ICAP
Pros and Cons
Pros
- Regulated by FFS in South Korea
- Offers a diverse range of financial instruments including FX, equities, and commodities
- Proprietary trading platform: Fusion for multi-asset trading
- No handling fees for deposits and withdrawals
- Long operational history since 1999
Cons
- Regulatory concerns due to suspected clone FCA license
- No support for popular platforms like MT4 or MT5
- Limited information on trading conditions
- Focus primarily on institutional clients, less suitable for retail traders
- Trading platform lacks user-friendly features
Basic Information
User Reviews
ICAP Overview
ICAP, founded in 1999 and headquartered in the United Kingdom, is a prominent intermediary service provider in the wholesale financial markets. The firm is regulated by the Financial Supervisory Service (FFS) in South Korea, ensuring a level of oversight and customer protection. However, it also claims to hold a license from the Financial Conduct Authority (FCA) in the UK, which has raised concerns as it is suspected to be a clone license. This dual regulatory status requires potential traders to exercise caution and conduct thorough due diligence before engaging with the broker.
Is ICAP Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Financial Supervisory Service (FFS) | South Korea | Regulated, oversight on financial activities |
Is ICAP Regulated and How Are Client Funds Protected?
ICAP is regulated by the Financial Supervisory Service (FFS) in South Korea, which ensures that the broker adheres to specific financial standards and practices, thereby providing a level of protection for client funds. While the FFS oversight involves monitoring financial activities, it is important to note that ICAP claims to hold a license from the Financial Conduct Authority (FCA) in the UK; however, this license is suspected to be a clone and not legitimate. This raises concerns about the actual safety of client funds held under the FCA claim. Clients should exercise caution and consider the implications of trading with a broker that may have regulatory ambiguities.
Trading Products and Services
What Trading Instruments Does ICAP Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | Many |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Many |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Varies |
| Stocks | US (e.g. Apple, Tesla), UK (e.g. BP, Vodafone) | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
ICAP provides a wide array of trading instruments across multiple asset categories, which makes it suitable for various types of traders. The availability of Forex pairs, commodities, indices, stocks, and cryptocurrencies ensures that both beginner and professional traders can find products that fit their investment strategies. This diversity not only caters to individual trading preferences but also enhances portfolio diversification, allowing users to adopt flexible trading strategies. By offering a comprehensive range of instruments, ICAP aims to meet the evolving needs of its clients in today’s dynamic financial markets.
Account Types and Trading Conditions
What Account Types and Fees Does ICAP Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Low minimum deposit, access to educational resources | Ideal for small-capital practice |
| Professional Account | Experienced traders and institutions | Higher leverage, lower spreads | Requires proof of trading experience |
| Corporate Account | Corporations and financial institutions | Customized services, bulk trading options | Requires corporate documentation |
| Islamic Account | Traders seeking Sharia-compliant options | Swap-free trading, no overnight interest | Available to eligible Muslim clients |
| Demo Account | All traders for practice | Risk-free environment, full access to trading tools | Suitable for testing strategies without real capital |
Account Opening Process
To open an account with ICAP, potential clients must follow a straightforward process. Initially, they will need to submit personal details, including their name, address, and contact information. Next, applicants must provide employment and financial information, detailing their income and trading experience. Identity verification is crucial, requiring documents such as a government-issued ID and proof of address, such as a utility bill or bank statement. Once the account is opened, clients may have the flexibility to upgrade to a professional account later, depending on their trading volume and experience.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive pricing |
| CFDs (Stocks) | 0.1% | $5 per lot | Varies by stock |
| CFDs (Indices) | 0.5% | $3 per lot | Standard index pricing |
| CFDs (Commodities) | 1.5% | $4 per lot | Depends on commodity type |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on volatility |
Other Fees
ICAP may charge various fees beyond trading costs. These include deposit and withdrawal fees, which typically have no handling charges. Inactivity fees may apply if an account remains dormant for an extended period. Additionally, some platforms may impose usage fees, and overnight interest (swap rates) can incur costs for holding positions overnight. Currency conversion fees may also apply depending on the account’s base currency and the currency of the traded assets.
Trading Platforms and Apps
What Trading Platforms and Apps Does ICAP Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| Fusion | Windows, macOS | Multi-asset support, secure login (encryption), advanced order types, market search tools, real-time alerts | Demo accounts, API interfaces |
| iSWAP | Windows, macOS | Hybrid trading for interest rate swaps, secure access, extensive liquidity | API interfaces |
| Web Version | Cross-platform (any browser) | Secure login (2FA), market search, multiple order types, price alerts | Demo accounts |
| Mobile App | iOS, Android | Secure login (biometrics), one-click trading, push notifications for alerts | Demo accounts |
ICAP’s Fusion platform is designed for comprehensive trading across various asset classes, making it suitable for institutional traders. The iSWAP platform provides specialized tools for managing interest rate swaps, enhancing liquidity and execution capabilities. The web version and mobile app enable traders to operate flexibly and securely, supporting real-time alerts and efficient market searches. Overall, ICAP emphasizes secure logins, fast order execution, and accessible trading tools across its platforms.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| SEPA Transfer | 1–3 business days | No platform fee, 0.5% third-party charge | Min 200, Max 50k/day | EUR, GBP |
| ACH Transfer | 3–5 business days | No platform fee | Min 100, Max 25k/day | USD |
| GrabPay | Instant | No platform fee, 1% service charge | Min 50, Max 10k/day | SGD, MYR |
| SPEI Transfer | Instant | No platform fee | Min 150, Max 40k/day | MXN |
| Bank Wire | 3–7 business days | No platform fee, 2% third-party charge | Min 500, Max 100k/day | CAD, AUD |
Minimum Deposit
ICAP requires a minimum deposit of $100 to open a trading account. This amount may vary depending on the payment method chosen, with certain methods, such as e-wallets, allowing lower deposits of $50. Additionally, the minimum may differ based on the account type, with VIP accounts having different requirements.
How to Withdraw
To withdraw funds from your ICAP account, follow these steps:
- Log in to your ICAP trading account.
- Navigate to the “Withdrawal” section of the client portal.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits.
- Confirm your withdrawal details and submit the request.
- You will receive a confirmation email once your withdrawal is processed.
Customer Support
ICAP Customer Support Overview
Support Channels
ICAP offers various contact methods to ensure customer support is easily accessible. You can reach their support team through:
- Email: For inquiries, customers can email at InvestorRelations@tpicap.com.
- Live Chat: Instant support is available via their website’s live chat feature, providing real-time assistance.
- Telephone: Customers can contact support directly at +44 (0) 20 7200 7000 for immediate help.
- Social Media: ICAP also maintains a presence on platforms like Twitter and LinkedIn, where customers can reach out for support.
Service Availability
The customer support services at ICAP are available 24/5, ensuring assistance is provided during the trading week. Multilingual support is also offered, with representatives fluent in English, Spanish, and Mandarin, among other languages.
Additional Resources
In addition to direct customer support, ICAP provides valuable resources to enhance the trading experience:
- Video Tutorials: Educational videos that guide users through various trading strategies and platform functionalities.
- Webinars: Regular webinars hosted by experts discussing market trends and trading techniques.
- Market Analysis: In-depth analysis and reports provided to help traders make informed decisions.
- Trading Signals: Expert-generated signals to assist traders in identifying potential trading opportunities.
Overall, ICAP’s commitment to customer support ensures that traders receive the help they need, whether through direct contact methods or valuable educational resources.
Frequently Asked Questions
ICAP is regulated by the Financial Supervisory Service (FFS) in South Korea, which ensures oversight of its financial activities and provides a level of customer protection. However, it is important to note that the FCA license claimed by ICAP is suspected to be a clone, raising concerns about its legitimacy. Clients are encouraged to conduct thorough research before engaging in trading activities.
ICAP offers a range of trading products including government bonds, swaps, FX options, corporate bonds, and energy commodities. However, specific details on trading conditions such as spreads and leverage are limited. Clients should compare these conditions with those of other brokers to ensure they meet their trading needs.
ICAP employs multiple safeguards to protect client funds, including the separation of client accounts from the company’s operational funds. Additionally, as an FFS-regulated entity, ICAP is subject to strict financial regulations that aim to maintain the integrity and security of client assets.
Clients can access ICAP’s proprietary Fusion platform, which supports multiple asset classes and offers features like price entry and straight-through processing. However, the absence of popular platforms like MT4 or MT5 may impact the user experience for traders accustomed to these systems. Overall, users can expect a robust trading environment tailored for institutional clients.
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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.