ICM Brokers Information
ICM Brokers, established in 2009, is a broker registered in the Marshall Islands that provides CFD trading on forex, commodities, indices, stocks, and cryptocurrency. While the broker offers MetaTrader 4 platforms and a 20-day sample account, there is no regulatory monitoring or transparency about fee structures.
Pros and Cons
Is ICM Brokers Legit?
ICM Brokers is not a regulated brokerage. It is registered in the Marshall Islands, a country that lacks a recognized financial regulatory authority for forex or brokerage services.
Its domain, icmbrokers.com, was registered on October 27, 2007, and is still live with transfer restrictions in place. Despite being online for some years, it operates without governmental monitoring, posing a significant risk to investors.
What Can I Trade on ICM Brokers?
Account Types
ICM Brokers provides three live account options and one demo account. It does not mention any Islamic accounts.
The Standard and Prime accounts are for general traders of various skill levels, and the Crypto account is for crypto-focused traders.
A demo account is available, with a free trial period of 20 days.
Leverage
ICM Brokers provides leverage of up to 1:400 on Standard and Prime accounts, and 1:5 on Crypto accounts. High leverage enables greater bets with less cash, but it also raises the danger of significant losses.
ICM Brokers Fees
ICM Brokers' fees are generally comparable to industry standards, while spreads on the Standard account are somewhat high.
Trading Platform
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