Wikilix
Contract reading

What IC legally published, but does not want you to read

Every clause below is published by IC itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Raw Trading Ltd

sole discretionmarketing contradictionprofit voidingdispute deadlinehidden feenegative balancerelated accountsunilateral amendmentwithdrawalsaccount closure

IC (Raw Trading Ltd, licensed in Seychelles) can void trades or withhold profit after the event, without proving you meant any abuse.
Its pages promise scalping without restrictions, negative balance protection and US$1,000,000 of insurance.
The contract lets IC refuse scalping orders and make you pay a deficit, and all claimants share that insurance limit.
You have 48 hours to dispute a trade record.

Back to IC

Contract risk

Money at risk
7.0/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
25
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
12
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
11

How the 25 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical6
Warning15
Notice4

section 42 of 60is where the deepest clause sits, 70% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

1 of these 3 figures comes from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical2 daysTime to complain. Jump to the clause this comes from.You have 48 hours to dispute a trade record$1000000In the contract. Jump to the clause this comes from.The US$1,000,000 insurance is shared by all claimants50%Account limit. Jump to the clause this comes from.IC can cut leverage on trades you already hold

What the documents say

25 clauses worth knowing about, worst first, each quoted from IC's own files

01

IC can review your trading after it happened, decide it broke its market integrity rules, and void the trades or withhold the profit. IC says it will act reasonably and in good faith, but it does not have to show you meant to do anything wrong.

Why this matters

A trade that IC accepted and executed can still lose its profit after a later review. IC can also judge your trading together with other accounts it links to you, even if you did not know about them.

Exhibit 1CriticalRarely seen

(b) treat any or all Transactions as void from their inception; (c) withhold, deduct, or recover amounts that we reasonably suspect to have been derived from such activity;
Clause 12.1 in Terms & Conditions, p.31
Read from the broker's site on Archived copyOpen the reference

Our readingMost abuse clauses punish a client's own deliberate tricks. Clause 12 lets IC decide after the event, without proof of intent, and judge you by accounts it links to yours through devices, payments or IP addresses.

  • Worse together with Exhibit 9IC can close your account under these rules, and clause 3.7(c) then lets it decline your complaint about that closed account.
02

IC's execution policy says a withdrawal request made while your market is closed abuses negative balance protection, which stops you owing more than your balance. IC can then cut off your platform access and recover its losses from you.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

Holding a trade over a weekend and asking for spare cash back fits IC's own example, even if you did it involuntarily. The Terms say ordinary use of the protection is not abuse by itself, which is the only limit we found.

Exhibit 5CriticalRarely seen

For instance, a Client hedging his/her exposure utilising his/her accounts under the same or different client profile would constitute an abuse of the NBP as well as a Client requesting a withdrawal of his/her client Money - notwithstanding any of the provisions of the ‘Terms and Conditions’ - when the symbol he/she is trading is not available for trading at IC during that specific timeframe.
Clause 14.3 in Order Execution Policy, p.17
Read from the broker's site on Open the reference

Our readingNegative balance protection rules usually target hedging tricks across accounts. This policy also names an ordinary withdrawal request, made while your market is shut, as abuse, and lets IC recover the loss from you.

  • Worse together with Exhibit 22IC advertises negative balance protection, and its execution policy lets it take the protection back after an ordinary withdrawal request.
03

IC can call a sharp market move, or one it only expects, force majeure (an event outside anyone's control), and treat it as your default. Once you are in default, IC can reverse or void any of your trades without notice.

Why this matters

Force majeure normally pauses both sides' duties while such an event lasts. Here it can cost you the profit on trades you already hold, and being unreachable when IC wants instructions is a default too.

Exhibit 2CriticalRarely seen

(c) the occurrence of an excessive movement in the level of any Transaction, Underlying Instrument or Underlying Market or our anticipation (acting reasonably) of the occurrence of such a movement;
Clause 30.1 in Terms & Conditions, p.72
Read from the broker's site on Archived copyOpen the reference

Our readingForce majeure clauses usually pause both sides' duties while an outside event lasts. This one lets IC turn a market event into a default by you, which opens every remedy in clause 19, including voiding trades.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Excessive movementA sharp move in a market, or one IC expects, counts as a Force Majeure Event.30.1
Force Majeure EventIC may decide, in its absolute discretion, that the event is an Event of Default.23.2
Event of DefaultIC may reverse or void any of your trades, without telling you first.19.1(e)
04

IC tells you scalping (many very short trades), hedging and automated trading are all allowed, with no restrictions on trading. The contract lets IC refuse any order that relates to scalping, and treat trading it finds too fast for the real market as abuse.

Why this matters

The trading styles IC sells its Raw Spread accounts on are the ones its contract can refuse or punish after the event. The contract does let you run automated systems without asking first.

Exhibit 17Warning

We may refuse to accept an Order (including but not limited to any Order that relates to black-box trading, scalping or any similar trading practices) and we may place a limit on any Order or place other conditions on the receipt of instructions or Orders, in our absolute discretion and for any reason.
Clause 6.8 in Terms & Conditions, p.17
Read from the broker's site on Archived copyOpen the reference
  • Same clause as Exhibit 5The same paragraph of IC's execution policy calls hedging across your accounts, and a withdrawal while your market is closed, abuse.
05

IC's insurance page says it covers your funds up to US$1,000,000 if IC fails. Its own FAQ further down says that limit is for all claimants together, and none of IC's legal documents mentions the insurance.

Why this matters

The more clients claim, the less each one receives, however much you had on deposit. The contract's insolvency clause says nobody will know the amounts or timing of payouts until IC settles with its hedging partners.

Exhibit 21Warning$1000000

(c) The precise amounts and timing of payments will not be known until the net position with the Hedge Counterparties are known.
Clause 14.13(c) in Terms & Conditions, p.42
Read from the broker's site on Archived copyOpen the reference

What it costsIf 1,000 clients each claimed, an equal share of US$1,000,000 would be US$1,000 each, whatever they had on deposit.

06

IC's crypto page says it gives you negative balance protection, so you should not owe more than your balance. The contract only mentions that protection where it applies to you, never says when it does, and makes you pay any deficit in full.

Why this matters

With leverage of up to 1:5000, a price gap can push your account below zero. IC can then demand the shortfall from you immediately, and its risk disclosure only says IC may bear such losses.

Exhibit 22Warning

you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises.
Clause 15.18 in Terms & Conditions, p.46
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU), ASIC (Australia)

Firms licensed by the FCA, CySEC or ASIC must give retail clients negative balance protection, so a retail client cannot lose more than the money in the account. IC's contract makes the protection conditional and never says when it applies.

IC is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

IC can undo trades and profit long after you closed them

Four separate doors in IC's documents let it void trades or change their result. Clause 12 lets IC withhold profit after a review without proving intent, and clause 23.2 can turn a sharp market move into your default. A bare right to alter the closing price and a swap-free clause that cancels every trade complete the set.

Profit after the fact2 clauses flagged

IC can change the price at which your trade closed, and the contract sets no condition or limit on that right. It can also adjust the price, size or value of an open position, with or without notice.

Why this matters

Your profit is the gap between the opening and closing price, so a changed closing price changes what you earned. A separate rule lets IC do anything the contract permits in its absolute discretion.

Exhibit 3CriticalHarder than usual

We reserve the right to alter the Closing Level.
Clause 9.21 in Terms & Conditions, p.23
Read from the broker's site on Archived copyOpen the reference
  • Worse together with Exhibit 8IC can change a closing price, and you then have only 48 hours from when the trade record appears to dispute it.

On a swap-free account, which pays no overnight interest for religious reasons, IC can cancel every trade on your accounts, profits and losses alike. It needs only a reasonable belief that you abused the account.

Why this matters

IC can wipe out a profitable run on a swap-free account after the event. IC can also recover a swap-equivalent fee for the whole time the account was swap-free, and withdraw that status without giving a reason.

Exhibit 4CriticalHarder than usual

If IC reasonably believes that a Swap free trading account is being abused by you taking advantage of not paying swaps, in the form of, but not limited to; fraud, manipulation, cash-back arbitrage, carry trades, or other forms of deceitful or fraudulent activity with the usage of a Swap free trading account, then we reserve the right, in our sole discretion, to do any one of or all of the following:
Quoted in Swap Free Terms and Conditions, p.3
Read from the broker's site on Open the reference

Disputes at IC run on short clocks and a small cap

You have 48 hours to dispute a trade confirmation at IC before it becomes conclusive, and weekends count. IC's Terms also let it reject complaints about accounts it closed. Its liability on a trade stops at four times your trading costs, and you give up group claims.

Complaint barriers3 clauses flagged

You have 48 hours (two days) from when IC issues a trade confirmation to dispute any detail in it. After that, the confirmation counts as conclusive evidence of your trade, unless there was an obvious error.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

The account statement on your platform counts as a confirmation, and weekends count toward the 48 hours. A wrong price on a Friday trade, noticed on Monday, may already be beyond dispute.

Exhibit 8CriticalHarder than usual2 days

You agree to examine the terms of each Confirmation immediately upon receipt and you agree that the contents of a Confirmation, in the absence of Manifest Error, will be conclusive evidence of the executed Transaction, unless within 48 hours of issue of a written Confirmation you notify us of any disputed detail in the Confirmation received by you.
Clause 3.4 in Terms & Conditions, p.9
Read from the broker's site on Archived copyOpen the reference

What it costsYou can dispute a trade confirmed at 18:00 on a Friday until 18:00 on Sunday, because weekends count.

If IC has closed or suspended your account, its Terms let it reject your complaint about it, unless the law requires a review. IC's own complaints policy is narrower: it only covers matters that arose after closure and are unrelated to its services.

Why this matters

You are most likely to complain after IC has closed your account. You then have 30 days from IC's decision to take the dispute to the Financial Commission, an outside dispute body IC belongs to.

Exhibit 9WarningHarder than usual30 days

The Company reserves the right to reject, decline to process, or close any complaint where:
Clause 3.7 in Terms & Conditions, p.9
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), ASIC (Australia)

Firms licensed by the FCA or ASIC must give retail clients access to a statutory ombudsman, the Financial Ombudsman Service or AFCA, which can decide complaints the firm rejects. IC's route is the Financial Commission, an organisation IC is a member of, and then the Seychelles regulator.

IC is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

IC caps what it owes you for a loss on a trade at four times the trading costs you paid on it. You also agree to cover IC's losses caused by anyone who gets into your account, even without your permission.

Why this matters

Even if IC's own error costs you far more, your claim stops at that cap. You also give up the right to join other clients in a group claim against IC.

Exhibit 10WarningHarder than usual4

If and to the extent that we are found liable for any Losses or damages in relation to a Transaction or your dealings with us then, unless we are prohibited from limiting such liability by law, the maximum amount of our liability to you will be limited to four (4) times the amount of Transaction Fees, commission or Spread paid or payable by you in respect of that Transaction.
Clause 20.6 in Terms & Conditions, p.57
Read from the broker's site on Archived copyOpen the reference

What it costsIf a trade cost you $10 in commission and spread, four times that is $40, the most IC would owe you for any loss on that trade.

What IC's pages promise, its own documents take back

US$1,000,000 of insurance, negative balance protection, scalping without restrictions and stop losses as close as you like: IC's pages promise all four. The FAQ shares the insurance among all claimants. IC's terms make you pay any deficit, and let IC refuse scalping orders and remove some stop losses.

Claim versus contract2 clauses flagged

IC invites you to pick a trader on IC Social and copy their strategy. Its contract can treat copy trading as abuse once all the copiers together trade more than the real market could absorb.

Why this matters

You do not control how many other people copy the same trader. IC can then withhold the profit from your copied trades, even if you did not know about the others.

Exhibit 19Warning

Trading activity that forms part of a coordinated strategy distribution, signal service, copy trading arrangement, or automated execution network where multiple accounts replicate substantially similar trading decisions, Order timing, or execution patterns in a manner that, when aggregated, produces trading
Clause 12.3(c) in Terms & Conditions, p.33
Read from the broker's site on Archived copyOpen the reference
Our own capture of ic.com, taken on Oct 24, 2026The claim, on IC Social page, sign-up stepsVisit this page on the broker's siteDownload the full size image file
  • Only applies after Exhibit 1Copy trading only costs you money once IC applies its market integrity rules, which it can do after the event.

IC's cTrader page says you can place a stop loss, the order that caps your loss, as close to the market price as you like. IC's execution policy says IC removes any cTrader stop loss placed between the buy and sell prices.

Why this matters

A stop loss that IC removes leaves your trade with no automatic exit, and cTrader stops must also sit a minimum distance from the price. On MetaTrader 4, the platform may drop a stop attached to a pending order once it fills.

Exhibit 20Warning

Stop Loss placed within the current bid-ask spread will be invalid and automatically removed. Stop Loss orders must be placed a minimum number of pips away from the available market price at the time of placing the order so that these are valid.
Clause 7.2.4 in Order Execution Policy, p.8
Read from the broker's site on Open the reference

IC's free deposits rest on a contract that still allows card fees

IC advertises free deposits, yet clause 13.3(b) of its Terms lists credit card fees among the charges it may take from your money. Clause 17.7 lets IC change any fee or rate with immediate effect by posting it online, and clause 16.3 puts currency conversion costs on you.

Cost disclosure2 clauses flagged

IC's funding page says you can deposit instantly and for free. The contract lets IC take credit card fees from your money and charge you for currency conversion, with no amount or rate stated.

Why this matters

A deposit in a currency other than your account's can arrive smaller than you sent, and no document tells you by how much. IC can introduce a card fee by publishing it, without changing the contract.

Exhibit 11WarningStandard wording

(b) from the CMA and pay ourselves the amount of any Transaction Fee, Realised/Unrealised Losses on your Account, any other fees or charges described in clause 13, (including but not limited to credit card fees) you owe
Clause 13.3(b) in Terms & Conditions, p.39
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA or CySEC must tell a retail client all costs and charges in advance, before the client trades. IC's Terms list credit card fees and conversion costs without stating either one.

IC is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

IC can change its fees, charges or rates with immediate effect by publishing the change on its website or platform. Your contract also allows a monthly charge for platform access, set by IC from time to time.

Why this matters

The contract makes it your job to read every notice IC posts, so a new fee can apply before you see it. Changes to the contract itself need the notice Seychelles law requires, but a fee change can take effect at once.

Exhibit 12WarningHarder than usual

If no minimum period is required or is not stated elsewhere in this Agreement, notice of a change in Transaction Fees, charges or rates may be effective immediately by IC first generally publishing the information of any variation on its Website or through the Electronic Trading Service.
Clause 17.7 in Terms & Conditions, p.50
Read from the broker's site on Archived copyOpen the reference

A routine withdrawal can be delayed, or called abuse

IC normally processes withdrawals on the same business day. Its anti-money laundering page lets it delay any request that needs further evaluation, and no document sets a limit. Its execution policy also counts a withdrawal request made while your market is closed as abuse of negative balance protection.

Exit conditions1 clause flagged

IC says it normally processes your withdrawal on the same business day, but its anti-money laundering page lets it delay any request needing further evaluation. No IC document limits how long that delay can last.

Why this matters

Once your request goes to review, you cannot know when the money will arrive. The Terms also let IC refuse a payment it believes, on reasonable grounds, could breach the law of any country, with no liability to you.

Exhibit 6WarningStandard wording

We retain the right to delay processing any withdrawal request that requires further evaluation by the relevant department.
Quoted in Anti-Money Laundering and KYC requirements
Read from the broker's site on Open the reference

Buried at section 39 of 60 in the Anti-Money Laundering and KYC requirements, 65% of the way through.

  • Worse together with Exhibit 7A withdrawal can trigger a request for more documents, and nothing limits how long IC may hold the money while it reviews them.

IC can change your leverage, lock your trade or switch you off

Below a 50% margin level IC starts closing your positions, and its Terms let it cut leverage on trades you already hold without notice. IC can also keep a position open for a minimum time it sets, and suspend your account at any time. Its two restricted-country lists disagree about Canada.

Unilateral control4 clauses flagged

IC's leverage page says trades you already hold keep their leverage, the multiple IC applies to your deposit. The contract lets IC change leverage on existing positions at any time and without notice.

Why this matters

A cut in leverage raises the margin, the money held against your trades, at once. Below a 50% margin level, IC starts closing your positions automatically.

Exhibit 13WarningHarder than usual50%

(f) increasing, reducing or otherwise adjusting the leverage applicable to any Financial Product, Account or Open Position, including in respect of existing Open Positions.
Clause 15.5(f) in Terms & Conditions, p.44
Read from the broker's site on Archived copyOpen the reference

What it costsWith $1,000 of margin in use, IC starts closing your positions once your equity falls below $500.

Set against a regulated standard: ESMA (EU), FCA (UK), ASIC (Australia)

Retail clients of firms licensed in the EU, by the FCA or by ASIC get at most 1:30 leverage on major currency pairs. IC offers up to 1:5000, and its contract lets it change leverage on open positions without notice.

IC is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The contract says an open position must stay open for a minimum time that IC decides, and you cannot close it during that time. No IC document says how long that time is.

Why this matters

If the market turns against you straight after you open a trade, you may be unable to get out while the loss grows. Elsewhere the contract says you may close a position at any time, subject to its other terms.

Exhibit 14WarningRarely seen

(l) an Open Position must remain open for the minimum period of time as determined by us and cannot be Closed Out by you during this period;
Clause 3.1(l) in Terms & Conditions, p.8
Read from the broker's site on Archived copyOpen the reference

Our readingA minimum holding rule normally limits the profit on very short trades. This one blocks you from closing at all, for a period IC sets and never states in its documents.

IC can suspend your account at any time without notice if it believes that is appropriate. It can also disable your trading accounts for Hyperactivity, a word the contract uses but never defines.

Why this matters

While IC keeps an account disabled you cannot manage your open trades, and it accepts no liability for losses or missed profit. The contract warns this can happen several times in one calendar day.

Exhibit 15WarningHarder than usual

We reserve the right to suspend your Account at any time (without notice) if we believe it is appropriate in the circumstances.
Clause 28.1 in Terms & Conditions, p.65
Read from the broker's site on Archived copyOpen the reference

If you live in Canada, you will not find it on the list of 40 restricted places on IC's anti-money laundering page. The footer of that same page says IC does not serve Canadian residents.

Why this matters

IC can still refuse you under one list when your country is missing from the other, so check both before you deposit. New Zealand is on the restricted list too.

Exhibit 16NoticeStandard wording40

While we welcome clients from all over the globe, governmental restrictions along with our company policies prohibit IC from opening accounts originated from the following restricted and/or sanctioned countries:
Quoted in Anti-Money Laundering and KYC requirements
Read from the broker's site on Open the reference

Buried at section 42 of 60 in the Anti-Money Laundering and KYC requirements, 70% of the way through.

IC can ask for more papers at any point and pause you until it gets them

IC can demand more information from you at any time, at its sole discretion, and suspend services without notice if you do not provide it. Documents not in English may need a certified translation, and IC can stop you trading until it is satisfied about where your money came from.

Document demands1 clause flagged

IC can ask you for more information or documents at any time while you are a client, at its sole discretion. Documents not in English may need a certified English translation.

Why this matters

If you do not provide what IC asks for, it can limit, suspend or end its services without notice. It can also stop you trading until it is satisfied about where your money came from.

Exhibit 7WarningStandard wording

As we must be able to understand the language used on your supplied document, documents in languages other than English may need to be accompanied by a certified English translation.
Quoted in Anti-Money Laundering and KYC requirements
Read from the broker's site on Open the reference

Where it sits: section 17 of 60 in the Anti-Money Laundering and KYC requirements, 28% of the way through.

IC promises no dealing desk while acting as your counterparty

IC's Raw Spread page promises no dealing desk and no requotes. IC's execution policy makes IC the other side of your trades, setting the prices, sometimes filling orders by hand, and sometimes requoting.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

The other side of your trade1 clause flagged

IC's Raw Spread page promises no dealing desk, no price manipulation and no requotes, meaning no new price after you click. The execution policy makes IC the other side of your trades, setting the prices and sometimes filling orders by hand without telling you.

Why this matters

When IC is the other side of your trade and does not pass it on, your loss can be its gain. The same policy says IC may issue a requote in some instances, despite the promise of none.

Exhibit 18Warning

IC operates an over-the-counter (“OTC”) execution model and determines the executable prices made available to Clients through its trading platforms, based on the underlying market prices, liquidity and other relevant market information available to IC.
Clause 12.2 in Order Execution Policy, p.15
Read from the broker's site on Open the reference

Raw Trader Plus rebates stay yours until IC suspects otherwise

Raw Trader Plus pays rebates from $1.50 a lot to high-volume traders at IC, and members can withdraw them. Clause 6.e of the programme terms lets IC reclaim rebates already paid on any reason to suspect an unfair advantage.

Rebate terms1 clause flagged

If you join IC's Raw Trader Plus rebate programme, IC can cancel, withhold or reclaim rebates already paid to you without notice. It only needs any reason to suspect that you gained an unfair advantage.

Why this matters

The rebates are withdrawable, so IC could ask for money back that you have already taken out. IC can also change or end the programme, or exclude you from it, at any time and for any reason.

Exhibit 23NoticeHarder than usual

We reserve the right to immediately, without any notice, cancel or withhold any Volume-based Rebate due to you and/or reclaim any refund paid to you if:
Clause 6.e in Raw Trader Plus Terms & Conditions, p.4
Read from the broker's site on Open the reference

What it costsAt the Tier 1 rate of $1.50 a lot, 100 lots earn $150, and IC can reclaim all of it.

IC's contract runs on Seychelles law and its English text

Clause 28.10 puts IC's contract under Seychelles law, with the Seychelles courts named but not exclusively. The English version prevails over any translation, and clause 28.6 lets IC transfer your agreement to a third party without your consent.

Governing law1 clause flagged

Seychelles law governs your contract, and the English text wins over any translation, although IC markets in 16 languages. IC can also transfer your agreement to another company without asking you.

Why this matters

Every contract document IC links, even from the Chinese version of its site, is in English. The contract names the courts of Seychelles, but not exclusively, so it does not bar you from other courts.

Exhibit 25NoticeStandard wording

This Agreement and each Transaction entered into with you is in all respects governed by the laws in force in Seychelles and the parties submit to the non-exclusive jurisdiction of the courts of Seychelles.
Clause 28.10 in Terms & Conditions, p.66
Read from the broker's site on Archived copyOpen the reference

Your account is with an offshore company, Raw Trading Ltd

IC's Terms name Raw Trading Ltd, licence SD018 from the Seychelles Financial Services Authority, as the company you contract with. IC Markets (EU) Ltd in Cyprus is a separate company, and the documents name no compensation scheme for this one.

Who you contract with1 clause flagged

Your contract is with Raw Trading Ltd, licensed by the Seychelles Financial Services Authority under number SD018. Its own documents give two different head office addresses, and its contact page gives a third.

Why this matters

IC Markets (EU) Ltd, licensed in Cyprus, is a separate company, and EU client protections do not come with this account. IC holds your money in pooled client accounts kept apart from its own, and no document names a compensation scheme.

Exhibit 24Notice

A reference in this document to “we”, “us”, “IC”, “the Company”, “our”, “ours” and “ourselves” (as appropriate) is a reference to Raw Trading Ltd (Co No: 8419879-1) (SDL Number: SD018)
Clause 1.1 in Terms & Conditions, p.2
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Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

IC says scalping is allowed, while its Terms let it refuse any order relating to scalping, for any reason.

Said in public, in English

Scalping, hedging, and automated trading are all allowed.

Why IC page, section The Ultimate in Trading Conditions

In the contract · clause 6.8

We may refuse to accept an Order (including but not limited to any Order that relates to black-box trading, scalping or any similar trading practices) and we may place a limit on any Order or place other conditions on the receipt of instructions or Orders, in our absolute discretion and for any reason.

02

IC promises no restrictions on trading, while its Terms treat trading too fast or heavy for the real market as prohibited conduct.

Said in public, in English

IC MetaTrader 4 and 5 platforms have no restrictions on trading.

Raw Spread account page, section headed No Restrictions on Trading

In the contract · clause 12.4(b)

(b) execution frequency, Order velocity, or aggregate traded volume materially exceeds what could reasonably be transacted in the underlying market without materially impacting price;

03

IC invites you to hedge, while its execution policy calls hedging across your own accounts abuse of negative balance protection.

Said in public, in English

Traders can also hedge positions as there is no first in first out (FIFO) rule with IC.

Raw Spread account page, section headed No Restrictions on Trading

In the contract · clause 14.3

For instance, a Client hedging his/her exposure utilising his/her accounts under the same or different client profile would constitute an abuse of the NBP

04

IC promises no dealing desk, while its execution policy says IC itself decides the executable prices it offers you.

Said in public, in English

Executable Streaming Prices (ESP) are sent from IC's pricing providers to us and offered to our clients with no dealing desk, price manipulation or requotes.

Raw Spread account page, section Raw Pricing

In the contract · clause 12.2

IC operates an over-the-counter (“OTC”) execution model and determines the executable prices made available to Clients through its trading platforms, based on the underlying market prices, liquidity and other relevant market information available to IC.

05

IC says there are no requotes, while its execution policy says IC may issue a re-quote in some instances.

Said in public, in English

IC is a regulated Forex CFD provider that applies Raw Spreads on its main and most famous account type, so there is no requotes, no price manipulation and no restrictions.

Why IC page, section Trust and Transparency

In the contract · clause 10.3.5

The Client acknowledges that prices displayed on the trading platforms may differ from prices available at any given time and in some instances may issue a re-quote as per paragraph 5.2 above.

06

IC invites you to copy other traders, while its Terms list copy trading among conduct that can breach its market integrity rules.

Said in public, in English

Choose your preferred trader from a large collection and begin your copy trading experience.

IC Social page, sign-up steps

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of ic.com

In the contract · clause 12.3(c)

Trading activity that forms part of a coordinated strategy distribution, signal service, copy trading arrangement, or automated execution network where multiple accounts replicate substantially similar trading decisions, Order timing, or execution patterns in a manner that, when aggregated, produces trading

07

IC says stops can sit as close to the price as you like, while its policy removes cTrader stops placed inside the spread.

Said in public, in English

This means orders including stop loss orders can be placed as close to the market price as you like.

cTrader Raw Spread account page, section headed No Restrictions on Trading

In the contract · clause 7.2.4

Stop Loss placed within the current bid-ask spread will be invalid and automatically removed. Stop Loss orders must be placed a minimum number of pips away from the available market price at the time of placing the order so that these are valid.

08

IC assures you of US$1,000,000 of cover, while its contract never mentions insurance and says insolvency payouts are unknown until hedging positions settle.

Said in public, in English

It assures that even if the company ceases operations due to financial reasons, your funds up to $1,000,000 USD are covered, including open CFD positions.

Client Funds Insurance page, opening section. The FAQ lower on the same page reads: The insurance will cover up to US$1,000,000 for all claimants.

In the contract · clause 14.13(c)

(c) The precise amounts and timing of payments will not be known until the net position with the Hedge Counterparties are known.

09

IC says it provides negative balance protection, while its Terms make you pay any deficit beyond your balance at once.

Said in public, in English

We provide risk management tools like stop-loss, and negative balance protection, to help protect your investments.

Crypto trading page, section Risk Management

In the contract · clause 15.18

you are responsible for the full and prompt discharge of the deficit (which exceeds the value of the Account) by making payment in full to us immediately when that deficit arises.

10

IC says deposits are free, while its Terms list credit card fees among the charges it may take from your money.

Said in public, in English

Deposit instantly and for free using a range of methods.

Account Funding page, opening line

In the contract · clause 13.3(b)

(b) from the CMA and pay ourselves the amount of any Transaction Fee, Realised/Unrealised Losses on your Account, any other fees or charges described in clause 13, (including but not limited to credit card fees) you owe

11

IC says open positions keep their leverage during high-margin periods, while its Terms let it change leverage on existing positions.

Said in public, in English

These rates apply to new positions only. Existing open positions retain the leverage at which they were opened.

Leverage and Margin page, Higher Margin Requirements section

In the contract · clause 15.5(f)

(f) increasing, reducing or otherwise adjusting the leverage applicable to any Financial Product, Account or Open Position, including in respect of existing Open Positions.

The documents this reading is based on

12 files, all published by IC. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording IC publishes.

How this reading was done

Every clause above was read out of a document IC publishes itself

This reading was published on .

Documents
12 of 12downloaded from the broker's site, and 12 read in full
Pages opened
87pages walked to find those documents, footer links included
Marketing pages
11public pages set against what the contract says
Position measured
3clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Raw Trading Ltd

Raw Trading Ltd, company number 8419879-1, holds Securities Dealer licence SD018 from the Seychelles Financial Services Authority, and its Terms name it as your counterparty. IC and IC Markets Global are its trading names. The site's own notice says Raw Trading Ltd is not authorised by any EU regulator and that IC Markets (EU) Ltd, licensed by CySEC under 362/18, is a separate company. None of these documents mention the ASIC licence listed for the broker. They give two head office addresses, Eden Plaza on Eden Island and the Providence Complex on Mahe, and the contact page lists a third, Eden House on Eden Island.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

IC publishes a full document set, including a 20-page margin and leverage framework. It lists swap-free holding fees for every instrument, in Arabic as well as English. We found no inactivity or dormancy fee in any document. The Terms keep client money in accounts separate from IC's own, and unresolved complaints can go to the Financial Commission and then to the Seychelles regulator. The contract lets you run expert advisors without asking first, and its abuse clause says ordinary use of negative balance protection is not abuse by itself.

No earlier version of these documents is available for comparison. This review covers every document listed in full, including all 84 pages of the Terms and Conditions. Three of them IC links from other pages of its site rather than from its legal documents page: the swap-free terms, the Raw Trader Plus rebate terms and the margin and leverage framework. The deposit screen inside IC's client area, which needs a live account, is not covered. The review compares the English marketing pages with the contract, plus some Arabic, Bulgarian, Chinese and Russian pages, but not every page in all 16 languages. No reviewed document states the minimum holding time in clause 3.1(l) or the Hyperactivity threshold in clause 10.15. Clause 3.1(n) points to withdrawal terms on the website, and the only such text on the site is IC's withdrawal page.

How to check any of this yourself

Every quote above links to the IC file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document IC publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge IC on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 24, 2026.

If you represent IC and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on IC. Whether its licence is real and current is a separate check on the broker profile.

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