Broker Search

Broker Search

   
 


ICM Trading Review

ICM Trading (iTrade Capital Markets) is an offshore broker (BVI) that deals primarily in spot forex, but also offers some common CFDs as well as forex options, which is a very nice feature. The number of tradable instruments is not staggering, since the spot forex pairs are limited to 19 pairs, with nothing exotic on offer. These are the most liquid pairs and are the staples of most professional traders, since the low liquidity, high spreads and less reliable research make exotics all but untradable for many traders. Please be sure to also read the WARNING at the bottom of this review.

The platforms on offer are both very solid, with MT4 being very popular among retail traders, and ActTrader also gaining popularity. ActTrader actually offers several advantages, such as complex order types and a few other bells and whistles that are missing in MT4. They both offer the ability to program automated trading systems, but MT4's MQL4 language is much more widely used. It is possible to translate systems from one language to another, but is a little too involved for most traders out there, and since ICM offers both platforms, there is little need for it. Please note also that there is a small difference in tradable instruments pairs between the MT4 and the ActForex platforms at ICM Trading:

  • USD/MXN
  • USD/ZAR
  • HANG SENG Index
  • SPI200 (ASX) Index

are only available on the MT4 platform. The trading conditions also vary somewhat from platform to platform and from instrument to instrument. Details are given on the ICM Trading website.

BONUS: There is a 10% bonus on offer on deposits from $500 to $1,999, as well as a $500 bonus on deposits of $2,000 and up.

WARNING: Please note that the BVI FSC (Financial Services Commission) has issued an advisory warning with regards to iTrade Capital Markets Ltd. The full text of the warning can be seen here. ICM's response to this can be found here.

Visit ICM Trading 

Compare ICM Trading With  


Subjective Ratings

Charting: Five star Charting Rating
Execution: Four star Execution Rating
User-friendliness: Five star User-friendliness Rating
Customer support: Four star Customer Support Rating
Transaction costs (spreads): Four star Transaction Costs (spreads) Rating
Rollover interest rates: Three star Rollover interest rates Rating
Withdrawal processing: Three and Half star Withdrawal processing Rating
Platform Functionality: Four and Half star Platform Functionality Rating
Platform Reliability: Five star Platform Reliability Rating
Average rating: Four and Half star Average Rating

Visit ICM Trading

Compare ICM Trading With  


Business Details

Broker Headquarters: British Virgin Islands (BVI)
Regulated By: Unregulated
Client Account Segregation: Client funds are segregated and held at Loyal Bank, St. Vincent and the Grenadines
Collect Taxes on Earnings: No
Accept US traders?:
Main liquidity providers: Unknown
Broker Capital as of 10-2010 Unknown
Also has offices in: none
Registered Business Name: iTrade Capital Markets Ltd.
In business since year: 2009
Deposit/Withdrawal methods:
MethodDeposit FeeWithdrawal Fee
Liberty Reserve $0 $0
MasterCard $0 $0
Moneybookers $0 $0
Visa $0 $0
Wire Transfer $0 $0

Visit ICM Trading

Compare ICM Trading With  


Trading Conditions

Browser platform: None
Downloadable platform: ICM Trading ActTrader,ICM Trading Metatrader 4 (MT4)
Mobile platform: ActTrader Mobile,Metatrader Mobile
Phone dealing: Yes
No Dealing Desk Execution: Not available
Fixed spreads: Yes
Guaranteed stop losses? Yes, all stop and limit orders are guaranteed against slippage.
Hedging capability: Yes
Trading Hours: Sunday evening at 5:00 pm (EST) through Friday afternoon at 4 pm (EST)
Timezone EST
Scalping allowed: Short-term trading OK, but trading on 'off-market' pricing
Account currencies available: EUR, USD
Platform languages: Arabic, Bulgarian, Dutch, Finnish, French, German, Hebrew, Hungarian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Simplified Chinese, Slovak, Spanish, Traditional Chinese, Turkish
Support languages: English, French, German, Italian, Spanish
Demo account: 30 days
Live chat support: Yes
Promotions & tournaments: 10% bonus on deposits up to $1999. $500 bonus on deposits of $2,000+
Swap-free accounts  All accounts are Shariah compliant, but a charge of $1/mini-lot/day is applicable to all overnight positions
Typical spread on EUR/USD: 2 pips (0.0002) FIXED
Order processing: Market Maker
OCO orders available: Yes,
Trailing Stops: Client-side
If/then orders available: Yes, on ActTrader
Account Types
Account Maximum
Leverage
Minimum/Maximum
deposit:
Minimum/Maximum
trade size:
Notes
MT4 Account 400:1* $500/unlimited 10,000/5,000,000 units 0.1 lot = 10,000 units
ActTrader Account 400:1* $500/unlimited 10,000/5,000,000 units 1 lot = 10,000 units
Tradeable Instruments: 34   
Automated Trading: On MT4 and ActTrader
Depth of market view (Liquidity): No depth of market view available
Interest on Margin: No
Pending Orders Away from Market:

Visit ICM Trading

Compare ICM Trading With  


* The high degree of leverage available in foreign exchange trading can work against you as well as for you. Investors should ensure they are fully aware of the benefits and risks before putting any money on the line.

<< Trading Point Forex ReviewFXcast Review >>

Related Material

Comments

See what other readers have to say, tell the world what you think.

Bookmark and Share