Score
United Kingdom
|
5-10 years
| https://www.icap.com
Website
Rating Index
Influence
C
Influence index NO.1
United States 3.68
Licenses United KingdomA Visit to ICAP in UK -- Finding No Office
The survey team went to London, UK, to visit the the dealer ICAP and found no office at its business address. It was supposed that the dealer might just use that address to register its company, or there was no offline exhibition place. Please be prudent when trading with this broker.
United KingdomA Visit to ICAP in UK -- Finding No Office
The survey team went to London, UK, to visit the the dealer ICAP and found no office at its business address. It was supposed that the dealer might just use that address to register its company, or there was no offline exhibition place. Please be prudent when trading with this broker.
United Kingdom
icap.com Ireland| ICAP Review Summary | |
| Founded | 1999 |
| Registered Country/Region | United Kingdom |
| Regulation | FFS (regulated); FCA (suspicious clone) |
| Services | Intermediary services in wholesale finance, energy, commidties markets |
| Trading Platform | Fusion, iSwap |
| Customer Support | Registered address: 22 Grenville Street, St Helier, Jersey, JE4 8PX;Tel: +44 (0)20 7200 7000/ +44 (0)20 7200 7176 |
| Americas Headquarters: 200 Vesey Street, New York, USA, NY 10281 | |
| Contact info for other branches: https://tpicap.com/tpicap/contact-us | |
ICAP was registered in the United Kingdom and has headquarters in the United States. As an intermediary service provider for wholesale financial, energy and commodities markets, the comopany now operates in 22 countries from 33 locations, which cover Asia, EMEA, and the Americas. Traders can trade on its proprietary Fusion platform, or the electronic iSwap.
The good thing is that the company is regulated by FFS, which means its financial activities are watched by this authority body, guaranteeing a certain level of customer protection if there are disputes.
However, the company holds an FCA license, which is suspected to be fake clone.
| Pros | Cons |
| FFS regulated | Limited info on trading conditions |
| Multiple services provided | Suspicious clone FCA license |
| Long operation time | No MT4 or MT5 |
| No handling fees for deposit and withdrawal |
ICAP is currently being well regulated by FFS (Financial Supervisory Service).
Nevertheless, the FCA (Financial Conduct Authority) license the company claims to hold is suspected to be fake clone, with regulated entity names at “The Link Asset and Securities Company Limited”, which should raise your great attention for full investgation before commiting actual trading.
| Regulated Country | Regulator | Current Status | Regulated Entity | License Type | License No. |
 | FFS | Regulated | ICAP Foreign Exchange Brokerage Limited | Financial Service | Unreleased |
 | FCA | Suspicious clone | The Link Asset and Securities Company Limited | Investment Advisory License | 186764 |
Acts as a broker between financial institutions (banks, corporates, funds, central banks, etc.) to facilitate large and complex transactions, ICAP offers products and services in:
ICAP offers its own flagship trading platform Fusion, a multi-asset trading platform supporting price entry, execution, and straight-through processing. And it is integrated with voice broking for price discovery as well.
In addition, the company also provides iSWAP, a hybrid electronic trading platform for Interest Rate Swaps in EUR, GBP, and USD, enabling deep liquidity and advanced execution through Dealer-to-Dealer and Dealer-to-Client markets.
Like many futures companies, ICAP accepts payment through Bank-Futures Fund Transfer with no handling fees.
ICAP is regulated by FFS, which ensures some level of oversight. The broker offers a broad range of services, including FX, energy, and commodities markets, which could appeal to institutional traders. However, the key disadvantage is its unverified FCA license, which raises serious concerns. In my view, brokers with unverified regulatory statuses increase the risks for traders, especially when there’s no clear guarantee of investor protection. Additionally, ICAP does not offer popular retail platforms like MT4 or MT5, which may limit flexibility for some traders. I would approach ICAP with caution due to these factors.
ICAP offers its proprietary Fusion platform and iSwap for trading. Fusion is a multi-asset platform designed for large-scale transactions, supporting price entry, execution, and straight-through processing. iSwap, on the other hand, focuses on Interest Rate Swaps in EUR, GBP, and USD, enabling advanced execution in these markets. Personally, while these platforms are well-suited for institutional clients, I prefer platforms like MT4 or MT5 for more flexibility and accessibility. If you're looking to trade FX on ICAP, you will need to familiarize yourself with these proprietary tools.
ICAP’s FFS regulation does provide some investor protection, as the financial activities of the company are monitored. However, the unverified FCA license is a major concern, as it leaves traders uncertain about the level of protection offered within the UK. For me, having a fully verified and reputable regulatory license is essential for investor protection. Without this, I would recommend verifying ICAP’s regulatory status further or seeking brokers with verified and stronger protection measures in place.
ICAP does not explicitly state the minimum deposit requirement on its website. Given that ICAP primarily serves institutional clients and wholesale markets, the minimum deposit is likely to be higher than typical retail brokers. From my experience, brokers focusing on wholesale finance often have higher minimum deposits. If you're considering opening an ICAP account, I recommend reaching out to their customer support to get accurate information about the minimum deposit and other account-related requirements.
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