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Last Updated On September 14, 2023
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ICM Capital was founded in London in 2009 and is recognised for its wide choice of trading platforms, low trading costs, and strong international regulation.
ICM has two low-cost live accounts with no minimum deposit: The ICM Direct Account with spreads starting at 1.3 pips (EUR/USD) and the Zero Account with spreads starting at 0 pips (EUR/USD) and a commission of 7 USD per lot traded.
Despite the low trading costs, we were disappointed with ICM Capital’s high non-trading fees – including commissions for both deposits and withdrawals – and the lack of transparency regarding funding options. And with virtually no Forex education or market analysis we consider ICM a poor choice for beginners.
🏦 Min. Deposit | USD 0 |
🛡️ Regulated By | FCA, FSC, Fi, FSA-St-Vincent |
💵 Trading Cost | USD 13 |
⚖️ Max. Leverage | 200:1 |
💹 Copy Trading | Yes |
🖥️ Platforms | MT4, MT5, cTrader |
💱 Instruments | Forex, Stock CFDs, Cryptocurrencies, Metals, Energies, Blends, Commodities, Bonds |
Yes, ICM Capital is a safe broker. It is authorised and regulated by seven national authorities, including the UK’s Financial Conduct Authority (FCA), through which Zambian traders are onboarded.
Regulation: Zambian traders of ICM Capital will be trading under the subsidiary, ICM Capital Limited (UK), authorised and regulated by the FCA. Known as one of the strictest regulators in the world, the FCA has put in place several restrictions to protect traders.
Safety Features: The FCA protects Zambian clients by ensuring that ICM Capital:
We confirmed each of the licences and regulations on the regulator’s online register. See below for details of ICM Capital’s FCA-regulated entity:
Company Details:
In our review of ICM Capital, we found that it offers a disappointing range of financial assets compared to other similar brokers. This holds true for the number of stock CFDs and commodities on offer.
Although the number of instruments available at ICM Capital is limited compared to other brokers, it offers the most popular instruments in each asset class.
Financial Instruments and Leverage:
ICM Capital offers two accounts, which is limited compared to other brokers, and its trading fees are average.
Trading Fees: ICM Capital’s accounts have no minimum deposit requirements, making them accessible to most traders. The ICM Direct (ECN) Account is commission-free, with spreads that start at 1.3 pips (EUR/USD), while the commission-based ICM Zero Account has an average spread of 0.1 pips (EUR/USD) in exchange for a commission of 7 USD (round turn).
Account Trading Costs:
See below for account details:
ICM Direct (ECN): A commission-free account, the ICM Direct (ECN) Account has no minimum deposit requirement, and spreads start at 1.3 pips (EUR/USD), which is slightly above the industry average.
ICM Zero Account: The ICM Capital Zero Account also has no minimum deposit requirement. In exchange for a spread of 0 pips (EUR/USD), traders are charged a commission of 7 USD per lot traded.
ICM Capital offers a good range of funding methods but charges high deposit and withdrawal fees. We were also disappointed to find that it lacks transparency regarding funding methods and costs.
A well-regulated broker, ICM Capital ensures that all Anti-Money Laundering rules and regulations are followed, and as such, all non-profit withdrawals are returned to the deposit source.
Accepted Deposit Currencies: Accounts can be opened in the following base currencies: EUR, USD, GPB, and SGD. While most Zambians want to have their trading accounts denominated in USD, some traders may want to have multiple accounts with different base currencies to avoid paying conversion fees when trading. Unfortunately, currency conversion fees will be charged for deposits and withdrawals for traders with bank accounts denominated in ZMW.
Deposits and Withdrawals: ICM Capital offers a wide range of funding methods, but these are only available via the ICM Access portal, including its pre-paid Mastercard. We were disappointed to find that ICM Capital charges fees for both deposits and withdrawals.
We tested deposits via credit card and found that our payment was processed instantly. It took 2 days for us to withdraw our money, which is around the industry average.
See below for a complete list of payment options and withdrawal times:
Note that for the ICM Mastercard pre-paid card, a withdrawal fee of 1.95 USD is always applicable.
MT4, MT5, and cTrader are all available as mobile apps. The cTrader app is easier to use than MT4 and MT5 as it has a more modern design
All three of ICM Capital’s trading platforms are available on Android and iOS mobile devices and tablets. However, beginner traders should be aware that there is some loss in functionality when compared to desktop trading platforms, and poor mobile connections seriously impact trading.
cTrader is one of our favourite trading platforms, and ICM Capital is one of a handful of brokers that supports it. Its clean design makes it easy for beginners to pick up, but it also has the advanced order types and automation options required by more experienced traders. The ICM Capital cTrader app keeps most of the best parts of the desktop version, including the complete range of order types, price alerts, trade analysis, and symbol watchlists.
The ICM Capital MT4 and MT5 apps allow traders to work from anywhere, with nine timeframes, 30 indicators, and interactive currency charts. Functionality to close and modify existing orders, calculate profit/loss in real-time, and tick chart trading further assists traders while on the move.
With MT4, MT5, cTrader all available, ICM Capital offers support for more trading platforms than most brokers.
MT4, MT5, and cTrader
MT4, MT5, and cTrader offer Expert Advisors, automated trading support, strategy backtesting, customisable charting, indicators, and copy trading functionality.
All platform choices are free to use, all can be downloaded to your PC or Mac, and all have web versions of the platform. Traders who want more EAs to use, and don’t mind the dated interface, should consider using one of the MetaTrader products. cTrader is often a favourite for beginner traders as it requires less setup, has a more modern interface, and offers more advanced order types.
All three trading platforms offered are considered among the best in the industry, and all three provide access to Trading Central, one of ICM Capital’s range of free trading tools.
Trading Platform Comparison:
We found that opening a trading account at ICM Capital took less than 24 hours, but we found the process tedious and frustrating.
We tested the account opening process, which took approximately 20 minutes to complete, and once our documentation had been submitted, our accounts were ready for trading within about 24 hours. However, ICM Securities requires information that seems unnecessary – such as your banking details. Additionally, even once you have registered an account, you cannot look at its platforms until you have submitted all documentation.
As a Zambian trader, you are eligible to open an account at ICM Capital.
How to open an account at ICM Capital:
We advise you to read ICM Capital’s risk disclosure, customer agreement, and terms of business before you start trading.
Our accounts were ready for trading within one day, which is about the industry average.
ICM Capital’s trading tool options are limited compared to similar brokers – it offers a few trading calculators and free VPS services for traders who maintain an account balance of 4000 USD.
VPS
ICM Capital’s Virtual Private Server (VPS) is available for all new and existing clients who maintain a minimum balance of $4,000 or equivalent in EUR, GBP, or SGD in their account. It allows expert advisors to be installed and operate without interruption 24 hours a day. This is provided in partnership with Beeks FX, a global leader in VPS solutions.
Calculators
ICM Capital offers a pip calculator, which can help you to calculate the value of a pip depending on the currency pair and the lot size of your transaction, and a pivot points calculator.
ICM Capital’s research is extremely limited compared to other similar brokers.
ICM Capital’s educational resources are severely limited compared to other similar brokers.
ICM Capital offers a few high-level articles on types of financial products and top rules for trading. The only other resource available is a glossary that provides users with definitions of trading jargon.
ICM Capital’s customer support is average compared to other similar brokers.
Customer support is available via email, live chat, WhatsApp, and telephone. Unfortunately, the live chat agents only seem to be available during business hours, and we had constant error messages when trying to contact customer support:
Regulation: Established in 2009, ICM Capital is authorised and regulated by several authorities. See below for more details:
Awards
ICM Capital has won many awards in the industry, substantiating its credentials as a safe broker. Some recent awards include:
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the broker’s reliability, platform offering, and trading conditions offered to clients, summarised in this review. Each one of these is graded on 200+ metrics across seven areas of interest, and an overall score is calculated and assigned to the broker according to the diagram below:
Trading Forex is risky, and each broker must detail how risky the trading of Forex CFDs is to clients. ICM Capital would like you to know that: CFDs and Spot FX are complex instruments that come with a high risk of losing funds due to leverage. You should not engage in this form of investing unless you understand the nature of the transaction you are undertaking and the true extent of your exposure to financial loss. Your profit and loss will vary according to the extent of the fluctuations in the price of the underlying markets on which the trade is based.
Established in 2009, ICM Capital is a well-regulated broker with an excellent range of trading platforms, including MT4, MT5, and cTrader. It offers two low-cost trading accounts, a good range of financial instruments, and good trading tools. However, ICM’s deposits and withdrawals are expensive and non-transparent, its educational and market analysis materials are severely limited, and customer support is largely unresponsive via live chat.
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
Vanessa joined the team in 2023. Born and raised in southern Portugal, she has a BA in Journalism and a Master’s in Literary Theory, both from Lisbon University. Since 2011, she has worked in social media, copywriting, content management, ghost-writing, and SEO. Vanessa loves to write, and although she is a generalist in digital marketing, she always draws on her creativity in her work. She is constantly researching new subjects and finds the analytical depth of Forex trading fascinating.
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