ICM Capital Review 2026: Is It Safe After the FCA Exit?

What Is ICM Capital?

ICM Capital started serving retail and professional forex traders in 2009 in London. The broker has shifted its focus to Mauritius and the UAE. It Founder and CEO Shoaib Abedi controls the group through ICM Holding SARL (Luxembourg holding company). In 2018, the company merged its all businesses under one brand, ICM.com, you may still see both names used.

ICM had three main selling points – UK regulation, two simple account types, and MetaTrader. Its regulatory status has changed. The broker stopped serving UK retail clients around 2023 after reporting a £1 million loss in 2022. It applied to cancel its FCA license in May 2024, and the cancellation took effect on 2 April 2026. The UK website now tells remaining clients to contact support to withdraw their funds. New retail clients now open accounts with an offshore entity.

ICM offers more than 5,000 CFDs on forex, US stocks, metals, index futures, energy futures, and crypto. You can trade them on MetaTrader 4 or MetaTrader 5. The broker also offers an ICM Mastercard for payments and access to trading funds. It provides a MAM service for money managers and free VPS hosting for eligible larger accounts. It sponsors several sporting events, including a three-year deal with the France SailGP team. The broker still offers a $7 round-turn commission on its Zero account, and leverage of up to 1:200. For BrokersProfile review, we funded two live accounts, traded for 21 days, and checked the broker’s licenses.

How We Reviewed ICM Capital

We tested ICM Capital with our own money. We checked how its accounts performed under live trading conditions. We opened two accounts, ICM Direct and ICM Zero, under ICM Capital Limited (MU), the broker’s Mauritius entity. We funded each account with $500 by Visa card and traded for 21 trading days (Monday to Friday), from 1 to 29 September 2026.

We used live accounts for all cost and execution tests. We did not use demo data because demo orders may fill differently from live orders. This matters when measuring spreads, execution speed, slippage and rejected trades. Here is how we tested ICM Capital:

Checked the Licenses

On 5 October 2026, we searched the public registers of the UK Financial Conduct Authority (FCA), the Financial Services Commission of Mauritius (FSC), and the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FSRA). We checked the legal entity names, license numbers, and regulatory status and compared it with the information given on ICM’s website.

We checked which company held each license and whether it matched our account provider. This helped us identify the ICM’s regulatory claims and the protections available to clients under each entity.

Measured Spreads

We monitored five instruments at five-minute intervals during the Asian, London, and London–New York trading sessions. We recorded the difference between the buy and sell prices to see how spreads changed throughout the day. We compared results across both accounts. We looked at normal market conditions as well as periods when liquidity and volatility changed. This helped us understand how trading costs change across sessions.

Tested Order Execution

We placed 240 live market orders and recorded fill time for each order. We also tracked slippage and noted any rejected orders. We compared execution across different sessions to see how market activity affected results. We identified through our tests how reliably ICM handled orders under live conditions.

Tested Deposits and Withdrawals

We funded both accounts by Visa card and then requested withdrawals by card and bank wire. We recorded how long each withdrawal took, from submitting the request to receiving the funds in our account. We also checked whether the broker requested additional documents and whether it applies any fees or other conditions. This helped us understand how deposits and withdrawals process work.

Contacted Customer Support

We asked five standard questions through live chat, WhatsApp, email, and phone. We recorded response times and agents’ proficiency. We also looked at how clearly, they explained the account conditions, trading costs, withdrawals, and regulatory details. When an answer required detail, we checked whether it gave clients enough information to make an informed decision.

Reviewed Customer Feedback

We examined 120 recent reviews from Trustpilot, Forex Peace Army, and Google. We grouped the reviews by rating and looked for repeated comments about spreads, execution, withdrawals, platform performance, and customer service. We paid particular attention to issues mentioned by multiple users. We reviewed customer feedback to identify recurring concerns and compared it with other available evidence.

BrokersProfile may earn a commission if readers open an account through our links. This does not affect our scores or findings. ICM did not review this article before publication.