ICM Forex Broker

ICM Review Summary in 10 Points Founded 2009 Headquarters London, UK Regulation FCA, FSA, ARIF, FSC, LabuanFSA, QFC and CABs Market Instruments Forex, precious metals, stocks, futures, securities, cryptocurrencies CFD Demo Account Available Leverage 1:200 EUR/USD Spread 1.2 pips Trading Platforms MT4, MT5, cTrader Minimum deposit $200 Customer Support 24/5 live chat, phone, email, WhatsApp or send messages What is ICM？ ICM, or ICM Capital, is a UK-based online forex and CFD trading provider. It was established in 2009 and is authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. The company offers trading services in a wide range of financial instruments, including forex, indices, commodities, and cryptocurrencies. ICM also provides clients with access to the MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader trading platforms, and offers multiple account types to cater to the needs of different traders. Pros & Cons ICM offers several advantages for traders, including the provision of the popular MetaTrader platform and a wide range of tradable instruments across multiple asset classes. The broker is also regulated by reputable authorities. However, there are some drawbacks, such as limited educational resources and research tools. Additionally, ICM is not available for clients in certain jurisdictions. Pros Cons • Regulated by multiple authorities • Limited educational resources • Commission-free trading • No 24/7 customer support • Islamic accounts offered • Limited research tools • Negative balance protection • MR4, MT5, cTrader supported Note: The above table is based on general observations and may not be comprehensive. Pros and cons may vary depending on individual preferences and requirements. ICM Alternative Brokers There are many alternative brokers to ICM, each with their own unique features and offerings. Some popular alternatives include: eToro: eToro is a well-known broker that offers social trading, allowing traders to follow and copy the trades of other successful traders. IG: IG is a broker that offers a wide range of trading instruments, including forex, stocks, commodities, and cryptocurrencies. XM: XM is a broker that offers low spreads and competitive pricing, as well as a range of educational resources for traders. Plus500: Plus500 is a broker that offers commission-free trading and a range of trading instruments, including forex, stocks, and cryptocurrencies. FXTM: FXTM is a broker that offers a range of trading platforms and a variety of trading instruments, including forex, stocks, and commodities. It's important to do your own research and compare the features, fees, and offerings of different brokers before choosing one that best fits your trading needs and preferences. Is ICM Safe or Scam？ ICM is a legitimate forex and CFD broker that is regulated by several reputable financial authorities, including the Financial Conduct Authority (FCA), Financial Services Commission of Mauritius, etc. The company also uses advanced security measures to protect clients' funds and personal information. However, as with any financial service provider, it is always important to do your own research and due diligence before opening an account and investing your money. How are you protected？ ICM protect their clients with many different protection measures. Specific details can be found in the table below: Protection Measures Description Regulation FCA, FSC, LabuanFSA, FSA, ARIF, CABs, QFC Negative Balance Protection Clients can not lose more than their account balance in the event of a market downturn Segregated Accounts Protect clients in the unlikely event of the broker's insolvency SSL Encryption ICM's website and trading platforms use SSL encryption to ensure that all client information and transactions are secure Two-Factor Authentication As an additional security measure to protect client accounts from unauthorized access It's worth noting that while these measures can help protect clients, no security measures can completely eliminate the risk of financial loss in trading. It's important for traders to understand the risks involved in trading and to only trade with funds they can afford to lose. Our Conclusion on ICM Reliability: Based on the regulatory oversight, client fund protection, and risk management policies of ICM, it can be considered a relatively reliable broker. It is regulated by several reputable financial authorities, and it implements measures to ensure the security of its clients' funds. However, like any other broker, there are still risks associated with trading, such as market volatility and price fluctuations, which should be taken into consideration. Though these measures can help protect clients, no security measures can completely eliminate the risk of financial loss in trading. It's important for traders to understand the risks involved in trading and to only trade with funds they can afford to lose Market Instruments ICM offers a variety of trading instruments across different asset classes, including: Forex: ICM offers over 60 major, minor, and exotic currency pairs, including EUR/USD, GBP/USD, USD/JPY, AUD/USD, and many more. Precious metals: ICM provides trading opportunities for precious metals, including gold and silver, which are traded as CFDs. Stocks: ICM allows clients to trade stocks from some of the world's most popular stock exchanges, including the NYSE and NASDAQ. Futures: ICM provides access to futures contracts from various markets, including indices, commodities, and currencies. Securities: ICM offers trading in bonds, bills, and notes issued by governments and corporations. Cryptocurrencies CFDs: ICM also offers trading in cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple, as CFDs. It's worth noting that the availability of trading instruments may vary depending on the jurisdiction of the client. Accounts ICM offers two account types: ICM Direct (ECN) and ICM ZERO. The ICM Direct (ECN) account has variable spreads starting from 1.2 pips and requires a minimum deposit of $200. It also offers a maximum leverage of 1:200. The ICM ZERO account has spreads starting from 0.0 pips with a commission of $7 per lot traded and requires a minimum deposit of $1,000. It also offers a maximum leverage of 1:200. Both accounts offer access to the MT4, MT5 and cTrader trading platforms. Leverage ICM offers leverage up to 1:200 for forex trading. However, the maximum leverage available for other instruments such as indices, commodities, and cryptocurrencies may vary depending on the instrument and market conditions. It is important to note that while leverage can increase potential profits, it also amplifies potential losses, and traders should use it with caution and employ appropriate risk management strategies. Spreads & Commissions ICM offers variable spreads, which means that the spread can fluctuate depending on market conditions. The spread for EUR/USD can start from as low as 1.2 pips on the ICM Direct account, while on the ICM ZERO account the spread can be as low as 0.0 pips, but with a commission of $7 per lot. It's important to note that the spreads and commissions may vary depending on the account type, trading instrument, and market conditions. It's always recommended to check the latest information on the ICM website or trading platform. Below is a comparison table about spreads and commissions charged by different brokers: Broker EUR/USD Spread Commissions ICM 1.2 pips 0 ($7 per lot on ICM ZERO account) eToro 1.0 pips 0 IG 0.75 pips 0 XM 0.9 pips 0 Plus500 0.6 pips 0 FXTM 1.3 pips 0 Note: Spreads and commissions are subject to change and may vary depending on the account type and trading platform used. Trading Platforms ICM offers MetaTrader4 (MT4), MetaTrader5 (MT5), and cTrader as trading platforms. MetaTrader4 is a widely used platform among traders and offers a range of features such as automated trading and advanced charting tools. MetaTrader5 is the successor to MT4 and includes additional features such as more advanced trading tools and indicators. cTrader is a popular platform among ECN traders and offers advanced charting tools, level 2 pricing, and other advanced features. Overall, ICM's trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below: Broker Trading Platforms ICM MT4, MT5, cTrader eToro eToro Platform IG IG Platform XM MT4, MT5 Plus500 Plus500 Platform FXTM MT4, MT5 Deposits & Withdrawals ICM offers several deposit and withdrawal options for its clients. Deposit methods include bank wire transfer, credit/debit card, Skrill, Neteller, FasaPay, and China Union Pay. Withdrawal methods include bank wire transfer, Skrill, Neteller, FasaPay, and China Union Pay. ICM does not charge any deposit or withdrawal fees, but fees may be charged by the payment provider. Withdrawals are usually processed within 24 hours, but may take longer depending on the payment method. The minimum deposit amount for ICM Direct account is $200 and for ICM Zero account is $1,000. ICM minimum deposit vs other brokers ICM Most other Minimum Deposit $200 $100 ICM Money Withdrawal To withdraw funds from your ICM trading account, you need to follow these steps: Step 1: Log in to your ICM client portal. Step 2: Click on the “Withdrawal” button. Step 3: Select the payment method you want to use. Step 4: Enter the amount you want to withdraw and fill in any required details. Step 5: Submit your withdrawal request. ICM will then process your withdrawal request and send the funds to the payment method you selected. The processing time can vary depending on the payment method and your bank's processing times. It is recommended to check with your payment provider for more information. Fees ICM charges various fees that traders should be aware of. Apart from spreads and commissions, there are also some other fees that will be charged. Inactivity fee: If an account is inactive for 180 days, ICM charges an inactivity fee of $50 per month. Overnight swap fees: ICM charges overnight swap fees on positions held open overnight, which can be either positive or negative, depending on the trading instrument. Conversion fees: If traders deposit or withdraw funds in a currency different from their account currency, ICM charges a conversion fee of 2%. See the fee comparison table below: Broker Deposit Fee Withdrawal Fee Inactivity Fee ICM Free for most methods, bank wire may incur a fee Free for most methods, bank wire may incur a fee $5/month after 180 days of inactivity eToro Free $5 $10/month after 12 months of inactivity IG Free for most methods, bank wire may incur a fee $1.20 per withdrawal £12/month after 24 months of inactivity XM Free for most methods, bank wire may incur a fee Free for most methods, bank wire may incur a fee $5/month after 90 days of inactivity Plus500 Free $1.3 - $39 depending on the withdrawal method used $10/month after 3 months of inactivity FXTM Free for most methods, bank wire may incur a fee Free for most methods, bank wire may incur a fee $5/month after 6 months of inactivity It is important to note that fees may vary depending on the account type, trading instrument, and market conditions. Traders should always check the latest fee schedule on ICM's website before trading. Customer Service ICM offers customer support 24/5 via live chat, phone, email, WhatsApp or send messages online to get in touch. You can also follow some social networks such as LinkedIn, YouTube, Instagram, Facebook and Twitter. Pros Cons • 24/5 customer support via phone, email, and live chat • No 24/7 customer support • Personal account managers for certain account types • No in-person customer support • Multilingual customer support • Limited educational resources on customer support page • Quick response times to customer inquiries Note: These pros and cons are subjective and may vary depending on the individual's experience with ICM's customer service. Overall, ICM's customer service is considered reliable and responsive, with various options available for traders to seek assistance. Conclusion In conclusion, ICM is a regulated broker that offers a range of trading instruments and account types. The broker has a strong emphasis on customer protection and provides negative balance protection to its clients. Additionally, the broker offers a demo account for traders to practice their trading strategies before investing real money. ICM offers two account types with different spreads and commissions, and clients can choose between MT4, MT5, and cTrader as their trading platforms. The broker offers multiple deposit and withdrawal options, and fees are relatively competitive compared to other brokers in the industry. In terms of customer service, ICM has a knowledgeable support team that can be reached through email, phone, or live chat. However, the broker's educational resources could be more extensive to cater to novice traders. Frequently Asked Questions (FAQs) Q 1: Is ICM regulated？ A 1: Yes. It is regulated by FCA, FSA, ARIF, FSC, LabuanFSA, QFC and CABs. Q 2: At ICM, are there any regional restrictions for traders？ A 2: Yes. ICM does not provide services to residents of the USA, North Korea and a few other countries. Q 3: Does ICM offer industry-standard MT4 & MT5？ A 3: Yes. Both MT4 and MT5 are available. It also supports cTrader. Q 4: What is the minimum deposit for ICM？ A 4: The minimum deposit requirement at ICM is $200. Q 5: Is ICM a good broker for beginners？ A 5: Yes. ICM is a good choice for beginners because it is regulated well and offers various trading instruments with no minimum deposit requirement on the leading MT4 and MT5 platforms.