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Is our capital is safe on ICMarkets?

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  • Is our capital is safe on ICMarkets?

    Guys,

    I've just read that Alpari.co.uk enter into insolvency after yesterday SNB news.

    Question is: Is ICM well secured? I guess they as an Australian regulated brokers have some responsibilities. Eg. what about in case of insolvency? Is there any guarantees?

    I think it's good to know cause just Viper have a million on MAM acc.

    Cheers!

  • #2
    I would take this opportunity to ask what might happen with Viper MAM.. We ( client ) doesn't have any possibility to close in a few second any trade.. we should call directly icmarkets and i think that in case of "disaster" will be very difficult to speak with customer service.. ( SL are never present )
    In this case who is the the "guilty" ? IC markets has got some type of insurance ?

    Many Thanks
    Last edited by riccardo1981; 01-20-2015, 10:54 AM.

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    • #3
      Yes nothing to fear.. ICM hasn't suffered a gigantic loss like Alpari/FXCM.. They send a message they are still well above the amount needed for regulations. + Client funds should be segregated so even if they go broke we should still get our money.

      Comment


      • #4
        Hi Zuttasoxx .. thanks for the answer but my question is a little different.. With Viper SL are never present so in case nobody can say " I had a SL that has been slipped " In the same time we can't close any position on our platform because it is a MAM account..

        Comment


        • #5
          IC Markets have said it is now business as usual, so it seems they have survived.

          Regarding trades, your funds are held in a segregated account pooled with all other traders at IC Markets. If IC Markets becomes bankrupt then you would become a creditor of the company and would have to try and get what ever monies is left in your account through the liquidator. (Could result in no money back or say 10c for each $1 owed to you. Depends on how much money is recovered by the liquidator and is available to give back to clients)

          If your account becomes a negative balance as a result of the move that caused IC Markets to become bankrupt, you will be responsible to pay back the amount of money your account is in negative.

          Segregated only means that Client funds can't be used by the Company for eg; Companies Proprietery traders or other company related trading. However the Segregated account still leaves all client vulnerable to losses of other clients in the segregated account.

          Having said that Viper seems like a good trader and you have to remember these Swiss franc events are not regular. (Although 3yrs ago when they introduced the ceiling I think the Swiss pairs were volatile then also).

          I have written this based on a individual trading account although I expect it is the same for each client in the MAM.

          If you account is in Australia then their is no back up Insurance to cover client funds in the event of IC Markets becomming Insolvent/Bankrupt which is offered for Some or All brokers in the UK.

          Good Luck.
          Last edited by genki7; 01-20-2015, 11:34 AM.

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          • #6
            The answer from Ic Markets is:
            The responsibility lies with the Money Managers for managed accounts.

            Comment


            • #7
              Originally posted by genki7 View Post
              IC Markets have said it is now business as usual, so it seems they have survived.

              Regarding trades, your funds are held in a segregated account pooled with all other traders at IC Markets. If IC Markets becomes bankrupt then you would become a creditor of the company and would have to try and get what ever monies is left in your account through the liquidator. (Could result in no money back or say 10c for each $1 owed to you. Depends on how much money is recovered by the liquidator and is available to give back to clients)

              If your account becomes a negative balance as a result of the move that caused IC Markets to become bankrupt, you will be responsible to pay back the amount of money your account is in negative.

              Segregated only means that Client funds can't be used by the Company for eg; Companies Proprietery traders or other company related trading. However the Segregated account still leaves all client vulnerable to losses of other clients in the segregated account.

              Having said that Viper seems like a good trader and you have to remember these Swiss franc events are not regular. (Although 3yrs ago when they introduced the ceiling I think the Swiss pairs were volatile then also).

              I have written this based on a individual trading account although I expect it is the same for each client in the MAM.

              If you account is in Australia then their is no back up Insurance to cover client funds in the event of IC Markets becomming Insolvent/Bankrupt which is offered for Some or All brokers in the UK.

              Good Luck.
              You contradicted yourself a little bit there, so if IC Markets go bankrupt as Im in the UK I cant get my money? or maybe a fraction of my money? How do Traders with millions in brokerage accounts live or sleep at night knowing maybe tomorrow from a millionaire they will be going back to handouts?

              "If you account is in Australia then their is no back up Insurance to cover client funds in the event of IC Markets becomming Insolvent/Bankrupt which is offered for Some or All brokers in the UK."


              Can anyone comment on that?

              Comment


              • #8
                might be time to move my money "home"

                thats a scary thought i had not realised
                http://www.myfxbook.com/members/dupapa

                Comment


                • #9
                  Maybe Jeff can comment as surely he has security placed on his brokerage account? It's just a good thought and I think everybody in Forex should know this. Jeff would you kindly comment on this? How do you safe yourself from an issue where Nick lost due to Alpari going into insolvency, or maybe Nick can comment. How can one prevent himself from this issue?

                  I got told by IC Markets that only $50,000 is secured from LLoyds bank which they deal with in the UK. I just jumped on support just a moment ago...

                  Comment


                  • #10
                    Please ask Nick to update this thread. He is the one who deals with IC as I handle the trading. On the trading side they are one of the best.

                    Cheers

                    Jeff

                    Comment


                    • #11
                      Originally posted by FX Viper View Post
                      Please ask Nick to update this thread. He is the one who deals with IC as I handle the trading. On the trading side they are one of the best.

                      Cheers

                      Jeff
                      This is a general question though Jeff ? It's nothing to do with the MAM, we wanted to know how you safeguard yourself from broker going into liquidation - if someone say had 1-2million USD, segregated means one thing only, you may only get a fraction of your money back. It's good to know from someone who personally has large amounts in several brokerages (as in yourself).

                      Cheers

                      Comment


                      • #12
                        As my accounts are with UK brokers and Australian brokers mine would fall under the rules in each country. I pesonally trade with:

                        Global Prime
                        AXI
                        LMAX
                        ATC UK

                        Cheers

                        Jeff

                        Comment


                        • #13
                          Originally posted by FX Viper View Post
                          As my accounts are with UK brokers and Australian brokers mine would fall under the rules in each country. I pesonally trade with:

                          Global Prime
                          AXI
                          LMAX
                          ATC UK

                          Cheers

                          Jeff
                          In the future there is any chance to have manage account at lmax or atc uk

                          Comment


                          • #14
                            LMAX no but ask Nick about ATC. That would work for me.

                            Cheers

                            Jeff

                            Comment


                            • #15
                              Originally posted by FX Viper View Post
                              LMAX no but ask Nick about ATC. That would work for me.

                              Cheers

                              Jeff
                              Ok i thnik it is better to diversify , i am your followers at ic market mam 3x

                              Comment

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