ICBC Forex Broker

ICBCReview SummaryFounded1984Registered Country/RegionChinaRegulationNo LicenseMarket InstrumentsPrecious Metals, Foreign Exchange, Crude Oil, Agricultural Products, Energy, etc.Demo AccountUnavailableLeverageNot mentionedSpreadNot mentionedTrading PlatformPersonal Mobile Banking, Personal Internet Banking, WeChat BankingMin DepositVariable (Dependent on the type of account and product)Customer Support24-hour Service Hotline in China: 9558824-hour VIP Service Hotline: 400-66-95588SMS Banking: 95588Physical Address: No.55 FuXingMenNei Street, Xicheng District, Beijing, P.R.CICBC 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 ConsPros Cons Availability of diverse platformsLack of regulatory oversightDiverse range of tradable assets including precious metals, forex, and commoditiesDeposit requirements not specifiedMultiple account types (Type I, Type II, Type III)No information about leverage and spreadsMultiple convenient methods for deposits and withdrawalsIs 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 OfferedLimitsType ICounter application; On-site verificationFull range: deposit, investment, fund transfer, etc.None specifiedType IIVirtual teller machine; Intelligent teller machine; Internet banking, mobile bankingLimited services; capped fund transfer, payments, and cash transactionsDaily payment ceiling: RMB 10,000Type IIIInternet banking, mobile banking, electronic channelsLimited services; payments within set amountsBalance limit: RMB 1,000ICBC 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 ExpertsPersonal Internet Banking✔WebBeginners and ExpertsWeChat Banking✔MobileBeginners and ExpertsDeposit 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.