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Do you want to know which is the better broker between ICM and Fortrade ?
In the table below, you can compare the features of ICM , Fortrade side by side to determine the best fit for your needs.
You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction。
2.Are the transaction costs and expenses of icm-capital, fortrade lower?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:
ICM Review Summary in 10 Points | |
Founded | 2009 |
Headquarters | London, UK |
Regulation | FCA, FSA, ARIF, FSC, LabuanFSA, QFC and CABs |
Market Instruments | Forex, precious metals, stocks, futures, securities, cryptocurrencies CFD |
Demo Account | Available |
Leverage | 1:200 |
EUR/USD Spread | 1.2 pips |
Trading Platforms | MT4, MT5, cTrader |
Minimum deposit | $200 |
Customer Support | 24/5 live chat, phone, email, WhatsApp or send messages |
ICM, or ICM Capital, is a UK-based online forex and CFD trading provider. It was established in 2009 and is authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. The company offers trading services in a wide range of financial instruments, including forex, indices, commodities, and cryptocurrencies. ICM also provides clients with access to the MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader trading platforms, and offers multiple account types to cater to the needs of different traders.
ICM offers several advantages for traders, including the provision of the popular MetaTrader platform and a wide range of tradable instruments across multiple asset classes. The broker is also regulated by reputable authorities.
However, there are some drawbacks, such as limited educational resources and research tools. Additionally, ICM is not available for clients in certain jurisdictions.
Pros | Cons |
• Regulated by multiple authorities | • Limited educational resources |
• Commission-free trading | • No 24/7 customer support |
• Islamic accounts offered | • Limited research tools |
• Negative balance protection | |
• MR4, MT5, cTrader supported |
Note: The above table is based on general observations and may not be comprehensive. Pros and cons may vary depending on individual preferences and requirements.
There are many alternative brokers to ICM, each with their own unique features and offerings. Some popular alternatives include:
eToro: eToro is a well-known broker that offers social trading, allowing traders to follow and copy the trades of other successful traders.
IG: IG is a broker that offers a wide range of trading instruments, including forex, stocks, commodities, and cryptocurrencies.
XM: XM is a broker that offers low spreads and competitive pricing, as well as a range of educational resources for traders.
Plus500: Plus500 is a broker that offers commission-free trading and a range of trading instruments, including forex, stocks, and cryptocurrencies.
FXTM: FXTM is a broker that offers a range of trading platforms and a variety of trading instruments, including forex, stocks, and commodities.
It's important to do your own research and compare the features, fees, and offerings of different brokers before choosing one that best fits your trading needs and preferences.
ICM is a legitimate forex and CFD broker that is regulated by several reputable financial authorities, including the Financial Conduct Authority (FCA), Financial Services Commission of Mauritius, etc. The company also uses advanced security measures to protect clients' funds and personal information.
However, as with any financial service provider, it is always important to do your own research and due diligence before opening an account and investing your money.
ICM protect their clients with many different protection measures. Specific details can be found in the table below:
Protection Measures | Description |
Regulation | FCA, FSC, LabuanFSA, FSA, ARIF, CABs, QFC |
Negative Balance Protection | Clients can not lose more than their account balance in the event of a market downturn |
Segregated Accounts | Protect clients in the unlikely event of the broker's insolvency |
SSL Encryption | ICM's website and trading platforms use SSL encryption to ensure that all client information and transactions are secure |
Two-Factor Authentication | As an additional security measure to protect client accounts from unauthorized access |
It's worth noting that while these measures can help protect clients, no security measures can completely eliminate the risk of financial loss in trading. It's important for traders to understand the risks involved in trading and to only trade with funds they can afford to lose.
Based on the regulatory oversight, client fund protection, and risk management policies of ICM, it can be considered a relatively reliable broker. It is regulated by several reputable financial authorities, and it implements measures to ensure the security of its clients' funds.
However, like any other broker, there are still risks associated with trading, such as market volatility and price fluctuations, which should be taken into consideration. Though these measures can help protect clients, no security measures can completely eliminate the risk of financial loss in trading. It's important for traders to understand the risks involved in trading and to only trade with funds they can afford to lose
ICM offers a variety of trading instruments across different asset classes, including:
Forex: ICM offers over 60 major, minor, and exotic currency pairs, including EUR/USD, GBP/USD, USD/JPY, AUD/USD, and many more.
Precious metals: ICM provides trading opportunities for precious metals, including gold and silver, which are traded as CFDs.
Stocks: ICM allows clients to trade stocks from some of the world's most popular stock exchanges, including the NYSE and NASDAQ.
Futures: ICM provides access to futures contracts from various markets, including indices, commodities, and currencies.
Securities: ICM offers trading in bonds, bills, and notes issued by governments and corporations.
Cryptocurrencies CFDs: ICM also offers trading in cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple, as CFDs.
It's worth noting that the availability of trading instruments may vary depending on the jurisdiction of the client.
ICM offers two account types: ICM Direct (ECN) and ICM ZERO.
The ICM Direct (ECN) account has variable spreads starting from 1.2 pips and requires a minimum deposit of $200. It also offers a maximum leverage of 1:200.
The ICM ZERO account has spreads starting from 0.0 pips with a commission of $7 per lot traded and requires a minimum deposit of $1,000. It also offers a maximum leverage of 1:200. Both accounts offer access to the MT4, MT5 and cTrader trading platforms.
ICM offers leverage up to 1:200 for forex trading. However, the maximum leverage available for other instruments such as indices, commodities, and cryptocurrencies may vary depending on the instrument and market conditions.
It is important to note that while leverage can increase potential profits, it also amplifies potential losses, and traders should use it with caution and employ appropriate risk management strategies.
ICM offers variable spreads, which means that the spread can fluctuate depending on market conditions. The spread for EUR/USD can start from as low as 1.2 pips on the ICM Direct account, while on the ICM ZERO account the spread can be as low as 0.0 pips, but with a commission of $7 per lot.
It's important to note that the spreads and commissions may vary depending on the account type, trading instrument, and market conditions. It's always recommended to check the latest information on the ICM website or trading platform.
Below is a comparison table about spreads and commissions charged by different brokers:
Broker | EUR/USD Spread | Commissions |
ICM | 1.2 pips | 0 ($7 per lot on ICM ZERO account) |
eToro | 1.0 pips | 0 |
IG | 0.75 pips | 0 |
XM | 0.9 pips | 0 |
Plus500 | 0.6 pips | 0 |
FXTM | 1.3 pips | 0 |
Note: Spreads and commissions are subject to change and may vary depending on the account type and trading platform used.
ICM offers MetaTrader4 (MT4), MetaTrader5 (MT5), and cTrader as trading platforms.
MetaTrader4 is a widely used platform among traders and offers a range of features such as automated trading and advanced charting tools.
MetaTrader5 is the successor to MT4 and includes additional features such as more advanced trading tools and indicators.
cTrader is a popular platform among ECN traders and offers advanced charting tools, level 2 pricing, and other advanced features.
Overall, ICM's trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below:
Broker | Trading Platforms |
ICM | MT4, MT5, cTrader |
eToro | eToro Platform |
IG | IG Platform |
XM | MT4, MT5 |
Plus500 | Plus500 Platform |
FXTM | MT4, MT5 |
ICM offers several deposit and withdrawal options for its clients.
Deposit methods include bank wire transfer, credit/debit card, Skrill, Neteller, FasaPay, and China Union Pay. Withdrawal methods include bank wire transfer, Skrill, Neteller, FasaPay, and China Union Pay.
ICM does not charge any deposit or withdrawal fees, but fees may be charged by the payment provider. Withdrawals are usually processed within 24 hours, but may take longer depending on the payment method.
The minimum deposit amount for ICM Direct account is $200 and for ICM Zero account is $1,000.
ICM | Most other | |
Minimum Deposit | $200 | $100 |
To withdraw funds from your ICM trading account, you need to follow these steps:
Step 1: Log in to your ICM client portal.
Step 2: Click on the “Withdrawal” button.
Step 3: Select the payment method you want to use.
Step 4: Enter the amount you want to withdraw and fill in any required details.
Step 5: Submit your withdrawal request.
ICM will then process your withdrawal request and send the funds to the payment method you selected. The processing time can vary depending on the payment method and your bank's processing times. It is recommended to check with your payment provider for more information.
ICM charges various fees that traders should be aware of. Apart from spreads and commissions, there are also some other fees that will be charged.
Inactivity fee: If an account is inactive for 180 days, ICM charges an inactivity fee of $50 per month.
Overnight swap fees: ICM charges overnight swap fees on positions held open overnight, which can be either positive or negative, depending on the trading instrument.
Conversion fees: If traders deposit or withdraw funds in a currency different from their account currency, ICM charges a conversion fee of 2%.
See the fee comparison table below:
Broker | Deposit Fee | Withdrawal Fee | Inactivity Fee |
ICM | Free for most methods, bank wire may incur a fee | Free for most methods, bank wire may incur a fee | $5/month after 180 days of inactivity |
eToro | Free | $5 | $10/month after 12 months of inactivity |
IG | Free for most methods, bank wire may incur a fee | $1.20 per withdrawal | £12/month after 24 months of inactivity |
XM | Free for most methods, bank wire may incur a fee | Free for most methods, bank wire may incur a fee | $5/month after 90 days of inactivity |
Plus500 | Free | $1.3 - $39 depending on the withdrawal method used | $10/month after 3 months of inactivity |
FXTM | Free for most methods, bank wire may incur a fee | Free for most methods, bank wire may incur a fee | $5/month after 6 months of inactivity |
It is important to note that fees may vary depending on the account type, trading instrument, and market conditions. Traders should always check the latest fee schedule on ICM's website before trading.
ICM offers customer support 24/5 via live chat, phone, email, WhatsApp or send messages online to get in touch.
You can also follow some social networks such as LinkedIn, YouTube, Instagram, Facebook and Twitter.
Pros | Cons |
• 24/5 customer support via phone, email, and live chat | • No 24/7 customer support |
• Personal account managers for certain account types | • No in-person customer support |
• Multilingual customer support | • Limited educational resources on customer support page |
• Quick response times to customer inquiries |
Note: These pros and cons are subjective and may vary depending on the individual's experience with ICM's customer service.
Overall, ICM's customer service is considered reliable and responsive, with various options available for traders to seek assistance.
In conclusion, ICM is a regulated broker that offers a range of trading instruments and account types. The broker has a strong emphasis on customer protection and provides negative balance protection to its clients. Additionally, the broker offers a demo account for traders to practice their trading strategies before investing real money.
ICM offers two account types with different spreads and commissions, and clients can choose between MT4, MT5, and cTrader as their trading platforms. The broker offers multiple deposit and withdrawal options, and fees are relatively competitive compared to other brokers in the industry.
In terms of customer service, ICM has a knowledgeable support team that can be reached through email, phone, or live chat. However, the broker's educational resources could be more extensive to cater to novice traders.
Q 1: | Is ICM regulated? |
A 1: | Yes. It is regulated by FCA, FSA, ARIF, FSC, LabuanFSA, QFC and CABs. |
Q 2: | At ICM, are there any regional restrictions for traders? |
A 2: | Yes. ICM does not provide services to residents of the USA, North Korea and a few other countries. |
Q 3: | Does ICM offer industry-standard MT4 & MT5? |
A 3: | Yes. Both MT4 and MT5 are available. It also supports cTrader. |
Q 4: | What is the minimum deposit for ICM? |
A 4: | The minimum deposit requirement at ICM is $200. |
Q 5: | Is ICM a good broker for beginners? |
A 5: | Yes. ICM is a good choice for beginners because it is regulated well and offers various trading instruments with no minimum deposit requirement on the leading MT4 and MT5 platforms. |
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
Fortrade Review Summary in 10 Points | |
Founded | 2013 |
Registered Country/Region | Belarus |
Regulation | ASIC, FCA, CYSEC, IIROC, NBRB |
Market Instruments | Currencies, Stocks, Indices, Precious Metals, Energy Products, Agriculture Products, US Treasury Bonds |
Demo Account | Available |
Leverage | 1:200 |
EUR/USD Spread | 2 pips |
Trading Platforms | MT4 |
Minimum deposit | $100 (with a suggestion of $500 or currency equivalent) |
Customer Support | phone, email |
Fortrade is an online forex market trading service provider founded in 2013 and currently holds a full license from the Australian Securities and Investments Commission (ASIC), a full license from the UK Financial Conduct Authority (FCA), a full license from the Cyprus Securities and Exchange Commission (CYSEC), a full license from the Investment Industry Regulatory Organization of Canada (IIROC), and a retail forex license from the National Bank of Belarus (NBRB).
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Fortrade is a regulated broker that offers a wide range of assets for trading, including forex, indices, commodities, and securities. The broker provides a free demo account with no time restrictions, making it an excellent tool for beginners to practice trading. Fortrade has a powerful MT4 trading platform available on desktop, web, and mobile devices, providing traders with flexibility and convenience.
In terms of fees, Fortrade charges no trading commissions and offers competitive spreads, although overnight rollover fees and inactivity fees may apply. Customer support is available via email and telephone, but the lack of live chat support may be a drawback for some traders. Overall, Fortrade is a solid choice for traders looking for a regulated broker with a user-friendly trading platform and a variety of underlying assets for trading.
Pros | Cons |
• Regulated by multiple authorities | • Negative reviews regarding withdrawals |
• Wide range of assets for trading | • Limited live account types |
• Free demo account with no time restrictions | • Inactivity fee after 6 months |
• Powerful MT4 trading platform with mobile, web, and desktop options | • Limited educational resources |
• No trading commissions | • Limited payment options |
There are many alternative brokers to Fortrade depending on the specific needs and preferences of the trader. Some popular options include:
Hugo's Way - A relatively new broker with competitive spreads, high leverage, and a limited range of trading instruments.
ICM Capital - A well-regulated broker offering a diverse range of trading instruments, advanced trading platforms, and excellent customer support.
IFC Markets - An innovative broker with a unique approach to trading, offering a wide range of financial instruments, low minimum deposits, and advanced trading tools.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Regulation by multiple reputable authorities such as ASIC, FCA, CYSEC, IIROC, and NBRB can provide some level of assurance of safety and reliability for traders. However, negative reviews of Fortrade regarding withdrawal issues are concerning, and potential traders should conduct thorough research and exercise caution before depositing funds with this broker. It is always recommended to carefully read the terms and conditions, including withdrawal policies, before trading with any broker.
Fortrade provides investors with a range selection of tradable financial instruments, including more than 300 foreign currency, stock index, securities, oil, and precious metals CFD products. This wide range of financial instruments allows traders to have more options to diversify their portfolios and potentially increase their profits.
Demo account: A free demo account is available to Fortrade customers. Users can practice their trading strategy with a €10,000 virtual investment, available on either the Fortrader or MetaTrader 4 platforms. Fortrade's demo account seems to be a useful tool for traders to practice their strategies without any pressure, and the lack of time restrictions makes it more convenient for beginners.
Live account: Fortrade only offers a single live account type, where the specific trading conditions vary depending on assets and trading size. The minimum deposit is reasonable at $100, with a suggestion of $500 or currency equivalent.
Leverage is up to 1:200 for forex products, 1:20, 1:25, 1:50 for stock indices, 1:10 for EU securities, 1:50 for CFDs on agricultural commodities, 1:100 for gold and silver, 1:33 for corn, cotton, and soybeans. It is important to keep in mind that leverage can magnify profits, but it can also lead to greater losses, so traders should use leverage wisely and carefully manage their risk.
It seems that Fortrade charges mark-ups on spreads instead of trading commissions, which could be beneficial for traders who want to avoid commission fees. However, it is important to note that the mark-up on spreads may fluctuate, and traders should take this into consideration when planning their trades.
The average spread for EURUSD is 2 pips, and the average spread for USDGBP is 3 pips. Indices spread: Canada 60 average spread is 1 pip, US 2000 average spread is 0.6, US 500 average spread is 0.6. The gold average spread is $0.45, and the silver average spread is $0.04.
Below is a comparison table about spreads and commissions charged by different brokers:
Broker | EUR/USD Spread | Commission |
Fortrade | 2 pips | None |
Hugo's Way | 0.0 pips | $5 per lot |
ICM Capital | 1.6 pips | None |
IFC Markets | 0.4 pips | None |
Note that the commission for Hugo's Way is per lot, and a lot size varies depending on the account type and asset being traded. Additionally, spreads are variable and subject to change, especially during times of high market volatility.
Fortrade offers its users a market-leading and powerful MT4 trading platform, including the mobile MT4, web MT4, and desktop MT4. The platform is renowned for its advanced charting tools, technical analysis indicators, and automated trading capabilities, making it suitable for traders of all levels.
The desktop version of MT4 provides traders with access to real-time pricing and trading, advanced charting and analysis tools, and the ability to place orders quickly and easily. The web version of MT4 is accessible from any web browser and offers traders the flexibility to trade from any location, while the mobile version of MT4 enables traders to manage their accounts and access the markets from their smartphones and tablets.
See the trading platform comparison table below:
Broker | Trading Platforms |
Fortrade | MT4, WebTrader |
Hugo's Way | MT4, MT5 |
ICM Capital | MT4, cTrader |
IFC Markets | MT4, MT5, NetTradeX |
Deposits and withdrawals can be made via credit/debit cards, bank wire transfers, and e-wallets such as Skrill and Neteller. The recommended initial deposit requirement is $/€/£500, however, it is possible to deposit as little as $100 or equivalent currency to get started.
Fortrade | Most other | |
Minimum Deposit | $100 | $100 |
The broker does not charge any deposit fees, while any bank withdrawal fees incurred by Fortrade are passed on to the customer, which is usually around $40.
Processing times will vary by method. Deposits via bank wire transfers can take up to 7 working days for funds to clear. E-wallets offer faster clearance, often within 1 day. All withdrawal requests are processed by Fortrade within 2 business days of being submitted. However, fund clearance can take up to 5 business days for bank transfers and up to 15 business days for credit/debit cards.
Apart from spreads, commissions, deposit and withdrawal fees that we have mentioned above, Fortrade also charges an overnight rollover fee and inactivity fee of $/€/£10 on accounts left dormant for 6 months.
Overnight rollover fees are a common practice in the forex and CFD industry, as positions left open overnight incur a cost for the broker. As for the inactivity fee, it is also a common practice among brokers to charge a fee on dormant accounts to cover administrative and maintenance costs.
See the fee comparison table below:
Broker | Deposit Fee | Withdrawal Fee | Inactivity Fee |
Fortrade | None | $40 | $/€/£10 after 6 months of inactivity |
Hugo's Way | None | Free withdrawal up to $150 | None |
ICM Capital | None | None | None |
IFC Markets | varies by payment method | None | None |
Please note that the fees listed above are subject to change at the discretion of each broker. It is recommended to check with the broker's official website or customer support for the most up-to-date fee information.
Clients with any inquiries or trading-related issues can get in touch with Fortrade through the email and telephone. Here are some contact details:
Telephone: +375-17-2240625
Email: support.by@fortrade.by
FAQ section is also available.
Pros | Cons |
• Email and phone support | • No live chat support |
• Comprehensive FAQ section available | • No 24/7 customer support |
Note: These pros and cons are subjective and may vary depending on the individual's experience with Fortrade's customer service.
On our website, you can see that some users have reported unable to withdraw. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.
All things considered, Fortrade is a reputable broker with multiple regulatory licenses, offering a wide range of assets for trading and a powerful MT4 platform. The broker charges no commissions and has competitive spreads, making it an attractive option for traders. However, there have been some negative user reviews concerning withdrawal issues and the overnight rollover fee, which may cause concern for some traders. Additionally, the lack of alternative trading platforms and the inactivity fee may be a drawback for some traders who prefer more flexibility. Overall, Fortrade is a good option for traders looking for a reliable and regulated broker with a comprehensive trading platform and competitive trading conditions.
Q 1: | Is Fortrade legitmate? |
A 1: | Yes. Fortrade is legimate. It is regulated by multiple regulatory authorities including ASIC, FCA, CYSEC, IIROC, NBRB. |
Q 2: | At Fortrade, are there any regional restrictions for traders? |
A 2: | Yes. It does not accept clients from the USA. |
Q 3: | Does Fortrade offer demo accounts? |
A 3: | Yes. |
Q 4: | How does Fortrade make money? |
A 4: | Fortrade makes money from spreads, commissions, and swap rates on leveraged overnight positions. |
Q 5: | What is the maximum leverage offered by Fortrade? |
A 5: | Fortrade offers leverage of of up to 1:200. |
Q 6: | Does Fortrade offer the industry-standard MT4 & MT5? |
A 6: | Yes. Fortrade supports MT4 Desktop, WebTrader and Mobile APP. |
Q 7: | What is the minimum deposit for Fortrade? |
A 7: | The minimum initial deposit to open an account is $100 (with a suggestion of $500 or currency equivalent). |
Q 8: | Is Fortrade a good broker for beginners? |
A 8: | Yes. It is a good choice for beginners because it is regulated well and offers various trading instruments with competitive trading conditions on the leading MT4 platform. Also, it offers demo accounts that allow traders to practice trading without risking any real money. |
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive icm-capital and fortrade are, we first considered common fees for standard accounts. On icm-capital, the average spread for the EUR/USD currency pair is -- pips, while on fortrade the spread is --.
To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.
icm-capital is regulated by FCA,LFSA,AMF. fortrade is regulated by ASIC,FCA,CYSEC,IIROC,NBRB.
When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.
icm-capital provides trading platform including ICM Zero,ICM Direct and trading variety including Forex, Metals, Futures , Shares, and Cash CFDs. fortrade provides trading platform including -- and trading variety including --.