IC Markets Class Action

Echo Law has commenced a class action against International Capital Markets Pty Ltd (trading as IC Markets) and its founder Mr Andrew Budzinski. It will advance claims on behalf of retail investors who acquired ‘contracts for difference’ (CFDs) between 20 December 2017 and 23 August 2024 and suffered loss or damage.  

The class action alleges that CFDs were highly risky and unsuitable financial products, and that IC Markets engaged in misleading, deceptive and unconscionable conduct in the supply of CFDs to retail investors.  

If you have suffered loss or damage as a result of trading CFDs with IC Markets between 20 December 2017 and 23 August 2024, you may register by clicking the below button. It will not cost anything to register, and you will never be ‘out of pocket’ as a result of participating in this class action. 

Important Update – Opt Out Deadline

The Federal Court of Australia has ordered that Group Members who do not wish to participate in the IC Markets Class Action must remove themselves from the class action and opt out by 4pm AEST on 2 December 2025.

Group Members will have received an ‘Opt Out Notice’ from the Court via email, which alerts them to the class action. Group Members wishing to opt out must deliver the opt out form included in that Notice to the Victorian Registry of the Court before the opt out deadline in order to validly opt out of the class action.

Please note that this is not a deadline for registration in the class action. Group members do not need to take any steps in response to the notice if they have already registered their interest in the IC Markets Class Action with Echo Law, or if they have not yet registered in the claim but still wish to remain a group member. Group members only need to take steps if they wish to opt out of the class action.

Opting out means you are not bound by the outcome of the class action and you will retain your rights to bring your own individual claim against IC Markets and/or Andrew Budzinski, provided you do so within applicable time limits. If you choose to opt out, you will no longer be part of the class action and you will not be entitled to share in any benefit (such as financial compensation) if the class action is successful.

Click here to access a copy of the Federal Court Orders.

More information on opt out and registration can be found in the Frequently Asked Questions below.

Allegations

‘Contracts for difference’ or CFDs are contentious, over-the-counter financial products which allow an investor to make a profit or loss from changes in the market price of a CFD’s underlying instrument, without owning or having any direct interest in that financial product.  

CFDs are volatile products that expose investors to rapid losses.  They are often highly leveraged, with an investor only having to provide a small amount of investment by way of an initial ‘buy in’ to the trade (a margin), despite in reality obtaining a large exposure to the market price movements of the underlying instrument. CFDs are banned in a number of other jurisdictions, and their sale has been subject of ASIC intervention orders. ASIC has also issued proceedings against other CFD licensees in Australia.  

The CFDs offered by IC Markets include contracts based on the price of foreign exchange, securities (shares or equities), indices, commodities, government bonds and cryptocurrencies. As a counterparty to the transactions, CFD issuers such as IC Markets have profited from the substantial losses of retail investors to date.  

The class action alleges that IC Markets engaged in misleading, deceptive and unconscionable conduct in the supply of CFDs to retail investors. It alleges that investors suffered loss and damage as a result of IC Markets failing to adequately warn them of the significant risks of highly leveraged CFD trading, and for failing to exercise reasonable care in their sale of CFDs to avoid retail investor losses.  It also alleges that IC Markets failed to comply with regulatory requirements or prohibitions on conflicted remuneration, and engaged in conduct that had the effect of avoiding proposed regulatory intervention.

Participation

If you are a retail investor who signed up with IC Markets and acquired CFDs between 20 December 2017 and 23 August 2024, you may be eligible to participate as a group member in this class action.  

The claim has been issued on an open class basis. This means that if you are eligible, you will automatically be included as a group member in this class action.  

You can register for this class action by clicking the ‘Register Now’ button on this page. By registering, you will receive regular updates from Echo Law about the progress of the class action. You do not need to do anything further at this stage.  

You can also contact Echo Law to discuss the class action by sending an email to enquiries@echolaw.com.au, or calling Echo Law on (03) 7046 3565.

Costs

There are no out of pocket costs to participate in this class action.  

The proceeding is supported by third party litigation funding. This means you will not have to pay any money out of your own pocket for legal fees or related expenses, and you will not be responsible for paying any costs if the class action is unsuccessful.  

If the class action is successful and financial compensation is recovered from IC Markets, legal costs payable and a funding commission for the litigation funder will be deducted from the amount of compensation recovered from group members. These costs will never exceed the amount of compensation to which you may otherwise become entitled, and will be assessed by the Court to ensure any legal costs and funding commission deducted from the amount of compensation are fair and reasonable.  

If the class action is unsuccessful, group members will not pay any costs whatsoever.  

Frequently Asked Questions

  • A class action is a process by which the claims of many people can be heard simultaneously in a single court proceeding.

    You can read more about class actions on our website here.

  • A class action is a proceeding that is brought by one or more persons on their own behalf and on behalf of a group of people, called group members, who have similar claims against another person or persons.

    If you are a retail investor who acquired CFDs from IC Markets between 20 December 2017 and 6 February 2024, you may be eligible to participate as a group member in this proposed class action.

  • The IC Markets Class Action is being run on an open class basis. This means that anyone who meets the eligibility criteria (known as a Group Member) is automatically part of the class action. Group Members have the right to cease being a Group Member by ‘opting out’ of a class action (if they wish to do so). This process is facilitated by the Court and is called the ‘Opt Out Process’.

    You should have received an ‘Opt Out Notice’ by email, alerting you to the class action and informing you of your rights. If you want to opt out, you must do so by 4.00pm (AEST) on 2 December 2025.

    You must complete the "Opt Out Notice" form and return it directly to the Victorian District Registry of the Federal Court of Australia by email at vicreg@fedcourt.gov.au or post. This will inform the Court that you do not wish to participate in the class action.

    Opting out means you are not bound by the outcome of the class action and you will retain your rights to bring your own individual claim against IC Markets.  If you choose to opt out, you will no longer be part of the class action and you will not be entitled to share in any benefit (such as financial compensation) if the class action is successful.

  • The claim is presently on behalf of retail investors who purchased CFDs with IC Markets between 20 December 2017 and 23 August 2024. This is based on the causes of action that are alleged in the claim at this time.

    If the claim is amended to include any other group of persons at any time, those that have registered with us will be notified accordingly. You may also wish to check back at this page to keep updated on any further information in relation to this case.

  • When you register as a group member, you will be asked a number of questions about your trading history with CFDs and your acquisition of CFDs with IC Markets. You should answer these questions as accurately as possible. However if you are unable to recall any particular details or are unsure, this information can be revised at a later time.

    We may contact you to verify your registration or follow up on any outstanding information over the course of the class action.

  • Registration is not compulsory at this stage, but there is no cost to register and there are a number of reasons why you should consider registering for this class action now:

    First, it allows Echo Law to confirm you are a group member, to provide you with updates in relation to the class action and to contact you if you become eligible to receive compensation.

    Second, by registering now, you can ensure that you avoid missing any future deadlines for registration if you are eligible to receive compensation.

  • This claim has been issued on an open class basis. This means if you are an eligible, you will automatically be included as a group member in this class action. However, we are encouraging everyone who may be a group member to register now, to receive updates in relation to the class action, and so that we can contact you if you become eligible to receive compensation.

    You can register by clicking the ‘Register Now’ button at the top of this page.

  • Group members in a class action are not individually responsible for the legal costs associated with bringing a class action and group members do not pay out of pocket costs by participating in a class action.

    If the class action is successful and financial compensation is recovered from IC Markets, legal costs payable and a funding commission for the litigation funder will be deducted from the amount of compensation recovered from group members. These costs will never exceed the amount of compensation to which you may otherwise become entitled, and will be assessed by the Court to ensure any legal costs and funding commission deducted from the amount of compensation are fair and reasonable.

  • The lawyers running the claim are from the law firm Echo Law.

    Echo Law is a class actions focused law firm founded by experienced legal professionals who have a proven track record of success running class actions on behalf of plaintiffs.

    You can read more about us, and our track record on our website here.

  • This class action against IC Markets is being funded by CASL. CASL is made up of one of the most experienced litigation finance teams in Australia. You can read more about CASL here.

  • If you have a question that has not been answered or you would like to speak with a lawyer abut the class action, you can contact Echo Law by sending an email to enquiries@echolaw.com.au, or calling Echo Law on (03) 7046 3565.

    Please note that we will endeavour to respond to your query as soon as possible, though there may be some delay before you receive a response depending on the volume of enquiries in relation to this class action.

  • If you should have any further questions, you can contact us directly at enquiries@echolaw.com.au or by giving our team a call at +61 3 7046 3565.