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IC Markets Brags About Record Growth in Q3, Doesn't Back It Up with Numbers

Oct 11 2012

After EXNESS released information about its operational metrics, the Australian forex broker IC Markets is the next one to publish data about its growth during Q3. While the announcement lacked any specific details, such as trading volumes, number of new sign-ups, etc., it proudly stated that the IC Markets has hit record trading volumes during this past quarter. 

IC Markets claims to be one of the fastest growing forex brokers in the world (aren’t they all!) and gives some numbers to back this up: in Q3 its trading volume has increased by 23% compared to Q2, and the number of new account applications has jumped up by 31%. Apparently, the European and Chinese markets account for most of this growth (the broker’s customers from China have upped their trading activity by 12% and those from Europe – by 11%). 
There are two things that I find concerning here. First off, the Chinese forex market remains a grey area in terms of regulation and legislative requirements. In order to provide forex trading services in China, a broker must have physical offices on the territory of the country but to my knowledge, IC Markets only operates out of Australia, which makes me wonder about those Chinese customers. It is a well-known fact that many brokers offer services to Chinese citizens through introducing brokers and the local authorities let this slide – but this doesn’t make things any less shady. 
The second thing that makes me frown is that – as I already mentioned – IC Markets doesn’t release any actual numbers about their trading volume and number of new accounts created. I’m guessing that if we see any actual figures, things may not look as flattering for the broker. Let’s face it – the entire forex industry is suffering from declines in trade volumes and revenue (even rock-solid brokers like MIG Bank and Dukascopy Bank SA report significant decrease in trading income). The press release also states the following: “With turnover well exceeding forty of billion each month the company is one of the leading brokers in Australia” - and that simply doesn’t seem credible to me and makes me doubt any of the other details published by IC Markets. 
I have already contacted the broker with a request for these figures and I will publish an update when (and if) they send me the numbers.  

About International Capital Markets Pty Ltd (IC Markets).

Headquartered in Sydney, International Capital Markets Pty Ltd is a provider of online forex and CFD trading services, offering individual traders, money managers and institutional customer’s proprietary technology, tools and education to trade online. The broker is licensed and regulated by the Australian Securities and Investments Commission (ASIC) and offers ECN execution with access to a deep liquidity providers pool. 
TAGS: IC Markets  forex trading  forex broker  introducing broker  China  MIG Bank  Dukascopy Bank 

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