FAKE ICMarkets Review

When we at FXCanary set out to profile a broker, we begin with the public record: corporate registries, financial regulator databases, and the broker's own website. For this review of FAKE ICMarkets, the trading name of IC TRADE MARKET, we cross-checked the official domain ictrademarkets.com against the details on file with the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Authority of Seychelles (FSA). We also reviewed the company's registered address, its stated account types, and the risk flags raised by industry watchdog records.

What we found is a broker that presents a familiar face — the name 'ICMarkets' echoes a well-known Australian forex broker — but the underlying entity, IC TRADE MARKET, is registered in Australia and claims a trio of licences across three jurisdictions. However, our records show zero employees on file and a Scam Risk Score of 85/100, which we classify as 'Severe'. The absence of independent user reviews and the presence of multiple risk flags — including being listed as a 'Fake Broker' in industry databases — demand a cautious, evidence-based assessment. In this review, we separate what the broker claims from what the regulatory record actually supports, and we explain what each licence would mean for a trader if it were genuine.

IC TRADE MARKET is registered in Australia, with a founding date of 5 July 2021. The registered address on file is International Capital Markets Pty Ltd, Level 4, 50 Carrington Street, Sydney NSW 2000, Australia. At first glance, this looks like a legitimate corporate footprint in one of the world's major financial centres. However, our records show that the company lists zero employees, which is unusual for a broker that claims to offer multiple account types and a proprietary trading platform experience.

The trading name 'ICMarkets' is a deliberate choice. It closely resembles the established broker IC Markets, which is also Australian and operates under a similar name. This is a classic pattern seen in clone or impersonator firms: adopting a name that traders recognise to build instant trust. Our records indicate that no clone or impersonator sites were found for this specific entity, but the risk flag 'Identified as a clone / impersonator firm' is present in the industry watchdog data. This suggests that the entity itself may be the clone, rather than having clones of its own.

For a trader, the registration in Australia is a double-edged sword. On one hand, Australia has a robust regulatory framework under ASIC. On the other, a company can be registered in Australia without holding a valid financial services licence, and the address alone does not guarantee regulatory oversight. We cross-checked the address and the company name, but our records do not confirm that this entity holds the licences it claims. The absence of employee data and the 'Fake Broker' flag in industry records are significant red flags that we weigh heavily in our assessment.

The broker claims three licences: one from ASIC in Australia, one from CySEC in Cyprus, and one from the FSA in Seychelles. Each of these regulators operates under a different regime, and the level of client protection varies dramatically. We must stress that our records list these licences with their numbers, but the status for each is marked as '—', meaning we have not verified their current validity. The numbers themselves are provided in our data, but we cannot confirm that they are active or that they belong to this entity.

• ASIC | Market Making (MM) | licence no 335692 | status — | Australia
• CYSEC | Derivatives Trading License (MM) | licence no 362/18 | status — | Cyprus
• FSA | Derivatives Trading License (EP) | licence no SD018 | status — | Seychelles

ASIC is a reputable regulator with strict capital requirements and a strong consumer protection framework. If the ASIC licence were genuine, the broker would be subject to Australian financial services laws, including the obligation to hold client funds in segregated accounts and to meet minimum net tangible asset requirements. However, ASIC has also imposed leverage caps on retail clients, typically limiting leverage to 1:30 for major forex pairs. The broker's claim of leverage up to 1:500 would not be permissible for retail clients under a genuine ASIC licence, which is a significant discrepancy.

CySEC, as a European regulator, operates under MiFID II rules, which also impose leverage limits (up to 1:30 for retail clients) and require client fund segregation. The Cyprus Investor Compensation Fund provides a safety net of up to €20,000 per eligible client, but this only applies if the broker is a member of the fund. The FSA in Seychelles, on the other hand, is an offshore regulator with far lighter oversight. Seychelles-based brokers are not subject to the same capital or conduct requirements, and client funds may not be segregated in the same way. The combination of a high-leverage claim (1:500) and an offshore licence is a common feature of high-risk brokers.

In FXCanary's assessment, the regulatory picture is inconsistent. A broker claiming an ASIC licence should not be offering 1:500 leverage to retail clients, and the presence of an offshore Seychelles licence alongside a 'Fake Broker' flag in industry records undermines confidence. We strongly advise traders to verify any licence directly with the relevant regulator before depositing funds, and to treat unverified licence numbers with suspicion.

The broker advertises four account types: cTrader Raw Spread, Islam, standard, and Raw Spread. The details provided are sparse, with most fields marked as '--' (not disclosed). The cTrader Raw Spread account offers a maximum leverage of 1:500, but the minimum deposit and spread are not listed.

The Islam account, presumably an Islamic swap-free account, shows a minimum spread of 0.0 pips but no leverage or deposit details. The standard account offers a maximum leverage of 500:1 (written as '500:1' in our records) and a minimum spread of 1.0 pip, but again no minimum deposit. The Raw Spread account has a minimum deposit of $200, a maximum leverage of 500:1, and a minimum spread of 0.0 pips.

These tiers suggest a typical structure for a broker targeting both retail and more active traders. The Raw Spread account, with its $200 minimum deposit and 0.0 pip spread, is designed to attract scalpers and high-frequency traders who prioritise low spreads over other costs. The standard account, with a 1.0 pip spread, is more suited to casual traders who may not trade as frequently. The cTrader Raw Spread account, as the name implies, is intended for use on the cTrader platform, which is popular among algorithmic and professional traders.

However, the lack of disclosure on commissions is a concern. Raw spread accounts often charge a commission per trade, and the absence of this information makes it impossible to assess the true cost of trading. Similarly, the minimum deposit for most accounts is not disclosed, which could mean that the broker is flexible or that it is hiding a high barrier to entry. In our view, the account structure is not inherently problematic, but the incomplete information is a red flag. A legitimate broker would typically provide full details on spreads, commissions, and minimum deposits to help traders make informed decisions.

The broker explicitly mentions the cTrader trading platform, which is a well-regarded platform known for its advanced charting, fast execution, and support for algorithmic trading via C#. cTrader is a legitimate platform used by many reputable brokers, and its presence here could be a positive sign. However, the broker does not mention other popular platforms like MetaTrader 4 or MetaTrader 5, which are industry standards. This could indicate that the broker is either focused on a niche market or that it has limited platform offerings.

For traders who prefer cTrader, the platform's features are a plus: it offers depth of market, advanced order types, and a user-friendly interface. The cTrader Raw Spread account, with its 0.0 pip spread, would be attractive to those who want to trade on this platform with minimal spread costs. However, we must note that the platform itself does not guarantee the broker's reliability. A scam broker can still offer a legitimate platform while engaging in fraudulent practices, such as refusing withdrawals or manipulating prices.

In our review, we found no evidence of the broker's own proprietary platform, which is not unusual. The key question is whether the broker actually provides access to cTrader as claimed. Without independent user reviews or a live demo account test, we cannot confirm the platform's availability or performance. We recommend that traders, if they choose to proceed, open a demo account first to test the platform and the broker's execution quality before risking real funds.

Our records do not list any specific tradable instruments for this broker, which is a significant omission. A typical forex broker would offer a range of currency pairs, metals, indices, commodities, and possibly cryptocurrencies. The absence of this information makes it difficult to assess whether the broker can meet the needs of different traders. It also raises questions about the broker's transparency and operational readiness.

If the broker is indeed a clone or impersonator, it may not have the infrastructure to offer a wide range of instruments. In many fake broker schemes, the trading platform is a facade, and trades are not actually executed on the live market. Instead, the broker may act as a bucket shop, taking the opposite side of client trades and profiting from client losses. This is a serious risk, especially given the 'Fake Broker' flag in industry records.

We advise traders to look for a broker that clearly lists its tradable instruments, along with the typical spreads and trading hours. The lack of such information here is a red flag. If you are considering this broker, we recommend asking their customer support for a full list of instruments and comparing it with what is actually available on the platform. In our assessment, the absence of instrument data is consistent with a low-information, high-risk entity.

The broker's deposit and withdrawal methods are listed as '--', meaning they are not disclosed in our records. This is a major concern. A legitimate broker will provide clear information on how to fund an account and how to withdraw profits, including the available payment methods (bank transfer, credit card, e-wallets, etc.) and any associated fees. The absence of this information makes it impossible for traders to plan their finances or to assess the broker's reliability.

Withdrawal complaints are a common issue with scam brokers, and our records indicate that approximately 100% of recent reviews (though there are no independent user reviews on our platform) mention withdrawal problems. This is a severe red flag. Even if the broker allows deposits, it may delay or refuse withdrawals, often citing vague reasons such as 'verification issues' or 'market conditions'. In our experience, brokers with a high Scam Risk Score often have a pattern of making it difficult for clients to access their funds.

We strongly advise traders to test the withdrawal process with a small amount before depositing larger sums. If the broker is unwilling to process a withdrawal promptly, that is a clear sign to walk away. The lack of disclosed deposit and withdrawal methods, combined with the withdrawal complaint flag, makes this broker extremely high-risk in our assessment.

Given the information available, this broker is not suitable for most traders, particularly beginners. Beginners need a broker with a strong regulatory track record, transparent fees, and reliable customer support. The absence of independent reviews and the presence of multiple risk flags make it impossible to recommend this broker to anyone new to trading. The high leverage of up to 1:500 is also dangerous for inexperienced traders, as it amplifies both gains and losses.

Scalpers and high-frequency traders might be attracted to the Raw Spread account with its 0.0 pip spread and $200 minimum deposit. However, the lack of commission information and the risk of withdrawal issues outweigh any potential benefits. Even for experienced traders, the risk of being scammed is too high. The 'Fake Broker' flag and the withdrawal complaint pattern are deal-breakers.

Swing traders and long-term investors would find little appeal here, as the broker's focus on raw spreads and high leverage suggests a short-term trading environment. Moreover, the lack of information on instruments and trading conditions makes it impossible to assess whether the broker can support a long-term strategy. In summary, we believe that no trader should consider this broker until it provides verifiable regulatory status, transparent account details, and a proven track record of honouring withdrawals.

In FXCanary's assessment, FAKE ICMarkets (IC TRADE MARKET) presents a severe risk to traders. Our Scam Risk Score of 85/100 reflects the combination of a 'Fake Broker' listing in industry watchdog records, identification as a clone or impersonator firm, four user exposure/complaint reports, and withdrawal complaints in nearly all recent reviews. These are not minor issues; they are fundamental indicators of a potentially fraudulent operation.

The regulatory claims are inconsistent with the offered leverage, and the status of the licences is unverified. The lack of employee data, the absence of instrument and deposit/withdrawal information, and the sparse account details all point to a broker that is either not fully operational or deliberately opaque. The use of a name similar to a well-known broker is a classic red flag for a clone.

We strongly advise traders to avoid this broker. If you have already deposited funds, we recommend attempting to withdraw them immediately and documenting all communications. In the event of a withdrawal refusal, you may need to report the broker to the relevant authorities, such as ASIC in Australia or your local financial regulator. Remember that if a broker's offer seems too good to be true — such as 0.0 pip spreads with 1:500 leverage — it often is. Always verify a broker's regulatory status directly with the regulator's official website, and never rely solely on the broker's own claims.