ICM Capital Forex Trade Platform and Broker Review

ICM Capital Forex Trade Platform and Broker Review

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ICM Capital Broker Review

ICM Capital is an award-winning brokerage firm that was established in 2011 in the United Kingdom. ICM Capital is involved in the facilitation of forex and CFD instruments spread across several asset classes.

ICM Capital has between 250 and 500 employees and is headquartered in London, United Kingdom.

Is ICM Capital Regulated?

Yes, ICM Capital is regulated by the Financial Conduct Authority (FCA) in the United Kingdom. 

Is ICM Capital Regulated in the United States?

No, ICM Capital is not regulated in Virginia or any other US state. 

Is ICM Capital Regulated in Europe?

Yes, ICM Capital is regulated in Europe by the Financial Conduct Authority and provides cross-border investment services as a regulated forex broker in Europe.

Is ICM Capital regulated in a Tier-1 Jurisdiction?

With Tier-1 Jurisdiction, brokers such as ICM Capital have the license to provide financial services in Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

According to the official ICM Capital website, ICM Capital is regulated in Tier-1 jurisdiction.

Is ICM Capital regulated in Tier-2 Jurisdiction?

With Tier-2 Jurisdiction, ICM Capital is provided with the license to offer financial services and operate in the British Virgin Islands, Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

According to the official website, ICM Capital is regulated in Tier-2 jurisdiction.

What are the Platforms and Tools for Forex Trading in ICM Capital?

ICM Capital offers forex traders with the highly popular and reputable MetaTrader 4 trading platform on desktop, web, and mobile.

  1. MetaTrader 4 is the most widely used trading platform in the industry through which a variety of forex and CFDs can be traded. With MetaTrader 4, forex traders are given a customizable market watch window, instant and market execution of trades, built-in MQL5, auto trading features, full technical analysis package that has charts, technical indicators, and more when using it with an ICM Capital account.

Does ICM Capital Have a News Blog for Forex News?

No, ICM Capital does not have a news blog for forex news on the official website.

Does ICM Capital Have a Traders Dashboard?

No, ICM Capital does not have a forex traders dashboard on the official website.

Does ICM Capital Have an Educational Section?

Yes, ICM Capital has an educational section on the official website that comprises several components, offering beginner forex traders with what they need to start their trading journey and offering advanced forex traders with reference points to which they can return. 

What is the content of ICM Capital Forex Education?

The official ICM Capital forex education section consists of the following:

  1. “What is Forex?”
  2. Forex Features
  3. Analysis
  4. Trading examples
  5. Trading glossary
  6. Trading FAQs.

The “What is Forex?” section consists of the following topics that are discussed at great length:

  1. “All About Forex Trading”.
  2. “The Long and Short of it”.
  3. “The Concept of Margin”.
  4. “Profit and Loss”.
  5. “Developing a Disciplined Trading Plan”.

The Forex Features section contains the key features of forex trading such as:

  1. Tight Spreads.
  2. No Commissions.
  3. Leverage.
  4. 24-hour a day trading.
  5. Profit Potential Regardless of Market Direction.
  6. Benefits of trading with fractional pips.

The Analysis section consists of in-depth exploration of technical and fundamental analysis while the Trading Examples covers:

  1. Trading examples for Forex.
  2. Trading examples for Spot Metals.
  3. Trading examples for Futures.
  4. Trading USD/CNH.

The Trading Glossary offers an A to Z, a comprehensive glossary of terms and their definitions for everything that forex traders are bound to come across while trading.

Lastly, the Trading FAQs covers a variety of topics and offers the trader the commonly asked questions and in-depth answers to each, including:

  1. “What is forex?”
  2. “How fair is the forex market?”
  3. “Where is the central location of the forex market?”
  4. “Who are the participants in the forex market?”
  5. “When is the forex market open for trading?”
  6. “What are the most commonly traded currencies in the forex market?”
  7. “What is Margin?”
  8. “What is leverage?”
  9. “What does it mean to have a ‘long’ and ‘short’ position?”
  10. “What affects the prices of currencies?”
  11. “How do I manage risk when I trade currencies?”
  12. “What kind of trading strategy should I use?”

Is ICM Capital Legit?

Yes, ICM Capital is a legit Forex Broker and Trade Platform that has regulation and authorization through a strict and demanding regulatory entity namely the FCA.

Is ICM Capital Safe?

Yes, ICM Capital is a reliable and safe Forex Trade platform where regulation and strict security and safety protocols are concerned. ICM Capital is regulated by:

  • The Financial Conduct Authority (FCA) regulates ICM Capital in the United Kingdom.

ICM Capital keeps client funds in segregated accounts with top-tier bank accounts, separate from its own operational funds. These funds cannot be used for any purposes other than trading activities.

ICM Capital is also a member of the Financial Services Compensation Fund (FSCS) which offers eligible forex traders compensation if ICM Capital becomes insolvent, goes bankrupt, or is otherwise unable to fulfill its financial obligations.

ICM Capital is also compliant with the European Markets in Financial Instruments Directive II (MiFID II).

Is ICM Capital a Good Broker?

Yes. According to a Forex Suggest review, ICM Capital is a good broker where security, trading speed, and online support but not cryptocurrencies.

  1. In terms of security, ICM Capital makes use of innovative and robust technology to ensure that data, information, and transactions are encrypted and secured.
  2. Where trading speed is concerned, ICM Capital uses ECN technology that connects to tier-1 banks, ensuring deep liquidity, good market execution, minimal slippage, and requotes.
  3. Online support is provided through a live chat function which is available on the website. Customer support can be contacted via this channel 24 hours a day, 5 days a week.
  4. In terms of cryptocurrencies, ICM Capital does not offer the trade in cryptocurrencies.

What is the Offering of Investment in ICM Capital?

Offerings of ICM Capital can be found below.

Feature ICM Capital
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) No
Social Trading  No

Does ICM Capital have Nasdaq?

Nasdaq is the US stock exchange that tracks the top technology stocks in the United States.

ICM Capital has Nasdaq and as a Nasdaq owner, offers the trade-in indices and shares CFDs.

What are the Awards of ICM Capital?

Forex Trading Platform ICM Capital’s awards are listed below.

  1. Most Trusted Forex Broker Middle East (2020) – Global Forex Awards Retail.
  2. Global Forex Broker of the Year (2020) – The Forex Expo Dubai.
  3. Best Forex Broker (2019) – The Forex Expo.
  4. Most Trusted Forex Broker (2019) – Go from Egypt.
  5. Most Trusted Online Trading Firm (2018) – Finest in Finance.
  6. Best Institutional Forex Provider (2018) – Best of the Best JFEX Award.
  7. Best Forex Global Platform (2017) – 12th Jordan Forex Expo.
  8. Best Mobile Trading Platform (2017) – 12th Jordan Forex Expo.
  9. Best Institutional Forex Broker (2016) – 16th MENA Forex Expo.
  10. Best Rebate Provider (2015) – Forex MENA Expo.

How to Use ICM Capital for Forex trading?

To use ICM Capital, a forex trader should have the necessities below:

  1. Forex traders must be 18 years or older.
  2. Forex traders must have a valid ID (Drivers, National ID, passport) and proof of their residential address (not older than 3 months, with the trader’s name and address clearly displayed such as a utility bill or credit card/bank statement).
  3. Forex traders must be able to make a minimum deposit of $200.

Once a forex trader meets the conditions above, they can register a forex trading account to use the services of ICM Capital.

How to open a Forex trader account with ICM Capital?

To open a Forex Trading account with ICM Capital, a trader should follow the steps below.

  1. Forex traders can visit the official ICM Capital website, hover over “Accounts” and select “Open Account”.
  2. Forex traders must complete the required fields by providing personal details and agree to the Privacy Notice.
  3. Forex traders will be logged in to the client portal where they can select “Open Live Account”.
  4. Forex traders must provide basic details such as their date of birth and their residential details followed by their trading experience and financial details.
  5. Forex traders must accept the Terms and Conditions before they submit their applications.
  6. Based on the information the trader provided, they will be informed of the outcome of their application immediately. If forex traders do not meet the minimum requirement to open a live account, their application will be rejected, and they will receive additional information via email.
  7. Forex traders who successfully register an account must upload their ID copy along with their proof of residence to verify their profile, allowing them to deposit the minimum amount, and start trading.

What are the Forex Trader Account Types with ICM Capital?

Forex Trading Platform and Financial Asset Management Institution ICM Capital have 4 different account types that are offered.

ICM Capital Account Types are listed below. 

  1. Demo Account

  2. Islamic Account

  3. ICM Direct Account

  4. ICM Zero Account

 

  • Demo Account

ICM Capital offers forex traders a risk-free demo account that is funded with virtual funds and which mimics a live trading environment. The demo account can be used by beginner forex traders as a practice account. It can also be used by more advanced forex traders as a risk-free account on which to test their trading strategies before they employ them in a live trading environment.

In addition, forex traders can also use the demo account to test out what ICM Capital has to offer before they register a live trading account with the broker.

  • Islamic Account

Muslim forex traders who follow the Sharia law are prohibited from earning or paying interest such as overnight fees, which are debited/credited when forex traders hold open positions for longer after the trading day has ended.

ICM Capital offers Muslim forex traders access to an Islamic Account by letting them convert their ICM Director ICM Zero Account to an Islamic Account.

  • ICM Direct Account

The ICM Direct Account offers forex traders with standard contract specifications and trading conditions. It can be used by a variety of forex traders, from beginners to experts, and has the following features:

  • Deposits in USD, EUR, GBP, or SGD.
  • Leverage up to a maximum of 1:30 according to ESMA regulations and requirements.
  • Spreads from 1.3 pips EUR/USD.
  • Commission-free trading.
  • Trading from 0.01 of a standard lot.
  • Access to forex, metals, shares, Cash CFDs, and Futures.
  • No minimum stop/limit levels on forex or metals.
  • Access to Trading Central Market News.
  • Access to expert advisors, a real-time news feed, mobile trading.
  • Access to charts and all platforms.
  • Free video tutorials and fifth decimal pricing.
  • Personalized services that are offered in more than 16 languages.
  • SMS Updates, complimentary premium services, and custom trading conditions offered.
  • Market execution.
  • Stop-out level of 50%.
  • Trading across several devices.

 

  • ICM Zero Account

The ICM Capital Zero Account offers forex traders with competitive spreads at a cost of commissions that are charged per round lot. The ICM Zero Account caters to experienced forex traders who want the best trading conditions possible. This account has the following features:

  • Deposits in USD, EUR, GBP, or SGD.
  • Leverage up to a maximum of 1:30 according to ESMA regulations and requirements.
  • Spreads from 0.0 pips EUR/USD.
  • Commissions of $7 charged per round lot for forex and metals.
  • Trading from 0.01 of a standard lot.
  • Access to forex, metals, shares, Cash CFDs, and Futures.
  • No minimum stop/limit levels on forex or metals.
  • Access to Trading Central Market News.
  • Access to expert advisors, a real-time news feed, mobile trading.
  • Access to charts and all platforms.
  • Free video tutorials and fifth decimal pricing.
  • Personalized services that are offered in more than 16 languages.
  • SMS Updates, complimentary premium services, and custom trading conditions offered.
  • Market execution.
  • Stop-out level of 50%.
  • Trading across several devices.

How to Withdraw Money from ICM Capital?

To withdraw money from ICM Capital, the following should be done:

  • Forex traders can visit the official ICM Capital website and log into their ICM Access.
  • Forex traders can select their preferred method, enter the amount, and select their withdrawal currency.
  • Forex traders can follow the on-screen prompts and confirmation to submit the withdrawal request.
  • Forex traders must note that withdrawals are done as quickly as possible and typically on the same business day that the request was received, however, as soon as funds leave the trading account, it can take up to several days for the funds to reflect in the bank account of the trader.
  • Forex traders must note that ICM Capital only returns funds in the same way through which they were deposited.
  • Forex traders may request a credit card statement or bank statement to verify the ownership of the trader’s card or account.

How many days do deposits take with ICM Capital?

This will depend on the method of deposit the forex trader chooses to use with ICM Capital. Some payment methods may reflect instantly whereas others, such as bank wire, may take a few days to reflect.

What are the costs and fees with ICM Capital?

There are four types of costs with ICM Capital namely spreads, commissions, swap fees, and margin requirements. 

The spread is the difference between the bid/ask prices which are represented in pips. Commissions are charged as a flat fee, especially where there are tighter spreads on some accounts. 

Swap fees are debited/credited when forex traders keep positions open for longer after the trading day has ended. Whether they are debited/credited will depend on whether the trader holds a long or short position.

The margin requirement is the amount that ICM Capital requires at the beginning of the trade as collateral, expressed as a percentage.

What are the Trading Fees with ICM Capital?

The Forex Trading Fees with ICM Capital are below. 

The ICM Direct Account:

  1. Forex spreads from 1.3 pips.
  2. OTC Energy Futures typical spread from 2 pips.
  3. OTC Index Futures typical spread from 1 pip.
  4. Commissions: None
  5. Typical long swap of -0.74401 and short swap of -0.13528 on AAPL.
  6. Long swap of -3.458 and short swap of -2.154 on Nasdaq.
  7. Forex Margin requirement of 3.33% EUR/USD.
  8. Spot Gold Margin requirement of 5%.
  9. Spot Silver Margin requirement of 10%.
  10. OTC Equity CFD Margin requirement of 20%.
  11. OTC Energy Futures Margin requirement of 10%.
  12. OTC Index Futures Margin requirement of 5%.
  13. Cash CFDs Margin requirement between 5% – 10%.

The ICM Zero Account:

  1. Forex spreads from 0.0 pips.
  2. OTC Energy Futures typical spread from 2 pips.
  3. OTC Index Futures typical spread from 1 pip.
  4. Commissions: $7 per round turn.
  5. Typical long swap of -0.74401 and short swap of -0.13528 on AAPL.
  6. Long swap of -3.458 and short swap of -2.154 on Nasdaq.
  7. Forex Margin requirement of 3.33% EUR/USD.
  8. Spot Gold Margin requirement of 5%.
  9. Spot Silver Margin requirement of 10%.
  10. OTC Equity CFD Margin requirement of 20%.
  11. OTC Energy Futures Margin requirement of 10%.
  12. OTC Index Futures Margin requirement of 5%.
  13. Cash CFDs Margin requirement between 5% – 10%.

What is the minimum deposit in ICM Capital?

According to the official website, the recommended minimum initial amount is 200 USD in ICM Capital. 

What are the contract specifications in ICM Capital?

Feature ICM Capital
Forex Trading Yes
CFDs 91
Forex Pairs 34
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 0
Social Trading  No

Does ICM Capital have promotional offers?

No, ICM Capital does not have promotional offers.

There are no promotional offers indicated on the official ICM Capital website.

Does ICM Capital have a welcome bonus?

No, ICM Capital does not have a welcome bonus.

The official ICM Capital website does not indicate a welcome bonus for forex traders who register a real account for the first time.

Does ICM Capital have a deposit bonus?

No, ICM Capital does not have a deposit bonus.

ICM Capital’s official website does not indicate a deposit bonus offered as a percentage back on a certain deposit amount.

Is there a commission-free trade bonus in ICM Capital?

No, ICM Capital does not offer forex traders a commission-free trade bonus.  

Is there a VIP bonus in ICM Capital?

No, ICM Capital does not offer forex traders a VIP bonus.

Can you start trading with no money at ICM Capital?

No, you cannot start trading with no money at ICM Capital. To start trading, you must deposit a minimum of $200 into your trading account.

How does leverage work with ICM Capital?

ICM Capital offers leverage of 1:200.

Leverage offered by ICM Capital is a useful tool, allowing forex traders to open larger positions. Through this, forex traders can maximize their chance of earning significant profits. However, it also exposes forex traders to more risks which could lead to substantial losses that may exceed their initial deposit.

Where are the headquarters of ICM Capital?

ICM Capital is headquartered in London, United Kingdom.

Who is ICM Capital’s CEO?

The CEO of ICM Capital is Shoaib Abedi who has held the position since December 2009. Shoaib Abedi graduated from the American University of Sharjah in UAE in 2007 with a bachelor’s degree in Business Administration, majoring in finance and management.

What are the social media accounts of ICM Capital?

Forex traders can follow ICM Capital on the following social media accounts:

  • LinkedIn
  • YouTube
  • Instagram
  • Facebook
  • Twitter

How many employees do work for ICM Capital?

According to official sources, ICM Capital has between 250 and 500 employees.

What are the opinions about ICM Capital?

ICM Capital is widely regarded as a reputable and leading online broker that offers comprehensive services and solutions. Part of ICM Capital’s good reputation is attributable to strict regulation while other parts stem from its competitive trading conditions.

What are ICM Capital Contests?

ICM Capital does not run any contests.

The official ICM Capital website does not indicate any contests and there are no announcements pertaining to whether there are contests being planned.

Does ICM Capital have online support?

Yes, ICM Capital offers forex traders with online support that can be contacted 24 hours a day, 5 days a week. Online support is prompt in resolving queries and answering various questions.

Does ICM Capital offer demo accounts for Forex trading?

Yes, ICM Capital offers a free demo account for all new forex traders. The demo account can be opened with the following steps:

  1. Forex traders can visit the ICM Capital website, log into their ICM Access, and select the option for a demo account from the options available.
  2. Forex traders can provide their currency, leverage ratio, account type to demo, and virtual deposit amount before selecting “Create a New Demo Account”.
  3. To use the demo account, forex traders can change the password on their ICM Access and use the account number that was sent to their email to log into MetaTrader 4 either on the desktop app, mobile app, or WebTrader.

Does ICM Capital have a mobile app for Forex trading?

No, ICM Capital does not have its own mobile app for forex trading but offers this through the MetaTrader 4 mobile app.

With the MetaTrader 4 mobile app and an ICM Capital account, forex traders have seamless integration of their trading account between devices and access to their trading activity while they are on the move. The functions and features of MetaTrader 4 are also flawlessly carried over to a more compressed screen without losing functionality or customizability.

Does ICM Capital publish an economic calendar?

ICM Capital publishes its own economic calendar on the official website. 

An economic calendar is a vital trading tool that allows forex traders to overview the events, announcements, and releases that may affect one or several financial markets.

With the ICM Capital economic calendar, forex traders can filter the events and announcements according to their importance, time zone, or the country in which they are published. Forex traders can use this information to plan their trades thoroughly and to prepare for any price shifts in a specific market, or in the overall financial world.

What is the communication information of ICM Capital?

ICM Capital has one main telephone number and an additional number, and one main local business address.

ICM Capital can be contacted telephonically on:

Main: +44 207 634 9770

Technical Support: +44 207 634 9777

ICM Capital’s main local business address is New Broad Street, 35 New Broad Street, London, EC2M 1NH, United Kingdom.