ICM Brokers Review
ICM Brokers Review
ICM Brokers is an offshore forex and CFD broker based in Mauritius. It offers trading in forex and CFDs, spot metals, OTC futures and Spot forex options.
In addition to the three live trading accounts, there is a 20-day free demo account for testing purposes.
The Company. Security of Funds
Company Country Regulation
ICM Brokers Mauritius FSC
The whole deal with ICM Brokers is a bit confusing. There seem to be two sites – icmbrokers.mu and icmbrokers.com. They are almost identical in design and at first sight appear as one and the same. But there are discrepancies. Significant ones.
The former site claims ICM Brokers is owned by ICM Capital – based in Mauritius and has a license from the local regulator, the Financial Services Commission (FSC) for an Investment Dealer in Currency Derivatives, Commodity Derivatives, and Equities. According to the site, the company also has a representative office in Dubai.
Our check in FSC’s records showed that ICM Capital is licensed as a representative office for financial services provided by a person established in a foreign country.
The Mauritius site does not give any information about the trading conditions, or other more specific information.
The site ending in .com, on the other hand, gives information about the trading conditions, platforms, etc. But, according to it, ICM Brokers is based in Vanuatu and has offices in Dubai and in New York, on Wall St., mind you. There is no mention of regulation or Mauritius.
All those inconsistencies make us rather suspicious.
The Mauritius site of ICM Brokers, like many other forex brokers across the world, is providing the popular MetaTrader 4 platform. It remains the favorite of brokers and traders alike, despite the existence of its successor MetaTrader 5 and the intentions of the developer MetaQuotes Software to phase it out in favor of the latter. ICM Brokers also offers the MT4 applications for mobile devices.
The .com site of ICM Brokers, however, offers its own mobile trading app. It, however, does not appear to be very popular.
Methods of payment
At least when it comes to payment methods, the two sites are consistent: credit/debit cards, PayPal and bank transfers.
The inconsistencies in ICM Brokers’ sites make us very suspicious of its honesty. It certainly is not unheard of brokers having multiple sites with different domains, but usually they make sure to make a reference to the licenses they have. This is not the case with ICM Brokers, however. The New York office also makes us suspicious. Rents in the area are certainly not cheap and there is no logic of having an office in New York, if you are not licensed to operate in the US. (ICM Brokers does not have a US license.)
Overall, it would be better if you do not do business with ICM Brokers. First off, its trading conditions are average. Then there is the “Professional” trading account with a deposit of $500 000. We are trying very hard to imagine which professional trader in their right mind would use the services of an unregulated offshore broker. Or a broker with a Mauritius license, for that matter. Thirdly, there are all those suspicious inconsistencies and dodgy claims.
There are a lot of reliable and less risky brokers with proper licenses. As we have said before, not all licenses are equal, but the ones from UK’s FCA and ASIC provide a fairly good level of customer protection and oversight.
ICM Brokers Review Conclusion
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