ICBC Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-10-28 16:22

Abstract：Industrial and Commercial Bank of China Limited (ICBC) was established on January 1, 1984, and is one of the largest commercial banks in China. It provides a wide range of financial products and services to global corporate and individual customers through distribution channels such as online banking, telephone banking, and self-service banking.

ICBCReview Summary
Founded	1984
Registered Country/Region	China
Regulation	No License
Market Instruments	Precious Metals, Foreign Exchange, Crude Oil, Agricultural Products, Energy, etc.
Demo Account	Unavailable
Leverage	Not mentioned
Spread	Not mentioned
Trading Platform	Personal Mobile Banking, Personal Internet Banking, WeChat Banking
Min Deposit	Variable (Dependent on the type of account and product)
Customer Support	24-hour Service Hotline in China: 9558824-hour VIP Service Hotline: 400-66-95588
	SMS Banking: 95588
	Physical Address: No.55 FuXingMenNei Street, Xicheng District, Beijing, P.R.C

ICBC Information

　　Industrial and Commercial Bank of China Limited (ICBC) was established on January 1, 1984, and is one of the largest commercial banks in China.

　　It provides a wide range of financial products and services to global corporate and individual customers through distribution channels such as online banking, telephone banking, and self-service banking.

Pros and Cons

Pros	Cons
Availability of diverse platforms	Lack of regulatory oversight
Diverse range of tradable assets including precious metals, forex, and commodities	Deposit requirements not specified
Multiple account types (Type I, Type II, Type III)	No information about leverage and spreads
Multiple convenient methods for deposits and withdrawals
Multiple convenient methods for deposits and withdrawals

Is ICBC Legit?

　　The ICBC was registered in 1984, but it does not have a foreign exchange trading license.

What Can I Trade on ICBC?

　　ICBC supports a broad range of financial products and services, including funds, bonds, foreign exchange, commodities, futures, and derivatives. The bank is heavily involved in asset management, investment banking, and brokerage services.

Tradable Instruments	Supported
Stocks	❌
Forex	✔
Funds	✔
Bonds	✔
Options	❌
Futures	✔
Derivatives	✔
Structured Products	❌
CFDS	❌
Cryptocurrencies	❌
Precious metals & Commodities	✔
Indices	❌

Account Types

　　The account types of Industrial and Commercial Bank of China mainly include Type I accounts, Type II accounts, and Type III accounts.

　　Type I account is a fully functional bank account that has functions such as deposit, purchase of wealth management products, transfer, consumption, payment, and withdrawal of cash. Type I account is suitable for use as a salary account or personal wealth account, mainly for various application scenarios.

　　Type II account is a wealth management account, which can be used for investment and wealth management, consumption, and public utility payments after transferring funds.

　　Type III account is mainly a “wallet” account, which is mainly used to bind small payments such as quick payment, online consumption, and payment.

Account Type	Opening Method	Services Offered	Limits
Type I	Counter application; On-site verification	Full range: deposit, investment, fund transfer, etc.	None specified
Type II	Virtual teller machine; Intelligent teller machine; Internet banking, mobile banking	Limited services; capped fund transfer, payments, and cash transactions	Daily payment ceiling: RMB 10,000
Type III	Internet banking, mobile banking, electronic channels	Limited services; payments within set amounts	Balance limit: RMB 1,000

ICBC Fees

　　Commission fee is applied at a rate of 0.08 percent of turnover for the Deferred Settlement. This comprises 0.02 percent for gold exchange commissions and 0.06 percent for the use of banking terminals.

Trading Platform

　　ICBC offers a range of digital platforms, each designed to provide customers with convenient and comprehensive financial services.

Trading Platform	Supported	Available Devices	Suitable for
Personal Mobile Banking	✔	Mobile	Beginners and Experts
Personal Internet Banking	✔	Web	Beginners and Experts
WeChat Banking	✔	Mobile	Beginners and Experts

Deposit and Withdrawal

　　Cash payments, Debit cards, Credit cards and Online banking are available for deposit and withdrawal.

　　Additionally, cheques serve as a payment method at ICBC branches, with no fees attached, although customers are advised to allow sufficient time for cheque clearance before bill due dates.