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.
Trading with a forex broker that traders can trust is crucial to success. Forex fraud and scams are, unfortunately, common in the industry.
Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (higher the better) of overall trustworthiness, which we call, Trust Score. Is ICM Capital safe? Here’s our trust summary.
|Publicly-Traded Company (Listed)||No|
|Regulated in Major Hub||Yes|
|Regulated in Emerging Hub||No|
|Authorised in the European Union||Yes|
|CFTC Registered (USA)||No|
|FCA Regulated (UK)||Yes|
|IIROC Authorised (Canada)||No|
|FINMA Authorised (Switzerland)||No|
|ASIC Authorised (Australia)||No|
|SFC Authorised (Hong Kong)||No|
|MAS Authorised (Singapore)||No|
|FSA Authorised (Japan)||No|
|FMA Authorised (New Zealand)||No|
|CySEC Authorised (Cyprus)||No|
Offering of Investments
The following table summarizes the different investment products available to clients of ICM Capital.
|Minimum Initial Deposit||$200.00|
|Currency Pairs (Total Forex pairs)||32|
|CFDs - Total Offered||36|
|Exchange Traded Securities: US||No|
|Exchange Traded Securities: International||No|
|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.
|View All Fees||ICM Capital||Vantage FX||WorldWideMarkets||FXOpen||ETX Capital|
|Average Spread EUR/USD - Standard||1.300||1.400||3.000||N/A||0.950|
|Average Spread GBP/USD - Standard||2.300||1.600||4.000||N/A||1.420|
|CFDs - Total Offered||36||24||15||18||6000|
|Currency Pairs (Total Forex pairs)||32||38||20||63||59|
|Commissions & Fees|
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.
|Average Spread EUR/USD - Standard||$1.30|
|All-in Cost EUR/USD - Active||$0.90|
|Active Trader or Premium/VIP||Yes|
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.
|Daily Market Commentary||Yes|
|Forex News (Top-Tier Sources)||Yes|
|Trading Central (Recognia)||Yes|
|Social Trading / Copy-Trading||Yes|
|Social Sentiment - Currency Pairs||Yes|
|Client Webinars (Archived)||No|
|Videos - Beginner Trading Videos||No|
|Calendar Includes Forecasts||Yes|
|Economic News Sentiment||Yes|
|Trade Ideas - Backtesting||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.
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
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|Desktop Platform (Mac)||No|
|Social Trading / Copy-Trading||Yes|
|Charting - Drawing Tools (Total)||31|
|Charting - Indicators / Studies (Total)||51|
|Watchlists - Total Fields||7|
|Order Type - Trailing Stop||Yes|
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.
|Apple iOS App||Yes|
|Charting - Draw Trend Lines||Yes|
|Charting - Can Turn Horizontally||Yes|
|Charting - Technical Studies/Indicators||30|
|Watch List Syncing||No|
|Trading - Forex||No|
|Trading - CFDs||No|
|Alerts - Basic Fields||Yes|
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 50% margin requirement (1:2 leverage) and a maximum of only 0.5 lots per trade, ICM Capital’s bitcoin CFD offering is restrictive.
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.
Reviewed by Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Over the past 19 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
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Commissions & Fees
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.