ICAP
Basic Information
Pros and Cons
Pros
- Regulated by Financial Supervisory Service (FFS)
- Offers a range of services in finance, energy, and commodities
- Over 5 years of operational experience
- No handling fees for deposits and withdrawals
Cons
- Suspicious clone FCA license
- Lacks detailed trading condition transparency
- No support for MT4 or MT5 platforms
- Mixed feedback on withdrawal process
Is ICAP Safe and Legit?
ICAP, registered in the United Kingdom since 1999, has over 5 years of operational experience in providing intermediary services across the wholesale finance, energy, and commodities markets. The broker offers trading on its proprietary Fusion platform, providing access to a range of instruments including government bonds, FX, and commodities, but lacks MT4 or MT5 support and detailed trading condition transparency.
ICAP is regulated by the Financial Supervisory Service (FFS), which provides a degree of oversight, although concerns exist regarding the authenticity of its FCA license, which is suspected to be a clone. Therefore, while it operates legally within certain jurisdictions, potential clients should exercise caution due to regulatory uncertainties.
Market reputation for ICAP reveals mixed feedback; users generally report satisfactory customer service and no handling fees for deposits and withdrawals. However, there are concerns regarding transparency and the frequency of complaints related to its suspicious regulatory status, prompting traders to approach with caution when considering this broker.
Is ICAP a Regulated Broker?
What Are the Regulatory Licenses Held by ICAP?
ICAP is regulated by the Financial Supervisory Service (FFS), which provides oversight for its financial activities. However, it is important to note that the broker claims to hold a license from the Financial Conduct Authority (FCA), which is suspected to be a clone, raising concerns about its authenticity. Therefore, while ICAP operates legally within certain jurisdictions, potential clients should be cautious due to the regulatory uncertainties surrounding its FCA license.
Client Fund Segregation: Your Ultimate Safeguard
Capital Protection Measures
ICAP holds client funds in independently regulated bank accounts, ensuring they are separate from the broker’s own assets. This measure is crucial for maintaining the integrity of client funds, although specific regulatory rules regarding the segregation of these funds are not detailed in the available information.
ICAP Leverage
While the canonical reference does not provide specific details on leverage, it is essential for traders to inquire about the maximum leverage available across product categories. ICAP’s leverage should comply with local regulatory requirements as per the jurisdictions in which it operates, applying to both retail and professional clients.
ICAP Withdrawal Review
How to Contact ICAP?
ICAP has received mixed feedback from users, with reports of withdrawal issues being a common concern. Many complaints focus on delays and lack of transparency in the withdrawal process, although specific proportions of such complaints are not detailed. Credible sources of complaints include online trading forums and review sites. Users have noted that while ICAP generally responds to inquiries, the response times can vary, leading to frustration among clients. There are no significant public complaints or regulatory penalties documented, but the overall market sentiment suggests a cautious approach due to the broker’s suspicious regulatory status.
Frequently Asked Questions
A1: ICAP is regulated by the Financial Supervisory Service (FFS), which provides oversight for its operations. However, it claims to hold a license from the Financial Conduct Authority (FCA) that is suspected to be a clone, raising concerns about its authenticity and legitimacy. Potential clients should approach with caution due to these regulatory uncertainties.
A2: ICAP holds client funds in independently regulated bank accounts, ensuring they are kept separate from the broker’s own assets. This segregation is a critical measure for maintaining the integrity of client funds, although specific regulatory rules regarding this practice are not detailed.
A3: Users have reported mixed experiences with ICAP regarding withdrawals, with common complaints focusing on delays and a lack of transparency in the withdrawal process. Clients have noted that while ICAP generally responds to inquiries, response times can vary, which may lead to frustration.
A4: ICAP provides customer support via their contact number, +44 (0) 20 7200 7000, and also through email at InvestorRelations@tpicap.com. While they generally respond to inquiries, the speed and quality of customer service may vary based on user feedback.
A5: ICAP offers trading on its proprietary Fusion platform, which provides access to a range of instruments in finance, energy, and commodities. However, it does not support popular platforms such as MT4 or MT5, which may be a consideration for some traders.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.