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ICBC -

Score

1.49 /10
Danger

ICBC

Hong Kong

2-5 years

Suspicious Regulatory License

High potential risk

http://www.icbc.com.cn/icbc/en

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Score

Regulatory Index0.00

Business Index6.83

Risk Management Index0.00

Software Index4.00

License Index0.00

Time Machine
Website

Licenses

No valid regulatory information, please be aware of the risk

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Warning: Low score, please stay away! 2
Previous Detection : 2024-11-13
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

ICBC · Company summary
ICBCReview Summary
Founded1984
Registered Country/RegionChina
RegulationNo License
Market InstrumentsPrecious Metals, Foreign Exchange, Crude Oil, Agricultural Products, Energy, etc.
Demo AccountUnavailable
LeverageNot mentioned
SpreadNot mentioned
Trading PlatformPersonal Mobile Banking, Personal Internet Banking, WeChat Banking
Min DepositVariable (Dependent on the type of account and product)
Customer Support24-hour Service Hotline in China: 9558824-hour VIP Service Hotline: 400-66-95588
SMS Banking: 95588
Physical Address: No.55 FuXingMenNei Street, Xicheng District, Beijing, P.R.C

ICBC Information

Industrial and Commercial Bank of China Limited (ICBC) was established on January 1, 1984, and is one of the largest commercial banks in China.

It provides a wide range of financial products and services to global corporate and individual customers through distribution channels such as online banking, telephone banking, and self-service banking.

Pros and Cons

Pros Cons
Availability of diverse platformsLack of regulatory oversight
Diverse range of tradable assets including precious metals, forex, and commoditiesDeposit requirements not specified
Multiple account types (Type I, Type II, Type III)No information about leverage and spreads
Multiple convenient methods for deposits and withdrawals

Is ICBC Legit?

The ICBC was registered in 1984, but it does not have a foreign exchange trading license.

What Can I Trade on ICBC?

ICBC supports a broad range of financial products and services, including funds, bonds, foreign exchange, commodities, futures, and derivatives. The bank is heavily involved in asset management, investment banking, and brokerage services.

Tradable InstrumentsSupported
Stocks❌
Forex✔
Funds✔
Bonds✔
Options❌
Futures✔
Derivatives✔
Structured Products❌
CFDS❌
Cryptocurrencies❌
Precious metals & Commodities✔
Indices❌

Account Types

The account types of Industrial and Commercial Bank of China mainly include Type I accounts, Type II accounts, and Type III accounts.

Type I account is a fully functional bank account that has functions such as deposit, purchase of wealth management products, transfer, consumption, payment, and withdrawal of cash. Type I account is suitable for use as a salary account or personal wealth account, mainly for various application scenarios.

Type II account is a wealth management account, which can be used for investment and wealth management, consumption, and public utility payments after transferring funds.

Type III account is mainly a “wallet” account, which is mainly used to bind small payments such as quick payment, online consumption, and payment.

Account TypeOpening MethodServices OfferedLimits
Type ICounter application; On-site verificationFull range: deposit, investment, fund transfer, etc.None specified
Type IIVirtual teller machine; Intelligent teller machine; Internet banking, mobile bankingLimited services; capped fund transfer, payments, and cash transactionsDaily payment ceiling: RMB 10,000
Type IIIInternet banking, mobile banking, electronic channelsLimited services; payments within set amountsBalance limit: RMB 1,000

ICBC Fees

Commission fee is applied at a rate of 0.08 percent of turnover for the Deferred Settlement. This comprises 0.02 percent for gold exchange commissions and 0.06 percent for the use of banking terminals.

Trading Platform

ICBC offers a range of digital platforms, each designed to provide customers with convenient and comprehensive financial services.

Trading PlatformSupported Available Devices Suitable for
Personal Mobile Banking✔MobileBeginners and Experts
Personal Internet Banking✔WebBeginners and Experts
WeChat Banking✔MobileBeginners and Experts

Deposit and Withdrawal

Cash payments, Debit cards, Credit cards and Online banking are available for deposit and withdrawal.

Additionally, cheques serve as a payment method at ICBC branches, with no fees attached, although customers are advised to allow sufficient time for cheque clearance before bill due dates.

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Labaishi
more than one year
ICBC has been my primary bank for a while now, and I have mixed feelings about the overall experience. On the positive side, their widespread network of ATMs is convenient, and the online banking system is functional. However, I've encountered issues with customer service that left me frustrated. It often feels like there's a lack of personalization, and problem resolution can be a bit slow. The user interface of their mobile app could also use some improvement to enhance user experience.
ICBC has been my primary bank for a while now, and I have mixed feelings about the overall experience. On the positive side, their widespread network of ATMs is convenient, and the online banking system is functional. However, I've encountered issues with customer service that left me frustrated. It often feels like there's a lack of personalization, and problem resolution can be a bit slow. The user interface of their mobile app could also use some improvement to enhance user experience.
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2024-01-03 16:42
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