ICM Capital Review 2024

Quick Links

• Our Review Method

• ICM Capital Pros and Cons

• Is ICM Capital Safe or Scam?

• ICM Capital Review Summary in 10 Points

• Overall ICM Capital Ranking

• Is ICM Capital Regulated?

• How Are You Protected?

• Trading Platforms

• Desktop Platform

• Customer Support

• Education

• Fees

• Spreads

• Leverage

• Account Types

• Deposits and Withdrawals

• Conclusion

Our Review Method ▲

ICM Capital Broker stands as a prominent international online Forex and CFD trading firm, offering access to a wide array of trading products. This includes Forex, CFDs on Indices, Commodities, Cryptocurrencies, Futures, and more. Our review process involved a meticulous examination of the broker's offerings, services, regulatory status, and overall reliability. We compared ICM Capital against a comprehensive list of over 1000 brokers, assessing its performance in various categories to provide an informed and unbiased review.

ICM Capital Pros and Cons ▲

Pros

• ECN trading technology ensures efficient execution

• Competitive spreads and fees

• Comprehensive educational resources suitable for traders at all levels

• Broad global availability, catering to traders worldwide

Cons

• Limited trading instruments, primarily focusing on CFDs and OTC assets

• Customer support is not available 24/7

Is ICM Capital Safe or Scam? ▲

ICM Capital is not a scam. Positioned in London, the broker is authorized and regulated in the UK by the Financial Conduct Authority (FCA), highlighting its commitment to upholding high standards of transparency and client protection.

ICM Capital Review Summary in 10 Points ▲

• Headquarters: Located in the UK

• Regulation: Licensed by FCA, FSC, FSA, ARIF, SCAB, QFC

• Platforms: Provides MT4 trading platform

• Instruments: Offers OTC Spot Foreign Exchange, OTC Precious Metals, OTC US Stocks, OTC Energy Futures, OTC Index Futures, Cash CFDs

• EUR/USD Spread: Competitive at 1.1 pips

• Demo Account: Available for traders

• Minimum Deposit: Set at $200

• Base Currencies: Offers GBP, USD, EUR

• Education: Features an all-inclusive education center designed for various trader levels.

• Customer Support: Accessible 24/5

Overall ICM Capital Ranking ▲

ICM Capital is recognized as a reputable broker, offering safe and favorable trading conditions with transparency. The broker stands out with its range of trading services and competitive costs. Notably, ICM Capital's global availability and low spreads are significant advantages for traders. Based on our comprehensive testing and comparison to over 1000 brokers, ICM Capital's Overall Ranking is 4.5 out of 5.

Is ICM Capital Regulated? ▲

Yes, ICM Capital is a regulated and legitimate broker across various jurisdictions. The FCA, as its primary regulatory body, sets a high standard of operation, affirming ICM Capital's status as a legit and safe broker for trading activities.

How Are You Protected? ▲

ICM Capital's FCA regulation ensures client fund security under the Financial Services Compensation Scheme (FSCS), covering up to £50,000 if ICM Capital becomes insolvent. Additionally, ICM Capital offers an enhanced protection of up to £1,000,000, backed by substantial global capital, at no extra cost to all live account clients.

Trading Platforms ▲

ICM Capital's trading platforms primarily feature the widely acclaimed MetaTrader4. These platforms are distinguished by their balance of trading parameters, such as speed, reliability, and security. The ubiquity of MT4 further enhances the appeal of ICM Capital's offering. The platform facilitates the utilization of Expert Advisors (EAs) that autonomously monitor markets and execute trades based on predefined criteria. With an impressive rating of 4.3 out of 5, compared against 1000 other brokers, ICM Capital's platform offering is recognized for its provision of the professional MT4 trading platform.

Desktop Platform ▲

MetaTrader 4 (MT4) stands out as a highly professional platform that not only enables active trading but also provides robust tools for technical analysis, charting, and modeling. All clients can leverage auto trading through the employment of an Expert Advisor within the terminal. These programs, crafted in MetaQuotes Language 4, facilitate both analysis and automatic trading. ICM Capital's MT4 is accessible across all devices, allowing traders to engage with the trading environment via PC, Mac, mobile, or tablet. Additionally, ICM Capital has integrated Trading Central's technical analysis package into its product offering, available at no extra cost to those with live accounts. Trading Central is renowned for its daily market reports and extensive technical analysis across Forex, Precious Metals, and Oil.

Customer Support ▲

ICM Capital extends multilingual customer support 24/5 through phone lines, email, and live chat. The broker's customer service is highly regarded, with a rating of 4.3 out of 5, based on our evaluations. We experienced prompt and informed responses, and found their team to be readily accessible during business hours. The quality of customer support offered by ICM Capital is exemplary, reflecting their commitment to client satisfaction.

Education ▲

ICM Capital enriches its clients' trading knowledge through Trading Central, which provides webinars aimed at enhancing Technical Analysis skills. Additionally, clients have access to an Economic Calendar, trading tools, and signals. With a rating of 4.3 out of 5, based on our in-depth research, ICM Capital's educational offerings and research materials are of high quality. The broker collaborates with leading market data providers, ensuring clients receive valuable and current information.

Fees ▲

ICM Capital's fee structure is straightforward, primarily based on spreads. Traders should also account for potential funding or inactivity fees. In the standard account feature, rollover rates apply for positions held overnight. For example, holding a long position in EUR/USD will incur a charge of -$7.86, while selling the position would result in a gain of $2.68 per lot. Compared to over 1000 other brokers, ICM Capital's fees are considered average to low, with a rating of 4.3 out of 5. This assessment is based on our comprehensive testing and evaluation of their fee structure.

Spreads ▲

ICM Capital consistently offers lower spreads across all markets in its portfolio. Our research indicates that the average spread for the EUR/USD pair is 1.1 pips. Compared to a comprehensive analysis of over 1000 brokers, ICM Capital's spreads are competitively low, earning it a rating of 4.4 out of 5. Not only are the Forex spreads advantageous, but the spreads for other trading instruments are also notably attractive.

Leverage ▲

As a UK-regulated entity, ICM Capital adheres to the stringent leverage guidelines mandated by regulatory bodies. This results in a capped leverage of up to 1:30 for Forex products, 1:5 for CFDs, and 1:10 for commodities for European traders, aligning with the limitations imposed by UK and European regulators to mitigate risks associated with high leverage. Traders outside Europe, under the international entity, may access higher leverage options up to 1:200 for specific account types like ICM Direct and ICM Zero.

Account Types ▲

ICM Capital caters to a diverse clientele by offering two primary account types: the ICM Direct and ICM Zero accounts. Additionally, the broker facilitates a risk-free trading environment through its demo accounts for those looking to hone their trading strategies. For clients observing the Muslim faith, ICM Capital provides Islamic accounts, which are swap-free to comply with Islamic laws prohibiting overnight interest.

Opening an account with ICM Capital is streamlined and user-friendly. Prospective clients are guided through a series of steps beginning on the "Create Account" page, where personal details are submitted and verified through document uploads. An electronic quiz assesses the applicant's trading knowledge, and upon successful account activation, a deposit can be made to start trading.

Trading Instruments

ICM Capital's trading instrument offerings are extensive, encompassing a wide range of markets including Forex, Stocks, Commodities, Futures, CFDs, and more. As an ECN broker, ICM provides access to ECN trading for various instruments, while also offering OTC trading options for instruments like spot foreign exchange, precious metals, US stocks, energy futures, index futures, and cash CFDs. The broker's market range score is 4.4 out of 5, reflecting its broad selection of trading instruments, though availability may vary by entity.

Deposits and Withdrawals ▲

ICM Capital supports multiple funding methods for client convenience, ensuring that deposited funds are available within 24 hours. The broker accepts bank transfers, card payments, and a variety of e-wallets. A notable feature is the ICM Capital Mastercard, which facilitates easy fund transfers and withdrawals from trading accounts. The card is available through an online application with a one-time fee of $40.

Pros

• Multiple funding methods including credit/debit cards, bank wire, Skrill, Neteller, and PayPal

• Coverage of transfer fees for deposits above $500 and free withdrawals for Visa and Neteller

Cons

• A fee of 1.75% is applied to Visa or Mastercard transactions

The minimum deposit required to start trading with ICM Capital is $200, making it accessible to a wide range of traders. This is lower than the industry average of $500. Withdrawal procedures are straightforward, with the broker covering certain transaction fees depending on the method and amount.

Conclusion ▲

ICM Capital stands out as a reliable and secure broker, regulated by the FCA and offering additional insurance coverage up to $1 million. With a low minimum deposit requirement and extensive trading technology, it is well-suited for both novice and experienced traders. The broker's commitment to offering competitive fees, tight spreads, and a wide range of trading instruments through ECN and STP/OTC execution models makes it an attractive choice for global traders, including those from Europe, the UK, and Malaysia. ICM Capital is recommended for a variety of trading activities including currency and CFD trading, professional trading, investing, and automated trading (EA trading), backed by strong customer support and trading central services.