ICM Capital Review

Richard Montana | March 27, 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 over 130 instruments for trading online via the popular and flexible MetaTrader 4 (MT4) platforms. Trading central analysis and a free VPS for qualifying clients are provided but the commissions are not the lowest compared to other trading brokers.

Pros / Cons
  • Multiple regulators
  • Expert analysis from Trading Central
  • Trading on the powerful MT4 platform for web, mobile & desktop
  • Clients from United States and North Korea are not accepted
  • Demo account expires after 30 days
  • Incomprehensive trader education; no training videos
  • Commission charges not the lowest
  • No fixed spread accounts


ICM Capital is an online forex and CFD 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 broker offers over 120 trading instruments for trading on the popular MT4 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.

ICM Capital Broker Features

ICM Capital Broker Features

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 in 2016. The broker donated to the children’s education.

The ICM Capital brand is also into sports sponsorships. In 2018, the broker was the official sponsors of the world cycling Revival. It was also the official club partner of the English football club ‘Fulham FC’ and has sponsored the England Polo team.

ICM Capital has been recognized with an excellent award on over 20 occasions. It won the ‘Best Forex Broker Award’ at the 2019 Forex Expo awards held in Dubai. The broker won the ‘Best Institutional Forex provider’ award at the JFEX award in 2018. ICM Capital also won the ‘Best Institutional forex broker’ award at the 16th MENA forex expo in 2016.

ICM Capital Broker Awards

ICM Capital Broker Awards

AvaTrade Logo

Our #1 Broker 2022
AvaTrade is an award-winning broker offering 1250+ instruments including Forex, Cryptos, Stocks & CFDs. They provide user-friendly trading platforms with very low fees, tight spreads & reliable trade execution speeds.

71% of retail investor accounts lose money when trading CFDs with this provider.


ICM Capital is registered in England and Wales with the registration number: 07101360. It is authorized and regulated by the Financial Conduct Authority (FCA). The registration number is 520965.

ICM Capital VC is incorporated in Saint Vincent and the Grenadines and regulated by the Financial Services Authority (FSA) of Saint Vincent and the Grenadines under the license number: 23683 IBC 2016.

Charlgate Ltd operating under the trading name ‘ICM Capital EU’ is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) as a Cyprus Investment Firm with the License Number 367/18.

ICM Capital APAC is registered in Labuan, Malaysia and regulated by the Financial Services Authority (FSA) of Labuan under license number: MB/18/0029.

ICM Capital (Mauritius) Limited, is registered in Mauritius and regulated by the Financial Services Commission, Mauritius (FSC Mauritius) under License Number: C118023357.

On its own, ICM Capital has taken a Civil Liability Insurance up to £5,000,000. This insures the company against errors and other risks that may lead to financial loss. This policy further strengthens the broker and helps to secure clients’ funds.

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 up to £85,000. 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.


MetaTrader 4 (MT4)

The MT4 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. The available MT4 versions are:

  • WebTrader: It is built with HTML5 and accessible via web browsers. Its main advantage is compatibility with all operating systems and devices. No downloads are required.
  • Desktop: 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.
  • Mobile: This version is downloadable on android and iOS devices. It is available from the respective stores.

Here are some of the main features of the MT4 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.
ICM Capital MT4 Trading Platform

ICM Capital MT4 Trading Platform

MetaTrader 4 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.

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.
ICM Capital MT4 Mobile Trading App

ICM Capital MT4 Mobile Trading App


Trading Central

ICM Capital has partnered with ‘Trading Central’ to bring its 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.

ICM Capital Trading Central

ICM Capital Trading Central

Economic Calendar

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.

ICM Capital Economic Calendar

ICM Capital Economic Calendar

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. VPS gives uninterrupted and reliable access to the trading servers. 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.

Market News

This is updated on the website but not frequently or daily. The news spans across varieties of assets.


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.


The following instruments are available for trading online with ICM Capital:

  • 34 Forex Currency Pairs (major, minor & exotic FX crosses)
  • 2 Metals
  • 91 Stock CFDs
  • 1 Energy Future
  • 1 Index Future
  • 11 Indices


The trading conditions 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.

  • ICM Direct: The EURUSD spreads start from 1.3 pips. No commissions are charged because the trading fees are already embedded in the spread.
  • ICM Zero: This account gives access to ECN trading with spreads starting from 0 pips. A commission of $7 per round lot is charged on every trade.
  • Professional account: 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.

Swap free Islamic accounts that comply with Sharia law are available. Interested clients can apply for it by contacting the support team. 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.


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.


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.

The following payment options are accepted:

  • Bank transfers: This method is used for deposits and withdrawals. It takes 2-5 business days before the process is completed. £15 is charged from the second withdrawal within a month.
  • Credit/Debit Cards: Deposits are instantly processed while withdrawals to card take more time. The minimum deposit is $200 while the maximum is $10,000 per transaction. Withdrawal to card can take up to 10 working days. There are no commissions on card transactions.
  • ICM Capital Prepaid MasterCard: This card is issued by ICM Capital to its clients. It can be linked to trading accounts for deposits and withdrawals. An initial fee of $40 is charged for the card. 1.75% is charged for deposits while $1.95 is charged for withdrawals.
  • Online payments: The payment methods accepted are; Skrill, Neteller and China UnionPay. All deposits below $500 are charged a commission of 1%-2.5% depending on the method used. For withdrawals, a maximum of $10 is charged for Skrill, $5 for China UnionPay and none for Neteller.


To open an account, visit the appropriate ICM Capital website and click on ‘open account’. The account opening form displays:

ICM Capital Broker Account Opening

ICM Capital Broker Account Opening

Fill the form and submit. You will be logged into the clients’ area where you will be presented with a series of forms requesting personal details, trading experience, financial details, etc. KYC verification is required. If everything is successful, the account will be created, you can then make deposit and start trading online.


ICM Capital is multi award winning broker that has been operating for over a decade. It is regulated in several countries and complies with the regulatory laws. The broker has also taken additional insurance to further protect its clients and its brand.

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 0 pips. MT4 supports speedy trade executions and multiple order types.

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.

Furthermore, the broker does incorporate any social trading platforms. The spreads and commission are also not the lowest and we would therefore consider other online brokerages which you can see listed under our best trading brokers.

ICM Capital Logo

Min $1 Deposit

ICM Capital is a global forex & CFD broker that was founded in the UK. The broker is regulated in multiple jurisdictions, offering over 130 instruments for trading online via the MT4 platform. Trading central analysis & free VPS are provided but fees are not the lowest.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

About the Author

Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.