ICAP Spreads, leverage, minimum deposit Revealed

WikiFX | 2026-04-20 22:40

Abstract：ICAP was registered in the United Kingdom and has headquarters in the United States. As an intermediary service provider for wholesale financial, energy and commodities markets, the comopany now operates in 22 countries from 33 locations, which cover Asia, EMEA, and the Americas. Traders can trade on its proprietary Fusion platform, or the electronic iSwap.

ICAP Review Summary
Founded	1999
Registered Country/Region	United Kingdom
Regulation	FFS (regulated); FCA (suspicious clone)
Services	Intermediary services in wholesale finance, energy, commidties markets
Trading Platform	Fusion, iSwap
Customer Support	Registered address: 22 Grenville Street, St Helier, Jersey, JE4 8PX;Tel: +44 (0)20 7200 7000/ +44 (0)20 7200 7176
	Americas Headquarters: 200 Vesey Street, New York, USA, NY 10281
	Contact info for other branches: https://tpicap.com/tpicap/contact-us

ICAP Information

　　ICAP was registered in the United Kingdom and has headquarters in the United States. As an intermediary service provider for wholesale financial, energy and commodities markets, the comopany now operates in 22 countries from 33 locations, which cover Asia, EMEA, and the Americas. Traders can trade on its proprietary Fusion platform, or the electronic iSwap.

　　The good thing is that the company is regulated by FFS, which means its financial activities are watched by this authority body, guaranteeing a certain level of customer protection if there are disputes.

　　However, the company holds an FCA license, which is suspected to be fake clone.

Pros and Cons

Pros	Cons
FFS regulated	Limited info on trading conditions
Multiple services provided	Suspicious clone FCA license
Long operation time	No MT4 or MT5
No handling fees for deposit and withdrawal

Is ICAP Legit?

　　ICAP is currently being well regulated by FFS (Financial Supervisory Service).

　　Nevertheless, the FCA (Financial Conduct Authority) license the company claims to hold is suspected to be fake clone, with regulated entity names at “The Link Asset and Securities Company Limited”, which should raise your great attention for full investgation before commiting actual trading.

Regulated Country	Regulator	Current Status	Regulated Entity	License Type	License No.
	FFS	Regulated	ICAP Foreign Exchange Brokerage Limited	Financial Service	Unreleased
	FCA	Suspicious clone	The Link Asset and Securities Company Limited	Investment Advisory License	186764

What Can I Trade on ICAP?

　　Acts as a broker between financial institutions (banks, corporates, funds, central banks, etc.) to facilitate large and complex transactions, ICAP offers products and services in:

Rates: Government bonds, swaps, repo, options, and more
FX & Emerging Markets: Spot, forwards, NDFs, FX options
Credit: Corporate/government bonds, credit derivatives, MBS
Money Markets: Deposits, CP, CDs, T-Bills, FRNs
Equities: Cash equities, ETFs, ADRs, equity derivatives
Structured Finance: Custom and complex instruments
Energy & Commodities: Synthetic strategies in USTs and futures

Trading Platform

　　ICAP offers its own flagship trading platform Fusion, a multi-asset trading platform supporting price entry, execution, and straight-through processing. And it is integrated with voice broking for price discovery as well.

　　In addition, the company also provides iSWAP, a hybrid electronic trading platform for Interest Rate Swaps in EUR, GBP, and USD, enabling deep liquidity and advanced execution through Dealer-to-Dealer and Dealer-to-Client markets.