ICM Trader Review
ICM Trader offers its clients several forex trading account types a – Standard and 2 ECN ones – Direct & Pro. The Standard account offers fixed spreads and instant execution, while ECN accounts provide market execution with variable spreads. Otherwise, all accounts are accessible with a minimum deposit of $200 and offer commission-free trading, leverage up to 1:200 and the option to trade in micro lots on the MetaTrader 4 platform.
Besides, Swap-free (Islamic) and MAM accounts are also available with this broker.
Indeed, the offerings of ICM Trader appear attractive: minimum initial deposit required and the maximum leverage set are standard, and the spreads are competitive – both fixed and variable ones. The thing is, ICM Trader is registered offshore and even though its conditions seem good, the broker can manipulate the platform or get away with your money and there is little you can do about it.
Besides, there are trustworthy brokers regulated and supervised by financial authorities like the UK’s FCA that offer better spreads. Global brokerage IG, for example, has set no minimum deposit requirement, so you can start out with just $1 and use spread averaged 0.8 pips on EUR/USD with no commission fees.
The Company. Security of Funds
ICM Trader Limited
SVG & Vanuatu
Established in 2011, ICM Trader is a forex broker that supports the MT4 platform. The company behind the brand, ICM Trader Limited, is licensed in two offshore jurisdictions – Saint Vincent and the Grenadines and Vanuatu. Offshore zones are famous for its favorable tax regimes and lax financial regulation, if any. They may be good for brokerage companies but retail clients get little or no protection.
Therefore we advise traders to avoid offshore brokers as a general rule and invest with companies licensed in UK, Cyprus, or Australia instead.
Like most brokers, ICM Trader supports the popular MetaTrader 4 (MT4) platform, available in all forms and shapes – desktop, web, mobile.
Due to its ease of use and various useful functionalities, MT4 earned its reputation as the most popular trading platform. This professional trading terminal is equipped with a number of technical analysis indicators, advanced charting tools, back-testing options, as well as wide range of Expert Advisors with which users can automate their trades.
Besides, ICM Trader offers free VPS, as well as a 10% bonus on each deposit of at least $1000.
Methods of Payment
ICM Trader offers its clients several payment methods: bank wire transfer, credit/debit card, e-wallets FasaPay, epay and PayCo.
Withdrawal requests are processed on your trading account within 24 working hours from the receipt of the request; however, the receipt of the actual funds may vary depending on the withdrawal method.
ICM Trader is an offshore broker that offers attractive trading conditions. Our main concern with it is its light-touch regulation.
ICM Trader Review Conclusion
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