ICM Trader Review – Resembling A Reputable Firm Purposefully

ICM Trader is a brokerage brand owned by ICM Trader LLC, incorporated in the SVG since 2020. At some point in the past, the broker was licensed, but that is no longer the case. Nonetheless, this faux online trading website continued to offer their services on a global level and to traders of all sorts.

Why that is unacceptable and how the broker manages to persist despite their illicit conduct is what the following ICM Trader review discusses.

ICM Trader – Legit No More

Before we dive into this dubious case, we have to make it clear that any connection between ICM Trader and IC Markets – a reputable brokerage, doesn’t exist. Naming a company similar to a known one is an old move, particularly pulled off by financial swindlers to boost their credibility and appear legitimate.

At some point in the past, ICM Trader was regulated by the offshore entities of SVGFSA and VFSC, but not any more. VFSC license is either gone or expired and SVGFSA doesn’t regulate brokers any longer. ICM Trader still tries to seem legit by publishing the details of their now invalid SVGFSA license.

Nonetheless, the Tier 1 regulatory breaches are all visible – no segregated bank accounts, no negative balance protection, no compensation funds and sky-high leverage of maximum 1:500. Additionally, ICM Trader offers CFD trading on Crypto, banned in many parts of the world back in 2020. EuroPrime is one of the brokers that got banned for such activities.

Victims Over the Years

The ICM Trader domain was registered back in 2011. During the course of years, it has persistently been used in gathering traders from all over the world and then ruthlessly taking their funds. Take a look at the list of countries with the most casualties:

• Malaysia
• United States
• Vietnam
• Germany

Some sort of an offshore license, or at least claims of it, are often enough to fool young investors into depositing. What’s more, ICM Trader offers trading on the popular MT4 and lists other supposed benefits of becoming their customer. The taste of wealth soon turns sour in the mouth of a defrauded victim as they learn the promises of riches turn to rags. We’re here to help in such cases.

Leverage, Spreads and Other Unsaid Costs

The maximum ICM Trader leverage offered goes up to 1:500 on Forex. We always warn our readers that the high leverage brings more negative than positive. Not only because the risk is greater, but the loss may be complete and instant.

Spreads that ICM Trader features depend on the account type. In one case, spreads can be as low as 0.0 pips with $7 commission per lot traded. Otherwise, spreads start from 1.3 pips on EUR/USD, which is fairly attractive.

Although we’ve combed through the legal docs, additional costs do not show. Despite that, expect ICM Trader to charge withdrawal fees.

Bonuses With Malicious Clause

Joining the platform brings you a 10% bonus. The higher the deposit, though, the higher the bonus and the trading volume requirements. To withdraw a bonus, you have to first trade a number of lots. The formula is as follows:

Credit bonus / 5 = lots to be traded

For example, a $1,000 deposit brings a 10% bonus ($100). You need to trade 20 lots to get a $100 cash reward. One standard lot is 100,000 units. We’ll leave the rest of the big numbers to you, so the shock hits properly and so you can wage if it’s worthy or not.

What ICM Trader Promises

If we take a look at the seemingly attractive offer, we’ll quickly discover we cannot just easily open an account with ICM Trader. What’s more, the platform isn’t accessible without being a registered user first. Additionally, the Demo account isn’t mentioned anywhere.

MT4 Platform

Do not be quick to believe that MT4 presence is a confirmation of the broker’s credibility. Unlicensed entities often promise trading on the most advanced and superior technological solutions to appear serious.

That is the case with ICM Trader, as well. What makes the entire deal a flop is the fact that unlicensed brokers do not have a proprietary trading server or the access to most of the world’s markets. The trading you’re conducting at an illicit site is most commonly artificial.

Banned Trading Assets

Some of the available trading instruments are CFDs on Crypto, which are known to be prohibited in some strictly regulated areas. Other products are found on most other platforms:

• Forex (EUR/USD, EUR/GBP, USD/CHF, USD/JPY, AUD/NZD)
• US Stocks (3M, Caterpillar, Pfizer, Boeing, Apple, Walt Disney)
• Spot and CFDs on Metals (Gold and Silver)
• Indexes (Dow Jones, FTSE 100, S&P 500)
• Energies (WTI, Brent, Gas)
• CFDs on Crypto (BTC, ETH, LTC, ETC)

Two Inaccessible Account Types

You see, opening an account with ICM Trader isn’t that smooth and easy as promised. There’s a form to submit and it contains your basic info and contact details so the boiler room employees can contact you and persuade you into investing.

Lower and upper deposit limit for the accounts supposedly doesn’t exist and the offer is detailed, but we cannot verify it. There’s no word on the existence of the Demo version. The two packages ICM Trader promises are:

• ICM DIRECT (ECN)
• ICM ZERO

Troublesome Withdrawals

Because of the scarce withdrawal information and no access to the client zone, we can’t assure you your payouts will be processed quickly and seamlessly. If you’re familiar with Canz Trades and how misleading they get, you have an idea of how difficult and long the ICM Trader withdrawals can take.

After all, this is an unregulated website we’re talking about. Their identity is unknown and for all we know, the transactions are not secure and the risks of loss and identity theft stand.

What About Education?

While self-advertising as exceptionally helpful to beginners, the broker doesn’t have any sort of educational resources. The website has a separate section called Academy. We assume that was meant to contain learning material but the page is completely blank.

Customer Support

Contacting the support service is supposedly made easier through the existence of an email, phone and online form. From our experience with ICM Trader, no one responds to the emails and the phone may ring to eternity without answer. It may as well be that the support office doesn’t even function.

Rely On Us For Help

Although licensed at first, the only regulation that ICM Trader ever followed is an offshore one. Now, they’re just another SVG broker that no one should trust. However, we understand if their unrealistic conditions and master persuasion managed to push you into investing.

If that is the case, you can get help from us. Our recovery experts can advise you on how to start a chargeback, contact the responsible authorities and get your funds back as quickly as possible.

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