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ICM Brokers Review - is it scam or safe?

ICM Brokers Review - is icmbrokers.mu scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz ICM Brokers
ICM Brokers is an offshore broker. Your money is not safe.

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Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Micro & Standard $300 0.01 lot 1:400 Fixed, 2 pips
Prime $300 0.01 lot 1:200 Fixed, 1.6 pips
Professional $500 000 1 lot 1:100 Floating, 0.5 pips

 

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.


 

Trading platform


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.



Conclusion


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.


Pros Cons
MT4 Suspicious inconsistencies
  Offshore


Latest news about ICM Brokers
No news about ICM Brokers . Check back later.
Forex
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UK FCA MT5 $5 Review Website
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Traders` reviews for ICM Brokers

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

problem

hi.i have question.how can i work with trailing stop in icm broker? i cant find it

Yousef 11/08/2017
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