FNG Exclusive… Not all of the online trading world is heading toward a Robinhood-like commission free trading and free market data streams model.

FNG has learned that Australia based Retail FX broker IC Markets has sent a note to clients (see full text below), indicating that it will start charging what it calls a “monthly ASX share CFDs market data fee”. IC Markets will also start charging commissions on ASX share CFD trades.

The charges at IC Markets will become effective as of September 1, 2020.

The company noted that the incoming changes will affect only traders using ASX Share Market data from their MT5 platform. Starting from the month of September, clients who have access to the ASX Share CFD Market data from their MT5 platform during any day of the month for one or multiple times, a market data fee will be applied to their account at the end of the month.

The data market fee will also be applied even if the client doesn’t trade, but only accesses the market data.

For clients who trade ASX Share CFDs from the month of September, a minimum commission charge will be applied to their trades. Clients who do not access ASX Share Market data and do not trade ASX Share CFDs will not be affected by this change.

The market data fee is a fixed AUD $22 per month. This fee is charged once per calendar month directly to clients’ accounts, at the beginning of the following month in which they accessed the market data. Clients with multiple accounts and/or who access the market data multiple times, will only be charged once. However clients with multiple profiles accessing the data will be charged once per profile.

Regarding the minimum commission fee on ASX Share CFDs, IC Markets said that regardless of the value of the trade, starting from the month of September clients will be charged a minimum commission fee of AUD $7 per single trade on the spot on their accounts.

IC Markets, as was exclusively reported by FNG earlier this month, is finalizing a €14.3 million, 3-year deal to become the sleeve sponsor of Italian football club Inter Milan.

The full note issued by IC Markets reads as follows:

Upcoming changes to ASX shares trading costs

To maintain our high level of service, we are introducing a monthly ASX share CFDs, market data fee effective as of 1st of September 2020.

Who will be affected by this change?

The incoming changes affect only traders using ASX Share Market data from their MT5 platform.

From the month of September, if you have access to the ASX Share CFD Market data from your MT5 platform during any day of the month for one or multiple times, a market data fee will be applied to your account at the end of the month.

Please note: The data market fee will also be applied if you do not trade, but only access the market data.

If you trade ASX Share CFDs from the month of September, a minimum commission charge will be applied to your trades.

If you do not access ASX Share Market data and you do not trade ASX Share CFDs you will not be affected by this change.

What is the Market Data Fee and how is it applied?

The market data fee is a fixed $22 AUD per month. This fee is charged once per calendar month directly to your account, at the beginning of the following  month in which you accessed the market data. If you have multiple accounts and/or if you access the market data multiple times, you will only be charged once. If you have multiple profiles accessing the data you will be charge one per profile.

If you have access to ASX share CFDs market data you do not need to make any changes to your account, this charge will be automatically applied each month.

How much is the minimum commission fee on ASX Share CFDs?

Regardless of the value of your trade, starting from the month of September you will be charged a minimum commission fee of $7 AUD per single trade  on the spot on your account.

When does this come into effect?

From the 1st of September 2020 the minimum commission fee will be active for all clients trading ASX Share CFDs and will be charged automatically on the account.

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.

If you have any questions or require any assistance, please contact one of our support team members via Live Chat, email: support@icmarkets.com, or phone +61 (0)2 8014 4280.

Kind regards,

IC Markets