and losses. A 1% adverse move in the market can wipe out 50% of a trader's margin at 500:1 leverage. In the context of a broker that is already suspected of being a clone, the risk of total loss is even higher.

It is also important to note that FAKE ICMarkets claims to be regulated by ASIC, CySEC, and FSA. However, the leverage offered is not consistent with the restrictions imposed by ASIC and CySEC on retail clients. This discrepancy suggests that either the broker is not actually regulated by these bodies, or it is offering leverage that violates their rules. Our records indicate that the licences are on file, but the status is listed as '—', meaning we cannot confirm their current validity. Traders should verify any licence directly with the relevant regulator before depositing funds.

The broker prominently advertises the cTrader platform, which is a well-regarded trading platform known for its advanced charting and fast execution. However, our records do not specify whether other platforms such as MetaTrader 4 or 5 are offered. The company description mentions cTrader specifically, and the account types are named after it, suggesting that cTrader is the primary platform.

Trading instruments are not disclosed in our records, which is a significant omission. A broker that does not publish its instrument list is not being transparent about what traders can actually trade. This lack of information makes it difficult to assess whether the broker offers a suitable range of forex pairs, commodities, indices, or cryptocurrencies. In our assessment, this opacity is another red flag.

We found no specific information about the account opening process, including required documents or verification steps. Typically, legitimate brokers require proof of identity and address, and they conduct Know Your Customer (KYC) checks to comply with anti-money laundering regulations. The absence of such information is concerning, as it may indicate that the broker is not following proper compliance procedures.

Given the broker's status as a suspected clone, traders should be extremely cautious about providing any personal information or uploading identification documents. Identity theft is a real risk when dealing with unregulated or fraudulent brokers. We recommend that traders do not proceed with account opening until they have independently verified the broker's legitimacy.

In FXCanary's assessment, the account offerings from FAKE ICMarkets are a classic example of a fraudulent broker using attractive trading conditions to lure in victims. The combination of 0.0 pip spreads, 500:1 leverage, and a low $200 minimum deposit is designed to appeal to retail traders looking for a bargain. However, the severe risk flags—including the 'Fake Broker' listing and the high rate of withdrawal complaints—paint a very different picture.

We strongly advise traders to avoid opening any account with this broker. The lack of transparency on commissions, instruments, and KYC procedures, combined with the suspected clone status, means that any funds deposited are at high risk of being lost. If you are looking for a regulated broker, we recommend choosing one that is fully licensed and has a clean record. Always verify a broker's regulatory status directly with the relevant authority before committing any capital.