In fact, we could not find the name of any company that could represent the icmbrokers.com website, so we cannot say for sure who you would interact with in any way. Each document shows only the name of ICM Brokers, so we will call those behind the website – ICM Brokers. The company is incorporated in St Vincent and the Grenadines and is not licensed and regulated by any major financial authority, so you should be careful if you are about to work with it. In the “About Us” section of the website you can find that ICM Brokers is a financial institution specializing in online execution and clearing services for retail and institutional investors. To ensure the security of clients’ funds, ICM Brokers holds all client deposits with highly valued and secured financial institutions, the company claims. ICM Brokers also maintains a strong network of international banking counterparties to cover customer exposure.
ICM Brokers offers CFDs on spot prices of currency pairs and metals. In addition, you can trade CFDs on energy/commodity futures, financial futures, and indices futures, as well as CFDs on shares. The minimum initial deposit required to open a live account is USD 300.
The company provides its services through the MetaTrader 4 (MT4) terminal. MT4 is one of the most awarded trading platforms over the world and is used by millions of traders. It offers a user-friendly interface and interactive charts with the latest technical analysis tools. The terminal can be downloaded for desktop machines, or as a mobile app available on AppStore or Google Play.
There are three types of live accounts, and they differ in the minimum initial deposit required, the spread and the leverage offered. The “Micro and Standard Account” account requires USD 300 as an initial deposit, the spread for major currency pairs is fixed and starts from 2 pips. The leverage can be lifted to 1:400. The “Prime” account requires USD 300 as an initial deposit, the spread for major currency pairs is fixed and starts from 1.6 pips. The leverage can be lifted to 1:200. You must invest at least USD 500,000 to open a “Professional” account. The spread is floating and starts from 0.5 pips. Please keep in mind that you are not covered by a negative balance protection policy.
You can fund your account by Credit/Debit card, PayPal and Neteller. ICM Brokers does not charge any fees for deposits or withdrawals. You will be charged a certain amount by your bank, usually from USD 6 to USD 20 per transaction depending on your agreement with them, the brokerage company says. In addition, an amount of USD 15 will be deducted from your deposit, as the company’s bank will charge it that amount for receiving your transfer. ICM Brokers does not accept third party or anonymous payments. You can deposit and withdraw funds from a bank account or credit/debit card registered in your name only.
The “Terms and Conditions” document shows that you may incur profits or losses of many times the amount of your initial capital or the money you originally deposited with the company. You may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain your position. This means that you are not covered by a negative balance protection policy and at the end you may owe money to ICM Brokers.
It is also explained that all types of orders are subject to slippage and stop loss orders are executed at the first available market price, or they are not guaranteed. In addition, ICM Brokers is the counterparty (or ‘principal’) to every trade, or it acts as a market maker and a conflict of interest arises because the company benefits when clients lose.
In conclusion, ICM Brokers is a typical unregulated offshore company. The company does not provide negative balance protection. In addition, your money is not protected by any compensation fund. Therefore, it may not be possible to withdraw money from this brokerage firm.