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<p>Alison Heyerdahl is the Head of Content at FxScouts, a Chartered Market Technician (CMT), and an experienced trader, as well as a financial writer with extensive expertise in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast.</p>
In the fast-paced world of forex trading, choosing the right broker is crucial. Fortrade and ICM Capital are two popular options, each with unique strengths and weaknesses. This comparison will dive into the key features of both platforms,helping you decide which one best suits your trading style and goals.
The radar chart above illustrates the comparison between Fortrade and ICM Capital across several key metrics, with the highest possible score being 100 in each category.
At FxScouts, our mission is to assist traders in finding the broker that best suits their needs. Comparing brokers side-by-side is an effective method to achieve this goal. We evaluated Fortrade and ICM Capital, using our standard criteria: trust and regulation, trading platforms, costs and trading conditions, and educational and market analysis resources.
Trust and regulation are crucial when selecting a Forex broker. A broker’s credibility is largely built on its regulatory status. We spend considerable time verifying the safety of each broker by examining their regulatory licenses. We also consider numerous factors when deciding which tier a regulator belongs to. Regulators that we rank as the world’s top regulators, gets a tier 1 rank, while regulators who only scores a tier 5-rank, provide virtually no regulatory oversight. The more top-tier authorities regulating a broker, the higher its trust rating. Read more about regulation and our tier system here.
In our comparison:
Based on these findings, Fortrade earned a higher trust rating than ICM Capital.
When comparing brokers, trading costs are a significant factor. We consider the minimum deposit required to open an account and ongoing costs, including spreads and commissions. We measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit, including both the spread and any commission charged.
We found that ICM Capital has overall lower trading costs than Fortrade.
Trading Platforms Offered Traders prefer brokers that offer a variety of trading platforms. We rate brokers higher if they support multiple platforms like MetaTrader4, MetaTrader5, cTrader, and proprietary platforms.
Copy trading is beneficial for beginner traders or those unable to trade full-time. In this case both Fortrade and ICM Capital offer copy trading.
A broader range of CFD instruments provides more trading opportunities. Fortrade offers a greater variety of instruments compared to ICM Capital:
For those interested in trading cryptocurrencies, Fortrade offers 12 cryptocurrencies, while ICM Capital offers 7 cryptocurrencies. Therefore, Fortrade is the better choice for cryptocurrency trading.
Traders prefer brokers with quick and cost-effective deposit and withdrawal processes. We favor brokers that process withdrawals within 24 hours using multiple methods without charging fees.We found that ICM Capital charges a withdrawal fee and Fortrade does not. Overall, Fortrade has better deposit and withdrawal processes than ICM Capital.
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
Fortrade has better educational support than ICM Capital. Both Fortrade and ICM Capital offer educational support for more experienced traders.Access to frequent and high-quality market research and analysis is crucial.
We found that Fortrade offers better research analysis than ICM Capital and that both Fortrade and ICM Capital offer frequent webinars.
Fortrade may appeal to traders who prefer a simple account structure and a wide variety of CFDs to trade. However, traders should be aware that Fortrade’s trading costs are significantly higher than other similar brokers. Its single commission-free account has a low minimum deposit requirement of 100 USD, but extremely wide spreads that average at 2.00 pips on the EUR/USD.
Fortrade offers a diverse range of trading assets, including specialty CFDs such as bonds and stock DMAs that are rarely found at other brokers. Its trading platforms include MT4 and a user-friendly proprietary platform, optimised for both desktop and mobile trading.
Fortade’s education and analysis section is comprehensive and will be useful for beginner and advanced traders alike, with frequent in-house market analysis of the European and US sessions.
For more detailed reviews, please read our comprehensive assessments of Fortrade and ICM Capital.
Select another broker to another broker to compare features, fees, and platforms side by side.
Alison and Chris cover a range of topics, including how to choose a Forex broker, safety and regulation, how to reduce your risk, trading psychology, trading platforms, and trading strategies, among others.
The FxScouts podcast helps beginner Forex traders get the best start to their trading careers.
