ICM Capital Review 2021

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ICM Capital Facts & Figures

ICM Capitals offers ultra-low spreads on FX, CFDs and futures via the MT4 platform.

• Global Forex Broker of the Year 2020 - The Forex Expo Dubai
• Most Trusted Forex Broker Middle East 2020 - Global Forex Awards Retail
• Most Trusted Forex Broker 2019 - Go From Egypt
• Best Forex Broker 2019 - The Forex Expo Dubai
• Best Mobile Trading Platform 2017 - Jordan Forex Expo
• Best Institutional Forex Broker 2016 - MENA Forex Expo
• Best Customer Service Provider 2012 - Arab FX Championship
• Best Forex Broker 2011 - Middle East Forex and Investment Summit
InstrumentsForex, CFDs, stocks, commodities, futures
Demo AccountYes
Min. Deposit$200
Payment MethodsCredit Card, Mastercard, Neteller, PayPal, Skrill, UnionPay, Visa, Wire Transfer
Min. Trade0.01 lots
Regulated ByFCA, SVGFSA
MetaTrader 4Yes
MetaTrader 5No
STP AccountNo
ECN AccountNo
DMA AccountNo
Mobile AppsYes
Margin TradingNo
Auto TradingYes (EAs)
Social TradingYes
Copy TradingYes
Trade SignalsYes
Islamic AccountYes
Leveraged contracts for difference can be used to take positions on several major financial markets.
FTSE Spread2.0
GBPUSD Spread1.8
Oil Spread2.0
Stocks SpreadVariable
Leverage1:30 Retail, 1:200 Professional

A decent portfolio of online currencies are available for trading at ICM Capital.

GBPUSD Spread1.8
EURUSD Spread1.3
EURGBP Spread1.3
Risk Warning – Your capital is at risk

ICM Capital Limited is a UK headquartered ECN broker with offices around the world including Dubai, Singapore, Nigeria and Indonesia. Customers can trade a range of assets including forex through the MT4 platform. In this review, we detail spreads, leverage, account types and the login process for ICM Capital Ltd, so you can find out whether the broker is legit.

ICM Capital Details

The company was established in 2009 and is regulated by the Financial Conduct Authority (FCA registration number 520965). Its headquarters are located in London, with a rep office situated in the UAE.

ICM Capital Ltd is a wholly-owned subsidiary of ICM Holding SARL, alongside ICM APAC, registered in Malaysia and ICM Capital Limited Mauritius and Saint Vincent. All of the companies within this group use the ICM.com branding.

The brokerage provides services for traders around the world, though the CEO and management team has capitalised on the Middle Eastern market in particular, where it has won several awards. Notably, the broker launched into Qatar late in 2021 with a new office in the Qatar Financial Centre.

Trading Platforms

ICM Direct

The ICM Direct platform uses ECN technology to provide customers with direct market access, with liquidity from major Tier 1 banks and top liquidity providers. Customers are able to trade forex, commodities and CFDs with ultra-fast and reliable execution. ICM Direct also offers low latency bridging with the MetaTrader 4 platform.

ICM Capital Direct platform
ICM Capital Direct platform

MetaTrader 4

The MT4 platform is available to download on Windows, Mac, tablet and smartphone. MT4 is industry favoured due to its advanced technical analysis functionality. With 30 built-in and 2,000 free custom indicators, traders can analyse markets of varying complexity. Additionally, 24 analytical objects allow for forecasting of future market prices.

ICM Capital MetaTrader 4
ICM Capital MetaTrader 4

Customers can also conduct automated trading using Expert Advisor agents. Users can generate EA robots using the MQL4 programming language, download them from the free codebase, or pay for bespoke robots from professional programmers.


The broker provides customers with access to over 65 financial instruments:

While a decent list of tradable assets, the addition of cryptocurrencies such as Bitcoin, would be welcomed.

Spreads & Commission

The brokerage offers reasonable spreads and commission fees for both its account types. The Direct account EURUSD spread is 1.3 pips, which does not charge any commission. A comparison of ICM Capital vs FXPrimus showed that this is tighter than the 1.7 pips the competitor offers on the same pair.

Customers can also elect to open the ICM Zero account, which offers zero pip spreads on the EURUSD, in exchange for $7 commission per round lot.

Additionally, forex and precious metal positions that are left overnight are subject to swap charges. The swap rate varies for long and short positions and can be viewed on each instrument through the MT4 platform.


The leverage offered by ICM Capital varies between markets, and is in line with ESMA’s regulations for retail accounts:

Professional accounts qualify for maximum leverage of up to 1:200 on major forex pairs.

Mobile Trading

Although ICM Capital does not offer its own app, customers can trade from anywhere using the MT4 app, which is available for iOS and Android users. The app has excellent reviews on the App Store and Google Play, with very similar functionality to the desktop version. Customers have access to all order types and can conduct technical analysis with 30 of the most popular technical indicators and 24 analytical objects. Additionally, customers have access to financial market news and a mobile chat service, where they can share strategies with other traders.

ICM Capital MT4 mobile app
ICM Capital MT4 mobile app



ICM Capital offers a variety of payment methods via the ICM Access portal, including their pre-paid Mastercard. Unfortunately, deposit fees apply for all methods except bank transfer:

ICM Capital’s pre-paid Mastercard is available to EU residents and can be issued in EUR, GBP or USD. It is also accepted in stores and at ATMs bearing the Mastercard acceptance logo worldwide, though monthly, cash withdrawal and loading fees apply. The broker does not have a minimum deposit requirement for this card, though an initial fee of 40 USD is required from the card owner.

Bank transfers can be made in the following currencies: USD, EUR, GBP, AED, KWD, SAR, SGD, MUR, PLN, JOD. Deposits using this method take between 2 and 5 working days to reach the trading account.

ICM Capital has a minimum deposit requirement of USD 200 (or equivalent in other currencies). Note that this applies to all deposits, not just the initial deposit.


The broker returns funds using the same method in which they were deposited, to prevent online identity fraud. ICM Capital aims to process withdrawal requests within one business day, though it may take 3 – 5 working days for the funds to appear in the bank account.

Withdrawal fees do apply to some methods, however, the brokerage will waive these fees for one withdrawal per month:

For the ICM Mastercard pre-paid card, a withdrawal fee of $1.95 is always applicable.

Note, there is not a minimum withdrawal requirement.

Demo Account

A free MT4 demo account is offered, though customers are required to sign in to a live account first to gain access. The demo account offers trading in GBP, USD, EUR and PLZ virtual funds and reflects the same environment as the real ICM Capital account.

ICM Capital Bonuses

The broker does not currently provide any sign-up promotions or deposit bonuses. This is in keeping with FCA and EU regulations.


ICM Capital is regulated by the reputable Financial Conduct Authority (FCA), register number 520965. Clients funds are protected by the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 in the event that ICM Capital becomes insolvent. The international site is regulated by the Financial Services Authority of Saint Vincent and the Grenadines.

ICM Capital is also insured by Lloyds of London to safeguard its liabilities against clients (including due to errors, negligence and fraud) up to a limit of £5,000,000. This protection is available to all live account holders at no additional cost.

The company offers negative balance protection, safeguarding clients from losing more money than deposited.

The broker operates in multiple jurisdictions, from Malaysia and Thailand to Turkey, the UK and Paraguay.

Additional Features

ICM Capital has a useful set of educational tools on its website, including high-level articles on types of financial products and top rules for trading. In addition, it offers more detailed articles on topics such as forex and technical market research. A glossary provides users with definitions of trading jargon, while the financial news page and economic calendar provides customers with regular market updates and reviews. The brokerage also provides brief updates on its Instagram page, @icmcapital.

ICM Capital trading economic calendar
ICM Capital trading economic calendar

Additionally, ICM Capital offers a free SMS news service, where live account clients can receive news updates via text messages each morning, Monday to Friday. Updates are provided on the following products: EUR, GBP, CHF, JPY, oil and gold.

Trading Accounts

ICM Capital provides the ICM Direct and ICM Zero retail account types, which offer different spreads and commission fees.

Although the ICM Zero account offers very tight spreads (starting from 0 for EURUSD), it charges commission fees of $7 per round lot. Conversely, the Direct account does not charge commission for its trades, although spreads are higher (1.3 pips for EURUSD). Otherwise, the accounts are equivalent in terms of the instruments that can be traded and leverage available. Customers should therefore review the spreads offered for the market they are interested in to determine the best account option for them.

Professional accounts come with increased FSCS protection (up to £1,000,000), and leverage up to 1:200.

ICM Capital also offers swap-free Islamic accounts that comply with Shariah law.


There are several advantages to trading with the broker:


There are some drawbacks associated with ICM Capital:

Trading Hours

The brokerage provides 24/7 access to markets, however, some instruments are subject to local trading hours. Details of trading hours for all assets can be found in the contract specifications table on the ICM website.

Customer Support

ICM Capital has a client services support team, which is available Monday to Friday, 6am to 6pm GMT. Customers can get in touch via telephone (+44 207 634 9770) or email (support@icmcapital.co.uk). Callbacks can be requested using the form on the website. Traders are also able to contact ICM Capital customer support using the live chat function on the website.

Additionally, customers can call +44 207 634 9777 for over the phone technical support if they have difficulties whilst trading. This support is available 24 hours a day, Monday to Friday.


In line with the FCA’s client fund protection rules, ICM Capital ensures clients funds are kept in segregated bank accounts. Furthermore, the broker is bound by GDPR. It is also registered with the Information Commissioner’s Office (ICO), which is the UK’s independent authority set up to uphold information rights including data privacy for individuals.

The MT4 platform offers a high standard of security, with encrypted data exchange between the client terminal and platform servers. Dual factor authentication is also applied at the login stage.

ICM Capital Verdict

ICM Capital is a good choice for traders, due to the reputable regulations and protections in place. The quality of customer support available, including for technical trading issues, provides further confidence in this broker. The account types offered mean customers have the option of choosing between tighter spreads or lower commission.

Accepted Countries

ICM Capital accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use ICM Capital from United States.

Alternatives to ICM Capital

If you are looking for alternatives to ICM Capital we have compiled a list of the top 5 brokers that are similar to ICM Capital below. This list of brokers like ICM Capital is in order of similarity and only includes companies that accept traders from your location.

  1. EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
  2. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
  3. Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
  4. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
  5. Rockfort Markets – Rockfort Markets is a New Zealand broker with a competitive range of assets, trading platforms and market conditions.


Is ICM Capital regulated?

ICM Capital is regulated by the UK Financial Conduct Authority (FCA registration number 520965). The broker is also registered with the Financial Services Authority of Saint Vincent and the Grenadines.

What leverage does ICM Capital offer?

Leverage varies according to instrument. Up to 1:30 is offered on major forex, 1:20 on minor forex, major indices and gold, 1:10 on commodities excluding gold, and 1:5 on individual equities. This is in line with regulated brokers.

What is the minimum deposit required to trade with ICM Capital?

ICM Capital has a minimum deposit requirement of USD 200 (or equivalent in other currencies). This applies to all deposits, not just the initial deposit.

What account types does ICM Capital offer?

The brokers offers Direct and Zero retail account types. The Zero account offers tighter spreads than the Direct account, but also charges commission. A professional account is also available to experienced investors.

Does ICM Capital offer Islamic accounts?

Yes, ICM Capital offers swap-free accounts. Customers should be aware that trading isn’t considered Haram, assuming that the asset purchased is not based on prohibited practices.

ICM Capitals offers ultra-low spreads on FX, CFDs and futures via the MT4 platform.

ICM Capital vs Other Brokers

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