International Capital Markets Pty Ltd
Australian Securities and Investments Commission (ASIC) · Reference AFSL 335692 1
Licence start date 2 July 2009.
Authorised Verified on register, 4 Oct 2026
IC Markets
IC Markets is a forex and CFD provider founded in Australia. Australian clients deal with International Capital Markets Pty Ltd (ASIC licence 335692) and EEA clients with IC Markets (EU) Ltd in Cyprus (CySEC licence 362/18). Most other international clients deal with Raw Trading Ltd in Seychelles, which trades as IC and IC Markets Global through ic.com. The companies do not publish who owns them.
Research-based assessment This profile has not completed TTI’s on-site verification and 30-day platform review. How TTI verification works
Verified licences
| Regulator | Licence | Legal entity | Register status | Source |
|---|---|---|---|---|
| Australian Securities and Investments Commission (ASIC) | AFSL 335692 | International Capital Markets Pty Ltd | Authorised Checked 4 Oct 2026 | Register entry for International Capital Markets Pty Ltd (opens in a new tab) 1 |
| Cyprus Securities and Exchange Commission (CySEC) | 362/18 | IC Markets (EU) Ltd | Authorised Checked 4 Oct 2026 | Register entry for IC Markets (EU) Ltd (opens in a new tab) 2 |
| Financial Services Authority Seychelles (FSA) | SD018 | Raw Trading Ltd | Authorised Checked 4 Oct 2026 | Register entry for Raw Trading Ltd (opens in a new tab) 3 |
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
Assessment summary
IC Markets’ EU company publishes a thorough, current set of policies, including segregation, Investor Compensation Fund cover, leverage limits and one-day withdrawal processing, and its Australian, Cyprus and Seychelles companies are on their regulators’ registers. Most international clients, however, deal with the Seychelles company, whose terms offer no negative balance protection or compensation scheme. The FCA has warned since 2024 that IC Markets Global is not authorised in the UK and may be targeting UK residents; Italy blocked its global website in 2020, Ontario’s regulator settled with the Australian company in 2019 over unregistered CFD sales, and Brazil’s CVM ordered IC Markets companies to stop offering services there in 2022. CySEC fined the EU company in 2024, but both fines are under judicial review and do not yet count. IC Markets does not disclose who owns its companies.
Key positives
- Client-facing entities appear on the regulator’s register 123
All three client-facing companies are on their regulators’ registers: International Capital Markets in ASIC’s data, IC Markets (EU) on CySEC’s register and Raw Trading on the Seychelles FSA’s list.
- Regulatory claims on the website are accurate 123456
Every licence IC Markets claims matches the registers we checked.
- Clients can tell which regulated entity serves them 456
Each website names its operating company, licence and registration number, and the global site explains that EU visitors cannot use Raw Trading.
- Client money segregation is disclosed 89
Both the EU and the Seychelles terms hold client money in accounts separate from the company’s own money.
- Authorisations are current and unrestricted 123
The registers show all three companies as currently authorised; the 2024 CySEC fines did not restrict the licence.
Key concerns
- FCA warns that IC Markets Global is not authorised and may be targeting people in the UK 16
Reduced the enforcement dimension by 10 points (moderate severity, 2 years before the review).
- Consob blocks Raw Trading’s icmarkets.com website in Italy 17
Reduced the enforcement dimension by 5 points (moderate severity, 6 years before the review, counted at half weight).
- Brazil’s CVM orders IC Markets companies to stop offering brokerage services in Brazil 19
Reduced the enforcement dimension by 5 points (moderate severity, 4.7 years before the review, counted at half weight).
- IC Markets settles with the Ontario Securities Commission over unregistered CFD trading 18
Reduced the enforcement dimension by 2.5 points (moderate severity, 7.2 years before the review, counted at a quarter of its weight).
- Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 20
Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
Breakdown by dimension
Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.
Regulatory status and licence verification 26% of score Whether the firm’s licences exist, are current and cover what it offers.
- Met
- Met
- Partly met
- Met
- Met
Criteria and their weighting are explained in the methodology.
Corporate transparency and ownership 13% of score Whether you can find out who owns and runs the firm.
- Met
- Not determined
Ultimate ownership can be identified 7
We found no disclosure of who owns the IC Markets companies; the EU company’s regulatory disclosures refer to shareholders without naming them.
- Partly met
- Met
Directors or senior managers are identified 7
The EU company’s 2025 disclosures name its directors.
- Partly met
Financial statements are available 7
The EU company publishes annual Pillar III disclosures, most recently for 2025, but we found no financial disclosures for the Seychelles company that serves most international clients.
Criteria and their weighting are explained in the methodology.
Client fund protections and disclosed safeguards 13% of score What protects client money if something goes wrong.
- Met
- Partly met
- Partly met
- Not met
- Met
Criteria and their weighting are explained in the methodology.
Enforcement and substantiated adverse findings 13% of score Regulator warnings, enforcement actions and final legal findings on record.
Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone warnings never count. Total deducted: 26.5 points.
- Met
Warning lists and enforcement records have been searched 141516171819202122
We searched CySEC, FCA, ASIC, CONSOB, OSC and CVM records and the Indian and Malaysian alert lists, and ran web searches for actions by the Seychelles FSA. The searches are cited with their dates. The Japan FSA’s list of warned unregistered firms (September 2026) includes Capital Point Trading Ltd (Raw Trading Ltd), under the IC Trading name (2025), and International Capital Markets Pty Ltd (2014).
- Regulator warning
FCA warns that IC Markets Global is not authorised and may be targeting people in the UK 16
1 Oct 2024. Reduced the enforcement dimension by 10 points (moderate severity, 2 years before the review).
- Regulator warning
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 20
19 Nov 2025. Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
- Enforcement action
CySEC fines IC Markets (EU) EUR 200,000 for circumventing retail CFD margin protections 14
1 Jul 2024. Not counted: the matter is not concluded, or was removed or overturned.
- Enforcement action
CySEC fines IC Markets (EU) EUR 50,000 over best execution and cost disclosure 15
1 Jul 2024. Not counted: the matter is not concluded, or was removed or overturned.
- Enforcement action
Consob blocks Raw Trading’s icmarkets.com website in Italy 17
8 Oct 2020. Reduced the enforcement dimension by 5 points (moderate severity, 6 years before the review, counted at half weight).
- Enforcement action
IC Markets settles with the Ontario Securities Commission over unregistered CFD trading 18
25 Jul 2019. Reduced the enforcement dimension by 2.5 points (moderate severity, 7.2 years before the review, counted at a quarter of its weight).
- Enforcement action
Brazil’s CVM orders IC Markets companies to stop offering brokerage services in Brazil 19
25 Jan 2022. Reduced the enforcement dimension by 5 points (moderate severity, 4.7 years before the review, counted at half weight).
- Regulator warning
Warned by Japan’s Financial Services Agency for soliciting derivatives business without registration 22
1 May 2025. Reduced the enforcement dimension by 2 points (low severity, 1.4 years before the review).
- Regulator warning
Warned by Japan’s Financial Services Agency in 2014 for soliciting derivatives business without registration 22
27 Jun 2014. Not counted: more than 10 years old at the review date.
Criteria and their weighting are explained in the methodology.
Complaint handling and documented resolutions 8% of score How the firm handles complaints, and what independent records show.
- Met
- Met
- Not determined
Independent complaint outcomes show no adverse pattern
We found no published ombudsman or dispute-body outcomes for IC Markets.
- Not determined
Complaint data is disclosed 23
We found no complaint statistics published by IC Markets or by a regulator or ombudsman for its companies. AFCA publishes complaint figures for the financial firms that are its members, but its data site refused our requests, so we could not check the Australian company.
Criteria and their weighting are explained in the methodology.
Trading terms and operational transparency 8% of score Whether costs, execution and risks are disclosed before you sign up.
- Met
Costs are disclosed before account opening 12
The EU costs policy explains spreads, commissions, swaps, currency conversion and a possible monthly inactivity fee.
- Met
An order execution policy is published 26
Best execution and conflicts of interest policies are published.
- Met
- Partly met
- Met
Risk warnings are clear and current 5
The EU site shows that 72.52% of retail accounts lose money trading CFDs with IC Markets (EU).
Criteria and their weighting are explained in the methodology.
Public disclosures and communication 4% of score Whether public claims hold up and the firm communicates openly.
- Partly met
- Met
- Met
Criteria and their weighting are explained in the methodology.
On-site office verification 5% of score What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.
- Not met
Real office at the stated address, not a ghost address
- Not met
Office of the assessed entity
- Not met
Staffed and operating
Criteria and their weighting are explained in the methodology.
On-site assessment and platform testing 10% of score What our on-site checks and 30-day platform testing found.
We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.
- Not determined
Company identity
- Not determined
Regulatory claims
- Not determined
Office visit
- Not determined
Account opening
- Not determined
Platform usability
- Not determined
Costs and disclosures
- Not determined
Customer support
- Not determined
Deposits and withdrawals
- Not determined
Trading functions
- Not determined
Complaints process
Criteria and their weighting are explained in the methodology.
Regulation and legal entities
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your account would be with.
IC Markets (EU) Ltd
Cyprus Securities and Exchange Commission (CySEC) · Reference 362/18 2
Licence granted 25 June 2018. Approved domains include www.icmarkets.eu and www.ic.com/eu.
Authorised Verified on register, 4 Oct 2026
Raw Trading Ltd
Financial Services Authority Seychelles (FSA) · Reference SD018 3
Securities dealer
Listed among licensed securities dealers with trade names IC Markets Global and IC MARKETS (SC). The register does not show licence numbers; SD018 is the number the company gives.
Authorised Verified on register, 4 Oct 2026
Dated findings
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
Regulator warning Active
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 20
The Reserve Bank of India’s Alert List, updated as on 19 November 2025, includes IC Markets (www.icmarkets.com) among entities that are neither authorised to deal in forex under the Foreign Exchange Management Act nor authorised to operate a forex trading platform in India. The list warns residents but does not allege fraud.
Regulator warning Active
Warned by Japan’s Financial Services Agency for soliciting derivatives business without registration 22
In May 2025 Japan’s Financial Services Agency warned Capital Point Trading Ltd, listed with the name Raw Trading Ltd, of Ebene, Mauritius, for soliciting over-the-counter derivatives trading over the internet without registration in Japan, under the service name “IC Trading”. The list gives the month only; we use 1 May 2025.
Regulator warning Active
FCA warns that IC Markets Global is not authorised and may be targeting people in the UK 16
Since 1 October 2024 the FCA has listed IC Markets Global, at icmarkets.com/global/en and ic.com, on its warning list as a firm that is not authorised by it and may be targeting people in the UK. The warning was updated on 10 August 2026 to add ic.com. The contact numbers it lists include the Seychelles number of Raw Trading Ltd, the company that operates the site.
Enforcement action Under appeal
CySEC fines IC Markets (EU) EUR 50,000 over best execution and cost disclosure 15
On 1 July 2024 CySEC fined IC Markets (EU) Ltd EUR 50,000 for not taking all sufficient steps to obtain the best possible result for clients, lacking effective arrangements to do so, and giving cost information that did not let clients understand the cumulative effect of costs. A judicial review was filed on 15 November 2024 and no ruling is shown, so this finding does not count towards the score while it is under review.
Enforcement action Under appeal
CySEC fines IC Markets (EU) EUR 200,000 for circumventing retail CFD margin protections 14
On 1 July 2024 CySEC fined IC Markets (EU) Ltd EUR 200,000 for taking part in activities that circumvented the initial margin protection required by its restrictions on CFDs for retail clients. A judicial review was filed on 30 September 2024 and no ruling is shown, so this finding does not count towards the score while it is under review.
Enforcement action Concluded
Brazil’s CVM orders IC Markets companies to stop offering brokerage services in Brazil 19
On 25 January 2022 Brazil’s securities regulator said that Raw Trading LTD, International Capital Markets Pty, IC Markets (EU) Ltd. and IC Markets Ltd., which presented themselves as responsible for icmarkets.com, were seeking investors resident in Brazil without authorisation to intermediate securities. By Declaratory Act 19.505 it ordered them to stop offering those services, directly or indirectly, under a daily fine of BRL 1,000.
Enforcement action Concluded
Consob blocks Raw Trading’s icmarkets.com website in Italy 17
On 8 October 2020 Consob announced that it had ordered internet providers to block access from Italy to Raw Trading Ltd’s website www.icmarkets.com, among five websites offering financial services without authorisation. IC Markets (EU) Ltd, which is authorised to operate in Italy, was not affected.
Enforcement action Settled
IC Markets settles with the Ontario Securities Commission over unregistered CFD trading 18
On 25 July 2019 the OSC announced a no-contest settlement with International Capital Markets Pty Ltd, which had let Ontario residents trade CFDs without registration or a prospectus between 2013 and 2018. IC Markets agreed to pay USD 4 million reflecting its profit, CAD 650,000 and CAD 25,000 in costs, and to return dormant account balances to Ontario clients.
Regulator warning Active
Warned by Japan’s Financial Services Agency in 2014 for soliciting derivatives business without registration 22
On 27 June 2014 Japan’s Financial Services Agency warned International Capital Markets Pty Ltd, of Sydney, for soliciting over-the-counter derivatives trading over the internet without registration in Japan, under the service name “IC Markets”.
Company response
Firms can respond to their profile and to any finding. No response has been published for IC Markets. How firms can respond.
Assessment history
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 6 Oct 2026 | Trust score 84 out of 100 Strong | 1.2 | Current |
Corrections and updates
No corrections have been made to this profile.
Sources
- 1 Australian Financial Services Licensee dataset (October 2026) (opens in a new tab)
Lists AFSL 335692 held by International Capital Markets Pty Ltd (ABN 12123289109), Sydney, from 2 July 2009.
- 2 Register of Cyprus investment firms: IC Markets (EU) Ltd (opens in a new tab)
Lists licence 362/18 granted on 25 June 2018, company registration number 356877, the Limassol address and approved domains www.icmarkets.eu and www.ic.com/eu.
- 3 Regulated entities, capital markets: securities dealers (opens in a new tab)
Lists Raw Trading Ltd among licensed securities dealers at Eden House, Eden Island, with trade names IC Markets Global and IC MARKETS (SC) and websites icmarkets.sc and icmarkets.com.
- 4 IC global website footer (opens in a new tab)
States that IC and IC Markets Global are trading names of Raw Trading Ltd, registered in Seychelles under number 8419879-1 and regulated by the Seychelles FSA under securities dealer licence SD018, and that it does not serve residents of the US, Canada, New Zealand, Iran or North Korea. Claims an average EURUSD spread of 0.1 is one of the best in the world, with a footnote.
- 5 IC Markets EU website footer (opens in a new tab)
States that IC Markets (EU) Ltd is registered in Cyprus under HE 356877 and regulated by CySEC under licence 362/18, with head office at 86 Franklinou Roosvelt, Limassol. Shows the warning that 72.52% of retail investor accounts lose money when trading CFDs with this provider. Claims that IC Markets is the largest forex broker in the world by trading volume, citing only “Trading Volume, April 2024”.
- 6 IC Markets Australia website footer (opens in a new tab)
States that International Capital Markets Pty Ltd, registration number 123 289 109, is regulated by ASIC under licence 335692, and links to its CFD product disclosure statement and target market determination.
- 7 IC Markets (EU) Ltd Pillar III Disclosures for the year ended 31 December 2025 (opens in a new tab)
Regulatory disclosures on risk management, governance and own funds. Names the directors: Agathoclis Agathocleous and Zacharias Georgiou (non-executive), Kleanthis Rousakis and Charalambos Stavrou (executive, appointed 11 August 2025), and notes that Andrew Budzinski left the board on 13 October 2025. Refers to the company’s shareholders without naming them.
- 8 IC Markets (EU) Ltd Terms and Conditions (version 5.0, June 2026) (opens in a new tab)
Client money is held in segregated accounts with financial institutions, separate from the company’s money. Lists the complaints policy with access to the Financial Ombudsman of the Republic of Cyprus. Professional clients may lose protections such as negative balance protection and leverage limits.
- 9 IC (Raw Trading Ltd) Terms and Conditions (July 2026) (opens in a new tab)
Client money is pooled in client money accounts separate from the company’s money. The terms warn that clients may lose more than their margin and payments, and do not provide negative balance protection; no compensation scheme is named.
- 10 IC Markets (EU) Ltd Leverage and Margin Policy (version 3.0, June 2026) (opens in a new tab)
Sets retail leverage limits (30:1 for major currency pairs, 20:1 for non-major pairs, gold and major indices, 10:1 for other commodities, 2:1 for crypto), and has sections on margin call and stop-out and on negative balance protection.
- 11 IC Markets (EU) Ltd Investor Compensation Funds Policy (opens in a new tab)
Explains Investor Compensation Fund cover for covered clients: the lower of 90% of cumulative covered claims and EUR 20,000.
- 12 IC Markets (EU) Ltd Cost and Charges Policy (version 3.0, March 2026) (opens in a new tab)
Explains spreads, commissions, swaps, currency conversion costs and a monthly inactivity fee of 10 EUR, USD or GBP that the company reserves the right to charge on inactive accounts.
- 13 IC Markets (EU) Ltd Deposits and Withdrawals Policy (opens in a new tab)
Withdrawal requests are processed by the back office within one working day; transfer times then depend on the payment method. Sets out conditions on refunds to the original payment method.
- 14 CySEC board decision: IC Markets (EU) Ltd, fine of EUR 200,000 (opens in a new tab)
On 1 July 2024 CySEC fined IC Markets (EU) Ltd EUR 200,000 under Article 42 of MiFIR for taking part in activities that circumvented the initial margin protection required by CySEC’s restrictions on selling CFDs to retail clients. CySEC’s list of decisions records that a judicial review was filed on 30 September 2024, with no ruling shown.
- 15 CySEC board decision: IC Markets (EU) Ltd, fines totalling EUR 50,000 (opens in a new tab)
On 1 July 2024 CySEC fined IC Markets (EU) Ltd EUR 50,000 in total: EUR 30,000 for not taking all sufficient steps to obtain the best possible result for clients, EUR 10,000 for lacking effective arrangements to do so, and EUR 10,000 because its cost information did not let clients understand the cumulative effect of costs. CySEC’s list records a judicial review filed on 15 November 2024, with no ruling shown.
- 16 FCA warning: IC Markets Global (icmarkets.com/global/en and ic.com/en) (opens in a new tab)
First published on 1 October 2024 and last updated on 10 August 2026. The FCA says IC Markets Global, at icmarkets.com/global/en and ic.com, is not authorised by it and may be targeting people in the UK, so clients would have no access to the ombudsman or the FSCS. The contact numbers listed include the Seychelles number of Raw Trading Ltd.
- 17 Financial abuse: Consob obscures 5 websites (press release) (opens in a new tab)
Consob ordered internet providers to block access from Italy to five websites offering financial services without authorisation, including Raw Trading Ltd’s website www.icmarkets.com.
- 18 International trading platforms pay more than $10 million following settlements with OSC (opens in a new tab)
The OSC approved a no-contest settlement with International Capital Markets Pty Ltd, which had let Ontario residents trade CFDs without registration or a prospectus. IC Markets agreed to pay USD 4 million reflecting its profit from the trades, CAD 650,000 and CAD 25,000 in costs, and to return USD 73,000 held in dormant accounts to Ontario clients. The OSC noted its full cooperation and remediation.
- 19 CVM alerta para atuação irregular de Raw Trading LTD, International Capital Markets Pty, IC Markets (EU) Ltd. e IC Markets Ltd. como corretoras de valores mobiliários (opens in a new tab)
Published 25 January 2022. Says Raw Trading LTD, International Capital Markets Pty, IC Markets (EU) Ltd. and IC Markets Ltd., which presented themselves as responsible for www.icmarkets.com and its Portuguese pages, sought to raise money from investors resident in Brazil through those sites and social media without CVM authorisation to intermediate securities. Declaratory Act CVM 19.505 of 21 January 2022 ordered them to stop offering securities intermediation services, directly or indirectly, under a daily fine of BRL 1,000.
- 20 Alert List (updated as on 19 November 2025) (opens in a new tab)
Lists entities not authorised to deal in forex or operate forex trading platforms in India. Entry 22 is IC Markets, https://www.icmarkets.com.
- 21 Searches of CySEC, FCA, ASIC, CONSOB, OSC and CVM records, and the Indian and Malaysian alert lists, for IC Markets companies (opens in a new tab)
On 4 October 2026 we checked CySEC’s 1,173 board decisions, the FCA’s warnings, ASIC’s website, CONSOB’s and the OSC’s publications and Brazil’s CVM alerts and declaratory acts, checked the Indian and Malaysian alert lists, and ran web searches for actions by the Seychelles FSA. The FCA also lists several clone websites misusing the IC Markets name, which we do not treat as findings about IC Markets. IC Markets is not on the Malaysian list.
- 22 Names of unregistered overseas firms warned by the Financial Services Agency (updated 25 September 2026) (opens in a new tab)
Lists Capital Point Trading Ltd (Raw Trading Ltd), Ebene, Mauritius, warned in May 2025 under the service name “IC Trading”, and International Capital Markets Pty Ltd, Sydney, warned on 27 June 2014 under the service name “IC Markets”, both for soliciting over-the-counter derivatives trading over the internet without registration in Japan.
- 23 IC Markets (EU) Ltd Complaint Handling Policy (opens in a new tab)
Sets out how complaints are handled, and that the final response explains the option to escalate to CySEC, the Financial Ombudsman, an ADR mechanism or the courts.
- 24 IC (Raw Trading Ltd) Complaints Handling Policy (opens in a new tab)
Complaints are acknowledged within two business days. Unresolved complaints can be escalated to the Financial Commission, an external dispute resolution organisation of which the company is a member, and then to the Seychelles FSA.
- 25 Financial Commission member page: IC Markets (opens in a new tab)
The Financial Commission, a private dispute resolution organisation, lists IC Markets as a member with a registration date of 24 November 2021.
- 26 IC Markets (EU) Ltd Best Order Execution Policy (opens in a new tab)
Published alongside a conflict of interest policy on the EU legal documents page.
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