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Standard Chartered Bank Admits to Illegally Processing Transactions in Violation
Standard Chartered Bank (SCB), a global financial institution headquartered in London, England, has agreed to forfeiture of $240 million, a fine of $480 million, and to the amendment and extension of its deferred prosecution agreement (DPA) with the Justice Department for an additional two years for conspiring to violate the International Emergency Economic Powers Act (IEEPA). This criminal conspiracy, lasting from 2007 through 2011, resulted in SCB processing approximately 9,500 financial transactions worth approximately $240 million through U.S. financial institutions for the benefit of Iranian entities. To get more news about scb regulated forex brokers, you can visit wikifx.com official website.
Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division, U.S. Attorney Jessie K. Liu of the District of Columbia, Assistant Director in Charge William F. Sweeney, Jr. of the FBI’s New York Field Office, Chief Don Fort of the IRS Criminal Investigation (CI), and District Attorney Cyrus R. Vance Jr. of New York County made the announcement.
The New York County District Attorney’s Office (DANY) is also announcing today that SCB has agreed to amend its DPA with DANY and extend for two additional years, and to pay an additional financial penalty of $292,210,160. Under the amended DPA with DANY, SCB has admitted that it violated New York State law by, among other things, falsifying the records of New York financial institutions. SCB has also entered into separate settlement agreements with the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the Board of Governors of the Federal Reserve System (the Federal Reserve), the New York State Department of Financial Services (DFS), and the United Kingdom’s Financial Conduct Authority (FCA) under which SCB shall pay additional penalties totaling more than $477 million. The Justice Department has agreed to credit a portion of these related payments and, after crediting, will collect $52,210,160 of the fine, in addition to SCB’s $240 million forfeiture.
In connection with the conspiracy, a former employee of SCB’s branch in Dubai, United Arab Emirates (UAE), referred to as Person A, pleaded guilty in the District of Columbia for conspiring to defraud the United States and to violate IEEPA. A two-count criminal indictment was unsealed today in federal court in the District of Columbia charging Mahmoud Reza Elyassi, an Iranian national, 49, and former customer of SCB Dubai, with participating in the conspiracy.
“Today’s resolution sends a clear message to financial institutions and their employees: if you circumvent U.S. sanctions against rogue states like Iran—or assist those who do—you will pay a steep price,” said Assistant Attorney General Benczkowski. “When a global bank processes transactions through the U.S. financial system, its compliance program must be up to the task of detecting and preventing sanctions violations—and when it is not, banks have an obligation to identify, report, and remediate any shortcomings. The Justice Department is committed to protecting our U.S. financial system and will continue to hold financial institutions and individuals to account when they violate U.S. sanctions laws.”
“SCB and the individuals whose charges were unsealed today undermined the integrity of our financial system and harmed our national security by deliberately providing Iranians with coveted access to the U.S. economy,” said U.S. Attorney Liu. “The financial penalty announced today leaves no doubt that repeat corporate offenders with deficient compliance programs will pay a steep price. When bank employees and customers conspire to violate U.S. sanctions and subvert our national security, we will bring them to justice no matter where they reside or operate.”
“U.S. sanctions laws exist to protect our national security and the integrity of our financial systems,” said FBI Assistant Director in Charge Sweeney. “Global banks that facilitate transactions through our financial institutions have to play by these rules, plain and simple. Allowing hostile nations access to our economy is dangerous business. The deferred prosecution agreement and charges announced today make it abundantly clear that any alleged violation of IEEPA, whether on behalf of an individual or entity, will not be taken lightly.”
“The financial penalty announced today should dissuade other financial institutions around the world from thinking they can circumvent U.S. sanctions by moving money around the world through various institutions and in various forms,” said IRS-CI Chief Fort. “Following complex money trails is what we do—so too is holding those accountable who try to avoid following the law.”
“Our office’s unique jurisdiction and expert personnel have again enabled us to deliver hundreds of millions in ill-gotten gains to the People of New York while contributing to America’s longstanding effort to promote democratic values around the world,” said Manhattan District Attorney Vance. “We are honored and privileged to collaborate in this shared endeavor with the supremely talented public servants of the U.S. Departments of Justice and Treasury, the New York Department of Financial Services, and the Federal Reserve Bank of New York.”
Best FCA Regulated Forex Brokers 2023
The Financial Conduct Authority (FCA) is the UK’s financial regulator and is renowned as the most stringent regulator of Forex brokers in the world and has a reputation for guaranteeing trader security. All FCA-regulated brokers must segregate client funds, provide negative balance protection, process withdrawals instantaneously, and provide compensation of up to 50,000 GBP to protect traders against broker-related matters. To get more news about fca regulated forex brokers, you can visit wikifx.com official website.
FCA is one of the most respected financial regulatory agencies in the world. They are a very traditional but well-funded organization, making regulatory changes and issuing warnings to protect would-be traders and maintain fairness in the CFD industry. All FCA-regulated brokers can be considered safe due to the strict regulatory environment in which they operate, and most of them are very strong all-round. But it is essential to look at the detail of each broker to find out what differentiates them from each other. When comparing FCA regulated brokers consider:
Regulation: While your broker is FCA regulated, your trading account may not be. It is increasingly common for FCA regulated brokers to onboard UK residents onto a different license where trading conditions, like leverage, can be increased without the FCA oversight. While this is not fundamentally bad, a trader should know their trading account is regulated and that FCA will not enforce their regulations in overseas territories. If you value the regulatory oversight of the FCA, don’t trade that for adjusted trading conditions.
Platform choice: Traders have a wide range of industry platforms to choose from, each with pros and cons. When comparing brokers, always consider the platform options, as unique features or a wide variety of platforms could change your trading experience.
Trading costs: Every broker will charge for their services, but each will have different pricing models and costs. While ECN brokers will charge a smaller spread combined with a commission based on volume, market maker brokers will charge a wider spread. We compare brokers by looking at what 1 lot of EURUSD costs to trade and would encourage traders to do the same in comparing costs.
MetaTrader 4 is still the industry standard, but many brokers offer MetaTrader 5 and their proprietary platforms. ECN/STP brokers will often support cTrader as it is built specifically for market execution and only allows for minimal broker interference.
Minimum Deposit: The minimum deposit could change by account type, with higher minimum deposits often linked to better conditions. Always consider the minimum deposit specific to the account type you may open.
Deposit and Withdrawal Methods: Most brokers accept credit cards and bank transfer payment, and many accept online payments through Skrill and Neteller, and some will also accept Bitcoin. Always check the withdrawal fees before making a deposit.
CFFEX Invites Submissions on Futures Market Development
The CFFEX (China Financial Futures Exchange) is calling for research into the development and opening up of its financial futures market, signalling that the exchange might be looking to grant foreign investors greater access to domestic derivatives products.To get more news about cffex regulated forex brokers, you can visit wikifx.com official website.
Twists and turns
China launched its first financial futures on the CFFEX in April 2010. During the stock market turmoil of 2015, restrictions were imposed on index futures trading, though these have largely been lifted in recent years.
Earlier this year, the regulators announced a plan to start re-opening the domestic treasury bond futures market to some banks and insurers on a pilot basis, for the first time since restrictions were imposed in 1995. ICBC, Bank of China, and Bank of Communications were the first three institutions approved to participate in the pilot.
Currently, foreign investors can only trade stock index futures in China through the QFII and RFQII programmes, but only for hedging losses; not for speculation. However, it has been reported that Chinese regulators have been mulling an overhaul of its futures market to allow global investors to also execute bearish trades.
“Although the industry has undergone many twists and turns, with the passage of time, financial futures as a market-oriented risk management tool has become more and more popular in China in recent years, and has fully withstood market tests,” the CFFEX said in a statement.
the function of financial futures options, including under new market conditions as a result of Covid-19
the opening of financial futures to the outside world, including its necessity, risks and potential regulatory requirements for participants – drawing lessons from overseas exchanges
legal and regulatory systems, including on settlement models, market maker supervision, and rules for high-frequency traders
the relationship between futures and spot markets
the application of treasury bond futures at banks and insurers, and the use of financial futures in pension funds and corporate annuities
product innovation, including short-term interest rate futures, ultra-long-term government bond futures, and foreign exchange derivatives
financial technology, including its use for technical supervision, market analysis, and information system development
Best FCA Regulated Forex Brokers
The FCA (former FSA) is an important global regulatory agency that gives out licenses and keeps an eye on UK based brokerage firms. On this page you will find the best FCA regulated Forex Brokers based upon our independent research and through feedback from our users. In the course of our research we look at security, product quality and reliability of these brokers.To get more news about fsa regulated forex brokers, you can visit wikifx.com official website.
One of the best known names in the forex industry, FXCM offers an impressive range of technology, tools and research. With a history of over 20 years, FXCM has been a pioneer in bringing online currency trading into the mainstream. In its early days, the company introduced innovations such as automated trading and flexible position sizing.
Over the past decade FXCM faced a number of challenges, notably when the Swiss National Bank (SNB) unexpectedly raised the peg on EUR/CHF in 2015, resulting in a major loss for the company. FXCM has bounced back and is currently owned by Jefferies Financial Group, a financial services giant with assets of over $87 billion.
FXCM shines with its broad range of trading platforms and tools for advanced traders and strategy developers. As an innovator in the world of retail forex trading with over 20 years of experience, this broker also has an industry leading range of research and educational resources.
Tickmill was founded in 2014 and is regulated by the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Services Authority (FSA).
The broker provides more than 80+ CFD instruments to trade on covering Forex, Indices, Commodities and Bonds through three core trading accounts called the Pro Account, Classic Account and VIP Account. They also offer a demo trading account and Islamic swap-free account.
Founded in 2010, IronFX provides its services via four entities: Notesco Financial Services Ltd (Cyprus), Notesco UK Limited (UK), Notesco (SA) Pty Ltd (South Africa), and Notesco Limited (Bermuda).
The broker offers the highly popular MetaTrader 4 platform. Traders have seven types of accounts to choose from. Three accounts offer the option to choose between the fixed and the floating spread. There is an Islamic Account option for four types of accounts.
IronFX offers a high number of forex pairs, commodities, and indices. The cryptocurrency offering is also interesting. The number of available stocks is medium. There are plenty of options for deposits and withdrawals. Traders can use various base currencies.FxPro gives you access to a buffett of trading platforms. Choose between MT4, MT5, cTrader Pro, and FxPro Edge. As the name implies, FxPro Edge is made specifically for foreign exchange. Most orders on FxPro are executed within 13 milliseconds. FxPro is currently in beta, meaning it is a new app and may have some bugs.
CMC Markets is a multi-asset class spread betting and CFD broker with over 30 years of experience, regulated by the UK’s Financial Conduct Authority (FCA) and thus offering segregated funds and a high level of security and safety. The CMC Group is a publicly-traded company on the London Stock Exchange.
The broker offers 3 different trading accounts: spread betting, CFD and Corporate accounts. Each account offers users to trade on more than 9,000+ trading instruments covering Indices, Forex, Cryptocurrencies, Commodities, Shares and Treasuries with spread betting offering commission-free trading and CFD and Corporate accounts offering commission-based trading on Shares only.
Users can trade on the MetaTrader 4 trading platform and on the broker’s own, proprietary, web-based Next Generation platform for web and mobile trading. The Next Generation platform is feature-rich with 115 technical indicators and drawing tools, 12 chart types and a pattern recognition tool. The broker also offers news and analysis from their own market analysts, as well as education, webinars and seminars.
Best FSCA Regulated Forex Brokers 2023
The Financial Sector Conduct Authority, formerly the FSB, is the government agency responsible for regulating South African brokers. Although the FSCA isn’t the strictest regulator in the world, it has put in place several rules to protect Forex traders better. One of these measures is that Forex brokers operating in South Africa have to segregate their client funds from their operational funds and are inspected regularly to ensure they are safe. To get more news about fsca regulated forex brokers, you can visit wikifx.com official website.
We understand that traders have different needs. Beginner traders may want a broker with excellent educational materials, while more experienced traders may look for a broker with fast execution and advanced trading tools. Others want high levels of leverage or low deposit accounts. The FSCA-regulated brokers below cater to these differing needs but are also listed because of their excellent reputations in the Forex trading industry.
Founded in 2006 and FSCA-regulated since 2015, AvaTrade (FSP: 45984) offers an excellent trading environment for both beginner and experienced traders. AvaTrade features low spreads on a single account, award-winning customer service, an excellent mobile trading platform, AvaTradeGo, and great trading tools like AvaProtect, allowing traders to purchase loss protection for a time directly from the AvaTradeGo app. The only possible downside is that the minimum deposit here is 100 USD, which is higher than many other brokers.
Maximum leverage at AvaTrade is 400:1, and spreads are some of the tightest we have seen for a commission-free account – as low as 0.9 pips on the EUR/USD. AvaTrade has no fees for either deposits or withdrawals and a commitment to processing your funding request as fast as possible. The customer service team is available 24/5 via telephone, live chat, and email.
FXTM (FSP: 46614) is the best FSCA-regulated broker for beginner traders. FSCA regulation guarantees local protection, and low minimum deposits and tight spreads reduce risk. Weekend customer support allows part-time traders to get set up when they’re not working, and FXTM’s education section is ideal for those who want to get up to speed quickly.
While FXTM’s Advantage Plus Account is good with a minimum deposit of 500 USD and spreads starting at 1.5 pips, FXTM also offers a Micro Account with a minimum deposit of only 50 USD but with the same spreads, starting at 1.5 pips. Clients can use FXTM’s best-in-class copy trading system with all account types, meaning that new traders can follow professional strategies and learn from the best traders in the business.
HFM (previously known as HotForex) is a well-known international broker with a strong presence in Tanzania. HFM offers fast and free deposits and withdrawals from a range of local banks. Regulated by the FSCA (FSP: 46632), the CMA, CySEC, and the FSA (through which Tanzanians are onboarded), HFM has built a reputation for tight spreads with STP execution, low-cost Micro Accounts, detailed market analysis, and 24/5 customer support. With accounts that suit both beginners and professionals and detailed market analysis, HFM is a good choice for new and experienced traders.
HFM devotes an entire section of its website to market analysis and trading tools; these include daily market news, trade analysis, and outlooks. Trading calculators and economic calendars are also available for reference outside a trading platform.
FMA Regulated Forex Brokers
Financial Market Authority is the watchdog of New Zealand’s financial market fostering a safe trading environment by closely monitoring market performance. FMA-regulated brokers ensure clients gain fair access to expanding offerings while providing strong protection against any unethical practices nationwide.To get more news about fma regulated forex brokers, you can visit wikifx.com official website.
FMA Forex Trading Platform
Forex Trading is a fully legal and highly regulated activity in New Zealand, FMA optimizes market performance and ensures a safe trading environment. So Forex Trading Platform offered by FMA Regulated Broker is alligned according to specified criterias:
The main role of the Financial Market Authority is to supervise banks and insurance, as well as other financial market participants including Forex Brokers. The regulatory body oversees the financial markets and provides a confident trading environment to the customers, supporting further trading industry growth.
With a mission to uphold the highest standards of conduct in its financial sector, FMA oversees and guides almost all brokerage companies and trading platforms nationwide. For more information on this key regulator, please see below:
New Zealand Forex regulatory body was formed back in 2011. Its main purpose is to control the financial sector properly, putting an end to the formerly formed doubts in regard to New Zealand’s financial sector reputation.
FMA, after its formation, also made it one of its priorities to control and regulate forex brokers, by implementing strict laws and rules.
Forex brokers under the FMA regulation have to follow certain rules and be responsible for their conduct: Hold at least 1,000,000$ to cover the indemnity and operational responsibilities and provide transparent data and an advanced level of customer protection
When brokers do not follow the set rules and regulations, the FMA can impose strict punishments and fines, and in some cases, even ban the broker. This is a big step forward that helps to maintain the forex market possibly clean of frauds and misconduct.
Besides, the authority offers negative balance protection and a compensation scheme of NZ$200,000 to protect clients’ funds if the broker goes bankrupt.
New Zealand and FMA Brokers are among last ones in the world still allowing high leverage, which makes FMA Brokers quite popular and demanded choice
Forex scammer list South Africa
South Africa has no restrictions on forex trading. The Financial Sector Conduct Authority is in charge of policing and regulating it (FSCA). This oversight body ensures that brokers do not break the law. There are more regulators besides the FSCA. It's critical to select a broker in South Africa that not only provides favorable terms but also does business legally. This will serve as an assurance that your personal information is protected and that your financial partner is acting honestly. In the foreign exchange market, or forex, traders, banks, and other financial organizations purchase and sell assets in order to profit from the fluctuating value of those assets.To get more news about forex scammer list south africa, you can visit wikifx.com official website.
Retail investors may only access Forex through a broker, who serves as a connecting link and is in charge of making sure that trades are executed fairly and that traders can withdraw their money fast. A partner of this type in finance offers a trading account, software, leverage, etc.
South Africa's List of Forex Scam Brokers
90% of new traders who choose to test out forex trading lose their money. There are a number of causes for this, including poor money management skills, dangerous transactions, a lack of understanding of technical and basic analyses, etc. However, fraudulent Forex brokers, who seize any opportunity to snare your wallet and steal all of your money, are the main cause of money loss for new traders. A South African Forex Broker Blacklist has been created. Here are the top 10 businesses you should never trust.
24FX is a significant financial group Rodeler that has been operating for more than 13 years, and it is registered in Cyprus. This organization is legitimately registered and holds a CySEC license, in contrast to many other con artists. However, it continued to con dealers in spite of this. On many independent forums, you may read enlightening evaluations. The following are the main indicators of a scam:
In 2004, Forex-Metal was founded and is a Panamanian corporation. The FSA and CySEC oversaw the company's operations. The broker lacked a South African license, and in 2014 it was exposed as a fraud. Low minimum deposits, multilingual customer service, and attractive incentives all drew in customers. The following are some telltale indications of this con:
In fact, 4XP was founded in 2009 and has a CySEC license for lawful business. The parent firm is called Forex Place Ltd. The broker gave customers access to trading a variety of assets (currency pairs, CFDs, binary options, etc.). Due to inappropriate completion of responsibilities and poor service delivery to traders, the broker's license was cancelled. Police searched the 4XP headquarters in Israel in 2016. The broker was discovered to have taken part in a significant fraud operation with an average loss of more than EUR 100,000 per victim. Key indicators of frauds include:
On the list of Forex Scam Brokers is 770capital as well. The broker extensively pushed its product and positioned itself as a contemporary middleman for operating in the financial markets. The business launched in 2009 and rapidly expanded its clientele in several nations, including the Republic of South Africa. With promises of successful trading and a variety of instruments, the broker drew in customers. 770capital, an unregistered and unregulated financial partner, ceased to fulfill its responsibilities and was included to various independent review websites' blacklists. The project can lose no less than $500. Key indicators of this bucket store include:
Atlas Capital Financial Services Limited, a company with its headquarters in Cyprus, manages the ACFX brand. The broker started operating in 2007. The firm first got a CySEC license, but in 2016 the license was terminated for breaching commitments and defrauding clients. The business kept this knowledge a secret and carried on with no license. A demo account, substantial leverage up to 500x, an extensive education area, and welcome bonuses are all used by the fraudulent broker to entice traders. Key indicators of this con include:
OmegaPro exit-scam complete, Broker Group reboot
Broker Group has been set up at the domain “broker-group.com”, registered back in 2019 after going dormant for a few years.To get more news about omega pro scam or legit, you can visit wikifx.com official website.
The domain was for sale until November 2022, when it was acquired by its current owner(s) on or around November 16th.
This is the same month OmegaPro disabled withdrawals.
Broker Group is a hastily put together website built with Elementor on WordPress. Certain parts of Broker Group’s website remain non-functional.I wasn’t able to establish who “Baver G” is with respect to OmegaPro and Broker Group.
Broker Group itself operates through Broker Group Limited, a shell company set up in Panama.
As opposed to OmegaPro’s “invest and get a passive return” business model, Broker Group is a MetaTrader trading platform. Needless to say this isn’t what OmegaPro investors signed up for.
OmegaPro’s “Broker Group” reboot follows the Ponzi scheme disabling withdrawals in early November.
Shortly after, OmegaPro’s first attempt at an exit-scam was the bungled XPL token launch. That went nowhere, prompting OmegaPro to pull out a “we got hacked!” ruse.I believe OmegaPro’s co-founders knew the company was heading to collapse as early as Q2 2022. This prompted the hiring of Eric Worre as Official Strategic Coach in May 2022.
Unfortunately for OmegaPro, Worre’s name and “Go Pro” brand recognition wasn’t enough to sustain investor recruitment.
Worre is based out of Las Vegas in the US. When it became OmegaPro was collapsing, Worre sought to distance himself from his OmegaPro executive position.
How much Worre was paid as an OmegaPro executive remains unclear. The disgraced MLM coaching veteran has also not addressed OmegaPro’s collapse.OmegaPro being based out of Dubai is not a coincidence. The emirate is the MLM crime capital of the world and home to many MLM Ponzi schemes and Ponzi scammers.
In other words, don’t expect any action from Dubai’s authorities.
In an attempt to avoid the DOJ and SEC, OmegaPro geo-blocked US-based investors from accessing their website. This pseudo-compliance however was easily circumvented through the use of a VPN.
Of the 2.9 million visits to OmegaPro’s website it tracked, SimilarWeb currently ranks top sources of traffic as Colombia (39%), Argentina (16%) and France (9%).
Thus far OmegaPro has received securities fraud warnings from Peru, Congo Republic (multiple arrests), Spain (two fraud warnings), Mauritius, Argentina, Colombia, Chile, Nicaragua, France (added to fraud blacklist twice) and Belgium.
IQ Option Review
IQ Option was founded in 2013, and, since then, it has grown quite rapidly. In 2014, there were just under 1 million users with this broker. By 2020, the brand had over 40 million registered users. Additionally, trades over that time period increased 800%, with IQ Option hitting a trade volume of $290 million per month in 2020. Traders also withdrew $20.375 million from the platform in 2020.To get more news about iq option review, you can visit wikifx.com official website.
IQ Option is recommended for traders of moderate to advanced experience levels who want a broker with a proprietary platform. Though the video tutorials are a great educational tool, the rest of the educational resources on IQ Option are not extensive. So, you should have at least some basic knowledge of trading before signing up with this broker. Additionally, traders who want a broker that offers a wide range of cryptocurrency will like IQ Option, as that is one of its highlights. As long as you don’t mind not using MetaTrader, IQ Option is worth taking a look at if you fall into those aforementioned categories.
Fast-Growing Brand. IQ Option is one of the world’s fastest-growing online trading companies. Traders who want a company with some staying power in the industry will approve of this broker, as it has been around for nearly a decade. IQ Option now has around forty-million members, according to its website. This is a broker with a footprint, to say the least.
Video Tutorials. It’s always nice to see a broker that offers at least some educational tools. Though it doesn’t have as wide a range of resources as other brokers, IQ Option still provides its traders with video tutorials that cover topics like basic information, margin trading, fundamental analysis, CFD trading, and technical analysis. There are also videos about the company itself and its history.
Stock Collections. Trading stock has the potential to possibly be lucrative, and IQ Option bundles different collections of stock into one convenient setting. These collections include, IT & Internet Blue Chips, Big Game of Money, 10 Dividend Kings, 10 Largest U.S. Companies, Warren Buffett’s favorites, and more. There are also collections in industries such as energy, materials, industrials, consumer discretionary, and others.
Access to Historical Quotes. IQ Option allows its traders to view historical quotes on exchange rates of financial instruments (currency pairs, etc.) over time. You can download this information, using it to test and apply different analyses and strategies.
Tournaments. Who doesn’t love a good contest? This broker occasionally offers Online Tournaments for its traders, according to its website.
Cryptocurrency Trading. Over the years, IQ Option has developed a reputation for being a great crypto broker with a wide range of coins. You can choose from many different digital assets, including majors and minors. These assets are an attractive option for traders who want a decentralized, if volatile, currency.
Customer Support. IQ Option offers 24/7 customer support in over a dozen different languages. This is more expensive, in terms of hours and multilingual capabilities, than we’ve seen at other brokers.
IC Markets vs FP Markets
If you are reading this article, you’re likely having trouble deciding whether FP Markets or IC Markets is the better Forex trading platform for you. While both platforms generally provide positive user experiences, there are some essential differences to note.To get more news about ic markets, you can visit wikifx.com official website.
In this FP Markets vs IC Markets review, we outline the highlights of each trading platform to help you make a more informed decision. We evaluate:FP Markets and IC Markets are two of the best multi-asset brokers operating out of Australia. Upgraded MT4/MT5 trading platforms are available at both brokers alike, while FP Markets also provides its proprietary trading platform Iress, and IC Markets has the ECN trading platform cTrader. MAM/PAMM accounts supporting retail account management are equally available, together with VPS hosting for automated traders. FP Markets and IC Markets also feature social and copy trading solutions. Extending the similarities among both brokers is an excellent commission-based pricing environment and maximum leverage of 1:500.
FP Markets maintains 60 currency pairs, five cryptocurrency pairs, and ten commodities. MT4/MT5 traders have just 54 equity CFDs and 15 index CFDs. Iress accounts, which remain geographically restricted, get more than 10,000 equities. IC Markets counters with 61 currency pairs, ten cryptocurrency pairs and 22 commodities, plus four futures contracts. All equity traders at IC Markets get 730+ instruments and 25 index CFDs. Eleven bond CFDs complete the asset selection at IC Markets. While FP Markets offers select clients more equities, IC Markets delivers an overall more balanced mix, available to all traders regardless of geographic location.
The commission-free cost structure at both brokers remains expensive, with a minimum mark-up of 1.0 pips or $10 per 1.0 standard lot. FP Markets and IC Markets also deploy a commission-based alternative, where FP Markets has an edge. While the minimum spread is 0.0 pips at both brokers, FP Markets charges a commission of $6.00 per round lot versus $7.00 at IC Markets. Swap rates on leveraged overnight positions and third-party payment processor costs apply at both. FP Markets and IC Markets also forward all corporate actions to clients. Both brokers rank among the best-prized ones.
Security and Trust
Both brokers maintain a clean regulatory track record and represent a secure, trustworthy trading environment to clients with good transparency. The Australian Securities & Investments Commission (ASIC) is the primary regulator of FP Markets and IC Markets. Both maintain operating subsidiaries regulated by the Cyprus Securities and Exchange Commission (CySEC). Most international traders at FP Markets will deal with the unregulated entity operating out of St. Vincent & the Grenadines versus the IC Markets entity with a license and oversight from the Seychelles Financial Services Authority (FSA). Both brokers segregate client deposits and implement negative balance protection.
IC Markets vs FP Markets – Verdict
There are many similarities between FP Markets and IC Markets, two of the best online brokers out of Australia, one of the most competitive trading jurisdictions globally. Traders get upgraded MT4/MT5 trading platforms at both brokers, but IC Markets takes a notable lead with one of the best upgrade packages among all brokers. MAM/PAMM accounts, VPS hosting, and social trading solutions are available at both brokers. IC Markets also provides cTrader as a competitive alternative, while FP Markets has its proprietary Iress trading platform. Regrettably, it is not available to all traders, which has a significant negative impact on the overall asset selection. It provides IC Markets an additional edge, where all clients receive equal treatment. Both brokers offer one of the best commission-based cost structures, where FP Markets takes the lead with a smaller commission. Overall, IC Markets maintains a marginal edge over FP Markets.