Forex markets have been around for a decade now! Despite the risks involved with them, we can’t ignore how it has been a center of investment for all types of investors.
However, no matter the type or size of the investor, the common question around ‘whom to trust’ is always there. Besides, if you’ve ever heard of ICM Capital, you must’ve thought the same. But in reality, what is it all about? Let’s find out in this comprehensive review.
Pros & Cons Of ICM Capital
ICM Capital: At A Glance
|Headquarters||London, United Kingdom|
|ICM Capital Employees Size||200-500 employees|
|Regulated by||FCA UK, 520965Jordan Securities Commission|
|Customer Support||Multilingual (web, desktop and mobile) 24*7 Callback, Email, Live Chat, Office, and Phone.|
|Industry||Brokerage, lending and Finance|
ICM Capital: Company Overview
ICM Capital Limited was founded in 2009; it has its main office in London and a representative head office in the United Arab Emirates. In addition, it has operational and support offices in Dubai and Shanghai, as well as ten affiliate offices, spread across Asia, Africa, and South America.
Products like Spot Foreign Exchange, Precious Metals, US Stocks, Energy Futures, Index Futures, and Cash CFDs are among the company’s offers. ICM Capital Brokers is a reputable forex trading platform that allows users to access various products on different financial markets, including shares, cryptocurrencies, indices, CFDs, and many others. As a result, it enables its clients to reduce excessive risk and increase their earnings.
The company is focused on providing services to all different types of clients, but particularly to affluent clients from the Middle East and North Africa. As a result, ICM Capital has won numerous MENA accolades. ICM Capital welcomes clients from every nation, but US citizens are not permitted to trade there.
ICM Capital offers trading services to traders worldwide as one licensed broker. However, the management group and CEO have profited from markets, particularly the Middle Eastern one, and have taken home numerous accolades there.
One of the top MetaTrader 4 forex platforms is provided by the corporation. Both novice and experienced traders can trade using any device of their choosing with this mix of downloadable Direct and Zero trading platforms for devices including Windows and Mac. The maximum need for trades also changes depending on the trader, the investment products, and the trading tools used by ICM Capital.
Key Features Of ICM Capital
ICM Capital is one of the best and most trustworthy Trading platforms. While there are several aspects to the platform, here are a few features that make it unique:
Protection Against Negative Balance
The trading platform at ICM Capital offers negative balance protection to shield consumers from the possibility of losing more money than they initially put up. Trading can be done safely because of this. In addition, with superior deep liquidity execution, the Owners of ICM Direct accounts can use ECN technology.
It gives them immediate market access, along with deep liquidity from the top liquidity providers and Tier 1 banks. This way, no matter the type of trader or investor, they’ll be in a better position with their trades.
Competitive Fees & Commission
ICM Capital primarily provides a USD/EUR variable spread of 1.3 pip, which is excellent for the FOREX market. On the other hand, the fixed spreads offered by ICM Capital are quite competitive and can reach 1.6 pip on USD/EUR. The company does not charge commission because it covers its costs through the price spread. Depending on the withdrawal payment option you choose, ICM Capital has different withdrawal costs. You can withdraw your money from the broker to Neteller, e-wallets, credit cards, debit cards, and bank transfers, for instance.
The registered brokerage client is responsible for paying all account inactivity costs levied by ICM Capital in the meantime. Clients would be required to comply with any trading activity requirements set forth by brokers following the terms and conditions of their accounts. A fee for inactivity may be owed if a client’s trading account fees are unpaid for a period during which there is no buying or selling, as determined by the broker.
Multiple Offerings On Investment
ICM Capital hasn’t entirely ruled out the prospect of serving regular traders, despite institutional traders being its primary target market. As previously mentioned, the minimum deposit for its accounts is $200, which is relatively high compared to current industry standards but still respectable. In addition, you’ll have access to the following accounts after making this deposit:
- ICM Standard Account: This account is available to those who reside outside Europe and China’s continental territory. This account, which is a Straight Through Processing (STP) account, among other things, gives traders access to trading in equities, commodities, futures, and FOREX.
- ICM Direct Account: All traders, regardless of location, have access to the Direct Account (except for the US, of course). The Direct Account is a specialized ECN account that offers access to trade in futures, commodities, equities, and FOREX, much like the Standard Account.
- Demo Account: To learn the basics of the market, traders can also open a demo account to practice their trading.
Access To Advanced Tools & Platform
Customers of ICM Capital get access to the well-liked MT4, which is the top platform in the business and is favored by traders due to its powerful charting package, automated trade options with a professional adviser, and large back-testing environment, and one-click trading.
The MT4-powered ICM Capital trading software enables users to keep track of their portfolios, concentrate on current market trends, find trade ideas, and execute transactions. In addition, traders can search the financial market for trade opportunities that meet a specific condition using the ICM Capital platform.
Tools For Study & Development
A comprehensive education center for traders of all levels is also offered to help in the rapidly expanding retail FOREX industry. The broker also hosts several contests and championship tournaments to motivate traders to enhance their abilities while taking home substantial rewards. In addition, technical analysis software from Trading Central is used by ICM Capital for its product line and is offered without charge to live account members.
Trading Central is the industry standard for providing daily market reports and covering technical analysis for FOREX, precious metals, and oil. In addition, a daily look at market news (from reliable sources), current statistics about the available currency pairings, an economic calendar, current statistics about the available currency pairs, and a weekly Webinar are also provided.
Additional Features Of ICM Capital
Those mentioned above were some of the core features of the ICM Capital. However, that’s not all! Several additional features make the platform interesting. Here’s an overview of the different platforms:
Versatile Leverage: For ICM Capital retail accounts, ICM Capital provides variable leveraged products that adhere to ESMA requirements.
- Leverage ratios for significant forex pairs are 30:1.
- For gold, major indices, and non-major exotic FX pairs, they are 20:1.
- Other commodities are 10:1.
- Reference values and individual stocks they are 5:1. Customers with PRO accounts can leverage foreign exchange pairings up to 200:1.
High-Quality Customer Support: The skilled, multilingual ICM Capital customer service team with efficient market and technical help is available around the corner and serves around 120,000 clients. ICM Capital Ltd. has been providing financial services online for more than a hundred countries ever since it was founded in 2009.
Access To Mobile Trading: Users of the MT4 mobile app can securely transact anytime and from any location. The mobile app not only gives users full control over their trading accounts and many of the same functions as the desktop version, but it also has mobile-friendly features like one-touch trading and pushed notifications.
Twenty International Honors: Given that it is a multi-award-winning forex trading platform, its accomplishments in the sector are noteworthy. The development team keeps raising the bar and innovating the trading platform to offer the greatest trading tools with complicated instruments and take home more important financial industry accolades.
Fees Structure Of ICM Capital
According to this ICM Capital review, the platform offers a variety of payment choices, and the deposit prices vary according to the payment option. In addition, ICM Capital accepts a variety of deposit methods.
ICM forex brokers refund money using the payment mentioned above methods to stop online identity theft. Even though it could take up to five working days for some withdrawals to appear in a user’s bank account, ICM processes all withdrawal requests in less than 24 hours.
ICM assesses a commission for withdrawals based on the selected payment method, just like it does on deposits. Even though some withdrawal methods have fees, the brokerage waives these charges for one withdrawal per month.
ICM Capital Deposit & Withdrawal Options
Here are the multiple deposit methods and withdrawal options that make ICM Capital unique. They are:
|Bank transfers||No deposit fees, but banks may charge a nominal amount based on their fee structure.|
|PayPal||3.75% payment processing fees, 0.35 EUR, 0.2 GBP or 0.3 USD currency fixed fee|
|ICM Prepaid Cards||1.75%|
|Mastercard or Visa||3% deposit fee for USD, 4.25% for EUR/GBP|
|Skrill||0.32 transfer fees, 1% surcharge fee based on country|
|Neteller||%0.29 transaction fee, 2.5% deposit fee (minimum $1), 1% surcharge fee based on country|
The ICM Capital requires a minimum deposit of $200, which applies not only to the initial deposit but also to all kinds of deposits.
Here’s an overview of the multiple withdrawal methods accepted over the platform:
|Bank transfers||15 GBP|
|ICM MasterCard prepaid Card||$1.95|
|MasterCard or Visa||No fees|
|Skrill||1% withdrawals fees, minimum $0.49 and maximum $10|
|China union pay||$5|
Lastly, remember that ICM Capital does not require any minimum deposits.
ICM Capital Security Measures
Every trader chooses a trustworthy broker with a strong tier 1 regulatory status, and the secret to a broker’s reliability hinges on its security protocols. ICM Capital is very focused on following all national laws and the guidelines established by regulatory organizations. It maintains its regulatory position by following the appropriate guidelines established by the authorities.
The Financial Conduct Authority (FCA) of the United Kingdom, which oversees all financial services in this sector with the primary objective of protecting all consumers and ensuring whole industry stability, regulates and authorizes ICM Capital.
One of the most trustworthy, reputable, and astute regulating organizations in the financial sector is the Financial Conduct Authority, which provides complete protection of the monies given to consumers under the FSCS, or Financial Services Compensation Scheme. If ICM becomes insolvent, this plan will provide up to £50,000 in coverage. Additionally, ICM Capital has enhanced this by adding £1,000,000 in protection backed by sizable global capital.
ICM ensures that all customer deposits are stored in segregated bank accounts per UK FCA laws on fund safety. This indicates that the business will never use any client money.
Along with secured data communication between platform servers and client terminals, the MetaTrader ICM platform offers a high level of security standards. Additionally, two-factor authentication is accessible during the login process.
Account Opening With ICM Capital
ICM Capital is one of the greatest and most user-friendly forex brokers for all types of traders, including novice and experienced investors, regardless of trading experience. Enjoy the advantages of ICM Capital accounts by opening an account there. Once the platform has fully confirmed the application, traders can begin trading and investing in international markets thanks to the straightforward opening process for trading accounts.
Step 1: Provide your full name, email address, password, phone number, native language, and country.
Step 2: Fill in your personal information, such as date of birth, home address, nationality, passport number, and clarify if you are a US citizen.
Step 3: If you have ever traded forex or futures, be prepared to answer questions about your background in trading. Include your years of experience and any recent transactions.
Step 4: Check your employment history in the financial services industry, then select your trading platform, account type, and currency.
Step 5: Last, describe your employment situation, yearly income, net worth, liquid assets, and anticipated USD deposit.
All traders need to do to register an account with ICM Capital is fill out an easy and quick registration form found on the ICM Capital official website, then wait for the account and all user-provided information to be evaluated and approved by the support team.
The team, however, completes the verification process quickly so that new customers can immediately begin researching and trading in the market. In addition, traders can access the platform’s wide range of tools and resources after completing the account setup.
ICM Capital has received mixed feedback from its customers. It has high liquidity for almost all instruments because the company cooperates with first-tier banks. However, trading on the ECN network involves high execution speed and the best prices. And at ICM Capital, everything is exactly like that only 70-75% of all transactions are executed.
In terms of various factors, such as trading instruments, deposits and withdrawals, and customer assistance, a good broker equals a good service for traders. What is advantageous to one trader may not be advantageous to others. By going over the requirements, it can be determined whether ICM Capital is a good broker for you or not. ICM Capital offers trading services in various markets, including Agriculture, Forex, Gold & Silver, Cryptocurrencies, CFD, Oil, & Indexes. Customers can also choose from several payment options to get started.
ICM Capital is governed by the Jordan Securities Commission and the FCA (UK). Therefore, a more responsible trading environment results from using a regulated broker. Additionally, since several legal frameworks in the financial sector call for a compensation plan for unforeseeable events that cause clients’ financial losses, you can anticipate a higher level of assured safety of assets.
ICM Capital Vs. Competition
Having a trustworthy broker is crucial while trading. In this guide, we discuss the best ICM Capital alternatives and ICM Capital competitors in case ICM Capital does not meet your needs. eToro is the most effective Competitor to ICM Capital.
ICM Capital Vs. eToro
Both ICM Capital and eToro are platforms backed by unique abilities. For example, they’re both reliable and have a competitive fee structure to make them unique. But, there are several special features to them too. To give you a better idea, here’s a detailed overview:
- Regulation: ICM Capital is regulated by FCA, FSCS, FSCS, CABs, ARIF, whereas that of eToro is Cyprus Securities and Exchange Commission (CySEC) Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), and Markets In Financial Instruments Directive (MiFID),
- Access To Trading platforms: The trading platform for ICM Capital is Android, Desktop, Mac, and iPhone, whereas the trading platform is eToro Web Trader, Tablet, and Mobile Apps.
- Options To Diversify: Coming to the list of offerings, there are multiple markets in which ICM Capital users can invest. In comparison, eToro is still limited.
Both ICM Capital and eToro are two unique platforms. However, following the detailed overview, it’s evident that ICM Capital takes the lead over eToro on its regulation, ecosystem, and numerous offerings, making it a clear winner.
Should You Consider Using ICM Capital?
- ICM Capital is licensed by the FSA: ICM Capital is licensed and regulated by the esteemed Financial Conduct Authority (FCA) regulatory organization and the Financial Services Compensation Scheme (FSCS), which insures roughly £85,000 in case of firm insolvency, keeps customer funds safe, and secure. The Financial Services Authority (FSA) of the Grenadines and St. Vincent oversees the ICM Capital International website.
- Provides insurance: The business has Lloyds of London insurance to cover its legal obligations to clients in case of mistakes, negligence, and fraud. The insurance is offered up to a maximum of £5,000,000. However, live account holders are provided with this security at no additional expense.
- Optimal trading technology: This ICM Capital review claims that the trading technology supports all forms of trading and exhibits exceptional trade and market execution. ICM Capital provides ECN smart spreads through major liquidity providers starting at 0 pips for the benefit of its clients.
- Trustworthiness and Reliability: The critical benefit of trading with ICM Capital is that the platform is governed by some top-tier 1 regulatory agencies, including the UK FCA. The company, a brand of ICM Capital Ltd., a wholly owned subsidiary of ICM Holding SARL, has been in business since 2009.
Shortcomings Of ICM Capital
- Allows for no scalping. The broker lacks the necessary equipment and may not even have the necessary experience. To put it another way, their trading platform might not have the technology required to handle the volume or pace of the deals, i.e. they lack the tools.
- Limited selection of instruments: ICM Capital only provides 142 instruments to its consumers, making the selection of instruments rather limited. The options available to traders are limited.
This brings us to the end of our comprehensive review on ICM Capital. Looking at this short but comprehensive review, it’s evident that the platform has several features that make it unique.
However, similar to the great offerings, it has multiple shortcomings too. So if you’re an investor or trader who needs to access scalping features, you might want to settle for a different platform.
Is ICM Capital safe and legit?
ICM Capital, founded in Luxembourg in 2009, has facilitated forex trading by providing Share Dealing, Spread Betting, and numerous other possibilities. All customer monies are stored in a separate bank account for further security. The platform is fully genuine and safe and is governed by multiple regulatory organizations, including the UK's Financial Conduct Authority (FCA).
What is ICM Capital's minimum deposit amount?
ICM Capital requires a $200 minimum deposit or equivalent in other supported currencies. Therefore, traders must always meet the minimum deposit requirement to benefit from the leverage ICM Capital offers.
Do I need to take a course for starting a forex trade?
Yes, it is always a wise move to start your forex trade journey after you’ve taken a professional course. Else, you’ll be risking your investment.