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ICM Capital offers the MetaTrader and cTrader suite of platforms through its FCA-regulated in the UK. Besides premium content, its research is otherwise light and its default pricing is expensive compared to its newer Pro Account offering, which must be requested manually.

Steven Hatzakis | July 9th, 2020

help 69
Trust Score
  • Few research tools beyond Trading Central
  • Default pricing is worse on ICM Direct than Pro Account
  • Maximum leverage is lower than many other UK brokers

Review Sections:

Please Note: ICM Capital was not included in the 2020 annual review. As a result, this broker's ratings may be outdated. Read our Best Forex Brokers 2020 guide for a look at the top rated forex and CFDs brokers.

Founded in 2009, London-based ICM Capital Limited obtained authorization in the UK with the Financial Conduct Authority (FCA) in 2010, and operates as a wholly owned subsidiary of ICM Holdings SARL – its parent holding company based in Luxembourg.

ICM Capital is a MetaTrader and cTrader broker, offering the popular MetaTrader 4 (MT4) suite developed by MetaQuotes Software Corporation and the cTrader platform developed by Spotware Systems.. ICM Capital offers a total of 70 instruments, including 34 forex pairs, and 36 CFDs across multiple asset classes, including on cryptocurrency.

ICM Capital maintains an insurance policy of up to £1 million per client from Lloyd’s of London to complement the maximum £50,000 from the UK’s Financial Services Compensation Scheme (FSCS) that can be awarded per client in case of ICM Capital’s insolvency.

Is ICM Capital Safe?

ICM Capital is considered high-risk, with an overall Trust Score of 69 out of 99. ICM Capital is not publicly traded and does not operate a bank. ICM Capital is authorised by one tier-1 regulator (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust). ICM Capital is authorised by the following tier-1 regulator: Financial Conduct Authority (FCA).Learn more about Trust Score.

Regulations Comparison

FeatureICM Capital
Year Founded2009
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses1
Tier-2 Licenses0
Tier-3 Licenses0
Trust Score69

Offering of Investments

The following table summarizes the different investment products available to ICM Capital clients.

FeatureICM Capital
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)32
CFDs - Total Offered36
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD No

Commissions & Fees

Trading costs at ICM Capital depend on the account chosen. These include the ICM Direct Account, with typical spreads of 1.3 pips on the EUR/USD, and the ICM Pro Account, where spreads drop to 0.9 pips on the same pair.

However, since the live trading account defaults to ICM Direct, where spreads are higher, traders who request the firm’s Pro Account get its newer offering, in which pricing in the above EUR/USD example was fourth-tenths of a pip better.

These include the ICM Direct Account, with typical spreads of 1.3 pips on the EUR/USD, and the ICM Pro Account, where spreads drop to 0.9 pips on the same pair.

FeatureICM Capital
Minimum Initial Deposit$200.00
Average Spread EUR/USD - Standard1.3 (as of May 19)
All-in Cost EUR/USD - Active0.9 (as of May 19)
Active Trader or VIP Discounts Yes

Customer Service

For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.


  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 6.66 / 10
  • Average Professionalism Score: 7.1 / 10
  • Overall Score: 7.3 / 10
  • Ranking: 12th (43 brokers)


ICM Capital offers several trading tools, including calculators for pivot points and pips, a daily news update, an economic calendar, and content from third-party providers, such as Trading Central.

For live account holders, ICM Capital offers a daily newsletter from Trading Central, and provides access to Trading Central’s web portal and indicator for MT4. Overall, the broker’s research offering, as well as its education offering, are light and not categories in which ICM Capital ranks well.

FeatureICM Capital
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars No
AutoChartist No
Trading Central (Recognia) Yes
Delkos Research No
Social Sentiment - Currency Pairs Yes
Economic Calendar Yes

Platforms & Tools

ICM Capital offers the MetaTrader 4 (MT4) platform developed by MetaQuotes Software Corporation, and the cTrader platform suite developed by Spotware Systems. To learn more about MT4, read our MetaTrader Guide, and to learn more about Spotware Systems platforms, see our guide to cTrader.

While MT4 comes standard, with little variation in functionality from broker to broker, there can be significant differences in how the platform is set up for trading spreads and commissions, execution, and other tools, features, and administrative areas.

MetaTrader4 Desktop Forex Brokers

Besides spreads, the range of instruments, and account types, here is a summary of the differences in features between ICM Capital’s available MT4 platform setup and the default MetaTrader experience:

    • Offers MT4 Web Terminal
    • Offers Trading Central indicator
    • Doesn’t stream news headlines on the platform

    cTrader Desktop Forex Brokers

    FeatureICM Capital
    Virtual Trading (Demo) Yes
    Proprietary Platform No
    Desktop Platform (Windows) Yes
    Web Platform No
    Social Trading / Copy-Trading Yes
    MetaTrader 4 (MT4) Yes
    MetaTrader 5 (MT5) No
    cTrader Yes
    Charting - Indicators / Studies (Total)51
    Charting - Drawing Tools (Total)31
    Charting - Trade From Chart Yes
    Watchlists - Total Fields7
    Order Type - Trailing Stop Yes

    Mobile Trading

    ICM Capital is a MetaTrader and cTrader broker, with iOS and Android versions of each platform available standard and available for download from the Apple iTunes store and Android Playstore for each app respectively.

    Metatrader4 mobile charts

    FeatureICM Capital
    Android App Yes
    Apple iOS App Yes
    Trading - Forex No
    Trading - CFDs No
    Alerts - Basic Fields Yes
    Watch List Yes
    Watch List Syncing No
    Charting - Indicators / Studies30
    Charting - Draw Trend Lines Yes
    Charting - Trend Lines Moveable No
    Charting - Multiple Time Frames Yes
    Charting - Drawings Autosave No
    Forex Calendar No

    Other Notes

    For live account holders who maintain $4,000 or more, ICM Capital offers free Virtual Private Server (VPS) hosting. It is worth nothing that while ICM Capital mentions offering MT5, we confirmed that MT5 was not available for retail traders at the time of our review. In terms of execution methods, ICM Capital’s authorization with the FCA permits it to act as both agent and dealer.

    In 2017, ICM Capital introduced cryptocurrency trading by launching CFDs on Bitcoin, helping it to cater to the growing interest from investors and traders looking for exposure on digital assets. However, with a maximum of only 0.5 lots per trade, ICM Capital’s bitcoin CFD offering is restrictive.

    Final Thoughts

    ICM Capital provides traders with a touch more than other forex brokers regulated by the FCA, as it maintains additional insurance to help cover clients who could be eligible under the UK’s FCSC in the event of the firm’s insolvency, with up to a maximum of $1 million coverage per client.

    A major improvement to the broker’s offering came in 2017 with the launch of the cTrader suite of platforms developed by Spotware Systems, helping ICM Capital distinguish itself from MetaTrader-only brokers.

    That said, ICM Capital’s research offering remains very light beyond some premium content from third parties, including Trading Central. Research and educational resources are two areas where the broker could improve its offering.

    Lastly, ICM Capital’s improved pricing on its Pro Account offering – which has the same minimum deposit requirements – must be manually requested, compared to ICM direct, which has wider spreads, making it an unideal default account option. Overall, ICM Capital provides a mixed offering, with room for improvements as the broker finished 33rd out of 43 brokers in our 2018 Review.


    For our 2018 Forex Broker Review we assessed, rated, and ranked 43 international forex brokers. Each FX broker was graded on 140 variables. Learn more.

    Forex Risk Disclaimer

    "There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.

    Steven Hatzakis

    About the author: Steven Hatzakis is the Global Director of Research for Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Ratings Overall


Commissions & Fees
Offering of Investments
Platforms & Tools
Customer Service
Mobile Trading

Commissions & Fees

*ICM Capital did not participate in the 2017 Online Broker Review, as a result the following data may not be up to date.

Commission Notes

The cost of trading at ICM Capital depends on the account type opened. There are two accounts to choose from when using the MT4 platform or cTrader platform, as outlined below:

    • ICM Direct: Default account option. This is the firm’s older offering, and spreads are wider compared to the other account offering. For example, the average spread on the EUR/USD was listed by ICM Capital at 1.2 pips for the ICM Direct account during peak trading hours from December 1st through December 20th 2017.
    • ICM Pro: This is the firm’s newer offering and is better priced than its other account offering. It must be manually requested. For example, the average spread on the EUR/USD was listed by ICM Capital at 0.9 pips for the ICM Direct Account.

Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. The staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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