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 inUK, Cyprus, Malaysia, St Vincent and the Grenadines, Mauritius
🛡️ Is ICM Capital safeYes
💰 EUR/USD Spread1.4
💳 Minimum depositUS$200
💰 Withdrawal fee$0 charges once per calendar month
🖥️ Trading PlatformMT4
📈 Markets offeredForex, Indices, Stocks, Commodities
📉 Number of Products149

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 entityRegistered inRegulatorLicense NumberAccepting Clients FromCompensation Scheme Amount
ICM Capital LimitedUnited KingdomFinancial Conduct Authority (FCA)520965United Kingdom£85,000
ICM Capital EUCyprusCyprus Securities and Exchange Commission (CySEC)367/18EU€20,000
ICM Trader LtdMalaysiaLabuan Financial Services Authority (LFSA)MB/18/0029Globally many countriesNo compensation scheme
ICM Capital VCSt Vincent and the GrenadinesFinancial Services Authority (FSA)23683 IBC 2016Globally many countriesNo compensation scheme
ICM Capital (Mauritius) Limited MauritiusFinancial Services Commission (FSC)C118023357Globally many countriesNo compensation scheme
ICM Capital FCA (Financial Conduct Authority) Registration
ICM Capital FCA License

Is ICM Capital Safe

Yes, ICM Capital is safe to trade. The broker is the top-tier FCA (UK Financial Conduct Authority) regulated, 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.

MarketsInstruments1st trade 2nd trade 3rd trade Avg. Spread
IndicesFTSE 1000.

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.

MarketsInstrumentsAvg. Spread ChargedIndustry Avg. Spread
IndicesFTSE 1000.901.65

Other fees

ICM Capital does not charge any other non-trading fees such as deposit and withdrawal fees or account inactivity fees.

Account Types

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 DirectICM Zero Account
Trading PlatformsMetaTrader 4MetaTrader 4
Account CurrencyUSD/ EUR/ GBP/ SGDUSD/ EUR/ GBP/ SGD
Minimum Deposit$/€/£ 200$/€/£ 200
CommissionZero$7/Round lot for FX and Metals only – No commission is charged on all other products
Order ExecutionMarket ExecutionMarket Execution
SpreadFrom 1.3From 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 Login

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:

  1. Enter your full names, email, password, phone number, country and preferred language.
  2. Provide your date of birth, home address, nationality, passport number and clarify if you are a US citizen.
  3. 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.
  4. Confirm if you have ever worked in the financial services sector and choose your trading platform, account type and currency.
  5. Lastly, provide details about your employment status, annual income, net worth, liquid assets, and expected deposit in USD.
ICM Capital Account Opening
ICM Capital Account Opening

The registration process took 8 minutes only, and our account was approved in 3 working days.

We opened the account on 9 April 2023, and it was approved on 13 April 2023.

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 Deposit Methods
ICM Capital Deposit and Withdrawal

ICM Capital Minimum Deposit

ICM Capital has a minimum deposit requirement of US$200 or its equivalent on all account types.

ICM Deposit

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 MethodSubmitted DateFunded Account DateFunding TimeFee
Skrill29 April 202329 April 202340 mins€0.00
Neteller29 April 202329 April 202310 mins€0.00
PayPal29 April 202329 April 202330 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 Withdrawal

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 MethodSubmitted DateFunds Released DateFunds Arrived DateWithdrawal TimeFee
Skrill29 April 202330 April 202330 April 20231 working dayzero
PayPal29 April 202330 April 202330 April 20231 working dayzero
Neteller29 April 202330 April 202330 April 20231 working dayzero

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.

Trading Conditions

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.

Trading MethodAllowed
Change LeverageYes*

*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:

MarketsICM Capital LimitedICM Capital EUICM Trader LtdICM Capital VCICM Capital (Mauritius) Limited
Major Currency Pairs30:130:1500:1500:12000:1
Non-major Currency Pairs20:120:1100:1400:1500:1
Other Commodities (except gold)10:110:1100:150:1200:1


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 Trading Platform

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.

ICM Capital MT4

ICM Capital MT4 Trading Platform
ICM Capital MT4 Trading Platform

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.

ICM Capital Trading Tools
ICM Capital Trading Tools

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 Educational Material
ICM Capital Education Centre

Customer Service

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.

ICM Capital Customer Support
ICM Capital Customer Support

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:

QuestionResponse TimeQuality of reply
Live chatWe asked if they charge any deposit and withdrawal fees1 minuteIt was direct, fast and accurate.
Live ChatWe asked why our debit card deposit was declined?2 minutesThey asked for clarification, the gave us an answer
EmailWe 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 leverage1 working dayIt 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. ICMCapital review found fees are normally passed on 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.

We also recommend ICM Capital to all traders, from beginners to advanced traders.

We recommend ICM Capital for traders who are

  • Experienced traders
  • Beginners
  • Run Scalping
  • Hedging
  • EAs trading
  • Trading through MT4

ICM Capital might not be a fit if you are

  • Real Stock / Futures Trading
  • Looking for wide instrument range
  • Prefer other platforms rather than MT4

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

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