If you're looking to dip your toes into the world of online trading, then you've probably heard about ICM Capital. But what's all the buzz about? In this article, we're going to give you the lowdown on ICM Capital, including everything from its regulations to trading platforms and the pros and cons you need to know. So, grab your coffee, and let's dive in.
ICM Capital: A Quick Introduction
ICM Capital Limited is no small fish in the trading pond. It's a UK-based ECN broker that has cast its net worldwide, with offices not just in the UK, but also in Dubai, Singapore, Nigeria, and Indonesia. So, wherever you are, ICM Capital is likely within reach. They offer a variety of assets to trade, with a particular focus on forex through their trusted MT4 platform.
ICM Capital Details
To kick things off, let's get to know this company a bit better. ICM Capital first stepped onto the scene in 2009, and they're not just another fish in the sea of brokers. They're regulated by the Financial Conduct Authority (FCA), with registration number 520965. Their headquarters are firmly planted in London, and they even have a rep office over in the UAE.
But here's the twist: ICM Capital Ltd is part of a bigger family. They're a subsidiary of ICM Holding SARL, along with ICM APAC in Malaysia and ICM Capital Limited Mauritius and Saint Vincent. The whole gang uses the ICM.com branding. They've got a global reach, but they've been making waves in the Middle East, recently opening up shop in the Qatar Financial Centre in 2021.
Okay, let's talk shop - trading platforms. ICM Capital offers a couple of options to suit your fancy.
ICM Direct is where the action is. It uses ECN technology to give you direct market access, with liquidity from major Tier 1 banks and top liquidity providers. This means you can trade forex, commodities, and CFDs with lightning-fast execution. Plus, ICM Direct sweetens the deal with low latency bridging that connects seamlessly with the MetaTrader 4 platform.
If you're into analyzing markets like a pro, then the MetaTrader 4 (MT4) platform is your jam. It's versatile, available for Windows, Mac, tablets, and smartphones. What sets it apart is the array of advanced technical analysis tools it offers. With 30 built-in indicators and a whopping 2,000 custom ones, you can dissect markets of all complexities. And that's not all. You've got 24 analytical objects for peering into the crystal ball of future market prices.
But here's the kicker: MT4 also lets you automate your trades with Expert Advisor agents. You can create your own EA robots using the MQL4 programming language, grab some from the free codebase, or even get a bespoke robot from the pros. It's like having a trading assistant at your beck and call.
The broker serves up a buffet of over 65 financial instruments. That's not too shabby. Here's what's on the menu:
- Spot Foreign Exchange (Forex): With more than 50 currency pairs, you've got plenty to choose from.
- Precious Metals: Shine with gold and silver trading.
- US Stocks CFDs: Dabble in US stock market action with CFDs.
- Energy Futures: Get in on the energy action.
- Index Futures: Take a bite out of index futures.
- Cash CFDs: Cash in on the CFD offerings.
While the spread of assets is quite satisfying, ICM Capital's menu could use a little more spice - like adding cryptocurrencies, including Bitcoin.
Spreads & Commission:
Let's talk money - spreads and commissions, the bread and butter of trading costs. ICM Capital keeps things reasonable for both its account types.
For the Direct account, the EURUSD spread is a snug 1.3 pips, and guess what? No commission here. To put it into perspective, we did a little comparison with FXPrimus, and it turns out ICM Capital's spread on this pair is tighter than FXPrimus' 1.7 pips.
But here's where it gets interesting. You can also opt for the ICM Zero account. With this account, you get those buttery zero pip spreads on the EURUSD, but it comes at a cost - a $7 commission per round lot. It's like choosing between your favorite flavors of ice cream, isn't it?
And don't forget, if you're the type to leave your forex and precious metal positions overnight, be ready for some swap charges. These rates vary depending on whether you're going long or short, and you can check them out on the MT4 platform.
When it comes to leverage, ICM Capital follows the regulations set by ESMA for retail accounts. It's like a power-up for your trades, but the amount varies depending on what you're trading:
- Major Currency Pairs: Up to 1:30.
- Non-Major Currency Pairs, Gold, and Major Indices: Up to 1:20.
- Commodities (excluding gold) and Non-Major Equity Indices: Up to 1:10.
- Individual Equities and Other Reference Values: Up to 1:5.
Now, if you're a pro, you get to enjoy maximum leverage of up to 1:200 on major forex pairs. It's like having a turbocharger for your trading engine.
ICM Capital knows that life moves fast, and so do the markets. Even though they don't have their own app, they've got you covered with the MT4 app. It's available for both iOS and Android users and it's racking up rave reviews on the App Store and Google Play.
With the MT4 app, you get all the same features as the desktop version. You can place all order types and dive into technical analysis with 30 of the most popular technical indicators and 24 analytical tools. Plus, you can stay in the loop with financial market news and even chat with fellow traders on the go. It's like having a trading office right in your pocket.
Now, let's talk cash. Deposits and withdrawals are the name of the game, and ICM Capital offers several methods through their ICM Access portal. Here's the lowdown:
- Bank Transfer: No fees, but watch out for any charges from your bank.
- Skrill: Transaction fee of $0.32, receive money fee of 1.9%, and a country surcharge fee of 1% (applies to selected countries).
- Neteller: Transaction fee of $0.29, deposit fee of 2.5% (min $1), and a country surcharge fee of 1% (applies to selected countries).
- PayPal: Payment processing fee of 3.75%, along with a fixed currency fee of 0.2 GBP, 0.35 EUR, or 0.3 USD.
- Visa/Mastercard: A 3% deposit fee in USD and a 4.25% deposit fee in GBP/EUR.
- China UnionPay: A 1.5% fee.
- ICM Pre-Paid Card: Comes with a 1.75% fee.
ICM Capital's pre-paid Mastercard is open to EU residents and can be issued in EUR, GBP, or USD. It's accepted in stores and ATMs worldwide, but be aware of the monthly, cash withdrawal, and loading fees. There's no minimum deposit requirement, but you'll need to cough up an initial fee of 40 USD.
For bank transfers, you can use several currencies, including USD, EUR, GBP, AED, KWD, SAR, SGD, MUR, PLN, and JOD. Deposits using this method take between 2 and 5 working days to reach your trading account. ICM Capital has a minimum deposit requirement of USD 200 (or the equivalent in other currencies). Keep in mind that this applies to all deposits, not just the first one.
When it's time to cash out, ICM Capital prefers returning your funds using the same method you used for deposit. It's a security measure to prevent online identity fraud. They aim to process withdrawal requests within one business day, but it may take 3 to 5 working days for the funds to hit your bank account.
As for withdrawal fees, some methods will cost you, but the brokerage has your back for one withdrawal per month:
- Bank Transfer: £15.
- Skrill: 1% (min $0.49, max $10).
- Neteller: No fee.
- PayPal: 2%.
- Visa/Mastercard: No fee.
- China UnionPay: $5.
- ICM Mastercard Pre-Paid Card: A $1.95 withdrawal fee always applies.
Keep in mind that there's no minimum withdrawal requirement. You can take out what you need when you need it.
Getting a feel for the market without risking your hard-earned cash is crucial, and ICM Capital has got your back. They offer a free MT4 demo account, but there's a catch - you'll need to sign in to a live account first to access it. The demo account lets you practice trading with virtual funds in GBP, USD, EUR, and PLZ, and it mimics the same environment as a real ICM Capital account.
ICM Capital Bonuses:
If you're hoping for some dazzling sign-up promotions or deposit bonuses, ICM Capital might leave you hanging. They play by the rules of the FCA and EU regulations, which means no such perks are in the cards. But hey, the peace of mind that comes with a regulated broker might be worth more in the long run.
Now, let's talk safety - a top priority when it comes to trading. ICM Capital is regulated by the reputable Financial Conduct Authority (FCA) with registration number 520965. This means your funds are protected by the Financial Services Compensation Scheme (FSCS), covering up to £85,000 if ICM Capital faces financial trouble. It's like having an insurance policy for your trading account.
But wait, there's more. ICM Capital is also insured by Lloyds of London, safeguarding their liabilities against clients up to a cap of £5,000,000. This protection is offered to all live account holders, and it comes at no extra cost.
The company also has your back with negative balance protection, so you won't find yourself in the red beyond what you've deposited.
And here's the global reach: ICM Capital operates in multiple jurisdictions, from Malaysia and Thailand to Turkey, the UK, and even Paraguay. They're covering a lot of ground, which is reassuring for traders across the globe.
ICM Capital doesn't just provide a trading platform and call it a day. They've got a handful of bonus features that might sweeten the deal.
- Educational Tools: Their website is stocked with high-level articles on financial products and top trading rules. You can also dive into more detailed articles on topics like forex and technical market research. They've even got a glossary to demystify trading jargon. And don't forget the financial news page and economic calendar for regular market updates and reviews.
- SMS News Service: ICM Capital offers a free SMS news service. Live account clients can receive news updates via text messages every morning from Monday to Friday. You'll get the scoop on EUR, GBP, CHF, JPY, oil, and gold.
- Social Media Presence: The broker keeps you in the loop with brief updates on their Instagram page, @icmcapital.
ICM Capital dishes up two retail account types: ICM Direct and ICM Zero. These accounts come with different spreads and commission fees, so you can pick what suits your trading style.
The ICM Zero account offers incredibly tight spreads, starting from zero for EURUSD, but it does come with a $7 commission per round lot. It's like savoring the premium chocolate of the trading world.
On the flip side, the Direct account doesn't charge commissions for its trades, but the spreads are a bit wider, at 1.3 pips for EURUSD. These accounts offer the same variety of instruments and leverage options, so it's all about finding the best fit for your trading style.
Professional accounts get a boost too, with increased FSCS protection, extending up to £1,000,000, and leverage up to 1:200.
If you're looking to trade in line with Shariah law, ICM Capital has got your back with swap-free Islamic accounts.
Benefits and Drawbacks:
Like any broker, ICM Capital has its strengths and weaknesses. Let's break it down:
- Regulated by the Reputable FCA: You're in safe hands with FCA regulation, and the FSCS protection and Lloyds of London insurance offer an extra layer of security.
- MT4 Trading: Access the industry-favored MT4 platform.
- Educational Resources: A wealth of educational tools to help you navigate the markets.
- US Stocks CFDs: Dive into the action with more than 700 US stocks CFDs.
- ECN Spreads: Enjoy competitive spreads with liquidity from tier 1 banks.
- Solid Reputation: A broker with a good track record.
- High Leverage: Professional accounts can enjoy leverage up to 1:200.
- Professional Account Requirement: Some features are exclusive to professional account holders.
- Limited Asset Variety: Beyond stocks and forex, the asset selection is somewhat limited.
- Wider Spreads on Commission-Free Account: If you're after tight spreads, you'll have to pay commissions.
In summary, ICM Capital is a reputable broker with robust regulatory protections, offering access to a popular trading platform, competitive spreads, and educational resources. However, it has some limitations in terms of available assets and may not be suitable for all traders, particularly those who don't qualify for professional accounts. It's essential for traders to carefully consider their specific needs and preferences when choosing a broker.
ICM Capital Broker Details
Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.