ICM Brokers Review: Key Facts About This Brokerage Firm
ICM Brokers is a long-standing brokerage brand based entirely offshore with offices in the Marshall Islands and Saint Vincent and the Grenadines (SVG). The firm offers MetaTrader 4 trading with high leverage.
Over the years, this provider received numerous complaints from traders who couldn’t withdraw their funds and had problems with the platform itself. Hence, our ICM Brokers Review will focus on these issues but also on how to recover your money from such schemes.
|Regulated by:||Unregulated Offshore Broker|
|Is This Company Safe?||No|
|Have Warnings from:||N/A|
|Registered in:||SVG, Marshall Islands|
|Minimum Deposit:||250 USD|
|Trading Assets:||Forex, Indices, Commodities, Stocks, Cryptocurrencies|
|Free Demo Account:||Available|
|How to Withdraw from This Company?||Since this company is unlikely to return your money – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds.|
Legal Info: Is ICMBrokers Regulated?
International Capital Markets Brokers Limited/LLC are offshore entities registered in the Marshall Islands and SVG, respectively. Both offshore jurisdictions are notorious for having terrible regulations, or none at all in the case of SVG’s Financial Services Authority.
Forex trading is not regulated in SVG, which eventually led to this island becoming an infamous scam haven. Neither jurisdiction is reliable in terms of security and safety.
Therefore, we do not recommend you trade on this platform, or any other offshore provider such as GoldenrodFX. You will not be entitled to neat perks such as negative balance protection or a compensation contract.
It’s better to find a regulated provider operating under a recognized financial authority such as the FCA (UK), ASIC (Australia), IIROC (Canada), CySEC (Cyprus), or the CFTC & NFA (US).
Who Are ICM Brokers’ Users?
According to godaddy.com/whois, the icmbrokers.com website domain was created on October 27, 2007. Since then, the long-lasting offshore broker has been offering trading services primarily to traders who reside in the following countries:
- United States;
- United Arab Emirates;
Each jurisdiction is unique in a certain way in terms of regulations but what all these have in common is that they require a provider to obtain a certain license in order to operate.
ICM Brokers is not compliant with the regulations in force in these areas. For instance, the platform’s maximum leverage can be set as high as 1:400 but the legal leverage cap in the US and Europe is 1:50 and 1:30, respectively.
Trader Reviews – Sharing Experiences
We looked up ICM Brokers’ website on popular forums such as tradersunion.com and brokersview.com. The broker received multiple negative reviews and complaints on both sites over the past couple of years. Traders expressed their frustrations due to withdrawal and platform issues, arbitrary closure of positions, login problems, etc.
“Managers lie, they promise that from the minimum deposit you will have a 20% profit per month, and after the introduction of money, it turns out that there is always little money. Then there are problems with the withdrawal of money.”
This perfectly summarizes the ICM Brokers scheme.
Please avoid trading on unregulated platforms and instead stick to licensed and transparent brokerage companies that provide safe trading conditions.
Need help finding the perfect platform? We offer our professional assistance!
Which Trading Platform Is Available?
ICCM Brokers offers the MetaTrader 4 trading platform. MT4 is known for its customizable technical analysis tools and user-friendly interface. It provides users with a wide range of cutting-edge features, including 30 built-in technical indicators, multiple order types, automated trading, various timeframes, etc.
Traders can access a diverse range of markets through this platform, including Forex currency pairs, stock CFDs, metals, and futures. Additionally, a broker included a mobile app for both Android and iOS devices, allowing clients to trade on the go.
The choice of trading platform is excellent but that cannot make up for the fact that ICM Brokers is not licensed to offer trading services.
Available Live Account Types
|Minimum Deposit||250 USD||250 USD||500,000 USD||1,000 USD|
|Spreads||Fixed; as low as 2 pips||Market; as low as 2 pips||Market; as low as 0.5 pips||Market|
Leverage, Spreads, Commissions, Demo Account
ICM Brokers offers significantly high leverage – up to 1:400. It allows traders to control larger positions with a relatively small amount of capital, but they also come with increased risk, i.e. may result in devastating losses.
For major currency pairs like EUR/USD, spreads are typically around 2 pips. Spreads for other assets, such as spot gold and FTSE 100 futures, may vary, with spot gold hovering around 0.3 pips and FTSE 100 around 3.5 pips. The broker charges a commission of 20 USD on a per-contract basis.
Unlike other shady providers such as MaxProInvest, ICM Brokers offers a demo account. If you are still interested in this platform, be sure to first try out the risk-free demo account for a 20-day trial period. Do not risk real money straight away!
Deposit and Withdrawal Process
ICM Brokers states that the following payment methods can be used to deposit and withdraw funds:
- Credit/debit cards;
- Wire transfers;
The firm claims not to charge any initial deposit fees. However, a 15 USD fee is applied to cover the broker’s banking transfer costs. Judging by the trader reviews, it’s highly unlikely that you will be allowed to withdraw funds or get a refund.
In that case, you should know that funds deposited via MasterCard and VISA credit/debit cards can be refunded via a chargeback, which can be requested at the issuing bank within 540 days. Wire transfers can be reversed via a recall but this action can only work for transactions that are not yet complete.
Key Facts To Consider About ICM Brokers
To sum up, ICM Brokers is an offshore Forex trading platform. This entity has been illegally offering services mainly to traders from the US, UAE, Germany, Malaysia, and India.
We do not recommend this platform because it is unregulated and many traders had major issues with it. In case you’ve already deposited funds, you must seek our professional help to recover your money!
Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about what happened. Our team will gladly guide you through the chargeback process and assist you every step of the way.
Book your consultation with us today and start the chargeback process.
What Is ICM Brokers?
ICM Brokers is an offshore Forex and CFD brokerage firm that offers MT4 trading with high leverage.
Is ICM Brokers Legit Or Scam?
ICM Brokers is not a legitimate provider. The unregulated platform received numerous complaints from traders.
What Are The Trading Products Of ICM Brokers?
ICM Brokers offers Forex trading, CFDs, and futures. Need help getting a chargeback? Call us.