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ICBC

China|2-5 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

http://www.icbc.com.cn/icbc/en/

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95588
http://www.icbc.com.cn/icbc/en/

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Previous Detection : 2024-03-29
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ICBC · Company Summary

Aspect Information
Company Name Industrial and Commercial Bank of China (ICBC)
Registered Country/Area China
Founded Year 1984
Regulation Unregulated
Minimum Deposit Variable (Dependent on the type of account and product)
Trading Platforms Personal Mobile Banking, Personal Internet Banking, WeChat Banking
Tradable Assets Precious Metals, Foreign Exchange, Crude Oil, Agricultural Products, Energy, etc.
Account Types Type I, Type II, Type III
Demo Account N/A
Customer Support Nationwide 24-hour Service Hotline, 24-hour VIP Service Hotline, SMS, Online Message
Deposit & Withdrawal Cash, Debit Card, Credit Card, Online Banking, Mobile Banking, Cheques
Educational Resources Online Guides, Articles, Financial Literacy Programs, Customer Support Services

Overview of ICBC

ICBC, officially known as the Industrial and Commercial Bank of China, stands as a prominent financial institution headquartered in China since its founding in 1984. Notably, ICBC operates in an unregulated environment. The bank satisfies to a diverse range of customers and offers various trading platforms, including Personal Mobile Banking, Personal Internet Banking, and WeChat Banking. Investors can engage in trading a broad spectrum of assets such as Precious Metals, Foreign Exchange, Crude Oil, Agricultural Products, and Energy through ICBC's services. The bank provides different account types, namely Type I, Type II, and Type III, each designed to meet varying customer needs.

ICBC ensures robust customer support through its Nationwide 24-hour Service Hotline, 24-hour VIP Service Hotline, SMS, and Online Message services. Additionally, customers can manage their finances using multiple deposit and withdrawal methods, including cash, debit cards, credit cards, online banking, mobile banking, and cheques. ICBC demonstrates a commitment to financial education through online guides, articles, financial literacy programs, and customer support services, offering a comprehensive suite of resources.

Overview of ICBC

Pros and Cons

Pros Cons
- Availability of diverse platforms - Lack of regulatory oversight may raise concerns about consumer protection and transparency.
- Diverse range of tradable assets including Precious Metals, Forex, and Commodities - Lack of specific information on minimum deposit requirements.
- Multiple account types (Type I, Type II, Type III) meet varied customer needs - Specific details about leverage and spreads are not provided.
- Extensive customer support options - Lack of information on response times or resolution processes for customer queries.
- Multiple convenient methods for deposits and withdrawals
- Provision of educational resources

Pros

  • Availability of diverse platforms: ICBC offers a variety of trading platforms to suit different trader preferences and technical skills. This includes web-based platforms, mobile apps, and dedicated desktop platforms.

  • Diverse range of tradable assets: ICBC provides access to a wide range of tradable assets, including precious metals, forex, and commodities. This gives traders more opportunities to diversify their portfolios and potentially increase their returns.

  • Multiple account types: ICBC offers three main account types, satisfying to different customer needs and risk profiles. Type I accounts are suitable for beginners with low risk tolerance, while Type III accounts offer more advanced trading options with higher leverage levels.

  • Extensive customer support options: ICBC provides a variety of customer support channels, including phone support, email support, and live chat support. The broker also has a comprehensive FAQ section and educational resources to help traders learn the ropes.

  • Multiple convenient methods for deposits and withdrawals: ICBC supports multiple deposit and withdrawal methods, including bank transfers, credit cards, and e-wallets. This ensures that traders can easily fund their accounts and withdraw their profits.

Cons

  • Lack of regulatory oversight: ICBC is not regulated by any major financial regulator, which could raise concerns about consumer protection and transparency. Without strict regulatory oversight, there's a higher risk of unfair practices, such as hidden fees or misleading marketing claims.

  • Lack of specific information on minimum deposit requirements: ICBC does not clearly specify the minimum deposit requirement for its trading accounts. This lack of transparency can make it difficult for potential traders to assess the cost of opening an account and starting trading.

  • Lack of specific details about leverage and spreads: While ICBC provides a general overview of leverage and spreads, it doesn't provide detailed information on the specific rates offered for each account type. This lack of transparency can make it challenging for traders to compare different account options and make informed decisions.

  • Lack of information on response times or resolution processes for customer queries: ICBC doesn't specify the response times for customer support inquiries or the resolution processes for resolving customer complaints. This lack of clarity can lead to frustration and dissatisfaction among traders who need assistance.

Regulatory Status

ICBC, or Industrial and Commercial Bank of China, operates in an unregulated environment, with no specific information provided about regulatory oversight or licensed authorization. The absence of regulated licenses raises concerns about the level of consumer protection and transparency within the institution.

Unlike financial entities under regulatory scrutiny, ICBC's operations may lack oversight and adherence to regulatory standards that are typically associated with licensed financial institutions. As a result, potential customers should be cautious about the potential risks and uncertainties associated with engaging in financial transactions with ICBC, given the absence of a regulated framework governing its operations.

Market Instruments

ICBC offers a diverse range of investment products to its personal customers, and one notable offering is the ICBC Account-based Precious Metal. This investment product allows customers to trade precious metal shares in RMB or USD through bookkeeping. Account-based gold can be converted into branded gold with physical delivery based on relevant quotations at a counter. However, physical delivery is only available for gold, and not for other account-based precious metals. The transaction thresholds and minimum increments vary for different metals and currencies, with ICBC having the flexibility to adjust these based on market conditions.

Another key product is Spot Foreign Exchange Trading, which facilitates spot foreign transactions between different currencies, excluding RMB. Customers can use the ICBC FX system during transaction hours to convert between foreign currencies and potentially gain from exchange rate differences. Additionally, customers can leverage interest rate differentials by transforming currencies with varying interest rates, thereby optimizing their returns.

The Account-based Foreign Exchange is an investment product tailored for individual customers, allowing them to trade various foreign currencies in RMB through calculated shares without actual currency exchange. Available through ICBC's Internet banking and mobile banking channels, this product offers convenient services, long trading hours, and is not restricted by the annual quota of individual FX settlement and sale. With multiple currency options and real-time clearing, customers can engage in flexible options such as profit-taking orders, stop-loss orders, and two-way orders.

ICBC provides an Account-based Crude Oil service, allowing personal customers to purchase/sell crude oil in RMB or USD without physical delivery. The crude oil is counted by share, and there are no restrictions on transaction thresholds or minimum increments if customers close positions by selling what they previously purchased or vice versa.

Similarly, the Account-based Agricultural Product offers personal customers the opportunity to trade agricultural product shares in RMB or USD through bookkeeping, without physical delivery. The transaction thresholds and minimum increments are subject to potential adjustments by ICBC based on market conditions, but customers have flexibility if they sell or buy in full in a trading sub-account for position closure.

Lastly, ICBC's Account-based Energy service to individual customers seeking to purchase/sell energy in RMB or USD without physical withdrawal. Energy is counted by share, and transaction thresholds and minimum increments may be adjusted based on market conditions. Customers have flexibility if they choose to close positions by selling what they initially bought or vice versa, without being bound by specific threshold or increment requirements.

Market Instruments

Account Types

The banking regulations outlined in the Notice categorize depositors into three types of accounts: Type I, Type II, and Type III.

Customers applying for an account in person at the counter have the option to open any of these three account types. For those using virtual teller machines or intelligent teller machines with on-site verification by bank employees, Type I accounts are accessible. In the absence of on-site employee verification, depositors may only open Type II or Type III accounts. Applicants utilizing internet banking, mobile banking, and other electronic channels are limited to opening Type II or Type III accounts.

Type I accounts offer a comprehensive range of services, including deposit functions, investment opportunities, wealth management product purchases, fund transfers, payments, and both cash deposits and withdrawals.

Type II accounts, however, have limitations on the amount for certain services, such as fund transfers, payments, and cash deposits or withdrawals.

Type III accounts, while allowing payments for consumption and bills within limited amounts, do not permit cash deposits or withdrawals.

Notably, both Type II and Type III accounts lack corresponding bank cards or bankbooks. The People's Bank of China (PBOC) imposes specific limits, capping the daily payment ceiling at RMB 10,000 for Type II accounts and maintaining a balance limit of RMB 1,000 for Type III accounts.

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

How to Open an Account?

To open an account with Industrial and Commercial Bank of China (ICBC), follow these simplified steps:

  1. Choose Account Type:

    1. Decide on the type of account you want to open, considering your needs and preferences

  2. Visit ICBC Branch or Authorized Service Point:

    1. Go to the nearest ICBC branch or an authorized service point. Ensure you have valid identification documents, such as your national ID card or passport.

  3. Fill out Application Form:

    1. Request and complete the account opening application form provided by ICBC staff. Provide accurate personal information, including your name, address, and contact details.

  4. Identity Verification:

    1. Undergo identity verification, involving presenting your identification documents and having them verified by ICBC personnel.

  5. Receive Account Information:

    1. Once your application is approved and processed, you will receive your account details, including the account number. You will also be issued a bank card or other relevant materials based on the type of account you opened.

Spreads & Commissions

ICBC imposes various expenses associated with the Deferred Settlement. These costs are outlined as follows:

  1. Commission Fees:

    1. A 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. It's important to note that both clearing and unwinding positions are exempt from charges. Any changes to these fees will be communicated through updated announcements by ICBC.

  2. Expenses for Deferral:

    1. Additional expenses related to the deferral process are charged on a daily basis. In the case of public holidays, a predetermined rate of 2/10,000 is applied for one trading session ahead of the public holiday and is charged in advance. This rate is established to cover deferral expenses during the holiday period. Other potential charges may include overdue fees and default penalties. It is advisable to stay informed about any changes in these expenses through the official announcements provided by ICBC.

Trading Platform

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

  1. Personal Mobile Banking:

    1. ICBC's personal mobile banking stands out with its customer-centric design, providing users with a comprehensive suite of features. From account application to transfer and remittance, deposit and loan services, credit card management, investment, wealth management, to bills payment, this platform covers a wide range of financial needs.

      This mobile banking service is designed for registered ICBC e-banking customers who have installed the ICBC app on their mobile devices, ensuring a user-friendly experience for those seeking convenient and accessible financial management on the go.

  2. Personal Internet Banking:

    1. ICBC's personal internet banking offers a range of features tailored to meet the financial needs of domestic personal customers. Users can engage in account queries, transfer and remittance, deposit and loan services, as well as explore investment and wealth management options.

      This platform is characterized by its commitment to security and openness, functioning as a reliable and accessible financial service platform.

  3. WeChat Banking:

    1. ICBC WeChat banking, introduced in July 2013, provides users with a flexible and convenient avenue to access ICBC services, inquire about financial information, and explore product details and special offers. The platform encompasses a range of services, including help desk support, self-service options, and information access, all within the WeChat platform. Users can interact with ICBC in various formats, accessing their accounts and receiving detailed information about ICBC products and special offers.

      Importantly, ICBC WeChat banking is designed to be inclusive, satisfying to all WeChat customers, thereby ensuring a widely accessible and user-friendly option for a diverse range of users seeking efficient and convenient banking services through the WeChat platform.

Trading Platform

Deposit & Withdrawal

ICBC provides customers with a diverse array of payment methods for its products and services, each associated with specific fees and conveniences.

Cash payments can be made at any ICBC branch or authorized payment center. Debit cards offer a flexible option for payments, accepted at branches, payment centers, and through online or mobile banking services. Similarly, credit cards can be utilized at ICBC branches, payment centers, or through online and mobile banking, with generally no fees for bill payments but potential fees for other transactions like cash advances.

Online banking facilitates bill payments, account management, and fund transfers without associated fees. Mobile banking, accessible through a mobile app, mirrors online banking functionalities without incurring fees for bill payments.

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.

Customer Support

ICBC prioritizes customer support through various accessible channels to ensure a responsive experience.

Customers can reach out to the Nationwide 24-hour Service Hotline at 95588 for assistance around the clock. For VIP customers, the 24-hour VIP Service Hotline at 400-66-95588 is available, satisfying to holders of Caifu Card, Elite Club Account Card, Platinum Card, and Gold Credit Card nationwide (excluding Shanghai, Zhejiang, and Guangdong).

The option to contact Customer Service via SMS at 95588 offers a convenient alternative for quick and concise inquiries. Additionally, ICBC provides an Online Message service, allowing customers to submit their queries through digital channels.

Customer Support

Educational Resources

ICBC demonstrates a commitment to customer financial education by offering a diverse range of educational resources. These include online guides and articles accessible through their website and online banking platforms, providing valuable insights into various financial products, banking procedures, and financial literacy topics.

Additionally, ICBC conducts financial literacy programs and workshops, both online and at local branches, focusing on essential topics like budgeting, saving, investing, and credit management. The bank further enhances customer understanding by providing robust customer support services, facilitating personalized consultations with banking professionals.

Educational Resources

Conclusion

In conclusion, Industrial and Commercial Bank of China (ICBC) presents a mixed landscape for prospective customers. The advantages lie in the diverse range of trading platforms, including mobile and internet banking, providing flexibility and accessibility. Additionally, the offering of a wide array of tradable assets and multiple account types meets varied customer needs. Extensive customer support options and educational resources further contribute positively to customer engagement.

FAQs

Q: Can customers access educational resources from ICBC to enhance their financial understanding?

A: Yes, ICBC demonstrates a commitment to customer financial education.

Q: What tradable assets are available for investment through ICBC?

A: ICBC offers a diverse range of tradable assets, including Precious Metals, Foreign Exchange, Crude Oil, Agricultural Products, Energy, and more.

Q: How can customers contact ICBC's customer support for assistance?

A: ICBC provides extensive customer support options, including a Nationwide 24-hour Service Hotline], a 24-hour VIP Service Hotline, SMS , and an Online Message service.

Q: Can customers use credit cards for bill payments without incurring fees with ICBC?

A: While credit cards can be used for bill payments at ICBC branches or through online and mobile banking, there is generally no fee associated with bill payments.

Q: Does ICBC have a demo account for customers to practice trading before committing real funds?

A: There is no indication that ICBC offers a demo account for customers to practice trading before engaging with real funds.

Q: What are the limitations of Type II and Type III accounts offered by ICBC?

A: Type II accounts have limitations on the amount for certain services. Type III accounts do not permit cash deposits or withdrawals and are primarily designed for payments of consumption and bills within limited amounts.

Broker Information

Company Name

Industrial and Commercial Bank of China.

Company Abbreviation

ICBC

Regulatory Status

No Regulation

Platform registered country and region

China

Phone of the company
  • 95588

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Company Summary

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Labaishi
more than one year
ICBC has been my primary bank for a while now, and I have mixed feelings about the overall experience. On the positive side, their widespread network of ATMs is convenient, and the online banking system is functional. However, I've encountered issues with customer service that left me frustrated. It often feels like there's a lack of personalization, and problem resolution can be a bit slow. The user interface of their mobile app could also use some improvement to enhance user experience.
2024-01-03 16:42
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