What is ICM？
ICM, or ICM Capital, is a UK-based online forex and CFD trading provider. It was established in 2009 and is authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. The company offers trading services in a wide range of financial instruments, including forex, indices, commodities, and cryptocurrencies. ICM also provides clients with access to the MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader trading platforms, and offers multiple account types to cater to the needs of different traders.
Pros & Cons
ICM offers several advantages for traders, including the provision of the popular MetaTrader platform and a wide range of tradable instruments across multiple asset classes. The broker is also regulated by reputable authorities.
However, there are some drawbacks, such as limited educational resources and research tools. Additionally, ICM is not available for clients in certain jurisdictions.
Note: The above table is based on general observations and may not be comprehensive. Pros and cons may vary depending on individual preferences and requirements.
ICM Alternative Brokers
There are many alternative brokers to ICM, each with their own unique features and offerings. Some popular alternatives include:
eToro: eToro is a well-known broker that offers social trading, allowing traders to follow and copy the trades of other successful traders.
IG: IG is a broker that offers a wide range of trading instruments, including forex, stocks, commodities, and cryptocurrencies.
XM: XM is a broker that offers low spreads and competitive pricing, as well as a range of educational resources for traders.
Plus500: Plus500 is a broker that offers commission-free trading and a range of trading instruments, including forex, stocks, and cryptocurrencies.
FXTM: FXTM is a broker that offers a range of trading platforms and a variety of trading instruments, including forex, stocks, and commodities.
It's important to do your own research and compare the features, fees, and offerings of different brokers before choosing one that best fits your trading needs and preferences.
Overall ICM Rating
Based on various factors such as trading conditions, customer support, licenses and regulations, educational resources, and overall reputation in the industry, ICM is considered a legitimate broker.
ICM Overall Rating is 8 out of 10 based on our testing and compared to other brokers, see our rating below compared to other alternative brokers.
Is ICM Safe or a Scam？
ICM is a forex and CFD broker that operates under the regulatory oversight of several reputable financial authorities. It is regulated by the Financial Conduct Authority (FCA) in the UK, although it's important to note that its FCA license (No. 520965) has been revoked. Additionally, ICM is regulated by the Financial Services Commission of Mauritius and holds a Malaysia STP license from LFSA with license number MB/18/0029. However, it is flagged by AMF as a suspicious clone under the France Retail Forex License with license number 73904.
However, as with any financial service provider, it is always important to do your own research and due diligence before opening an account and investing your money.
Our Conclusion on ICM Reliability:
Based on the regulatory oversight, client fund protection, and risk management policies of ICM, it can be considered a relatively reliable broker. It is regulated by several reputable financial authorities, and it implements measures to ensure the security of its clients' funds.
However, like any other broker, there are still risks associated with trading, such as market volatility and price fluctuations, which should be taken into consideration. Though these measures can help protect clients, no security measures can completely eliminate the risk of financial loss in trading. It's important for traders to understand the risks involved in trading and to only trade with funds they can afford to lose.
Market Instruments
ICM offers a variety of trading instruments across different asset classes, including:
Forex: ICM offers over 60 major, minor, and exotic currency pairs, including EUR/USD, GBP/USD, USD/JPY, AUD/USD, and many more.
Precious metals: ICM provides trading opportunities for precious metals, including gold and silver, which are traded as CFDs.
Stocks: ICM allows clients to trade stocks from some of the world's most popular stock exchanges, including the NYSE and NASDAQ.
Futures: ICM provides access to futures contracts from various markets, including indices, commodities, and currencies.
Securities: ICM offers trading in bonds, bills, and notes issued by governments and corporations.
Cryptocurrencies CFDs: ICM also offers trading in cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple, as CFDs.
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It's worth noting that the availability of trading instruments may vary depending on the jurisdiction of the client.
ICM Accounts Review
ICM offers three distinct account types tailored to meet various trading preferences: ICM Direct (ECN), ICM Zero, and ICM Micro. All three accounts allow trading in multiple currencies including USD, EUR, GBP, or SGD and offer a leverage of 1:200 across the board.
The ICM Direct (ECN) account is designed for traders looking for direct market access with no commission charges. It supports a minimum transaction size of 0.01 lot and provides access to a wide range of instruments including Forex, Metals, Futures, Shares, and Cash CFDs. This account type does not specify minimum stop/limit levels for Forex & Metals which can be advantageous for traders looking for flexibility in placing orders.
The ICM Zero account caters to those who prefer trading with zero spread on Forex as it offers a spread of 0(2) but includes a commission of $7 per round lot. Like the ICM Direct account, it supports a minimum transaction size of 0.01 lot and provides access to the same wide range of financial instruments without minimum stop/limit levels.
Lastly, the ICM Micro account is suitable for traders who wish to trade smaller lot sizes; it allows trading in micro lots starting from 0.01 micro lot. This account also charges no commission and offers the same broad access to financial instruments as the other accounts.
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Leverage
ICM offers leverage up to 1:200 for forex trading. However, the maximum leverage available for other instruments such as indices, commodities, and cryptocurrencies may vary depending on the instrument and market conditions.
Spreads & Commissions
ICM offers variable spreads, which means that the spread can fluctuate depending on market conditions. The spread for EUR/USD can start from as low as 1.2 pips on ICM Direct account, while on ICM ZERO account the spread can be as low as 0.0 pips, but with a commission of $7 per lot.
It's important to note that the spreads and commissions may vary depending on the account type, trading instrument, and market conditions. It's always recommended to check the latest information on the ICM website or trading platform.
Below is a comparison table about spreads and commissions charged by different brokers:
Trading Platforms
ICM offers MetaTrader4 (MT4), MetaTrader5 (MT5), and cTrader as trading platforms.
MetaTrader4 is a widely used platform among traders and offers a range of features such as automated trading and advanced charting tools.
MetaTrader5 is the successor to MT4 and includes additional features such as more advanced trading tools and indicators.
cTrader is a popular platform among ECN traders and offers advanced charting tools, level 2 pricing, and other advanced features.
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Overall, ICM's trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below:
Deposits & Withdrawals
ICM offers several deposit and withdrawal options for its clients.
Deposit methods include bank wire transfer, credit/debit card, Skrill, Neteller, FasaPay, and China Union Pay. Withdrawal methods include bank wire transfer, Skrill, Neteller, FasaPay, and China Union Pay.
ICM does not charge any deposit or withdrawal fees, but fees may be charged by the payment provider. Withdrawals are usually processed within 24 hours, but may take longer depending on the payment method.
The minimum deposit amount for ICM Direct account is $200 and for ICM Zero account is $1,000.
ICM minimum deposit vs other brokers
ICM Money Withdrawal
To withdraw funds from your ICM trading account, you need to follow these steps:
Step 1: Log in to your ICM client portal.
Step 2: Click on the “Withdrawal” button.
Step 3: Select the payment method you want to use.
Step 4: Enter the amount you want to withdraw and fill in any required details.
Step 5: Submit your withdrawal request.
ICM will then process your withdrawal request and send the funds to the payment method you selected. The processing time can vary depending on the payment method and your bank's processing times. It is recommended to check with your payment provider for more information.
Fees
ICM charges various fees that traders should be aware of. Apart from spreads and commissions, there are also some other fees that will be charged.
Inactivity fee: If an account is inactive for 180 days, ICM charges an inactivity fee of $50 per month.
Overnight swap fees: ICM charges overnight swap fees on positions held open overnight, which can be either positive or negative, depending on the trading instrument.
Conversion fees: If traders deposit or withdraw funds in a currency different from their account currency, ICM charges a conversion fee of 2%.
See the fee comparison table below:
Bonus
ICM offers a promotional 10% credit bonus to its clients. This bonus is applicable on each new deposit made over the amount of 1,000 USD. This promotion is designed to provide additional trading leverage and enhance the trading capacity of ICM's clients by directly increasing their trading equity with the bonus. Its an opportunity for traders to increase their investment potential simply by adding more funds to their accounts.
Customer Service
ICM offers customer support 24/5 via live chat, phone, email, WhatsApp or send messages online to get in touch. You can also follow some social networks such as LinkedIn, YouTube, Instagram, Facebook and Twitter.
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Conclusion
In conclusion, ICM is a regulated broker that offers a range of trading instruments and account types. The broker has a strong emphasis on customer protection and provides negative balance protection to its clients. Additionally, the broker offers a demo account for traders to practice their trading strategies before investing real money.
ICM offers two account types with different spreads and commissions, and clients can choose between MT4, MT5, and cTrader as their trading platforms. The broker offers multiple deposit and withdrawal options, and fees are relatively competitive compared to other brokers in the industry.
In terms of customer service, ICM has a knowledgeable support team that can be reached through email, phone, or live chat. However, the broker's educational resources could be more extensive to cater to novice traders.
FAQs
What trading platforms does ICM offer？
ICM provides access to popular trading platforms such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader.
What types of accounts does ICM offer？
ICM offers multiple account types to suit different trader profiles:
ICM Direct (ECN): Offers variable spreads starting from 1.2 pips with a minimum deposit of $200.
ICM ZERO: Features spreads from 0.0 pips with a commission of $7 per lot, requiring a minimum deposit of $1,000.
How does ICM ensure client fund safety？
ICM adheres to strict regulatory guidelines under its FCA license, providing measures like Negative Balance Protection and segregating client funds from company funds.
What leverage does ICM provide？
ICM offers leverage up to 1:200 for forex trading.
Are there any fees or commissions charged by ICM？
ICM charges variable spreads and commissions depending on the account type. For instance, the ICM Direct account might offer spreads starting at 1.2 pips with no additional commission.
How can I deposit or withdraw funds from my ICM account？
Deposits and withdrawals can be made through various methods including bank wire transfers, credit/debit cards, and e-wallets like Skrill and Neteller.
2024-04-30 14:02
2024-03-08 12:10
