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ICM Trader Review - Is it scam or safe?

ICM Trader Review - is icmtrader.com scam or good forex broker?

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

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Trading Accounts & Conditions

 

Account type   Minimum deposit  Minimum trade size Maximum leverage Average Spreads
Standard $200 0.01 1:200 Fixed, 1.6 pips
Direct ECN $200 0.01 1:200 Floating, 1.3 pips
Pro ECN $200 0.01 1:200 Floating, 0.9 pips

 

ICM Trader offers its clients several forex trading account types a - Standard and 2 ECN ones – Direct & Pro. The Standard account offers fixed spreads and instant execution, while ECN accounts provide market execution with variable spreads. Otherwise, all accounts are accessible with a minimum deposit of $200 and offer commission-free trading, leverage up to 1:200 and the option to trade in micro lots on the MetaTrader 4 platform.

 

Besides, Swap-free (Islamic) and MAM accounts are also available with this broker.

 

Indeed, the offerings of ICM Trader appear attractive: minimum initial deposit required and the maximum leverage set are standard, and the spreads are competitive – both fixed and variable ones. The thing is, ICM Trader is registered offshore and even though its conditions seem good, the broker can manipulate the platform or get away with your money and there is little you can do about it.

 

Besides, there are trustworthy brokers regulated and supervised by financial authorities like the UK’s FCA that offer better spreads. Global brokerage IG, for example, has set no minimum deposit requirement, so you can start out with just $1 and use spread averaged 0.8 pips on EUR/USD with no commission fees.

 

The Company. Security of Funds

 

Company

Country

Regulation

ICM Trader Limited

SVG & Vanuatu

FSA, VFSC

 

Established in 2011, ICM Trader is a forex broker that supports the MT4 platform. The company behind the brand, ICM Trader Limited, is licensed in two offshore jurisdictions - Saint Vincent and the Grenadines and Vanuatu. Offshore zones are famous for its favorable tax regimes and lax financial regulation, if any. They may be good for brokerage companies but retail clients get little or no protection.

 

Therefore we advise traders to avoid offshore brokers as a general rule and invest with companies licensed in UK, Cyprus, or Australia instead.

 

Trading Platform

 

Like most brokers, ICM Trader supports the popular MetaTrader 4 (MT4) platform, available in all forms and shapes – desktop, web, mobile.

 

Due to its ease of use and various useful functionalities, MT4 earned its reputation as the most popular trading platform. This professional trading terminal is equipped with a number of technical analysis indicators, advanced charting tools, back-testing options, as well as wide range of Expert Advisors with which users can automate their trades.

 

 

ICM Trader’ desktop MT4 platform. Click to enlarge.

 

Besides, ICM Trader offers free VPS, as well as a 10% bonus on each deposit of at least $1000.

 

Methods of Payment

 

ICM Trader offers its clients several payment methods: bank wire transfer, credit/debit card, e-wallets FasaPay, epay and PayCo.

 

Withdrawal requests are processed on your trading account within 24 working hours from the receipt of the request; however, the receipt of the actual funds may vary depending on the withdrawal method.

 

Conclusion

 

ICM Trader is an offshore broker that offers attractive trading conditions. Our main concern with it is its light-touch regulation. Here are, in a nutshell, the advantages and disadvantages of ICM Trader:

 

Pros

Cons

Competitive spreads

Regulated offshore

MT4 platform available

No choice of trading platforms

Free VPS offered

 

Bonuses available

 

 

Latest news about ICM Trader
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Traders` reviews for ICM Trader

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

 

 

Do not trust them

They are a market maker and they charge you with marked up spreads to whom invited you to them, and also their website certificates are suspicious.
Be careful guys.

jafar 07/27/2018
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