Is FAKE ICMarkets a Scam?

When we at FXCanary sit down to judge whether a broker is safe to trade with, we do not rely on marketing pages or a broker's own claims about its reliability. Instead, we start with the public regulatory record, cross-check the legal entity behind the trading name, and then look for independent signals of trouble: user complaints, watchdog flags, and any evidence of cloning or impersonation. For a broker with no independent user reviews yet, that regulatory and reputational groundwork is even more important, because there is no crowd of traders to warn you about withdrawal problems or sudden changes in behaviour.

Our assessment is built on a Scam Risk score out of 100, which weighs the strength of the regulatory framework, the transparency of the corporate structure, and the presence of any red flags in industry databases. For FAKE ICMarkets, trading under the legal name IC TRADE MARKET, that score comes to 85 out of 100, which we classify as 'Severe'. That is a very high risk reading, and it is driven by three specific flags: the broker is listed as a 'Fake Broker' in industry watchdog records, it is identified as a clone or impersonator firm, and there are already four user exposure or complaint reports filed against it, with withdrawal complaints appearing in roughly 100% of recent reviews. Even without a single independent review on our own platform, the picture is already concerning.

Our records show that FAKE ICMarkets holds three licences on file: one from the Australian Securities and Investments Commission (ASIC), one from the Cyprus Securities and Exchange Commission (CySEC), and one from the Seychelles Financial Services Authority (FSA). At first glance, three regulators might look reassuring, but the reality is more nuanced. The ASIC licence, number 335692, is for Market Making (MM) activity, and the CySEC licence, number 362/18, is for a Derivatives Trading License (MM). The FSA licence, number SD018, is for a Derivatives Trading License (EP). We cross-checked these numbers against the public registers as far as our records allow, and we note that the status for each is listed as '—', meaning we do not have a confirmed active status.

More importantly, the regulatory regime differs dramatically between these jurisdictions. ASIC and CySEC are generally considered strong regulators, with client money segregation rules and, in the case of CySEC, access to the Investor Compensation Fund (ICF) for eligible clients. However, the Seychelles FSA is a much weaker offshore regulator, and its protections for retail clients are minimal.

The presence of a Seychelles licence is often a red flag in itself, as it can be used to route clients away from stronger protections. In this case, the combination of a strong-sounding regulatory list with a weak offshore component, plus the 'Fake Broker' flag, suggests that the licences may not be what they appear to be. We would urge any trader to verify these licences directly on the official ASIC, CySEC, and FSA registers before depositing a single dollar.

Client fund protection is the heart of broker safety. Under ASIC and CySEC rules, client money must be held in segregated accounts, separate from the broker's own funds, and in the event of a broker's insolvency, those funds should be returned to clients. CySEC also provides access to the ICF, which compensates eligible clients up to a certain limit if the broker fails. Negative balance protection, which ensures you cannot lose more than your deposit, is a standard feature under CySEC's retail regime, though it is not guaranteed under ASIC for all account types.

However, the Seychelles FSA offers none of these protections. There is no compensation scheme, no mandatory segregation, and no negative balance protection. If a broker routes your trades through its Seychelles entity, you are effectively trading in a legal vacuum. In our assessment, the presence of the FSA licence, combined with the 'Fake Broker' flag, means that any claim of 'regulated' status should be treated with extreme caution. We could not confirm from our records whether FAKE ICMarkets actually holds client funds in segregated accounts, and given the clone risk, we would assume the worst until proven otherwise.

One of the most serious red flags in this case is the broker's name: FAKE ICMarkets, with the legal name IC TRADE MARKET. The name is deliberately similar to the well-known, legitimate broker IC Markets, which is a popular choice among retail forex traders. This is a classic cloning tactic: a new, unregulated or weakly regulated entity adopts a name that is one small step away from a trusted brand, hoping to catch traders who do not check the exact domain or legal entity. Our records show that the official domain is ictrademarkets.com, which is different from the genuine IC Markets domain, but the similarity is obvious.

We found zero clone or impersonator sites associated with this broker, which is unusual, but it does not reduce the risk. The risk here is the opposite: this broker itself may be the clone. The 'Fake Broker' flag in industry watchdog records, combined with the fact that it was registered in Australia in July 2021 but has zero employees on file, strongly suggests that this is a shell operation designed to look legitimate. For a trader, the practical takeaway is to always type the broker's URL directly, never click links from emails or social media, and to verify the legal entity and licence numbers on the official regulator websites before opening an account.

As of this writing, FAKE ICMarkets has no independent user reviews on our platform or, as far as we can determine, on other major review sites. For a broker that has been operating since 2021, that silence is itself a warning. Legitimate brokers, even small ones, typically accumulate at least a handful of reviews over several years, whether positive or negative. A complete absence suggests either that the broker is so new or obscure that no one has found it, or, more likely, that it is actively avoiding scrutiny.

However, our records do include four user exposure or complaint reports filed against this broker, and these reports indicate that withdrawal complaints appear in roughly 100% of recent reviews. That is a striking statistic, even if the sample size is small. When a broker's only complaints are about withdrawals, it is a classic sign of a scam: the platform may allow deposits and even trading, but when you try to take your money out, the problems begin. We cannot verify these complaints independently, but they align with the 'Fake Broker' flag and the overall risk profile.

FAKE ICMarkets offers four account types: cTrader Raw Spread, Islam, standard, and Raw Spread. The Raw Spread account is advertised with a minimum deposit of $200, a maximum leverage of 500:1, and a minimum spread of 0.0 pips. The standard account offers leverage of 500:1 and a minimum spread of 1.0 pip. These are aggressive, retail-friendly terms that are designed to attract traders, especially those who are looking for high leverage and low costs. However, high leverage is a double-edged sword: it amplifies both profits and losses, and for a broker with a questionable regulatory status, it increases the risk that you will lose more than you can afford.

We note that the minimum deposit and spread figures are not disclosed for all account types, which is a transparency issue. A legitimate broker should be able to state its terms clearly. The fact that some figures are missing, combined with the 'Fake Broker' flag, suggests that the broker may not be operating with the same level of disclosure as a regulated entity. In our view, the attractive trading conditions are not a reason to trust the broker; they are a lure. Always remember that a scam broker can offer the best terms in the world, because it has no intention of paying you out.

If you are tempted to open an account with FAKE ICMarkets, we strongly advise you to take the following steps. First, verify the licences directly on the official ASIC, CySEC, and FSA websites. Do not rely on the broker's website or our records alone; go to the regulator's own register and search for the licence numbers we have listed.

If the licences are not found, or if the status is not active, that is a deal-breaker. Second, check the domain carefully: ictrademarkets.com is not the same as the legitimate IC Markets domain, and any similarity is a warning sign. Third, search for the broker's name on independent forums and social media, but be aware that a lack of reviews is not a good sign.

Most importantly, never deposit more than you can afford to lose, and consider using a separate, regulated broker for your main trading. If you do decide to test this broker, start with a minimal deposit and attempt a withdrawal immediately, before you do any serious trading. A legitimate broker will process a small withdrawal without issue; a scam broker will find excuses. In our assessment, the risk here is severe, and we would not recommend trading with FAKE ICMarkets under any circumstances. The absence of independent reviews, the clone risk, and the complaint reports all point in the same direction: this is a broker to avoid.

In FXCanary's assessment, FAKE ICMarkets presents a severe risk to traders. The Scam Risk score of 85/100 is built on concrete red flags: a 'Fake Broker' listing, clone identification, user complaints, and a regulatory structure that mixes strong and weak jurisdictions in a way that is typical of a scam operation. The lack of independent reviews is not a neutral factor; it is a negative signal, because it means there is no community of traders to confirm or deny the broker's claims. The four complaint reports, with withdrawal issues in nearly all of them, are the kind of evidence that we would normally see with a broker that is about to collapse or disappear.

We could not find any positive evidence to offset these risks. The broker's own claims of low spreads and high leverage are unverified, and the absence of employee records suggests a minimal operational footprint. For a cautious trader, the conclusion is clear: do not trade with FAKE ICMarkets. If you are looking for a forex broker, choose one that is fully regulated in a major jurisdiction, has a long track record, and has a substantial body of independent reviews. The offshore loopholes and clone risks here are simply not worth the potential loss of your funds.