Introduction to ICM Capital
With a considerable history behind it, ICM Capital is a worthwhile consideration for anyone eager to get into the world of forex trading. While some have criticized the broker in the past for being a little lackluster in certain key areas, it is also easy to understand the appeal of this group to both experienced and inexperienced forex traders. They have certainly been around long enough to justify their popularity. The more you learn about this company, the easier it will be to see their potential. There are a number of things we like about ICM Capital. It is not hard to understand why many traders turn to them for the first time.
At the same time, ICM Capital definitely has perhaps a few too many kinks for such an established platform. This is particularly apparent when the features are compared to what you can find with other platforms. ICM Capital seems to work well for newcomers. However, once you gain a certain measure of experience, it may be a good idea to head somewhere else. Obviously, that is the sort of move that will be entirely your decision to make. There is no question that ICM Capital has enough to justify their popularity. It just may not be enough for some.
ICM Capital History
Established in 2009, ICM Capital has the distinction of standing for a decade and counting. This certainly gives them a degree of respectability. Furthermore, while the London-based company has been criticized for certain aspects of their offerings, there have been few serious complaints against them. Through the Financial Conduct Authority, also known as the FCA, ICA Capital received UK authorization in 2010. They have continued to build on their momentum since then. It is also worth keeping in mind that this broker is operated as a wholly-owned subsidiary of a parent holding company known as ICM Holdings SARL. The parent holding company is currently based in Luxembourg.
One of the most interesting things about ICM Capital would be the fact that they maintain insurance policies for their clients. These policies currently go up to £1 million. This insurance is handled through Lloyd’s of London, which is another strong argument that you are indeed going to be dealing with a legitimate organization. They are not only authorized to exist within the European Union, but they are also regulated in what is known as a major hub. They are not a publicly traded company, but this is not an indication of whether or not they are trustworthy.
In order to better understand whether or not ICM Capital is right for your own forex trading needs, we first need to take a closer look at their features. This is going to include the number of instruments being offered, the platforms that are supported, and the usefulness of their customer service. These are just a few of the considerations one should keep in mind, when it comes to shopping around for the best forex broker. ICM Capital is one of the more established, but that doesn’t inherently mean they will be a good fit in your case.
ICM Capital Features
There are a number of ICM Capital features to study in greater detail. While these features are perhaps lacking, when compared to some of your other options, there is no question that ICM Capital at least offers enough to warrant a look.
Let’s start with the range of instruments currently available. As of this writing, ICM Capital has somewhere in the neighborhood of seventy instruments. This includes thirty-four forex pairs, as well as thirty-six CFDs. These possibilities are spread out across a multitude of asset classes, which includes several cryptocurrency options.
Beyond regulation through the FCA, ICM Capital offers one major platform across several different options for using it. The company used to work with two platforms, including the cTrader Platform, which was developed by Spotware Systems. In the present, the only platform seemingly supported by this broker is the fourth version of the highly regarded MetaTrader. Keep in mind that while the MT4 is not bad by any means, it is considered by many to be inferior to the current fifth edition. It is unknown at this time if ICM Capital has any intention of switching to the fifth version. For now, users can work with MT4 across a range of devices, including various mobile devices.
Customer service is available in two primary forms. You can send them an email, or you can call them to speak with an agent.
At this point, we can now start to take a closer look at the pros and cons of ICM Capital.
ICM Capital Pros
While far from the very best, ICM Capital nonetheless boasts a few appealing features that are worth a serious look. In the first place, we certainly appreciate the fact that they have more than seventy different instruments to work with. This isn’t the largest amount to be found anywhere, but it can give a newcomer a clear idea of what they can expect with forex trading, CFDs, and so forth. Likewise, an experienced trader who knows what they want will likely appreciate a fairly straightforward experience.
The MetaTrader 4 platform is excellent, although as we mentioned before, ultimately inferior to the newest version. However, some would argue that unless you need to be at the top of platforming technology for some specific reason, MT4 can suit your needs just fine. The platform continues to boast formidable ease-of-use, and it has long been celebrated by both newcomers and veteran traders alike.
The presence of FCA regulation is another feature that we can’t help but appreciate. If you are new to forex trading, understand that while you can trade with unregulated brokers, doing so can naturally open you up to a wide array of risks. In our experience, it is better to be safe than sorry. For this reason alone, we highly suggest focusing your search for a broker on those who have gone through some process of a reliable regulation. On this front, ICM Capital succeeds nicely.
Being able to utilize CFD on Bitcoin is nice to have, as well. As we mentioned before, ICM Capital can be a solid bet for those who don’t have a lot of experience. You will find just enough of everything to make it possible to decide if this is right for you. We also want to mention again the insurance coverage offered through Lloyd’s of London. In this specific regard, ICM Capital is a very unique entity indeed.
While these are all excellent benefits, ICM Capital is not without a few problematic elements.
ICM Capital Cons
Simply put, if your preference is to have hundreds of instruments at your disposal, then you will almost certainly want to go somewhere else. ICM Capital is a broker with an obvious eye towards growth. At the same time, it seems unlikely that their ambition is going to put them head-to-head with the biggest forex brokers around. This is a medium-sized broker, and experienced traders may want to go somewhere else simply to have more options made available to them. At the very least, we would suggest trying them out first. While they don’t have everything, they do cover the essentials rather nicely.
Unfortunately, the same cannot be said about their research tools. This is one of the weakest areas, as far as this particular broker is concerned. Most of the legitimate forex brokers you are going to encounter will offer vast information resources and research materials. These resources are designed to not only give you a foundation of understanding, but to show you what’s going on in the present, in order to perhaps understand what might happen in the future. Many brokers will make the vast majority of these resources available for free. While their Trading Central feature can give you some insights, it ultimately pales in comparison to other brokers.
Also, you will want to keep in mind that the default pricing for their ICM Direct account is in fact worse than the pricing for their ICM Pro Account. The maximum allowed leverage for ICM Capital is also considerably lower than many other UK-based brokers.
ICM Capital Pricing
The trading costs you will likely experience with ICM Capital is going to depend on the type of account you choose. If you opt for ICM Direct account, you can expect spreads in the region of 1.3 pips with the EUR/USD. For the ICM Pro account, the spreads drop into the vicinity of 0.9 pips for the same pair.
You will also want to keep in mind that the minimum initial deposit is $200.
It is worth mentioning at least once more that ICM Capital is not perfect by a long shot. Having said that, we still think they can be a solid investment of time and money for the right kind of trader. At this point, it should be easy enough to figure out if this is something that applies to you.
If so, you can look forward to a pretty enjoyable, straightforward experience.
David is a financial expert who graduated from the University of Fordham (Master in Finance) in 2001. He has 10+ years of experience in private equity and wealth management. With strong expertise in senior-level financial planning, personal financial analysis, and mortgages, David knows his way around personal finance. Before working at CCR he used to be a financial analyst at McKinsey.
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