ICM Brokers has been offering CFD and forex trading services in international markets since 2007. The brokerage initially started out focusing on institutional clients and professional investors, and gradually expanded its services to retail traders as well. Among traders, the ICM Brokers brand is mostly known for offering ECN accounts and access to multi-source liquidity.

In this brokerage's operational structure, order execution is designed as NDD; this means the broker does not take the opposite side of the client's trade and sends orders to liquidity providers. This feature matters a lot when assessing the credibility of the ICM broker, because it reduces the conflict of interest between the trader and the broker.

In terms of scope, ICM Brokers offers its services in the following markets: forex, indices, precious metals, energy and stock CFDs. Its trading infrastructure is also built on industry-standard platforms, which perform at an acceptable level in terms of execution speed and stability.

One of the most important criteria for assessing a brokerage's credibility is a close examination of its regulatory licenses. Many brokers simply mention the name of a regulator, but a real check is only possible when the company registration, license number and the regulator's jurisdiction are clear. In the case of ICM Brokers, the regulatory structure is a combination of offshore and international regulation, which we examine in detail below.

 FSC Mauritius Regulation

ICM Brokers states in its website footer that it is registered in Mauritius under the company name ICM Brokers Ltd with registration number 210074 GBC, and holds an Investment Dealer license numbered GB24203068 from the country's Financial Services Commission (FSC).  Registration with the Mauritius regulator makes oversight and legal recourse possible; however, it does not mean deposits are insured or withdrawals are guaranteed.

 SVGFSA Regulation

ICM Brokers is registered in Saint Vincent and the Grenadines under the company name International Capital Markets Brokers LLC with number 1956 LLC 2022. It is worth noting that this number is actually a company registration number, not a license to operate in the forex market. This distinction has practical consequences for traders. The Saint Vincent financial authority has stated that it does not issue licenses for forex brokerage activity and does not supervise the trading of companies registered in the country.

 No Restrictions for Iranians Under Offshore and International Regulation

An important issue for Persian-speaking users is that many tier-1 regulators do not allow services to be provided to Iran. For this reason, ICM Brokers uses an offshore structure so it can serve Iranian traders. In practice, this means Iranian users can register, verify their identity and withdraw without restrictions. This is an operational advantage, but you should be aware that in such circumstances the level of legal protection will not match that of European users; therefore, personal risk and capital management become even more important.

Based on the documents published by ICM Brokers, we cannot claim that this broker's client deposits are insured. Deposit insurance requires a specific compensation mechanism with defined conditions and a known coverage limit, whereas ICM Brokers' documents do not introduce any such coverage for trading accounts. Client fund protection should also not be confused with compensation for trading losses. What the client agreement of the Mauritian company ICM Brokers Ltd states is that client funds are held in accounts separate from the company's money. This mechanism matters because it prevents client funds from being used to pay the broker's debts; however, it is not a guarantee that balances will be returned.

In the world of online trading, data security matters as much as the security of your capital. In its privacy policy, ICM Brokers states that user data is encrypted and stored on protected servers. This policy includes measures such as not sharing data with unrelated third parties, using SSL protocols, and requiring multi-factor authentication for financial operations. Such standards are in line with common practice among international brokerages and show that the company has a defined framework for data management. This matters a great deal to traders, because during the verification process identity documents and proof of residential address are handed over to the broker, and protecting them is essential.

Based on our review of this broker's Persian-language support, first, our attempt to reach ICM Brokers' online support during business hours was unsuccessful. We also found no documentation indicating that Persian support is offered. On the other hand, ICM Brokers lists the number 15392079177+ as a contact channel and also makes support available via Telegram and WhatsApp.

The broker's website lists two addresses for companies associated with the ICM Brokers brand: one in Mauritius and the other in Saint Vincent and the Grenadines. These addresses help identify the legal entities, but on their own they do not show that an operational office and a customer support team are present at both locations. The two addresses listed on the website are given below: