Note: Regrettably, the official website of ICM Capital, namely https://www.icmcapital.my/en/home, is currently experiencing functionality issues.
Overview of ICM Capital
ICM Capital is a broker that claims to be regulated by FCA and LFSA. However, this regulation is suspected to be a clone. Their official website is inaccessible triggering reliability issues of their trading platform.
ICM Capital offers ICM ZERO and ICM DIRECT (ECN) as account types and clients can trade on Meta Trader 4. Traders can trade Forex, Metals, Futures, Shares, and Cash CFDs on the website. They provide 1:100 as the maximum leverage.
Clients can contact them via phone and email.
If you are interested, we invite you to continue reading the upcoming article where we will thoroughly assess the broker from various angles and present you with well-organized and succinct information. By the end of the article, we will provide a concise summary to give you a comprehensive overview of the broker's key characteristics.
Is ICM Capital Safe or a Scam？
There are significant concerns regarding ICM Capital as a broker.
The Financial Conduct Authority (FCA) regulation associated with their license appears to be a suspected clone, which raises suspicions about their legitimacy. (License Type: Institution Forex License; License Number: 520965)
Also, The Labuan Financial Services Authority (LFSA) regulation associated with their license appears to be a suspected clone, which raises suspicions about their legitimacy. (License Type: Straight Through Processing(STP); License Number: MB/18/0029)
Additionally, the inaccessibility of their official website raises doubts about the reliability and trustworthiness of their trading platform. Therefore, investing with ICM Capital carries a higher level of risk due to these factors.
Pros and Cons
Pros:
N/A
Cons:
Suspicious Regulatory Status: There are concerns about its legitimacy due to suspicions about being a clone of authorized entities like the FCA and LFSA, which could make trading riskier.
Higher Risk: Trading with ICM Capital may carry a higher risk due to doubts about its regulatory status and authenticity, potentially leading to financial losses or fraud.
Website Accessibility Issues: The broker's website may be hard to access at times, making it difficult for traders to find information or conduct transactions smoothly.
Market Instruments:
ICM Capital provides access to a range of market instruments, allowing traders to engage in various financial markets. Here are the features of each market instrument offered by ICM Capital:
Forex: Forex, or foreign exchange, trading involves the buying and selling of currency pairs. Traders can speculate on the relative value of different currencies, aiming to profit from fluctuations in exchange rates.
Metals: Metals trading typically includes precious metals such as gold, silver, platinum, and palladium. Traders can trade these metals against major currencies or other assets, leveraging their value as a hedge against inflation or economic uncertainty.
Futures: Futures contracts represent agreements to buy or sell assets at a predetermined price on a future date. ICM Capital offers futures trading across a range of commodities, indices, and other assets, allowing traders to speculate on price movements and manage risk.
Shares: Share trading involves buying and selling ownership stakes in publicly listed companies. Traders can speculate on the price movements of individual stocks or trade stock indices, such as the S&P 500 or FTSE 100, which represent baskets of stocks from multiple companies.
Cash CFDs: Contracts for Difference (CFDs) are derivative financial instruments that allow traders to speculate on the price movements of various assets without owning the underlying asset. Cash CFDs offered by ICM Capital enable traders to trade on margin, potentially amplifying returns, and access a wide range of markets, including stocks, indices, commodities, and cryptocurrencies.
Account Types
ICM Capital offers two main account types: ICM ZER and ICM DIRECT (ECN).
With ICM ZER, traders can benefit from a maximum leverage of 1:100 without any minimum deposit requirement. This account type provides access to a wide range of products including Forex, Metals, Futures, Shares, and Cash CFDs, with a minimum position size of 0.01 of a Standard Lot.
Similarly, the ICM DIRECT (ECN) account offers a maximum leverage of 1:100 with no minimum deposit, allowing traders to access the same variety of products and maintain a minimum position size of 0.01 of a Standard Lot.
Leverage
ICM Capital offers a maximum leverage of 1:100 to traders, providing them with the opportunity to amplify their trading positions by up to 100 times their initial investment.
This leverage ratio allows traders to control larger positions with a relatively smaller amount of capital, potentially magnifying both profits and losses.
Customer Support
Customers can get in touch with the customer service line using the information provided below:
Phone: +44 207 634 9770
Email: support@icmcapital.my
Conclusion
In summary, trading with ICM Capital has risks to consider. There are doubts about its legitimacy and regulatory status, which could lead to financial losses or fraud.
Additionally, the broker's website may have accessibility issues, making it hard for traders to find information or trade smoothly.
FAQs
Q: What are Clone Brokers？
A: Clone brokers are fraudulent entities that attempt to mimic legitimate and authorized financial firms to deceive investors. These fraudulent brokers typically create websites, marketing materials, and other documentation that closely resemble those of legitimate brokers, often including similar names, logos, and regulatory registration numbers.
Q: What market instruments can I trade with ICM Capital？
A: You can trade Forex, Metals, Futures, Shares, and Cash CFDs with ICM Capital.
Q: What are the account types offered by ICM Capital？
A: ICM Capital offers two main account types: ICM ZERO and ICM DIRECT (ECN).
Q: What is the maximum leverage available with ICM Capital？
A: The maximum leverage offered by ICM Capital is 1:100.
Q: Which trading platform does ICM Capital use？
A: ICM Capital uses the MetaTrader 4 trading platform.
2023-12-13 00:19
2022-12-13 18:10
