ICM Capital ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
ICM Capital is a global forex and CFD broker that was founded in the UK and has expanded into a globally recognised brokerage brand. The broker is regulated in multiple jurisdictions, offering a reasonable selection of over 130 instruments across a variety of asset classes. You can trade online with the broker via the popular and versatile MetaTrader 4 (MT4) platforms for all of your devices. You get access to some of the best trading tools for market analysis including the superb Trading Central. I found the trading conditions to be quite competitive, with spreads from just 0.0 pips and quick execution speeds. It doesn’t take long to open a trading account and you can get started with just $1. There is also the option of a free demo account if you wish to see what the broker has to offer before making a financial commitment. Overall, I think ICM Capital are a solid broker for anyone who is looking for no-nonsense access to the global markets in a regulated environment.
Pros & Cons
- Trading on the easy to use MT4 platforms for web, mobile and desktop
- Decent selection of trading instruments across different asset classes
- Expert analysis from Trading Central for finding opportunities
- Tight spreads from just 0.0 pips
- Commission free trading accounts
- Rapid trade execution speeds
- Some educational content for beginners
- Free demo trading accounts to practice your strategies
- Islamic swap-free accounts for Muslim traders
- Various convenient account funding options
- No minimum deposit required
- Cannot accept clients from some countries due to regulations
- No MetaTrader 5 platforms
- Incomprehensive trader education
- Demo account expires after 30 days
- Currently do not offer crypto trading
- Do not provide 24/7 support
ICM Capital is an online broker that states they are committed to transparent pricing and quality trade executions. Since 2009, ICM Capital has been serving individual and institutional clients from all over the world. The head office is in London, UK while its subsidiary offices are in 10 locations across Africa, South America and Asia pacific. The ICM Capital brand is also into sports sponsorships and has been recognized in the brokerage industry by winning prestigious awards on multiple occasions. They have an award-winning client services team who are on hand to guide you every step of the way.
The broker offers over 120 trading instruments for trading on the user-friendly MT4 trading platform. In its order of execution policy document, ICM Capital states that it operates the hybrid model of ‘No Dealing Desk’ (NDD) and ‘Dealing Desk’ (DD). The broker acts as a market maker where it provides prices and executions with its own liquidity. It also provides competitive spreads from 0.0 pips through its ECN technology which connects to Tier1 banks. This helps to ensure deep liquidity and good market execution speeds with minimal requotes. I think they have suitable trading conditions for all types of trading strategies, whether you are scalping, news trading or running automated systems.
ICM Capital is committed to its Corporate Social Responsibility (CSR) policy and has supported a number of projects in line with this initiative. The broker has assisted the less privileged in Dubai during the Ramadan season. It has also supported the poor children in China by participating in Xiangxi Aide et Action. The broker donated to the children’s education. It is quite rare but always admirable to see a broker that gives something back to the community.
When it comes to choosing a trading broker, regulation is one of the most important things to look for. I would always prefer to trade with a regulated broker as it gives me the confidence that they will operate in an open and transparent manner in order to comply with the regulators. I am therefore pleased to say that ICM Capital is authorized and regulated by the Financial Conduct Authority (FCA). I personally consider this to be top tier regulation and therefore would not have any issue trusting the broker for my day trading activities.
All clients’ funds are carefully kept in segregated bank accounts and therefore should not be used by ICM Capital except to fund clients trading activities. The UK clients are further protected by the Financial services Compensation Scheme (FSCS) which insures clients’ funds. Eligible clients can be entitled to the FSCS compensation only if ICM Capital goes bankrupt.
ICM Capital is committed to its AML and KYC policy document which is found on its websites. The company is against using its services to launder money or fund terrorist activities. So, every client is required to undergo the ‘Know Your Customer’ (KYC) verifications by providing a ‘proof of identity’ and a ‘proof of address’.
ICM Capital does not provide its services to residents of the USA, North Korea and a few other countries where its services will interfere with the local laws. There is an up to date list that you can view on their website. If you find that they cannot serve clients from your location for whatever reason, please feel free to browse our broker reviews for an alternative option.
MetaTrader 4 (MT4)
The MetaTrader 4 platform is one of the most widely used platforms in the world of forex and CFD trading. It was developed in 2005 and since then, it has been adopted by millions of traders all over the world. ICM Capital streams its spreads and all asset quotes via the MT4 platform which has an intuitive user interface and range of built in trading tools. I think it is a great solution for beginners as it is so easy to use whilst it still packs enough punch to give professional traders all the functionality that they require. There is a newer version of the MetaTrader platform, MT5. This is not available through ICM, but you can get access to both MetaTrader platforms with Pepperstone. That being said, there are very similar in many aspects.
This version is only downloaded and installed on Windows computers. It is the flagship version of the MT4 where EAs and other add-on apps can be installed. This is my go-to platform and has been since I first started trading online many years ago. It does everything that I need it to do and more, so I have never felt the need to switch to anything else. I think it is ideal for manual and automated trading. It makes everything straightforward from analysing the charts to placing and managing trades.
Here are some of the main features of the MT4 desktop platform:
- It has the customizable ‘Market Watch’ window which displays all the instruments’ quotes in real time
- Order placement via market order and up to 4 pending orders
- Instant and market execution of orders
- Inbuilt MetaQuotes Language (MQL) which can be used to create add-on apps which extends the features of the MT4
- Auto Trading feature which can be activated after installing Expert Advisors (EAs); which are used to automate forex and CFD trading
- Full technical analysis package consisting of charts on different timeframes, technical indicators and analytical tools
- Available in more than 35 languages
- Alert notifications via email, SMS and platform pop-ups
The MT4 web platform is built with HTML5 and accessible directly via web browsers. Its main advantage is compatibility with all operating systems and devices. I think it is great that you can access the platform from your web browser without any downloads or installations required. I also like how the platform is always up to date and that you can access your account from any device. This can come in handy in the case of an emergency if you do not have your own computer or phone to hand. It maintains most of the same functionality as the desktop platform but is lacking in some aspects. For instance, it cannot run automates systems, you will need the desktop version of MT4 for that.
MT4 Mobile App
The MT4 mobile app is designed for trading on the go. It fully integrates with accounts created on the WebTrader and desktop versions. The app interface is simple, user friendly and very fast. It can be downloaded from the respective app stores for Android and iOS devices. I am a huge fan of trading apps as I really appreciate the convenience of being able to check my trades and follow the latest market news from the comfort of my mobile device. You can literally have the markets in the palm of your hand as and when you need to.
Here are some of the main features of the MT4 mobile app:
- It displays the buying and selling price of all the tradable assets in real time
- The charts tab displays all the charts on 9 timeframes.
- It is preloaded with up to 30 technical indicators and 24 analytical tools
- It can be customized to send push notification push alerts
- Trade positions can be entered, modified or closed from the app
- Market and pending orders are available. Stop loss and take profit are also available in the order placement screen
- Quickly and easy keep track of your account and the markets whilst on the move
I believe that the MT4 platform will already have enough built-in tools to meet the needs of most retail traders. There are plenty of handy indicators and drawing tools for conducting in-depth analysis of your charts. You can create, save and load your trading strategy templates with relative ease. There is the MQL marketplace where you will find lots more free and paid tools to improve the platforms capabilities. This includes signals, indicators, robots and more. The platform also has a built-in programming interface where you can develop your own unique tools using the MQL4 language. If you don’t have the coding skills to do so, you could always hire a professional to bring your ideas to life. Basically, if there is a strategy you can think of, chances are you can create it in MT4. However, it is also nice to see that ICM Capital is looking out for traders by providing some additional tools to help ensure they have what is required in order to make informed decisions according to their own personal goals.
ICM Capital has partnered with the excellent Trading Central to bring its fantastic market research tools, expert analysis and other services to every client. All live account holders receive the free ‘Daily Market Report’ via email. They also have access to the research platform, analyst view and the Trading Central’s MT4 indicator. Trading Central is an award-winning financial research firm that provides fintech tools and incisive analysis on a wide range of assets. I think it is great for automatically scanning the markets to find potential trading signals according to your own preferences. You can get it through some other brokers including Libertex.
This calendar is useful in fundamental analysis. It shows the important dates and times when the events that are known to make impacts on the financial markets are to take place. Analysts’ predictions of the impact of each event, as well as the previous records are shown. I like hoe you can filter the calendar to only display the news that matters most to you. I find this to be a vital tool and would always be sure to check for any pending news released before making any trade decision.
Virtual Private Server (VPS)
ICM Capital has partnered with Beeks FX to provide VPS services to all its clients. It is available at no cost to clients who maintain a balance of $4,000. The VPS gives uninterrupted and reliable access to the trading servers which can be important if you have poor internet connection or you are using strategies that require the quickest possible execution speeds. EA users and professional traders mostly require a VPS to ensure steady connection even when their computers are off. Beeks FX is a popular firm known for cloud computing and VPS solutions. I actually have my own VPS and it is an invaluable tool for me to remotely run my automated strategies on multiple instances of the MT4 platform. It is a great way for me to compare brokers and test strategy ideas that I have to see how they perform. You can get a free VPS from some other top brokers including IC Markets.
- Free for accounts that maintain a 4,000 USD balance or equivalent in EUR, GBP or SGD
- Increases the speed of your trades
- No required number of lots to be traded
- 24/7 technical support directly with the hosting company
- Compatible with Expert Advisors
- Accessible from anywhere in the world
- Reduces Latency
- Reduces slippage
- Improves tick count
ICM Capital understands the importance of providing clients with a wide range of online trading resources and up-to-date market information. Whether you are new to online trading or an expert trader the information in the education section is there to help assist you. The ICM Capital education centre contains training articles introducing a beginner to forex and CFD trading. There are other articles on features of forex, technical analysis and fundamental analysis. Articles showing trading examples and ‘Frequently Asked Questions’ (FAQs) are also featured. The education centre also has a glossary of about 517 trading terms and their meanings. I actually feel like they could improve quite significantly when it comes to education. There isn’t much there if you are an absolute beginner and looking for lots of guidance along the way. If that is the case, you could take a look at IronFX as they do have a great variety of educational content to help bring you up to speed.
ICM Capital’s MetaTrader 4 account provides traders with access to major online trading products, including Foreign Exchange (Forex) and commodity CFD Contracts on Oil (WTI & Brent), Indices, Silver and Gold. With the online trading platform and live streaming prices, investors can easily trade the full range of products from their desktop 24 hours a day. I think there are enough instruments for everyone to build a diversified portfolio, regardless of their interests. However, I did find the product offering to be quite restricted when compared to IG who have over 17,000 instruments to choose from. They also do not currently support crypto trading. That being said, the following instruments are available for trading online with ICM Capital:
- Forex Currency Pairs (major, minor & exotic FX crosses)
- Commodities (including metals and energies)
- Stock CFDs
It is good that ICM Capital has different account types for different types of traders. You can choose an account depending on whether you prefer low spreads or no commission fees. The trading conditions also depend on the client’s country of residence as well as the regulatory authority. Clients within the EU zone are offered a maximum leverage of 1:30 while other clients get a maximum of 1:200. There is no minimum deposit on all accounts which is great as this means you can try them out in a real environment with minimal risk.
The EUR/USD spreads on this account start from 1.3 pips. These are not the lowest spreads you will find but it is important to note that there are no commissions charged because the trading fees are already embedded in the spread. If you are not concerned about the spread and would rather not pay a commission fee, this could be your preferred account type.
This account gives access to ECN trading with spreads starting from just 0.0 pips. However, unlike the other account there is a commission of $7 per round lot charged on every trade. This is pretty much a standard fee in the industry and quite competitive. If you are scalping and looking for the account with the lowest spreads, this would probably be your choice.
This account is only available for European clients. It is based on eligibility which is determined by the client’s trading experience, financial portfolio and/or financial job experience. Professional account holders trade with a leverage of up to 1:200 and excellent trading conditions. Just keep in mind that you may not be entitled to certain protections if you are considered to be a professional client.
Swap free Islamic accounts that comply with Sharia law are available. Interested clients can apply for it by contacting the support team. It is always nice to see a broker show support for Muslim traders but this is something you would expect nowadays.
Demo accounts are available at no risks to the trader but expire after 30 days. Demo accounts can be a good way to familiarise yourself with the available trading platforms and to also practice your trading strategies before trading with real money. I am disappointed to see demo account expire because I feel like traders should be given as long as they need to build their confidence and 30 days is not a long time to draw an accurate conclusion on trading strategies from my experience. That being said, you can always open another account after the expiry date.
The ICM Capital customer support team is multilingual and available from 6am to 6pm from Monday to Friday. They can be reached via instant web chat, email and phone lines. ‘Request a call back’ form is available on the website if you to schedule a call with a support representative. A ‘Contact Us’ form is also available. On social media, they are on Facebook, Twitter, YouTube and LinkedIn. I have always found them a pleasure to deal with and appreciate how they have taken the time out to respond to feedback online.
At ICM Capital, they offer several different ways in which you can fund your account and a simple and straightforward withdrawal process which enables you to be in charge of your money. In compliance with the AML policy, ICM Capital states that it cannot accept cash deposits or fund transfers from third parties. The broker covers deposit charges for deposits from $500 and above, otherwise, commissions apply. Third party payment processors may also charge additional fees that you should be aware of. I like that they accept digital wallets as I find this to be one of the most convenient ways to move funds between my trading accounts. I don’t always want to wait around days for a bank transfer to clear, especially if there is some market news I am trying to take advantage of.
The following payment options are accepted:
- Bank Transfers
- Credit/Debit Cards
- Digital Wallets
Overall, there are many aspects of ICM Capital that I am impressed with and a few minor areas in which I see some room for improvement. I like how they are a multi award winning broker that has been operating for a long time and regulated as this gives me peace of mind that I can trust them for my trading activities.
The provided MT4 trading platform is versatile and allows all trading strategies. It incorporates with ICM Capital’s ECN technology to stream raw spreads starting from as low as 0.0 pips. The broker supports speedy trade executions and multiple order types via the platform on all of your devices.
The provided analysis by Trading Central is commendable as it is can be useful to inspire potential trading opportunities to all traders. Several payment options are available which caters for different clients from across the globe.
However, the education centre is not comprehensive enough to train a new trader to become a pro trader. The VPS is free for clients with $4,000 balance which is high when compared to what other brokers offer. ICM Capital could also try to develop their own proprietary platform and perhaps add some more individual stock instruments.
Other than that, I feel they can be a solid choice of broker for anyone who is looking to trade forex, stocks and commodities in a regulated environment backed by excellent customer support.