Pros & cons of ICM Capital

ICM Fact sheet

As a trader, your top priority should always be the safety and security of your funds. Financial markets are full of money traps and the best way to make sure that your broker is trustworthy is to check whether it’s regulated. 

ICM Capital is a group of Forex brokers operating globally under the same trademark. The broker is well-regulated, in 7 jurisdictions, and therefore can be trusted. 

Let’s take a look at the complete list of regulatory bodies, license numbers, and companies under ICM Capital name: 

• ICM Capital Limited (UK) is regulated and authorized by the Financial Conduct Authority (FCA) registration number: 520965.
• ICM Jurisdictions In MauritiusICM Capital Limited (MU) is regulated and authorized by the Financial Services Commission of Mauritius under license number: C118023357.
• ICM Jurisdictions In LabuanICM Capital (Labuan) Limited is regulated and authorized by the Financial Services Authority of Labuan under license number: MB/18/0029.
• ICM Jurisdictions In UKICM Capital LLC (VC) is registered by the Financial Services Authority of Saint Vincent and the Grenadines under number: 1853 LLC 2022.
• ICM Jurisdictions In SwissICM House AG (Zurich, Switzerland) is licensed under the supervision of ARIF registration number CHE-497.911.976.
• ICM Jurisdictions In EuropeICM House KB is registered and regulated under the laws of Sweden under the supervision of the Stockholm County Administrative Board with registration number: 969792-7961. SWIFT/BIC: ICHOSES2.
• ICM Jurisdictions In QatarICM LLC (Qatar) is regulated and authorized by the Qatar Financial Centre of Qatar under license number: 00908.

In addition, ICM Capital provides negative balance protection to its clients and keeps funds in segregated bank accounts. We can easily say that traders are in safe hands when registering with this broker. 

ICM Capital offers a wide range of asset classes to its clients. However, it should be mentioned that the number of tradable instruments is not great compared to competitors. The instruments are contracts for difference (CFDs), which enable traders to speculate on underlying asset prices without the need of owning them. CFDs enable market speculators to use leverage and increase their purchasing power while profiting on both bearish and bullish markets. With ICM Capital the maximum available leverage is 200:1. 

Forex trading on ICM Capital

There are 42 available currency pairs with this broker, including major pairs that are the most liquid, minors (less liquid than majors), and exotics (the least liquid). It should be noted that while we were reviewing the broker, we noticed outdated information on the broker’s website claiming that there are more than 60 currency pairs available for trading. 

The maximum available leverage is 200:1. Currency trading is available through all platforms and account types offered by ICM Capital. However, trading fees differ from account type to account type. On commission-free accounts (ICM Direct) spreads start from 1.3 pips. On spread-free accounts spreads start from 0 pips, on the other hand, there are commissions of 7 USD per traded lot round turn. 

Stock CFD trading on ICM Capital

CFDs on shares enable traders to speculate on underlying share prices with fewer barriers. In addition, leverage is accessible and trading fees on U.S. shares are 15 cents per share. The broker offers popular company stocks such as: 

• Apple Inc
• American Express
• Alibaba
• Bank of America
• Blackrock
• Berkshire Hathaway Class B
• Citigroup Inc

Crypto CFD trading on ICM Capital

ICM Capital offers 6 crypto pairs against the USD and one crypto derivative against oil (BTCOIL - Bitcoin v WTI). Trading fees on both selling and buying are 0.1% of the market price. 

Crypto vs USD derivatives include:

• BTCUSD - Bitcoin
• BCHUSD - Bitcoin Cash
• LTCUSD - Lite Coin
• ETHUSD - Ethereum
• XLMUSD - Stella Lumens
• EOSUSD - EOS.IO

It should be mentioned that when trading crypto CFDs, traders do not have to worry about crypto wallets or cashouts, since the products are just contracts for difference, profits are added directly to trading accounts. 

Commodity CFD trading on ICM Capital

With ICM Capital, traders have access to speculating on spot silver and spot gold prices. In addition, there are 3 energies, such as oil and gas available for trading. Commodity prices are largely impacted by global supply and demand.

Indices trading on ICM Capital

There are 9 indices, also known as stock indexes, available for trading. Spreads start from 2.5 pips. The list of tradable indices include: 

• #DOW30 - US Dow30 Spot Index CFD | USD
• #Euro50 - Euro Stoxx 50 Spot Index CFD | EUR
• #Germany40 - German DAX40 Spot Index CFD | EUR
• #Japan225 - Japan Nikkei225 Spot Index CFD | USD
• #UK100 - UK FTSE100 Spot Index CFD | GBP
• #US500 - US S&P 500 Spot Index CFD |USD
• #USTech100 - US NASDAQ100 Spot Index CFD | USD
• #France40 - France CAC40 Spot Index CFD | EUR
• #Spain35 - Spain IBEX35 Spot Index CFD | EUR

Each trader needs a specific account type that meets the requirements of his trading style. ICM Capital offers spread-free and commission-free accounts, along with swap-free (also known as Islamic accounts) and demo accounts also being available.

Pros & cons of ICM Capital account types

ICM DIRECT (ECN)

In order to open this account type traders need to deposit at least 200 USD or the equivalent in the base account currency. The available account currencies are USD, EUR, GBP, or SGD. Maximum available leverage is 200:1 and the order execution type is market orders. There are no commissions on this account. On the other hand, trading fees are incorporated into spreads and spreads on EUR/USD start from 1.3 pips. This account type is best suited to new traders and swing traders as beginners and position traders typically place fewer trades and not paying commissions is more important to them. 

ICM ZERO

There are no spread markups on this account, but on the other hand, commissions are 7 USD per lot per round turn. This account type is best suited for more active traders, such as intraday traders, scalpers, high-frequency traders, algorithmic traders, etc. The ZERO account has many similar features to the DIRECT account with maximum leverage also going up to 200:1 and a minimum deposit requirement of 200 USD. An Islamic account version is available, and Expert Advisors (EAs) are also available on the MetaTrader platforms that can be used for trade automation. 

Getting started on ICM Capital – Main steps

We provide a step-by-step manual for traders who have already made the decision to open a live trading account with ICM Capital. The broker's home page is extremely user-friendly and straightforward, and the registration and account opening processes are entirely digital.

Step 1: Open an account

The first step in the process is to open ICM Capital’s main web page and press the “Register” button in the top-right corner. For registration, your personal information such as your contact details and full name is needed. 

Step 2: Time to verify your account

The next step is to verify your account. For the verification process, two types of documents are needed. You can upload scanned documents or digital photos of a utility bill or bank statement for proof of your residence. In addition, you need to provide a copy of your ID card, passport, or driving license. Verification is essential as verified accounts are able to make transactions to and from their accounts without restrictions. 

Step 3: Make your deposit and start trading

The final step before trading is funding. The broker enables traders to use multiple funding methods, including bank transfer, Bitcoin, credit/debit cards, crypto, Neteller, and Skrill. Most funding options are instant and free. However, bank transfers might take up to 3 business days to reflect on your account. 

Trading fees with ICM Capital are not as low as with industry leaders, however, it should also be mentioned that there are no inactivity fees or fees on deposits and withdrawals, which is always a good thing. In addition, the broker offers both spread-free and commission-free accounts, which makes it possible for different trader types to pick the best fee structure for their strategies. 

Comparing ICM Capital fees with other brokers

To better understand how ICM Capital fees differ from those of competitors, let’s do a comparison. For the comparison, we picked ICM Direct account fees, as this account type doesn’t charge traders any commissions, and fees are integrated into spreads. 

ICM Capital fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

ICM Capital fees compared to CM Trading fees

ICM Capital fees compared to plus500 fees

ICM Capital fees compared to XM fees

ICM Capital fees compared to AvaTrade fees

ICM Capital fees compared to Capital.com fees

ICM Capital offers a wide variety of trading platforms to its clients and the full set of MetaTrader platforms are available. In addition, a modern-looking cTrader and the in-house ICM Securities platform are also on offer. 

While MetaTrader’s platforms might have an outdated look and feel, both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are extremely reliable and very popular. cTrader has a more modern design and sports a user-friendly interface but is offered by fewer brokers worldwide. 

ICM Securities is a web-based platform and also comes as a mobile app. The mobile trading app is available for both Android and iOS users. The mobile app is equipped with all the necessary features traders might need.

A well-put-together educational material section is essential for any beginner. ICM Capital offers an extensive range of tools and educational resources under the following headings:

• Trading Central
• Trading Tools
• Introduction to Forex articles
• Trading Rules
• Analysis
• Trading Glossary

It should be noted that there are no webinars and online seminars available for traders. 

ICM Capital offers multilingual customer support that is available 24 hours a day, 5 days a week, during weekdays. Live chat is available straight from the main page and email and phone call options are also accessible. 

To sum everything up, ICM Capital is a well-regulated broker which is licensed in 7 jurisdictions. They offer spread-free and commission-free account types and various trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and ICM Securities. The available tradable instruments are cryptocurrencies, energies, Forex, futures, indices, metals, and CFDs on stocks. Trading fees depend on the account type and on commission-free accounts, spreads on EUR/USD start from 1.3 pips. The commission fee is 7 USD round turn per lot on a spread-markup-free account. Maximum available leverage is 200:1 and the minimum initial deposit required to open a live account is 200 USD or the equivalent in the base account currency.