ICM Capital review
This broker was not featured in our 2023 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.
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ICM Capital is a London-based Forex broker that has its representative offices in Dubai, China, and Mauritius. ICM Capital started offering its Forex brokerage services in London from as early as 2009, and the ICM Capital regulation status comes courtesy of FCA. Since FCA regulated Forex brokers enjoy a privileged position in the markets, ICM Capital has certainly benefited from a credible European presence, which has helped it to establish a significant brand image in several parts of the world.
ICM Capital seems to concentrate on catering to the wealthy clientele from the Middle East and North Africa, which has enabled the company to receive multiple MENA awards in consecutive years. Although ICM Capital offers it services to traders all over the world, the broker does not accept traders from the US. Therefore, if you are a US resident, you will have to search for other US brokers that are regulated by the CFTC and the NFA. All other nationalities can open an account with ICM Capital.
|Forex, indicies, commodities, shares|
Can I Open An ICM Capital Account With A Small Deposit?
Even though ICM Capital has set its sights on attracting institutional clients, they haven’t entirely ruled out the possibility of catering to smaller retail traders. ICM Capital trading accounts start with a minimum initial deposit of $200, which is not small by modern-day standards, but it is not ridiculously high either. Sure, a lower deposit might have opened up the broker to yet a larger part of the retail traders market; however, the maximum ICM Capital leverage of 1:200 will prevent traders from opening any important trade positions with a small equity. Up until recently, the broker had provided a minimum deposit of $100 with a maximum leverage of 1:500, but the company faced a lot of criticism due to their 0% margin call policy. The higher margin led to clients losing a ton of money due to mismanaged trades, which turned out to be catastrophic for the company’s reputation.
The 0% stop-level or 0% margin call policy means that a trader can open positions even if the margin falls below 100%. Most brokers set a stop limit at 100% for standard accounts, while micro account holders can usually hold on to positions until a 10% margin call is triggered. Such a margin call policy will not only allow traders to reduce their risk but also prevents traders from incurring any negative balance. On the other hand, the 0% stop-level provided by ICM Capital has a real danger of negative balances, especially during high-volatile market events. Therefore, even though the company has reduced the available leverage, the risk of negative balance is high for an ICM Capital account.
The $200 initial deposit can provide access to two different types of ICM Capital trading accounts. The ICM Standard account is available only for clients residing out of mainland Europe and China, while the ICM Direct account is available for all traders. Both accounts provide access to Forex, Commodities, Futures, and shares trading, and while the ICM Standard is an STP account, the ICM Direct is a dedicated ECN account. ICM Capital spreads ranging between 1 to 4 pips for the Standard, which clients do get to enjoy tight spreads on the ECN platform. The Standard account is also free from SWAP; however, traders will have to face re-quotes, which can hinder a good trading experience. The Direct account will prevent any instances of re-quotes, but traders will also have to accommodate SWAP costs into their positions for overnight trades.
The ECN account comes with a host of account benefits, and ICM Capital is one of the very few brokers that does not charge any commissions for trades opened using an ECN account. Therefore ECN traders can enjoy up to zero spreads without any other commissions or charges, which is one of the best trading conditions currently available in the FX trading market.
How About The ICM Capital Trading Platforms?
ICM Capital platforms are based on the MT4 platform, which can be used on a broad range of devices ranging from Mac, Windows, Smartphones, and tablets. ICM Capital mobile trading is available on MT4 apps designed for the iOS and Android platforms. There is also the option of a web terminal that is accessible under the MT4 license, which can satisfy both desktop as well as mobile Forex traders. All of the platforms can be accessed through a single login, and traders can choose either the ICM Standard or the ICM Direct accounts at the time of signup. Traders can also open a MAM account to open and manage multiple accounts, which is supported by the MT4 platform.
ICM Capital also offers the ICM Direct ECN platform that is only available with the ICM Direct account. The ICM Direct platform is only available for the desktop and is a proprietary trading platform designed by the broker’s in-house team of designers and experts. Unfortunately, there isn’t a mobile version, which is a significant disadvantage for ECN mobile traders.
ICM Capital Bonus For FX Trading
ICM Capital offers a 10% initial deposit bonus on all accounts for a maximum of $1000 bonus. The bonuses and promotions keep changing, and it is not uncommon for the company to increase or decrease the rewards according to the seasons. Bonuses do come with a bunch of trading conditions, which should be carefully analyzed before opting for a cash reward.
Is An ICM Capital Client Treated Fairly?
ICM Capital does follow the guidelines enforced by the FCA and protects all client funds in segregated accounts away from the company financials. FSCS protection also renders additional security to a trader’s capital in the event the broker decides to file for bankruptcy or undergo liquidation. The customer support channel is also available 24 hours a day throughout all trading sessions, and they have a live chat feature as well as a direct phone number for speedy client complaint resolution. FCA regulation provides a sense of security for investors dealing with ICM Capital, and traders should stay safe against almost all types of financial abuse or malpractice.
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