ICM Capital review – Is this a scam?

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What is ICM Capital? Are you a legit broker?

  • Country: UK
  • Regulation: FCA
  • Markets: Forex and CFDs
  • Type: Market Maker
  • Minimum deposit:  200 USD
  • Deposit methods: transfer, card, Neteller, Moneybookers, China Union Pay
  • Platforms: MetaTrader 4, cTrader
  • Spread: from 1.6 EURUSD
  • Scalping: apply restrictions

Before going deeper into whether it is a legit broker or not and give you our opinion, let’s see what this broker consists of and its conditions.

ICM Capital is an English CFD and Forex broker that has been on the market since 2011 and which is regulated by the English FCA under number 520965.

Being a broker registered with the FCA, it is subject to the regulations of that body and has to protect the capital of its clients with segregated accounts. Of course, clients’ money in that subsidiary will be insured up to £ 50,000 by the FSCS

This broker has offices in London, Asuncion, Dubai and China and is the official sponsor of the Fulham, the English Premier team and also the English Polo team. Amtes sponsored Nottingham Forest. His commitment to the English market is clear.

As we can see, it is a broker that bets on the Hispanic market, since with its office in Paraguay it is one of the few world brokers that decides to open a subsidiary in the territory of the promising Latin American market.

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Risk warning!

Open ICM Capital account

Opening an account with ICM Capital is quite easy because we will only have to enter our personal data and wait for the confirmation email to be sent to us.

Once we confirm, we can enter the broker’s platform and proceed to the second step of the opening, which consists of sending copies of our identity and residence documents. Once they are accepted, we can deposit the money and start operating.

The minimum deposit for your Standard account is 200 USD or equivalent in GBP or EUR.

Deposit and withdrawal methods are varied. We have:

Deposit commissionCommission withdrawn
Transfer15 GBP
Card1.75%
Neteller2.5%; min 1 USD
Moneybookers$ 0.32; 1% depending on countryone%; minimum $ 0.49, maximum $ 10
China Union Pay1.5%5 USD

As we see, depending on the deposit or withdrawal system, some will come better than others.

Contact ICM Capital

This is a broker that offers several types of contact:

  • Telephone to any of its subsidiaries (tel: +442071939442 for Latam)
  • Chat online
  • Online form
  • Email: clientservices@ICMCapital.co.uk, info_latam@icmcapital.co.uk (for Latin America)

ICM Capital Promotions

ICM is a broker that offers promotions but only available to international clients and not those residing in Europe.

Some of those promotions are quite generous. The last one is:

  • Up to $ 1,000 deposit bonus.

Other previous promotions were:

  • iPhone X for opening a USD 10,000 account
  • Get up to $ 20,000 cash back for gold and oil deals

These promotions vary over time, so we will have new ones soon for sure.

ICM Capital products, accounts and commissions

The main platform offered by ICM Capital is MetaTrader 4. There is also a mobile version of the platform.

It also offers the cTrader platform, quite popular in some Forex circles.

Of both platforms it offers all versions: PC, web or mobile, for both Android and iPhone.

Discover which are the best brokers on the market

This broker offers a wide range of Forex products and CFDs for metals, stocks, futures and indices.

The two accounts are Standard and Advanced. In the first, all products can be operated, while in the second, only Forex and metals.

The leverage will be a maximum of 200: 1 in international subsidiaries.

In the UK subsidiary and for clients domiciled in Europe, the leverage will be as follows:

productsNew leverage
Main Forex pairs30: 1 or 3.33% margin
Main indices, gold and minor Forex pairs20: 1 or 5% margin
Lower indices, commodities and exotic Forex pairs10: 1 or 10% margin
Actions5: 1 or 20% margin
Cryptocurrencies2: 1 or 50% margin

Spreads 2019 ICM Capital

ICMSreadSize
EURUSD1.30.01
GBPUSD2.30.01
USDJPY1.50.01
AUDUSD1.90.01
Gold0.3510 ounces
Silver0.04500 ounces
ManzanaVariable100 shares

Stock CFDs do not have commissions but the broker collects the spread between both products.

My opinion of ICM Capital

This English broker offers some interesting fixed spreads in the forex, which can be good for people who do not like to trade with variable spreads.

In particular, the EURUSD spread has become quite competitive, being on par with many ECN brokers that offer something similar when you add their spread plus commissions. However, he still has room to catch up with leading brokers like IC Markets , for example.

The spreads have narrowed somewhat since 3 years ago, the last time we had an update of the profile made. The improvements have come in:

  • EURUSD: 1.6 to 1.3
  • USDJPY: 2 to 1.5
  • AUDUSD: 2 to 1.9
  • Gold: 0.4 to 0.35

Another thing the broker has removed are the commissions on equity CFDs , of which it continues to offer only those in the US market. Here the supply of some European markets is missed, but it may not be a highly demanded asset in this broker. Obviously, the elimination of commissions has meant an increase in the spread, which is the cost that the broker applies as commission.

Another thing in which it has improved is in the size of the contract of some instruments, which was previously very high and now seems more affordable, although still far from optimal. For example, the batch of shares used to be 1,000 and is now 100. It has improved but it is too much in my view.

A somewhat confusing aspect of the broker is in the promotions and championship sections.

For example, in the championship we can see that the one they have on the web dates from 2014, or at least that is the date they have there. I do not know why they have not updated the date.

Also, another negative point is that it does not allow scalping without restrictions and this comes in the conditions of said championships and promotions.

ICM Spanish and opinions 2019

One of the points in favor is the provision of a small delegation of the broker in Latin America and the telephone for that region, which we can also see on all the pages of the website in Spanish, which seems to be focused on growing that market.

We can find quite a few opinions about this broker, although not so much in the Hispanic market but in English forums, especially on sites such as Trade2win , the quintessential British trading forum.

Other sites where we find some references are Forex Factory , Reddit or Babypips.

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Risk warning

As always we find cases of people complaining about the broker and others giving positive opinions. For example, there is a fairly negative thread from almost 10 years ago at Forex Factory but it would be difficult to discern whether it was a true case or not.

Most of the opinions are from a long time ago, being difficult to find from recent years, such as 2018 or 2019. At Forexpeacearmy we can find some comments from 2017, both positive and negative.

Is ICM a legit broker?

Well, it looks like a broker that is not a scam as regulation with the FCA should guarantee this. However, the fact of not being fully updated in its corresponding sections of the blog is something that I do not like too much.

Besides that, the trading conditions, without being the worst in the market, are not the best either.

I think we could find better brokers than this today.

For more information, visit the website .

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