ICM Capital Review 2024: Is It Perfect FX Broker For You?

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ICM Capital brokers is a reliable forex trading platform that gives traders access to various types of instruments like shares, cryptocurrencies, indices, CFDs, and many more across several financial markets. It helps its clients avoid high risk and make more money. The firm was established in 2009, and its head office is in the United Kingdom.

ICM Capital Overview

Official Website https://www.icm.com/
Headquarters London
Founded Year 2009
Product Offered Forex, CFDs, Commodities, Futures, Stocks
Minimum Initial Deposit $200
Maximum Leverage 30:1 (For Retail Investors)
200:1 (For Professional Investor)
Islamic Accounts Yes
Demo Account Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
Trading fees Varies with the payment method
Inactivity fee Yes
Withdrawal fee Varies with the payment method
Supported currencies USD, EUR, GBP
Customer Support Available through Live Chat, Telephone, & Email Support

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The firm concentrates on offering services to all kinds of clients, especially rich clients from the Middle East and North Africa. This has allowed ICM Capital to scoop many MENA awards. Though the firm accepts clients from every country across the globe, US clients are not allowed to trade at ICM Capital. It also has the Fastest Growing Global Multi-Asset Broker Award given by Global Business Magazine Awards in 2022.

To review ICM Capital, the broker has a license from the CFTC and NFA, which makes it a safe place for forex trading. This ICM Capital Review delves deeper into the features, regulations, legitimacy, deposit and withdrawal fees, payment methods, & many other important functions. So, let’s get started!

What Is ICM Capital?

ICM Capital Limited was established in 2009 and is headquartered in London, with the representative head office in the UAE. ICM Capital is registered under the Financial Conduct Authority (FCA), register number 520965.

ICM Capital Platform - Interface

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ICM Capital Limited is a subsidiary firm of ICM Holding SARL along with ICM APAC, ICM Capital Limited Saint Vincent, and Mauritius. All these firms are within the ICM group and use the popular ICM.com branding.

Being one of the regulated brokers, ICM Capital offers trading services to traders across the globe. But, the management team, along with the CEO, has capitalized on, particularly the Mid-Eastern market, and won many awards there. Essentially, the foreign exchange broker launched its firm in Qatar in 2021, with its new office in the Qatar Financial Centre.

ICM Capital User Experience

According to this ICM Capital Review, the company offers one of the best MetaTrader 4 forex platforms. The platform also offers customized ICM Direct and Zero exchange platforms. This combination of downloadable Direct and Zero trading platforms for various devices like Windows and Mac enables both beginners and advanced traders to trade using any device of their choice. ICM Capital offers minimum trades of 0.001 Lot and this is variable based on the type of account one opens. The maximum requirement for trades also varies based on ICM Capital trading tools, investment products, & also on the trader.

ICM Capital User Experience

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Features of ICM Capital

Negative Balance Protection

ICM Capital trading platform offers negative balance protection to protect users from the risk of losing money than deposited. This enables traders to trade safely.

Superior Execution of Deep Liquidity 

ICM Direct account holders get to enjoy ECN technology. It provides them with direct market access, besides deep liquidity from the leading liquidity providers and Tier 1 banks.

Flexible Leverage

ICM Capital offers variable leveraged products that are in tune with the regulations of ESMA for ICM Capital retail accounts. Major currency pairs are leveraged at 30:1, gold, major indices, and non-major exotic forex pairs are leveraged at 20:1, other commodities are leveraged at 10:1, and reference values and individual equities are leveraged at 5:1. Clients with PRO accounts enjoy a max. leverage of 200:1 on foreign exchange pairs.

Features of ICM Capital

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Top-Notch Customer Support

The ICM Capital customer support team is multilingual and professional, functioning 24*7 with effective technical and market support.

7 Industry Regulations

ICM Capital Ltd. is a multi-regulated multi-national broker, regulated by the top 7 regulatory bodies that include the UK Financial Conduct Authority (FCA), Financial Services Authority (FSA), Financial Services Compensation Scheme (FSCS), ARIF, CABs, QFC, and Labuan Financial Services Authority (FSA).

20 International Awards 

Being a multi-award-winning forex trading platform, its industry achievements are worth mentioning. The development team continues to raise standards and innovate the trading platform to be able to provide the best trading tools with complex instruments and win some more coveted awards in the financial sector.

120,000+ Clients

Ever since its establishment in 2009, ICM Capital Ltd. has been offering financial services online covering over a hundred countries.

Services Offered by ICM Capital

ICM Capital ensures that traders work with market leaders with more transparency and fair quality market execution and pricing. Once a trader registers with ICM, they become a valued customer of the platform and gain direct access to all the trading advantages of ICM Capital from their mobile or PC:-

  • Mobile trading through iPad, iPhone, or Android.
  • Islamic account or swap-free trading account.
  • More than 65 financial instruments including metals, forex, CFDs, stocks, and futures are available.
  • Efficient and fast deposit and withdrawal options such as credit card or debit card payments(Mastercard or Visa), Skrill, Neteller, or Bank Transfers.
  • An extensive glossary that explains concepts and definitions of trading jargon along with an economic calendar and financial news page.

ICM Capital Services

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Is ICM Capital Regulated?

ICM Capital is authorized and regulated by the leading Financial Conduct Authority (FCA) regulatory body while the client money is safely protected by Financial Services Compensation Scheme (FSCS), covering about £85,000 if the company becomes insolvent. The ICM Capital international website is regulated by the Financial Services Authority (FSA) of the Grenadines and St Vincent.

In addition, the company is insured by the Lloyds of London to protect the liabilities of the company against clients in case of negligence, fraud, and errors. The insurance is provided up to a £5,000,000 limit. However, this protection is offered to live account holders at no extra costs.

ICM Capital Review: Pros and Cons

Pros Cons
Regulated by seven regulatory bodies including Financial Conduct Authority and Financial Services Authority. Not regulated by ASIC.
Minimum deposit is $200. Scalping is not supported.
Segregated client funds. Limited variety of instruments.
Several trading platforms with expert analysis.

Types of ICM Capital Trading Platforms

With ICM Capital Limited, clients get to choose from three powerful financial markets and trading platforms compatible with different devices, from browser-based mobile, tablet to desktop devices. The three trading platforms supported on the ICM Capital trading platform are:-

Types of ICM Capital Trading Platforms

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MetaTrader 4 Platform

The ICM MT4 forex trading platform offers full flexibility and easy customization with advanced technical analysis tools, indicators, and charting tools. Clients have access to hundreds of online instruments and complex instruments to plug in and avail Expert Advisors to enjoy algorithmic trading. The MetaTrader 4 can be downloaded on Mac and Windows smartphones and tablets with 2000 free and 30 built-in custom indicators.

Traders can use it for market and financial analysis of different complexities. Other notable ICM MT4 trading features include:-

  • EA or Expert Advisor capability
  • Forex trading, CFDs, and precious metals
  • Multilingual platform supporting around 30 languages
  • Free MT4 Android and iOS mobile trading apps
  • Trade and invest in forex and other instruments on both Mac and PC

MetaTrader 5 Platform

ICM MetaTrader 5 trading software provides technical analysis and advanced analytics with easy access to additional asset classes and trading instruments. It enables clients in trading CFDs, forex pairs, precious metals, stocks, and energies with super-fast processing times and additional customization properties.

The forex broker’s MT5 platform offers the following notable functionality and features:-

  • Buy and Sell Stop Limit orders
  • Tick chart trading
  • Web-based ability to access global markets without downloading
  • Financial market depth information
  • ICM foreign exchange is integrated with multiple exchanges
  • Advanced EA capabilities

cTrader Platform

ICM Capital offers an independent forex trading platform established for trading CFDs, forex, and futures. This platform has helped many forex and other traders to access tight prices and fast trading while trading CFDs and forex as well as products that are based on futures like gold, oil, silver, indices, and commodities.

ICM Capital offers very tight spreads along with low margin requirements. The cTrader platform is popular for its diverse technical analysis and the ability to run forex robots to ensure the continuous protection of client data and money.

Some of the notable features of the cTrader platform are:-

  • Advanced and secure trading
  • Technical analysis trading tools
  • Charting
  • An award-winning mobile trading app

Market Instruments by ICM Capital

ICM Capital provides its clients access to more than 65 market instruments in:-

  • OTC Spot FX
  • OTC Precious Metals
  • OTC US Stocks
  • OTC Index Futures
  • OTC Energy Futures
  • ICM Securities
  • Stock Basket
  • Cryptocurrencies or digital currencies CFD

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Range of Trading Instruments

ICM Capital offers different trading instruments across its MetaTrader 4/5 and cTrader platforms. In fact, ICM Capital offers more than 145 trading instruments on its trading platforms categorized into the asset classes mentioned below:-

  • 34 forex major and minor currency pairs including AUDCAD, AUDUSD, EURAUD, EURCAD, NZDUSD, and many more
  • 89 US Stock Shares including Amazon, American Airlines, Alibaba, Ford Motors, Facebook, Pepsi Co, Walmart Stores, and many more
  • 11 CFD Spot Indice including 2 Oil Spot CFDs and 9 Spot Indices CFDs
  • 1 Commodity – Gold Futures
  • 3 Energy Futures including Light Sweet Crude Oil Future, E-Mini Natural Gas Henry Hub Future, Brent Crude Future
  • 6 Index Futures including E-Mini S&P 500 Index Future, Dow Jones Futures, Mini Dow Jones, E-mini NASDAQ, FTSE 100 Index Future, DAX Index Future
  • 1 Metal Futures – Palladium Future
  • 1 Cryptocurrency CFD – BTCOIL Crypto CFD

ICM Capital Account Opening Process

No matter the amount of trading experience, ICM Capital is one of the most user-friendly & best forex brokers for all kinds of traders, including beginners and experienced investors. Open an account with ICM Capital and enjoy the benefits that come with ICM Capital accounts. The simple trading account opening process allows traders to start trading and investing in global markets once the application is completely verified by the platform.

To open an account with ICM Capital, all traders need to do is complete an easy and quick registration form available on the ICM Capital official site and wait till the account and all the information provided by the user is reviewed and verified by the support team. However, the team does not take too long to verify so that the new users can start analyzing and trading in the market instantly. After the account setup is complete, traders can access the platform’s extensive variety of available tools and resources.

Essentially, the ICM trading account opening process involves four steps:-

  • Registration – Complete the online registration to create an ICM profile.
  • Verify – Submit proof of residency and an ID to get verified by ICM.
  • Fund – Once verified, deposit some funds by using the platform’s efficient and fast Cashier solution.
  • Trade – With the deposited funds, start trading and investing in the global financial markets with ICM Direct account.

ICM Capital Account Opening Process

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ICM Capital Account Types

There are two types of trading accounts that ICM Capital offers – ICM Direct Account and ICM Zero Account, both of which have different commission fees and spreads. Though the ICM Zero account provides tight spreads that start from 0 pips for EURUSD, the commission fees ICM Capital charges is about $7 for every round lot.

On the other hand, ICM Direct account has no such commission fees but with tighter spreads, fixed higher at 1.3 pips for EURUSD. The ICM Direct account also offers low latency bridging on the MT4 platform. Apart from this, the two trading accounts are the same in terms of supported instruments and leverages available.

ICM Capital offers these two account types in demo account and live account. The ICM Demo account is offered to traders to give them a chance to experiment with the user interface of the platform and to get more accustomed to the charting tools and instruments.

However, note that due to security reasons, the Demo account expires after 30 days but a new demo account can always be made through ICM Access. Once the trader gets accustomed to the ICM platform using the Demo account, he can switch over to the live account to enjoy more advanced benefits and features of ICM Capital.

Note that ICM Capital also offers professional account types that come with a higher FSCS protection of up to £1,000,000 and leveraged at 200:1. Moreover, the swap-free accounts and the forex Islamic accounts completely comply with Shariah law. The Islamic account is also known as the swap-free account since no swap or rollover interest is charged for overnight positions. Although, below is the table to give you accounts features properly:-

Direct Account Zero Account
Currency Deposit USD, EUR, GBP or SGD USD, EUR, GBP or SGD
Leverage 100:1 100:1
Spread Variable 0
Commission fees 0 $7 per round lot
Min. lot size 0.01 of Standard Lot 0.01 of Standard Lot
Instruments offered Forex, Cash CFDs, Metals, Shares, and Futures Forex, Cash CFDs, Metals, Shares, and Futures
Stop or Limit levels No minimum for forex and metals No minimum for forex and metals
Instrument Specifications Check Contract Specifications Check Contract Specifications
Availability Globally Globally
Trading Central Market News Yes Yes
Credit Bonus Yes Yes
Mobile Trading Platform Yes Yes
Expert Advisor Yes Yes
Real-Time News Feed Yes Yes
Segregated bank account Yes Yes
Charts and Platforms Yes Yes

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ICM Capital Leverage & Margin Requirements

Similar to other brokers, ICM forex broker also has margin requirements that vary based on the trade size or the lot size and leverage. ICM margin requirement is calculating the trade size or lot size divided by the leverage.

ICM forex brokers also provide a 500:1 maximum leverage which is slightly higher than what other best forex brokers provide. It is important to note that forex trading on high leverages can leave a big hole in the bank account. Leverages have the ability to double the trading profits as well as triple the losses.

The leverage available at ICM Capital differs between markets but is in tune with the rules and regulations of ESMA for business or retail investor accounts. The leverage is capped at 30:1 for major forex pairs, while it is capped at 20:1 for minor forex pairs. For commodities and non-major equity indices, the max. leverage is 10:1 whereas for major indices and gold, the max. leverage is 20:1. Clients with professional accounts enjoy maximum leverage of 20:1 on major forex pairs.

  • 30:1 for retail investor accounts
  • 200:1 for professional accounts
  • 30:1 for major currency pairs
  • 20:1 for minor currency pairs, major indices, and gold
  • 10:1 for non-gold commodities and minor equity indices
  • 5:1 for other reference values and individual equities

Note that there is a minimum deposit requirement of $200 to enjoy these leverage benefits.

ICM Capital Fees

According to this ICM Capital review, it offers various payment methods and the deposit fees charged by the platform vary with the payment methods. Deposit methods at ICM Capital include bank transfer, credit or debit card payments, e-wallets such as Skrill, Neteller, PayPal, China UnionPay, and ICM prepaid cards.

ICM forex brokers returns funds by using the payment methods mentioned above to avoid online identity theft. ICM aims at processing all withdrawal requests within 24 hours, although some withdrawals may take about 3 to 5 working days to get reflected in the user’s bank account. Similar to deposits, withdrawals made at ICM also charge commission based on the chosen payment method. Although withdrawal fees apply to certain methods, the brokerage waives these fees for 1 withdrawal every month.

ICM Capital Deposit & Withdrawal Options

Deposit Methods

Bank Transfers No deposit fees but banks may charge a nominal amount based on their fee structure
Skrill $0.32 transfer fees, 1% country surcharge fee applicable to selected countries
Neteller %0.29 transaction fee, 2.5% deposit fee (minimum $1), 1% country surcharge fee applicable to selected countries
PayPal 3.75% payment processing fees, 0.35 EUR, 0.2 GBP or 0.3 USD currency fixed fee
Mastercard or Visa 3% deposit fee for USD, 4.25% for EUR/GBP
China UnionPay 1.5%
ICM prepaid cards 1.75%

Note that the ICM has a minimum deposit requirement of $200 or its equivalent in other currencies. This minimum deposit is applicable to all deposits and not only the initial deposit.

Withdrawal Methods

Bank Transfer 15 GBP
Skrill 1% withdrawals fees, minimum $0.49 and maximum $10
Neteller No fees
PayPal 2%
MasterCard or Visa No fees
China UnionPay $5
ICM Mastercard prepaid card $1.95

Note that ICM Capital does not have any minimum withdrawal requirement.

ICM Capital Bonuses & Promotions

ICM Capital offers attractive bonuses and promotions to attract new clients and show gratitude. It offers a 10 percent credit bonus up to a max value of $1000 on every deposit made over $2000 by the trader. ICM forex brokers also offer a no deposit bonus of $100. A no deposit bonus is given to new users even without making deposits at the platform. This is a generous bonus considering that the no deposit bonus exceeds two-digit amounts.

ICM Capital Promotions

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According to this ICM Capital review, the 10% credit bonus is not a standard promotional offer that one will find in other brokerage firms. This credit bonus is time-limited and offered to many clients once in a while. The bonus is solely granted to motivate the traders and encourage them to trade more until a certain trading amount is achieved. Once the trading amount is achieved, the trader can withdraw the credit bonus and transfer it to cash. The trading amount is decided based on the bonus amount. Credit bonus / 5 = quantity of traded lots.

ICM Capital Partnership Programmes

ICM provides an IB (introducing brokers) partnership program which is specially designed to offer a comprehensive variety of advantages and valuable resources along with the outstanding and award-winning customer support team. ICM delivers great flexibility for IB partners and offers tailored solutions to ensure that the requirements of the partners are looked after. ICM provides personal account managers to help IB partners present their clients and provide guidance once their account is verified.

ICM Capital also offers a Regional Partners Plan that is created for users having strong connections with their region’s trading community, along with healthy knowledge of the existing trading markets. Any user can become a local or regional partner of a trusted, global regulated broker with this program, thereby allowing users to provide clients access to improved and advanced technology and the best trading and investment experiences available in the industry.

Resources Offered by ICM Capital

it is vital to have a clear understanding of the platform’s trading tools and financial markets on the whole to trade efficiently with any brokerage firm. Traders must ensure to make full use of all the available education tools available with ICM Capital and from external sources as well.

ICM Capital offers a great selection of knowledgeable educational resources for customers so that they can learn how the trading and financial markets work. With the ICM resources, customers can learn how to buy or sell trades, how to take full advantage of global trading markets, and how to manage and mitigate investing risks. ICM Capital prepares the customers to have an analytical and technical approach towards trading.

Market News by ICM Capital

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According to this ICM Capital review, it offers a great set of educational resources including above-par level articles on the types of financial instruments available and the best tips for trading. Additionally, it also offers in-depth articles on topics like technical and forex market research. A glossary provided by ICM offers multiple definitions and concepts of trading jargon and an economic calendar and financial news tab to allow users to be fully updated with the current market movements.

There is also an Introduction of Forex learning course that covers the basic concepts of forex trading and how the financial market works. Another section includes trading rules that delve deep into the information of actual trading, how to measure profits or losses, pip values, contract sizes, and more.

ICM Capital Supported Country

ICM Capital allows customers from the following countries:-

  • Australia
  • Canada
  • Thailand
  • United Kingdom (UK)
  • Singapore
  • South Africa
  • Hong Kong
  • India
  • Germany
  • France
  • Norway
  • Italy
  • Sweden
  • United Arab Emirates
  • Denmark
  • Saudi Arabia
  • Luxembourg
  • Kuwait
  • Qatar

These are some among many other countries supported by ICM Capital but customers from the United States are not allowed to trade forex on the platform.

ICM Capital Security Measures

Every trader chooses a reliable broker that has a robust tier 1 regulatory status and the key to a broker’s trustworthiness depends on its security measures. ICM Capital is extremely focused to comply with the laws of the country and the rules and regulations set by the regulatory bodies. It ensures its regulatory status by abiding by the necessary rules laid down by the authorities.

ICM Capital is both regulated and authorized by the United Kingdom Financial Conduct Authority (FCA) that regulates all financial services in this industry with the main goal to safeguard all consumers and ensure complete stability of the industry.

Financial Conduct Authority is one of the most reliable, reputable, and sharp regulatory bodies in the financial field and it delivers full security of the funds provided to the consumers under the FSCS or Financial Services Compensation Scheme. This scheme covers up to £50,000 in case ICM becomes insolvent. In addition, ICM Capital has improved this with the additional protection of £1,000,000 supported by significant global capital.

ICM Capital Security Measures

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In tune with the fund protection regulations of UK FCA, ICM ensures that all the funds deposited by the clients are kept in segregated bank accounts. This means that the company will not be using any client funds for any purpose.

The MetaTrader ICM platform provides a high degree of security standard along with encrypted information exchange between the platform servers and client terminal. In addition to this, two-factor authentication is also offered at the login step.

ICM Capital Customer Support


ICM Capital has a customer service support team that caters to all customers from Monday to Friday, 6 a.m. to 6 p.m. Clients can get in touch with the customer support team through telephone support by dialing +44 207 634 9770 or through email support by email at [email protected]. For more information, you can also visit their FAQ section and get relevant information.

They can also place requests for a call back using the ICM tick on the official website. ICM website also offers a live chat function through which the platforms provide customers answers to all queries instantly in multiple languages.

ICM Capital Customer Support

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ICM Capital Review: Conclusion

To conclude this ICM Capital review, ICM is a global forex and CFD trading broker firm that offers a diverse variety of trading instruments through their powerful and renewed MetaTrader platforms and various devices.

The trading technology, according to this ICM Capital review, demonstrates excellent trade and market execution and enables all forms of trading. For the benefit of the clients, ICM Capital offers ECN smart spreads through top liquidity providers starting at 0 pips.

All in all, the main advantage of trading with ICM Capital is its trustworthiness and reliability as the platform is regulated by some of the leading tier 1 regulatory authorities including UK FCA. The company has been operating since 2009 and it is a brand of ICM Capital Ltd., a wholly-owned subsidiary of ICM Holding SARL.


Is ICM Capital Safe and Legit?

ICM Capital, established in 2009 in Luxembourg has been enabling forex trades offering Share Dealing, Spread Betting, and many more options. All client funds are kept in a segregated bank account for extra security. The platform is completely secure and legitimate, regulated by the UK FCA (Financial Conduct Authority) and many other regulatory bodies.

What Is the Minimum Deposit for ICM Capital?

The minimum deposit requirement at ICM Capital is $200 USD or its equivalent in other supported currencies. To enjoy the leverages at ICM Capital, traders must always maintain the minimum deposit requirement.

Is ICM Capital an ECN Broker?

Yes, since ICM Capital offers ECN trading, it can be considered an ECN broker.

How Do I Deposit Funds in ICM Capital?

Traders using ICM Capital can fund their accounts using any of the following payment methods – Neteller, Skrill, PayPal, Credit or Debit cards, Bank transfer, China UnionPay, or ICM Prepaid cards.

Does ICM Capital Offer Islamic Accounts?

Yes, ICM Capital offers Islamic accounts to users who follow Muslim Faith. Islamic forex trading accounts are also popularly known as swap-free accounts since they mean no swap or rollover interest charged for overnight positions as this is against the Islamic faith.

Risk Warning – Note that some retail investor accounts lose money while trading CFDs with ICM Capital. Hence, it is important to seek investment advice to avoid losing money rapidly.

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