IC Markets announced it has decided to levy a “monthly ASX share CFDs, market data fee effective” to its clients. It means traders on the platform will be charged a monthly fee.
It will be a charge of AUD 22 for accessing ASX Share CFD Market data. That’s for any day of the month, even though they do not execute a single trade.
Traders on IC Markets’ MT5 platform will be facing the new charges. This will be effective from September 1, 2020, and will be charged at the end of the month.
IC Markets highlighted that the monthly data fee will be applied at the beginning of the month of October. That will be for all traders who have accessed the market data during the month of September and so forth.
IC Markets clients with multiple clients or accessing the market data multiple times a month will be charged only once. The broker clarified though, that the clients maintaining profile will be charged the monthly fee. That’s for each profile based on their data access.
This fee will not be applied if a trader does not access the ASX Share Market data. No fee for a trader who does not execute any trades with the ASX Share CFDs for any given month.
IC Markets: Revised Minimum Fees
The announcement also revealed that the Sydney-based retail forex broker is revising the minimum commission fee for its clients. That will be from the beginning of next month, with a minimum fee of AUD 7 for every spot trade.
Last year, the Australian entity of the broker ceased its services to non-Australian businesses. It migrated the affected clients to its Seychelles subsidiary.
In July, the Australian brokerage also signed an annual €10 million sponsorship deal with Italian football giant Inter Milan. It featured its logo on the team’s sleeves.