ICM Capital Review

Overview

ICM Capital is an established forex and CFD broker with competitive account options and access to MetaTrader 4 and MetaTrader 5, but it is not our first-choice broker for most retail traders in 2026.

The biggest reason is regulatory clarity. ICM Capital Limited's former UK FCA authorisation, reference number 520965, is reported as no longer authorised from 2 April 2026, while ICM's own websites still display wording stating that the UK company is FCA regulated. The UK company also applied for voluntary strike-off in July 2026.

That does not mean the wider ICM.com group is unregulated or a scam. ICM operates through several legal entities in different jurisdictions. It does mean that traders should establish exactly which ICM legal entity will hold their account before depositing money, rather than relying on the broad statement that "ICM Capital is FCA regulated."

ICM Capital review: the verdict

ICM Capital remains usable in jurisdictions where an appropriate regulated ICM entity is available. The changes affecting the UK company make it difficult to recommend the brand without qualification in 2026.

For an account holding substantial trading capital, regulatory protection matters more than a small difference in the quoted spread.

Is ICM Capital regulated?

Yes, parts of the ICM group are regulated, but the relevant protection depends on the legal entity serving you.

ICM presents itself as a financial services group operating through entities in Mauritius, the UAE, Seychelles, South Africa, Switzerland and, historically, the United Kingdom. Its website lists Mauritius FSC licence C118023357, Seychelles FSA licence SD201, South African FSP number 53234 and ADGM Financial Services Permission 210045.

The ADGM public register confirms that ICM Limited, FSP 210045, is active. Its permissions state that the firm cannot deal with retail clients and cannot hold or control client assets. That makes the ADGM registration less relevant to an ordinary retail trader than the headline licence number might suggest.

South Africa's Financial Sector Conduct Authority also lists ICM Capital SA (Pty) Ltd under FSP number 53234.

The useful question is:

"Which ICM entity will contract with me?"

That tells you more than asking whether the ICM brand has licences somewhere in the world.

Is ICM Capital still FCA regulated in the UK?

The available evidence indicates that ICM Capital Limited is no longer FCA authorised.

ICM Capital Limited historically operated under FCA Firm Reference Number 520965. The FCA previously identified ICM Capital Limited and FRN 520965 as the genuine authorised company when warning consumers about clone firms.

Current register-derived records now show the status as "No longer authorised" effective 2 April 2026.

Some current broker review pages still describe ICM Capital as an FCA-regulated broker. ICM's global website also continues to state that ICM Capital Limited UK is authorised and regulated by the FCA. Those descriptions do not match the current register-derived status.

Companies House records add another point to the timeline. ICM Capital Limited submitted an application for voluntary strike-off on 27 July 2026, followed by a first Gazette notice on 4 August 2026. The Companies House overview still showed the company as active when checked, so the application should not be treated as proof that the company has already been dissolved.

For UK traders, these developments weaken the case for choosing ICM because of its previous FCA status.

Is ICM Capital safe or a scam?

There is not enough evidence to accurately describe the ICM group as a scam, but traders should not treat the brand's historic FCA authorisation as proof of current UK protection.

ICM is a long-established business. The UK company was incorporated on 10 December 2009, and other ICM entities continue to hold regulatory registrations.

The more useful distinction is between brand legitimacy and account-level protection.

A broker can operate legitimate entities in several countries while offering materially different protections depending on which entity signs the client agreement. Compensation schemes, client-money rules, leverage limits, complaint procedures and negative balance protection can all vary.

Before depositing, check the legal entity named in the account-opening documents and confirm that entity directly against the relevant regulator's register.

ICM Capital accounts and trading costs

ICM currently promotes two main account types: ICM Direct and ICM Zero.

These conditions come from ICM's current Mauritius account page. ICM states that leverage can change with market conditions and that account conditions may differ by region.

ICM Zero is the more obvious choice for active traders who want tighter raw-style spreads and accept a fixed commission. ICM Direct has no separate trading commission, but the broker's cost is included in the spread.

Compare the full cost rather than the headline spread. The calculation should include the spread, commission and overnight financing.

What is the ICM Capital minimum deposit?

A $200 minimum deposit is widely reported for ICM Capital, but you should confirm the requirement during registration.

Recent broker tests quote a $200 minimum for both ICM Direct and ICM Zero. ICM's current account FAQ, however, says that the minimum deposit depends on the account type and does not show one universal figure.

The $200 figure should therefore not be treated as a permanent global minimum. The amount may vary by entity and region.

Which trading platforms does ICM Capital offer?

ICM's current account pages promote MetaTrader 4 and MetaTrader 5 for desktop, mobile and web trading.

MT4 remains useful for traders who rely on established Expert Advisors, custom indicators and automated forex strategies. MT5 offers a newer MetaTrader environment, including Depth of Market and additional analytical tools. ICM also provides Trading Central tools and promotes VPS hosting for automated strategies.

ICM has live cTrader pages describing cTrader web and desktop access. Its current main account overview lists only MT4 and MT5, though. If cTrader is a deciding factor, confirm that it is available for your account entity before funding the account.

Older ICM Capital reviews may combine platform options from different periods and legal entities. Check the current offer rather than relying on an old platform list.

What can you trade with ICM Capital?

ICM advertises more than 5,000 CFDs covering forex, precious metals, US stocks, indices, energy futures, cryptocurrencies and other CFD markets.

The available instruments depend on the region and account arrangement. ICM notes, for example, that some Asian accounts may be limited to forex, energy futures and precious metals.

ICM is therefore more relevant to traders seeking leveraged derivatives than to investors who want to buy and hold shares or funds.

How do ICM Capital deposits and withdrawals work?

ICM says deposits are normally credited within one business day after the funds are received. Withdrawal requests are processed on the trading account within 24 working hours, although arrival time depends on the payment method.

The broker does not accept third-party deposits. Card withdrawals are generally limited to the amount originally deposited through the card, with profits needing to be returned through an appropriate alternative method.

International bank charges may also be deducted by intermediary or receiving banks.

These are fairly normal anti-money-laundering mechanics for an online broker.

The more important question is whether real clients consistently experience the published process.

What do ICM Capital customers say?

ICM Capital has mixed customer feedback, and the available sample is too small to establish a firm overall view.

At the time of research, ICM.com's Trustpilot profile had a 2.6/5 TrustScore from 35 reviews. Around 31% of reviews were one-star and 63% were five-star. That is a polarised distribution rather than a clear consensus.

Negative reviews include claims about withdrawals, account restrictions and verification delays. Positive reviews mention customer service and successful withdrawals. These are individual customer reports, not independently established findings.

One 2026 reviewer alleged that ICM was operating from a US address. ICM responded publicly that it had no US operation at that address and believed the incident involved mistaken identity or misuse of its details.

That response deserves context. The FCA has previously warned about unrelated businesses cloning ICM Capital's genuine company details.

Customer reviews can indicate areas worth investigating, but regulatory records and the entity holding client money deserve more weight.

ICM Capital pros and cons

Who is ICM Capital best for?

ICM Capital is most relevant to experienced forex and CFD traders who understand leveraged products, want the MetaTrader ecosystem and can verify the protection offered by the legal entity available in their country.

ICM Zero may suit active traders who benefit from lower quoted spreads and accept the $7 round-lot commission on FX and metals.

ICM Capital is less suitable for someone choosing a broker mainly because they believe it still provides UK FCA retail protection.

It is also a poor fit for an investor who wants to build a long-term portfolio of real shares or diversified funds. ICM is primarily a leveraged trading broker.

Can EU or US residents use ICM Capital?

Availability depends on the ICM entity and the client's country of residence.

The current Mauritius website states that ICM Capital Limited does not offer services to residents of the USA, China, North Korea or the European Union, as well as sanctioned jurisdictions.

Use your actual country of residence when checking eligibility. A global ICM.com page does not mean that an account is available in every country.

ICM Capital review: final verdict

ICM Capital is a real, established trading brand with credible trading infrastructure, but its 2026 regulatory position deserves more scrutiny than most broker reviews give it.

The key change is the UK entity. ICM Capital Limited historically held FCA authorisation under FRN 520965, but current register-derived records state that it became no longer authorised on 2 April 2026. Companies House then recorded a voluntary strike-off application in July 2026. Meanwhile, ICM's own global pages continue to reference the old FCA authorisation.

That discrepancy is significant enough that we would not choose ICM purely on reputation or historic UK regulation.

For traders elsewhere, the decision is more nuanced. ICM offers MT4, MT5, automated trading, two straightforward account structures and a broad CFD range. Several ICM-related entities remain regulated.

The sensible process is simple: identify the exact ICM company named in your client agreement, verify that entity directly with its regulator, compare the protection and total trading costs with competing brokers available in your country, and only then decide whether the account is worth funding.

Bottom line: ICM Capital can still be a viable CFD broker for the right trader and jurisdiction, but in 2026 the legal entity matters more than the ICM brand name.