IC Markets, a Sydney-based retail forex broker, has decided to levy a “monthly ASX share CFDs, market data fee effective” for its clients, the brokerage announced today.
It means, traders on the platform will be charged with a monthly fee of AUD 22 for accessing ASX Share CFD Market data any day of the month, even though they do not execute a single trade.
Traders on IC Markets’ MT5 platform will only face the new charges, which will be effective from September 1, 2020, and will be charged at the end of the month.
“The monthly data fee will be applied at the beginning of the month of October to all traders who have accessed the market data during the month of September and so forth,” IC Markets highlighted.
5 Typical Investing Mistakes with Cryptocurrency You Should AvoidGo to article >>
IC Markets clients with multiple clients or accessing the market data multiple times a month will be charged only once, the broker clarified. However, the clients maintaining multiple profiles will be charged the monthly fee for each profile based on their data access.
The brokerage also stressed that this fee will not be applied if a trader does not access the ASX Share Market data or execute any trades with the ASX Share CFDs for any given month.
Revised Minimum Fees
The announcement also revealed that the Australian broker is revising the minimum commission fee for its clients from the beginning of next month, with a minimum fee of AUD 7 for every spot trade.
As Finance Magnates reported last year, the Australian entity of the broker ceased its services to non-Australian business, migrating the affected clients to its Seychelles subsidiary.
Last month, the brokerage also signed an annual €10 million sponsorship deal with Italian football giant Inter Milan, featuring its logo on the team’s sleeves.