ICM Capital Broker Review

Editor Editor:  Chris Cammack Updated: October 9, 2023
Author Author:  Alison Heyerdahl

Last Updated On October 9, 2023

Alison Heyerdahl
Broker Score
3.61 3.61 / 5
Rated #59 of 77 Recommended Brokers
🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 13
⚖️  Max. Leverage200:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertAccepts Malaysian Clients. Average spread EUR/USD 1.30 pips on the trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5 & cTrader platforms supported. ICM Capital is regulated by the FCA, FSC and FSA.

Last Updated On October 9, 2023

Alison Heyerdahl

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Our verdict on ICM Capital

ICM Capital was founded in London in 2009 and is recognised for its wide choice of trading platforms, low trading costs, and strong international regulation.

ICM has two low-cost live accounts with no minimum deposit: The ICM Direct Account with spreads starting at 1.3 pips (EUR/USD) and the Zero Account with spreads starting at 0 pips (EUR/USD) and a commission of 7 USD per lot traded. Islamic accounts are available for Malaysian residents and ICM’s website is available in Malay. We were also pleased to find that Trading Central is available for free.

Despite the low trading costs, we were disappointed with ICM Capital’s high non-trading fees – including commissions for both deposits and withdrawals –  and the lack of transparency regarding funding options. And with virtually no Forex education or market analysis we consider ICM a poor choice for beginners.

🏦  Min. DepositUSD 0
🛡️  Regulated By
💵  Trading Cost 
USD 13
⚖️  Max. Leverage200:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Overall Summary

Trust Rating
111104/ 5
Trading Conditions
111104/ 5
Trading Platforms
111115/ 5
Deposit & Withdrawal
100001/ 5
Education & Research
110002/ 5
Assets Available
11110.54.5/ 5
Customer Service
111003/ 5
Beginner Friendly
Welcome Bonus

Account Information

Base Currencies
Number of FX Pairs
Crypto Pairs
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Account Name
ICM Zero
Trading Desk
7 USD / lot - Zero Account
1.30 pips
1.80 pips
1.30 pips
Negative Balance Protection

Company Details

Company Name
ICM Capital Limited
Website Language
Support Language
Office Locations
United Kingdom, Dubai, Switzerland, Sweden, Mauritius, St. Vincent and the Grenadines


  • Well regulated
  • Excellent trading platforms


  • Limited education
  • Non-responsive customer support
  • Expensive deposits and withdrawals

Is ICM Capital Safe?

Yes, ICM Capital is a safe broker. It is authorised and regulated by seven national authorities, including Labuan’s Financial Services Authority (FSA). However, Malaysian traders will be onboarded either through the Financial Services Commission of Mauritius or the Financial Services Authority of Saint Vincent and the Grenadines (FSA SVG).

Regulation: Although ICM Capital holds a licence from the Labuan FSA, Malaysian traders can only choose to trade under the FSC Mauritius or the FSA of Saint Vincent and the Grenadines, neither of which are top-tier regulators.

Still, we recommend that Malaysian traders choose to trade through ICM’s Mauritius-based entity because the SVG FSA is not a regulator and does not supervise trading or protect traders.

Safety Features: As mandated by the FSC, ICM Capital segregates all funds from the company’s operating capital at top-tier banks and will not use client funds in its operation or any other investment.  Additionally, ICM Capital has a good reputation, and some of the best regulators oversee its European and British operations.

We confirmed each of the licences and regulations on the regulator’s online register. See below for details of ICM Capital’s FSC-regulated entity:

ICM Capital FSC

Company Details:

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Group Regulators
Trading Desk
Year Founded
Office Locations
Inactivity Fee
United Kingdom, Dubai, Switzerland, Sweden, Mauritius, St. Vincent and the Grenadines

ICM Capital’s Trading Instruments

In our review of ICM Capital, we found that it offers a disappointing range of financial assets compared to other similar brokers. This holds true for the number of stock CFDs and commodities on offer. But it offers specialty assets such as treasuries and share baskets that are rarely seen at other brokers.

Although the number of instruments available at ICM Capital is limited compared to other brokers, it offers the most popular instruments in each asset class. 

Financial Instruments and Leverage:

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Financial Instrument
Number of Assets
Stock CFDs

  • Forex pairs: ICM Capital offers 48 Forex pairs, an average range compared to other brokers. These include majors, minors, and exotics. 
  • Spot Metals: ICM Capital only offers four spot metals: silver, gold, palladium, and platinum.
  • Index Futures: ICM Capital offers 6 index futures, a narrow range compared to other brokers, but these include the S&P 500, Dow Jones, NASDAQ, FTSE, and the DAX.
  • Stock CFDs: ICM Capital offers 89 US stock CFDs to trade, a much smaller range than other similar brokers offer. These include the likes of big names such as Apple, Google, and Tesla, among others. 
  • Stock Baskets: Unlike other brokers, ICM Capital offers 5 stock baskets, including FAANG, CANNABIS, BIOTECH, ESPORTS, CHN.ECOMM, and CHN.TECH.
  • Energy Futures: ICM Capital offers three of the most common energy futures to trade, including UK Brent, US Sweet Crude, and US Natural Gas. 
  • Commodity Futures: ICM Capital offers trading on three commodities, which is limited compared to other brokers. These include cocoa, cotton, and sugar.
  • Treasury and Currency Futures: ICM Capital offers trading on five bond and currency futures, including the US 10-year Bond Future, Euro, JPY, and CHF.
  • Cryptocurrencies: ICM Capital offers trading on 7 cryptocurrencies, which is limited compared to other similar brokers. 

ICM Capital’s Accounts 

ICM Capital offers two accounts, which is limited compared to other brokers, and its trading fees are average. 

Trading Fees: ICM Capital’s accounts have no minimum deposit requirements, making them accessible to most traders. The ICM Direct (ECN) Account is commission-free, with spreads that start at 1.3 pips (EUR/USD), while the commission-based ICM Zero Account has an average spread of 0.1 pips (EUR/USD) in exchange for a commission of 7 USD (round turn). 

Account Trading Costs:

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Trading account
Min. Deposit
Min. Spread EUR/USD
Trading Cost (USD)
ICM direct
Spread Only
ICM Zero
7 USD / lot

See below for account details:

ICM Direct (ECN): A commission-free account, the ICM Direct (ECN) Account has no minimum deposit requirement, and spreads start at 1.3 pips (EUR/USD), which is slightly above the industry average. 

ICM Zero Account: The ICM Capital Zero Account also has no minimum deposit requirement. In exchange for a spread of 0 pips (EUR/USD), traders are charged a commission of 7 USD per lot traded.

ICM Capital Accounts

Deposits and Withdrawals

ICM Capital offers a good range of funding methods but charges high deposit and withdrawal fees. We were also disappointed to find that it lacks transparency regarding funding methods and costs. 

A well-regulated broker, ICM Capital ensures that all Anti-Money Laundering rules and regulations are followed, and as such, all non-profit withdrawals are returned to the deposit source. 

Accepted Deposit Currencies: Accounts can be opened in the following base currencies: EUR, USD, GPB, and SGD. While most Malaysians want to have their trading accounts denominated in USD, some traders may want to have multiple accounts with different base currencies to avoid paying conversion fees when trading. Unfortunately, currency conversion fees will be charged for deposits and withdrawals for traders with bank accounts denominated in MYR.

Deposits and Withdrawals: ICM Capital offers a wide range of funding methods, but these are only available via the ICM Access portal, including its pre-paid Mastercard. We were disappointed to find that ICM Capital charges fees for both deposits and withdrawals. 

We tested deposits via credit card and found that our payment was processed instantly. It took 2 days for us to withdraw our money, which is around the industry average.

See below for a complete list of payment options and withdrawal times:

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Funding Method
Base Currency
Deposit Fees
Withdrawal Fees
Processing Time
Bank Transfer
15 GBP
Local Bank Transfer within 24 hours, International Bank Transfers up to 5 days.
Deposits are instant, withdrawals can take up to 3 days.
A fee of 2.5% - 0.29 USD and a country surcharge fee 1%
Deposits are instant, withdrawals are processed within 24 hours.
A processing fee of 3.75% and a currency fixed fee of 0.2 GBP, 0.35 EUR or 0.3 USD
Deposits are instant, withdrawals are processed within 24 hours.
A fee of 1.9% - 0.32 USD and a country surcharge fee 1%
1% (min 0.49 USD, max 10 USD)
Deposits are instant, withdrawals are processed within 24 hours.
Deposits are instant, withdrawals can take up to 3 days.
Deposits are instant, withdrawals can take up to 3 days.

Note that for the ICM Mastercard pre-paid card, a withdrawal fee of 1.95 USD is always applicable.

ICM Capital’s Mobile Trading Apps

In addition to its own mobile trading app, MT4, MT5, cTrader are all available as mobile apps. We found ICM’s in-house app easier to use than MT4, MT5, and cTrader as it has a more modern design and intuitive interface. But it does not have automated trading functionality and is not customisable.

All four of ICM Capital’s trading platforms are available on Android and iOS mobile devices and tablets. However, beginner traders should be aware that there is some loss in functionality when compared to desktop trading platforms, and poor mobile connections seriously impact trading.

ICM Securities

Account Management: After downloading the app, we found it difficult to log in – it sent multiple error messages. Once we were in, we could open new real and demo accounts, deposit and withdraw funds, and view our account status.

ICM Capital Mobile acc management

Trader Tools: The app offers advanced charting, making it easier to spot trends and identify new trading opportunities, and drawing tools to plot trendlines. It also features analysis tools and news powered by Trading Central.

ICM Capital Mobile News

Unfortunately, the platform does not allow automated trading and is not as customisable as MT4, MT5, and cTrader.

cTrader App

cTrader is one of our favourite trading platforms, and ICM Capital is one of a handful of brokers that supports it. Its clean design makes it easy for beginners to pick up, but it also has the advanced order types and automation options required by more experienced traders. The ICM Capital cTrader app keeps most of the best parts of the desktop version, including the complete range of order types, price alerts, trade analysis, and symbol watchlists.

MT4 and MT5 Apps

The ICM Capital MT4 and MT5 apps allow traders to work from anywhere, with nine timeframes, 30 indicators, and interactive currency charts. Functionality to close and modify existing orders, calculate profit/loss in real-time, and tick chart trading further assists traders while on the move.

ICM Capital’s Other Trading Platforms

With MT4, MT5, cTrader, and ICM Capital’s in-house trading platform all available, ICM Capital offers support for more trading platforms than most brokers. 

ICM Capital offers traders MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and ICM Securities. 

ICM Securities

Like the mobile app, the web trading platform offers advanced charting, multiple indicators, and drawing tools.

ICM Capital Platform

One concern we had was that to place an order, traders have to confirm the order by filling in their password. Although this adds to the security of trading, it will slow down the execution of trades and make slippage more likely:

ICM Capital Platform Password

MT4, MT5, and cTrader

MT4, MT5, and cTrader offer Expert Advisors, automated trading support, strategy backtesting, customisable charting, indicators, and copy trading functionality.

All platform choices are free to use, all can be downloaded to your PC or Mac, and all have web versions of the platform. Traders who want more EAs to use, and don’t mind the dated interface, should consider using one of the MetaTrader products. cTrader is often a favourite for beginner traders as it requires less setup, has a more modern interface, and offers more advanced order types.

All three trading platforms offered are considered among the best in the industry, and all three provide access to Trading Central, one of ICM Capital’s range of free trading tools. 

Trading Platform Comparison:

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Platform Choice
Copy Trading
Admiral Markets
11110.54.5/ 5
MT Supreme
111104/ 5

Opening an Account at ICM Capital

We found that opening a trading account at ICM Capital took less than 24 hours, but we found the process tedious and frustrating.

We tested the account opening process, which took approximately 20 minutes to complete, and once our documentation had been submitted, our accounts were ready for trading within about 24 hours. However, ICM Securities requires information that seems unnecessary – such as your banking details. Additionally, even once you have registered an account, you cannot look at its platforms until you have submitted all documentation.

As a Malaysian trader, you are eligible to open an account at ICM Capital.

How to open an account at ICM Capital:

  1. We first clicked the “Register” button, which directed us to ICM Capital’s intake form. Here traders can choose whether they prefer to trade with the FSC or the FSA-regulated entity:
    ICM Capital Registration
  2. We were then required to fill in our personal details (including name, country of residence, email address, birth date, telephone number, ID number, address, and employment details).
  3. Strangely, we were asked to fill in our banking details – this is a step that very few brokers include in the account registration process. 
  4. We were then required to fill in our financial information and answer questions about our trading knowledge. 
  5. The next step required us to submit a copy of our National ID or Passport with the signature page and a copy of a recent utility bill or bank statement.  Documents can be scanned or sent through as a high-quality digital camera picture.

We advise you to read ICM Capital’s risk disclosure, customer agreement, and terms of business before you start trading. 

Our accounts were ready for trading within one day, which is about the industry average. 

ICM Capital’s Trading Tools

ICM Capital’s trading tool options are average compared to similar brokers, with free Trading Central for all traders and free VPS services for traders who maintain an account balance of 4000 USD.

Trading Central

Trading Central is a third-party company that allows ICM Capital to provide market insights and intelligence directly to its clients.  These products are available through ICM’s platforms and via notifications (SMS/email/push).  The market insight provided by Trading Central helps inform traders’ strategies and trading plans and is created by expert analysts.  The tool helps merge these experts’ views with automated algorithms and offers pattern recognition to trigger trading ideas. Trading Central also delivers a daily strategy newsletter, combining both technical and fundamental research directly to your inbox.

ICM Capital Trading Central


ICM Capital’s Virtual Private Server (VPS) is available for all new and existing clients who maintain a minimum balance of $4,000 or equivalent in EUR, GBP, or SGD in their account. It allows expert advisors to be installed and operate without interruption 24 hours a day. This is provided in partnership with Beeks FX, a global leader in VPS solutions.

ICM Capital’s Research and Market Analysis

ICM Capital’s research is good compared to other similar brokers, but most of the research is curated by third-party providers. 

Research is available through the web trading platform, the MetaTrader platforms, cTrader, and on ICM Capital’s website:  

  • Trading Central: As described in the trading tools section, Trading Central provides trading ideas based on technical analysis and covers various commodities, stock indices, and most Forex pairs. Trading Central also provides an updated news feed for each asset, which also comes with a sentiment score for that asset.  An additional feature of Trading Central is the Trend Analysis, which predicts whether assets will rise and fall and by what percentage. 
  • Blog: ICM Capital also provides a blog covering market movements, but this has not been updated since 2021:
    ICM Capital News
  • Economic Calendar: ICM Capital’s Economic Calendar provides a good selection of fundamental data. 


ICM Capital’s educational resources are severely limited compared to other similar brokers. 

ICM Capital offers a few high-level articles on types of financial products and top rules for trading. The only other resource available is a glossary that provides users with definitions of trading jargon.

Customer Support

ICM Capital’s customer support is average compared to other similar brokers.

Customer support is available via email, live chat, WhatsApp, and telephone in 16 different languages, including Malay. Unfortunately, the live chat agents only seem to be available during business hours, and we had constant error messages when trying to contact customer support:

ICM Capital Customer Support

Regulation and Industry Recognition

Regulation: Established in 2009, ICM Capital is authorised and regulated by several authorities. See below for more details:

  • ICM Capital Limited (UK) is regulated and authorised by Financial Conduct Authority (FCA) registration number: 520965.
  • ICM Capital Limited (MU) is regulated and authorised by the Financial Services Commission of Mauritius under license number: C118023357.
  • ICM Capital (Labuan) Limited is regulated and authorised by Financial Services Authority of Labuan under license number: MB/18/0029.
  • ICM Capital LLC (VC) is registered by the Financial Services Authority of Saint Vincent and the Grenadines under 1853 LLC 2022.
  • ICM House AG (Zurich, Switzerland) is licensed under the supervision of ARIF registration number CHE-497.911.976.
  • ICM House KB is registered and regulated under the laws of Sweden under supervision of the Stockholm County Administrative Board with registration number: 969792-7961. SWIFT/BIC: ICHOSES2.
  • ICM LLC (Qatar) is regulated and authorised by Qatar Financial Centre of Qatar under license number: 00908.


ICM Capital has won many awards in the industry, substantiating its credentials as a safe broker.  Some recent awards include:

  • Fastest Growing Global Multi-Asset Broker 2022 (Global Business Magazine)
  • Most Trusted Forex Broker 2021 (MEA Markets – UAE Business Awards)
  • Most Trusted Forex Broker Middle East 2020 (Global Forex Awards)
  • Global Forex Broker of the Year 2020 (The Forex Expo Dubai)

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the broker’s reliability, platform offering, and trading conditions offered to clients, summarised in this review. Each one of these is graded on 200+ metrics across seven areas of interest, and an overall score is calculated and assigned to the broker according to the diagram below:


ICM Capital’s Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. ICM Capital would like you to know that: CFDs and Spot FX are complex instruments that come with a high risk of losing funds due to leverage. You should not engage in this form of investing unless you understand the nature of the transaction you are undertaking and the true extent of your exposure to financial loss. Your profit and loss will vary according to the extent of the fluctuations in the price of the underlying markets on which the trade is based.

Final Word

Established in 2009, ICM Capital is a well-regulated broker with an excellent range of trading platforms, including its user-friendly ICM Securities platform. It offers two low-cost trading accounts, a good range of financial instruments, and good trading tools. However, ICM’s deposits and withdrawals are expensive and non-transparent, its educational materials are severely limited, and customer support is largely unresponsive via live chat.

Editorial Team


Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.


Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts.  She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.


Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

AlertAccepts Malaysian Clients. Average spread EUR/USD 1.30 pips on the trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5 & cTrader platforms supported. ICM Capital is regulated by the FCA, FSC and FSA.
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Broker Score
3.61 3.61  / 5
Rated #59 of 77 Recommended Brokers
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ICM Capital Financial Regulation

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ICM Capital Trading Cost Comparison

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