ICM Capital Review 2021
For this ICM Capital review, we opened a live account and deposited over €5,000.
We traded the popular instrument in each market to discover the actual spreads and placed 12 trades in total.
We reached out to the broker’s customer support team to resolve the challenges we faced.
Finally, we withdrew our funds to determine whether the withdrawal process was smooth.
What is ICM Capital
ICM Capital is a global Forex and CFDs broker established in 2009 with its headquarters in London, United Kingdom.
The broker is licensed in the United Kingdom, Cyprus, Malaysia, St Vincent and the Grenadines, and Mauritius.
ICM Capital offers over 140 tradable instruments in the Forex, indices, stocks and commodities categories, which is not much compared to the industry leaders.
Here’s a summary of ICM Capital’s main features:
|🗺️ Authorised & Regulated in||UK, Cyprus, Malaysia, St Vincent and the Grenadines, Mauritius|
|🛡️ Is ICM Capital safe||Yes|
|💰 EUR/USD Spread||1.4|
|💳 Minimum deposit||US$200|
|💰 Withdrawal fee||$0 charges once per calendar month|
|🖥️ Trading Platform||MT4|
|📈 Markets offered||Forex, Indices, Stocks, Commodities|
|📉 Number of Products||149|
Licenses and Regulations
ICM Capital is licensed by 5 global regulators, including the top-tier UK Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), and Malaysia’s Labuan Financial Services Authority (LFSA).
The broker is also regulated in St Vincent and the Grenadines and by Mauritius Financial Services Commission (FSC).
Here’s a full list of the licenses held by ICM Capital’s subsidiaries:
|Legal entity||Registered in||Regulator||License Number||Accepting Clients From||Compensation Scheme Amount|
|ICM Capital Limited||United Kingdom||Financial Conduct Authority (FCA)||520965||United Kingdom||£85,000|
|ICM Capital EU||Cyprus||Cyprus Securities and Exchange Commission (CySEC)||367/18||EU||€20,000|
|ICM Trader Ltd||Malaysia||Labuan Financial Services Authority (LFSA)||MB/18/0029||Globally many countries||No compensation scheme|
|ICM Capital VC||St Vincent and the Grenadines||Financial Services Authority (FSA)||23683 IBC 2016||Globally many countries||No compensation scheme|
|ICM Capital (Mauritius) Limited||Mauritius||Financial Services Commission (FSC)||C118023357||Globally many countries||No compensation scheme|
Is ICM Capital Safe
Yes, ICM Capital is safe to trade. The broker is regulated by the top-tier UK Financial Conduct Authority (FCA), which has strict rules and enforcement procedures.
The UK’s FCA guarantees investors’ deposit compensation of up to £85,000 if the broker goes bankrupt.
The broker is also licensed by the Cyprus Securities and Exchange Commission (CySEC), which offers deposit compensation of up to €20,000 to eligible clients if the broker becomes insolvent.
We had a smooth experience when trading with ICM Capital.
For this review, we opened an MT4 ICM Direct account with ICM Capital Limited, regulated by the UK’s Financial Conduct Authority (FCA).
We recommend that you open your account with the UK or Cyprus entity if either is available to you.
Fees and Commissions
ICM Capital charges low fees for trading the main assets on offer. The fees charged for trading Forex pairs, indices, stocks, and commodities were lower than industry averages.
None of the broker’s average fees for the instruments tested was above industry benchmarks, which was impressive.
Spread Charged in our Trades
For our tests, we traded the most popular instrument in each segment. We placed 3 trades per instrument to get an accurate estimate of the average spread. We tested the MT4 ICM Direct Account, which charges a spread on all instruments.
|Markets||Instruments||1st trade||2nd trade||3rd trade||Avg. Spread|
We executed all our trades via the MetaTrader 4 mobile app on our iPhone.
Comparing the spreads charged in our trades to the industry averages showed that the broker’s spreads on all instruments were much lower than industry benchmarks. that they were mixed.
|Markets||Instruments||Avg. Spread Charged||Industry Avg. Spread|
ICM Capital does not charge any other non-trading fees such as deposit and withdrawal fees or account inactivity fees.
ICM Capital offers 2 account types with slight differences. These are the ICM Direct Account and the ICM Zero Account (spread from zero).
The differences are outlined below:
|ICM Direct||ICM Zero Account|
|Trading Platforms||MetaTrader 4||MetaTrader 4|
|Account Currency||USD/ EUR/ GBP/ SGD||USD/ EUR/ GBP/ SGD|
|Minimum Deposit||$/€/£ 200||$/€/£ 200|
|Commission||Zero||$7/Round lot for FX and Metals only – No commission is charged on all other products|
|Order Execution||Market Execution||Market Execution|
|Spread||From 1.3||From 0|
ICM Capital offers swap-free Islamic Accounts to clients of the Muslim faith only. Such accounts do not attract a swap fee or rollover interest for positions held overnight in line with Sharia Law.
For our tests, we chose to open an MT4 ICM Direct Account.
ICM Capital account opening was quick and straightforward. We went through the entire process and completed it online.
Here are the 5 steps to opening an ICM Capital account:
- Enter your full names, email, password, phone number, country and preferred language.
- Provide your date of birth, home address, nationality, passport number and clarify if you are a US citizen.
- Answer questions regarding your trading experience if you have ever traded forex and futures including your years of experience and transactions made in the last two years.
- Confirm if you have ever worked in the financial services sector and choose your trading platform, account type and currency.
- Lastly, provide details about your employment status, annual income, net worth, liquid assets, and expected deposit in USD.
The registration process took 8 minutes only, and our account was approved in 3 working days.
We opened the account on 9 April 2021, and it was approved on 13 April 2021.
We provided front and back pictures of our ID to verify our identity and a utility bill to confirm our home address.
We opened an MT4 ICM Direct account with ICM Capital Limited, which is regulated by the UK’s Financial Conduct Authority (FCA) for this test.
Deposit and Withdrawal
ICM Capital offers fast deposits and withdrawals. Traders can deposit and withdraw from their accounts via bank transfers, credit and debit cards, and e-wallets such as Skrill, Neteller, and PayPal.
The broker charges different fees for each deposit method but does not charge fees on withdrawals, which is not very common in the industry.
ICM Capital has a minimum deposit requirement of US$200 or its equivalent on all account types.
ICM Capital’s clients can deposit funds into their trading accounts via bank transfers, debit and credit cards, and e-wallets such as Skrill, PayPal, and Neteller.
Credit/debit card deposits of $200 and above do not attract charges, which is the minimum amount you can deposit using this method.
Bank Transfers, Skrill, Neteller, and PayPal deposits above USD 500 or its equivalent also do not attract charges.
Skrill deposits below USD 500 attract a transaction fee of $0.32, a receive money fee of 1.9%, and a country surcharge fee of 1%.
Neteller deposits below USD 500 attract a 2.5% fee, or a minimum $1 fee, combined with a $0.29 transaction fee and a country surcharge fee of $1.
PayPal deposits below USD 500 have a transaction fee of 3.75% combined with a fixed currency fee of GBP 0.20/ EUR 0.35/ USD 0.30.
The table below shows the details of our deposits:
|Payment Method||Submitted Date||Funded Account Date||Funding Time||Fee|
|Skrill||29 April 2021||29 April 2021||40 mins||€0.00|
|Neteller||29 April 2021||29 April 2021||10 mins||€0.00|
|PayPal||29 April 2021||29 April 2021||30 mins||€0.00|
The broker processed our deposits quickly and with zero fees because we deposited amounts above the levels that attract fees. We did not test the bank wire and credit card options.
Our Credit card transaction was rejected, but ICM Capital advised us to contact our bank because the broker did not reject the transaction.
ICM Capital allows its clients to make withdrawals via the same payment methods available for deposits making it easy for investors to access their funds.
ICM Capital does not charge a fee on withdrawals.
|Payment Method||Submitted Date||Funds Released Date||Funds Arrived Date||Withdrawal Time||Fee|
|Skrill||29 April 2021||30 April 2021||30 April 2021||1 working day||zero|
|PayPal||29 April 2021||30 April 2021||30 April 2021||1 working day||zero|
|Neteller||29 April 2021||30 April 2021||30 April 2021||1 working day||zero|
We did not face any challenges when withdrawing our funds.
Markets and Products
ICM Capital offers various tradable instruments in the Forex, indices, stocks, and commodities markets.
Here’s the complete list of ICM Capital’s product offering:
The broker offers a decent number of tradable instruments but is way below industry leaders who offer thousands of products.
The trading conditions at ICM Capital are great. Traders can execute most trading strategies as the broker allows high-risk strategies such as hedging and scalping.
ICM Capital also allows traders to run automated strategies powered by Expert Advisors (EAs).
There are no time limits for how long traders can keep their hedging positions open.
*Traders can request to change leverage by sending an email to their customer support.
ICM Capital offers its clients various leverage levels depending on the entity under which their account is registered. For non-EU entities, ICM Capital offers high leverage up to 500:1 and 2000:1.
Traders are allowed to change their account’s leverage levels after registration.
The table below shows the different leverage levels available to clients:
|Markets||ICM Capital Limited||ICM Capital EU||ICM Trader Ltd||ICM Capital VC||ICM Capital (Mauritius) Limited|
|Major Currency Pairs||30:1||30:1||500:1||500:1||2000:1|
|Non-major Currency Pairs||20:1||20:1||100:1||400:1||500:1|
|Other Commodities (except gold)||10:1||10:1||100:1||50:1||200:1|
ICM Capital offers a 10% deposit bonus to its clients up to a maximum of $1,000. Traders should deposit a minimum of $2,000 to qualify for the promotion.
Traders can only withdraw the bonus after trading a specific number of lots depending on the bonus amount.*
*Credit bonus / 5 = no of lots traded.
ICM Capital has a proprietary platform known as ICM Direct, which uses ECN technology to provide customers with direct market access, with liquidity from major Tier 1 banks and top liquidity providers. The platform also offers low latency bridging with the MetaTrader 4 platform.
The broker also offers the popular MetaTrader 4 (MT4) platform. Clients can access the platform via desktop, Mac and mobile applications.
The MT4 platform was our preferred choice because of its advanced functions, including 2,000 free custom indicators combined with 30 in-built indicators. The platform also has 24 inbuilt analytical objects used to predict future price movements.
We found the MetaTrader 4 platform to be best suited to all types of traders including manual traders and those who use automated strategies.
Research and Tools
ICM Capital provides market research via its partnership with Trading Central giving its clients access to live technical analysis that provides real-time trade opportunities.
Traders also have access to short market news pieces that summarise the price action of different assets. The pieces are short and could be more detailed.
The broker provides an economic calendar on its website under the ‘Trading tools’ tab but does not provide historical data. Traders can track various economic releases and plan their trading activities accordingly.
The broker’s research offering was quite underwhelming.
ICM Capital offers several learning resources to its clients. The broker has an ‘Introduction to Forex’ course covering the basics of Forex trading, including how the financial markets work.
The course is found in the resources section of its website, but it could have been more detailed.
The broker also provides a trading glossary with definitions of key trading terms. The list could have covered more topics.
ICM Capital also has a section on trading rules that delves into the details of actual trading, including how to calculate profits and losses, contract sizes, and pip values, among others. We found this section very useful.
ICM Capital’s customer service team was helpful and gave us detailed and accurate answers to our questions. We first contacted the team via live chat and asked them whether they charge any deposit and withdrawal fees.
We received a fast response from the agent, saying that there are no charges for credit card deposits over 200 USD or equivalent in other currencies, which is also the minimum deposit. For Bank Transfer, Skrill. Neteller and PayPal, there are no charges for deposits over 500 USD or their equivalent.
You can also reach ICM Capital’s customer service team via email. We sent the team an email asking several general questions, including the minimum deposit, whether they charge any deposit and withdrawal fees, the licenses that ICM Capital holds, and whether they allow hedging, scalping and change of leverage.
We got a detailed response in one working day, clarifying that the minimum deposit for both ICM Direct & ICM Zero is 200 USD or equivalent in other currencies. ICM Capital does not charge any fees on deposits and withdrawals. However, the broker waives the transfer fees for any Credit/Debit card deposit over USD 200.00 and deposits over USD 500 for other payment methods.
Here are the results of our test below:
|Question||Response Time||Quality of reply|
|Live chat||We asked if they charge any deposit and withdrawal fees||1 minute||It was direct, fast and accurate.|
|Live Chat||We asked why our debit card deposit was declined?||2 minutes||They asked for clarification, the gave us an answer|
|We asked several general questions, including what’s the minimum deposit, do they charge deposit and withdrawal fees, the licenses that ICM Capital holds, whether they allow hedging, scalping and change of leverage||1 working day||It was direct and detailed.|
Overall, we had a smooth experience with ICM Capital from the account opening, to the deposit and trading processes.
Both the live chat and email support replies were fast and came with complete answers. We recommend traders use both methods to contact the broker’s team.
We deposited over 500 EUR for each of the tested payment methods, so there were no charges on our deposits. The broker normally passes on the fees for deposits below EUR 500. Our debit card deposit was declined which we didn’t expect, and their support team suggested we contact our bank to investigate as their team didn’t reject our debit card deposit.
All our deposits weren’t instant; it took approximately 40 min for ICM Capital to credit all our deposits into our trading account. Withdrawals via Neteller, Paypal and Skrill, were fast. It took us less than 1 working day to receive all the withdrawn funds.
Tradable instruments were limited compared to the leading brokers. ICM Capital offers most of the popular instruments but only offers the MT4 trading platform.
The broker allows hedging and scalping. We recommend ICM Capital to traders who run EAs and also other trading strategies.
We also recommend ICM Capital to all traders, from beginners to advanced traders.
Author of this review
By George Rossi
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.
Now I am passionate about reviewing and comparing forex brokers.
Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology