Since the Forex industry shifted from Wall Street directly to the living rooms and homes of numerous people, it seems that the contagious trading mania has become unstoppable. To the delight of many Forex brokers, traders are on a constant quest for new brokers and ideal trading conditions. The market is not only merciless by nature, but it is also very competitive since brokers try to outperform each other with new inventions in the market. The United Kingdom is one of the countries were the Forex business is flourishing, and new brokers are being established on a frequent basis. Brokers mostly consist of experienced traders who try their luck on the other side of the market. One of the more recent brokers is also ICM Capital which had to make a name among the numerous UK brokers who have far more experience than the broker itself. What ICM Capital has to offer meanwhile is discussed in this review.
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ICM Capital’s Background Story
This broker joined the Forex scene in 2009 and is relatively new comparing to the good old 90s brokers. Even if brand new brokers have to deal with prejudices, in the beginning, some of them manage to be taken seriously in their short time of existence. As required, the broker had to register with UK’s official regulator and so far, things are looking good. No reprimands, no suspensions and no fines. This means that the broker follows the strict rules of the FCA (Financial Conduct Authority) and meets its obligations on time. The FCA requires a series of standards to be met, like the organizational structure (qualified employees), a more than a decent sum of money on the broker’s account and comprehensive business plan. The broker’s customers can be safe with this broker because their funds are kept in separate accounts, and they enjoy certain legal rights in case the broker breaks the rules. The ICM Capital broker is a market maker which means that the broker trades against you and they are your only “enemy”. This is something traders know and readily enter the game if the broker has a fair play policy.
The broker’s platform is the ultimate, unique and universal Meta Trader 4 platform. This platform is as old as the business itself and brings joy to traders ever since its launch. The MT4’s features remain incomparable and meet the needs of masses of traders. The automated tools, simple interface, different charts, etc. make the platform number 1. As a modern-age broker, the ICM Capital also offers the appropriate ICM Capital mobile app for all devices, iPad, iPhone, Android, Palm, and Windows. Many traders look for brokers who offer both, desktop and mobile trading, and therefore, a broker without a mobile app is “unheard of”.
This broker definitely did its homework before entering the market since it provides just enough for an excellent trading experience. In terms of accounts, they also offer the standard full package of three account types:
- Demo account
- ICM Direct account (variable spreads)
- ICM Standard account (fixed spreads)
One is for free, and it is called the demo account. The demo account is not only good for beginners, but also for experienced traders who sign up with new brokers so that they can test what the broker has got for them without any expenses (deposits). The broker also offers an ICM Direct account with a minimum deposit of $200. This account comes with variable spreads starting form 1.3 pips. The minimum trade size is 0.01 and if you should know to boost your trades, 1:500 leverage is waiting for you. This account does not offer a swap-free account. If you would like to trade only with a swap-free account and fixed spreads you can register with the ICM Standard account. The fixed spread with this account is somewhat higher, e.g. 1.6 pips. The leverage and minimum deposit are the same as with the ICM Direct account.
ICM Capital Bonus Types
The broker offers an ICM Capital no deposit bonus in the amount of $100. This means that as soon as you register before you even made a deposit, you will be accredited with $100 on your account. This is more than a generous bonus if we consider that no deposit bonuses do not exceed two-digit amounts. The broker also runs different promotions, like adding 10% of credit bonus to those who deposit $2000. This promotion is not a standard promotion but time-limited and is offered once in a while.
Funding Options with ICM Capital
The standard methods are accepted by this broker which include the traditional wire transfer, credit cards and e-wallets (Skrill, Neteller, and ICM Capital prepaid Master Card). The prepaid ICM Master Card provides for very fast transactions. Withdrawal requests are handled very fast (within a day, sometimes 10 minutes) which traders are especially glad to hear.
The customer support is multilingual and can be reached every day and every time. They offer phone, e-mail, and live chat as communication channels. A competent customer support is essential in the trading careers of many traders who have to turn to the customer support every time they have a problem. Luckily, ICM Capital has knowledgeable and efficient support team.