Icm Capital Limited is a UK-based brokerage company that has an offshore subsidiary in Saint Vincent and the Grenadines. If you’re not careful, you could easily get tricked by this broker.
Therefore, we decided to do the Icm Capital Limited Review and show you the truth. There are some domains where rules don’t apply.
Yes, if we’re talking about icmcapital.co.uk. This domain is the UK one and is regulated by the Financial Conduct Authority (FCA). Anybody who knows anything about trading has heard of the FCA.
It’s one of the most famous Tier 1 financial market watchdogs with strict rules. Thus, the Icm Capital Limited regulation is solid there. However, this company has an offshore subsidiary in Saint Vincent and the Grenadines (SVG).
SVG is a notorious scam haven. The island’s Financial Services Authority (FSA) is nowhere near the FCA in terms of regulation.
The FSA doesn’t even regulate Forex trading, only the banking sector, meaning that icmcapital.com is an unlicensed entity. The rest of our review will focus on the SVG branch of Icm Capital Limited.
Icm Capital Limited covered in this review is the offshore branch of an FCA-regulated UK company. This offshore setup was used to defraud traders from the UK, the UAE, Singapore, Malaysia, and India.
Before we go on, let’s outline some benefits of trading with Tier 1 licensed brokers, i.e. ones that operate under the jurisdiction of the FCA or the European Securities and Markets Authority (ESMA).
The minimum operating capital for brokers is 730,000 GBP/EUR. Also, they have to offer clients negative balance protection, leverage restriction (1:30) and a segregated account in a top-tier bank.
In case the broker goes insolvent, clients are entitled to compensation in the amount of up to 85,000 GBP (FCA) or 20,000 EUR (ESMA). Both regulators have banned bonuses.
Icm Capital Limited has provided services to traders from all over the world. The offshore broker has done so while unlicensed, scamming many in the process.
Icm Capital Limited’s clients weren’t going to let it slide so they wrote many complaints against the broker. Based on the complaints, we compiled a list of countries where Icm Capital Limited was most active:
Traders had some bad things to say about Icm Capital Limited. Namely, a lot of them had withdrawal issues with the broker. It seems that even the UK branch of Icm Capital Limited has a bad rep among traders. Here’s what they wrote on Trustpilot and WikiFX:
This broker is scam i deposit 70$ two month ago i want to withdraw they withdraw my money but i didn’t receive money and no one is answering to my emails…
I have submitted the withdrawal request for one month, while ICM kept fending off with the excuse of risk-management by third party, asking for an extra custody fee.
Icm Capital Limited offers three trading platforms. There are MetaTrader 4, MetaTrader 5 and cTrader, all phenomenal platforms.
The MT platforms are available for desktop, MAC, and web but also as mobile apps for Android and iOS systems.
As for cTrader, it’s also available for desktop, MAC and mobile but not for the web. Icm Capital Limited has an excellent platform portfolio so it’s a shame that the broker is unlicensed.
MT trading platforms are the best. Equipped with an array of cutting-edge options, this software was designed by MetaQuotes to make trading better.
Both MT4 and MT5 offer automated trading, in-depth analysis, advanced charting, a user-friendly interface, live market reports, multiple timeframes, instant execution, etc.
It doesn’t get much better than MT software so it’s Icm Capital Limited’s big advantage. The flip side is the lack of a trading license.
This platform was released in 2010 by Spotware Systems from Cyprus. Icm Capital Limited provides a desktop, MAC, Android and iOS version of cTrader.
Unlike MT4, for instance, cTrader has superior charting options, market depth and functionality. That’s why cTrader is a better fit for advanced ECN traders.
Here’s an overview of Icm Capital Limited’s trading instruments:
Icm Capital Limited offers two trading accounts and the trading costs differ for each. Thus, the Icm Direct (ECN) account offers different spreads for every trading instrument. For the benchmark EUR/USD pair, the spread is 1.3 pips with zero commissions, which is good.
On the other hand, we have the Icm Zero account with spreads starting from 0 pips for EUR/USD. Here, Icm Capital Limited charges 7 $ per round lot for FX and metals trading.
As mentioned, Icm Capital Limited offers two different account types:
The broker provided a list of spreads for each trading instrument. Icm Direct is free of commissions while Icm Zero charges 7 $ per round lot. The max leverage is 1:200, clearly a sign that this is an offshore broker.
Icm Capital Limited is only able to offer such high leverage via its offshore subsidiary since the FCA has a 1:30 cap for retail clients in force. Extremely high leverage is risky and often brings losses. The broker claims there is no minimum deposit for the accounts.
Yes. Even the SVG branch offers a free demo account. That’s good news but unfortunately, a live account is a whole different story.
You can use a demo account to practice but if you switch to a live account, you’ll be risking your money with an unlicensed provider.
Icm Capital Limited accepts the following funding methods:
There’s quite a wide range of payment options. The broker did mention an inactivity and conversion fee but didn’t specify the amount.
The Icm Capital Limited withdrawal policy has been explained in the T&C section and seems legit but many traders had withdrawal issues with this broker.
Offshore brokers can cause a lot of problems. If Icm Capital Limited violated any terms and conditions, please let us know.
If you lost money to this broker, Global Fraud Protection is here to help you get your hard-earned money back.
Our experts specialize in bank chargebacks, recalls, third-party processors, and crypto-tracing solutions such as CipherTrace.
If this broker steals your money, contact us for help. The easiest and fastest way to book your free consultation with us is via Online Chat.
Icm Capital Limited from SVG is not a legit broker. The entity doesn’t have a trading license so don’t invest.
Yes. Icm Capital Limited does offer a free demo account.
Yes. Both MT platforms and cTrader are available for Android and iOS.
If you trade with the UK branch, you can always contact the FCA in case you have problems. The offshore branch can easily defraud you.
Icm Capital Limited from SVG is not a legit broker. The entity doesn’t have a trading license so don’t invest.
Yes. Icm Capital Limited does offer a free demo account.
Yes. Both MT platforms and cTrader are available for Android and iOS.
If you trade with the UK branch, you can always contact the FCA in case you have problems. The offshore branch can easily defraud you.
The post Icm Capital Limited Review – Be Careful With This Broker appeared first on Global Fraud Protection.
