ICM.com Review: Exploring Its Full Features

ICM.com is a global brokerage firm with roots in London. In this forex trading broker review, we will explore the landscape of ICM.com, from its inception and the visionary ideals to its expansive suite of trading products. This exploration is designed to offer a comprehensive understanding of ICM.com broker for both new and professional traders.

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ICM.com: Overview 

ICM.com was launched in London in 2009, driven by a mission to create a trading environment known for its strength, reliability, and ethical standards. Under the guidance of its founder, Shoaib Abedi, the firm has not only adhered to the regulatory benchmarks but has also expanded its global presence, opening over 20 offices worldwide. 

The broker’s expansion underscores its dedication to meeting the varied requirements of its customers, including retail and institutional clients, asset managers, and introducing brokers. This is achieved through a comprehensive portfolio of trading products like currencies, stocks, commodities, and indices.

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Regulation and Registration 

ICM.com is acknowledged for its robust regulatory compliance, operating under respected authorities such as the UK’s FCA, Mauritius’s FSC, and the FSA of Saint Vincent and the Grenadines, among others. This regulatory framework ensures that ICM.com provides a secure trading environment, customized to meet the diverse needs of its clients.

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Account Types of ICM.com

1. ICM Direct (ECN)

• Minimum Deposit: $200
• Spread: View contract specifications
• Commission: $0
• Maximum Leverage: 1:200
• Instruments: Forex, metals, futures, shares, and cash CFDs

2. ICM Zero

• Minimum Deposit:  $200
• Spread: Starting from 0 on the EURUSD pair
• Commission: $7/round lot for FX and metal only. No commission for other products.
• Maximum Leverage: 1:200
• Instruments: Forex, metals, futures, shares, and cash CFDs

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Deposit and Withdrawal

The broker offers deposit funding through ICM Mastercard. You can top up your card directly through the app’s card reload service or other local and international transfer options, including services like MoneyGram, eFAWATEERcom, NFC service, and e-vouchers. For first-time deposits to your MT4 account, the process takes up to one working day, while subsequent deposits are updated instantaneously.

Withdrawing funds from your MT4 account to your ICM Mastercard is equally efficient. To initiate a withdrawal, simply login to the ICM Access account management system and submit your request. Withdrawals are processed within one working day. The ICM Mastercard supports linking to multiple accounts, with specific limits applied for clients in Jordan.

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Products in ICM.com

ICM.com offers a wide range of trading products for various investment preferences and strategies.

• Forex
• US Stocks
• Precious Metals
• Index Futures
• Energy Futures
• Cryptocurrencies CFD

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Trading Platform of ICM.com

To accommodate the needs of modern traders, ICM.com provides access to leading trading platforms.

• MetaTrader 4
• MetaTrader 5
• cTrader

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Fees of ICM.com

Trading fees of ICM.com  include competitive spreads, starting from 0 pips on major pairs with the ICM Zero account. Traders should be aware of forex swap rates, based on the interest rate differential of the currency pair. Notably, positions held overnight on Wednesdays incur swap charges triple the normal rate. Additionally, US stocks, cash CFDs, Bitcoin, and Turkish Lira are listed as “Admin Charge.” Islamic swap-free accounts are available, but ICM may impose standard swap fees in cases of misuse, impacting the cost of trades.

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ICM.com Promotions

10% Credit Bonus 

The broker offers clients a continuous 10% credit bonus for each new deposit over $1,000. This promotion is exclusively available to clients with live accounts at ICM Capital Limited (MU) and ICM Capital Limited (VC) on the MT4 platform. 

This credit transforms into cash once traders meet the required trading volume, calculated as the credit bonus divided by 5 in lots. The promotion allows for multiple bonuses per account, each up to a $1,000 maximum, with cash rewards processed monthly.

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Customer Support 

• Email: [email protected]
• Phone: +44 207 634 9779
• Live Chat: Available 24/5

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Pros & Cons 

Pros Explained

• ICM.com demonstrates its global reach by establishing over 20 offices worldwide, indicating its extensive market coverage.
• The broker gains trust through regulations by entities like the UK’s FCA, ensuring a secure trading environment.
• Offering a variety of trading products, ICM.com caters to diverse trading preferences.
• Competitive spreads, especially starting from 0 pips on major pairs, enhance trading conditions.
• The provision of Islamic accounts caters to traders requiring swap-free options.

Cons Explained

• Clients in Jordan might face restrictions due to specific deposit and withdrawal limits.
• The triple swap charges on Wednesdays could be a deterrent for holding positions overnight on this day.
• Certain instruments like US stocks and Bitcoin are subject to “Admin Charges,” which might increase trading costs.

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Is ICM.com Worth Considering?

ICM.com presents itself as a strong player in the brokerage industry. It offers a wide range of trading products and easy-to-use platforms suitable for various trading styles. While the broker stands out with competitive spreads and innovative promotions like Credit to Cash, clients should consider the specific limitations and fees. Overall, ICM.com combines reliability, diversity, and innovation, making it a notable choice for traders exploring their brokerage options.

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FAQs

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