Unregulated

Comment

Saint Vincent and the Grenadines

2023-05-02

2.24

Website

https://www.icm.com

Rating Index

Software

6.57

Licensed

Risk Control

2.57

Experience

7.15

Institution

Industry Classification

Unqualified

Trading Platforms

MT4

Basic Information

Registered Region

Saint Vincent and the Grenadines
Operation Status

Normal
Operating Period

2023-05-02
Deposit Methods

Visa, Mastercard, Skrill, Neteller, Ecommpay
Website

https://www.icm.com
Market Type

Foreign exchange
Support Languges

English
Main Business

FX, commodities, stocks, indices, CFDs, cryptocurrencies
Business Type

Financial services
Social Media
Contact Details

support@icmtrader.com

+44 203 885 0898
Type of Accounts

ICM DIRECT (ECN), ICM ZERO, ICM CENT
Trading Platforms

MT4
Withdraw Methods

Mastercard, VISA, NETELLER, Skrill, Bank Transfer
Auto Trading

EA supported

Pros and Cons

Pros of ICM Trader include a wide range of trading instruments, accessibility of the popular MT4 trading platform, and the provision of various educational resources. On the downside, the lack of regulation raises significant concerns regarding the safety of funds. Additionally, the absence of a demo account limits potential clients' chances to test the trading environment before committing real capital.

Company Background

ICM Trader is a financial services provider registered in Saint Vincent and the Grenadines. The company primarily offers a range of trading instruments including forex, commodities, indices, stocks, and cryptocurrencies via the MT4 platform. Despite being a relatively new entrant, established in May 2023, it positions itself as a global broker with substantial offerings. However, it is important to note that the broker operates without any regulatory oversight.

Fund Security

Fund security is a significant concern as ICM Trader is an unregulated platform. The absence of regulatory oversight may expose clients to higher risks, as client funds may not have the same protections offered by regulated brokers. ICM Trader does claim to utilize segregated accounts for client funds to enhance safety, but still lacks a formal regulatory framework to back these claims.

Account Opening

ICM Trader provides three main types of live accounts: ICM DIRECT (ECN), ICM ZERO, and ICM CENT. The account types are tailored for different trading needs, with varying spreads and commission structures. However, the lack of a demo account option may deter novice traders who wish to practice before using real funds. Onboarding appears straightforward but requires due diligence due to the broker's unregulated status.

Trading Fees

The trading fees at ICM Trader vary by account type. For the ICM DIRECT (ECN) account, spreads start from 0 pips, while the ICM ZERO account involves a commission of $7 per round lot. There is minimal to no detailed information on other fees, such as withdrawal or inactivity fees, which potential clients would benefit from knowing before opening an account.

Trading Instruments

ICM Trader offers a diverse array of trading instruments covering forex, commodities, stocks, indices, and cryptocurrencies. Each category provides extensive options for traders looking to diversify their portfolios. However, the broker does not offer options, ETFs, or bonds, which might limit the trading strategies of some clients.

Trading Technology

The platform utilized by ICM Trader is MetaTrader 4 (MT4), known for its robust features and user-friendly interface. Available on desktop, web, and mobile devices, MT4 is suitable for both beginner and experienced traders. However, the broker does not support MT5 or proprietary platforms, which may be a downside for traders looking for more advanced trading technology.

Research and Education

ICM Trader provides a range of educational resources to assist traders, including market analysis and educational webinars. However, the effectiveness and depth of these resources depend on individual user needs and may not be sufficient for all traders, especially those looking for comprehensive educational structures commonly found in more established brokers.

Customer Support

Customer support is accessible via phone and email, with a dedicated support team available from +44 207 634 9776 or support@icmtrader.com. The contact options are standard, but the lack of live chat or extensive FAQs may limit immediate assistance, especially for urgent inquiries that traders may encounter.

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Rating Index

ICM Trader

Unregulated

Legal Environment

6.57

License Value

Risk Management

2.57

Investor Protection

7.15

Regulatory Policy

Software

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Institution

Analyzes the regulator's policy framework, decision-making process, and enforcement transparency, including rule-making, internal control, and policy implementation effectiveness.
Licensed

Assesses the market value of the licenses issued by the regulator, including entry thresholds, compliance costs, approval duration, and overall global recognition and influence.
Risk Control

Evaluates the regulator's financial stability and risk management capacity, including budgeting, reserves, revenues, expenditures, and ability to respond to market or financial shocks.
Investor Protection

Examines the regulator's complaint-handling and investor protection systems, assessing fairness, responsiveness, and enforcement effectiveness in safeguarding investor rights.

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