Wikilix
Contract reading

What ICM Trader legally published, but does not want you to read

Every clause below is published by ICM Trader itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: ICM Trader LLC

sole discretionforum waiverhidden feeprofit voidingfee schedule missingjoint liabilitymarketing mismatchunilateral amendmentwithdrawalsaccount closure

ICM Trader sells an ECN account with direct market access. Its own execution policy says ICM Trader is the only venue your orders ever reach. The contract lets it delete confirmed trades, annul your profits when it suspends your account, and take money from accounts you merely oversee. No clause sets a deadline for paying a withdrawal.

Back to ICM Trader

Contract risk

Money at risk
8.0/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
16
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
6
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
5

How the 16 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical6
Warning10
Notice0

section 182 of 247is where the deepest clause sits, 74% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

1 of these 3 figures comes from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical15 working daysWithdrawal limit. Jump to the clause this comes from.No deadline anywhere for paying your withdrawal1Fee you were not shown. Jump to the clause this comes from.One free withdrawal a month, the rest cost an unpublished amount10%Bonus requirement. Jump to the clause this comes from.Withdrawing your own money shrinks the bonus by ten percent of it

What the documents say

16 clauses worth knowing about, worst first, each quoted from ICM Trader's own files

01

Suspend the account and the earnings go with it. Clause 18.14 says that where ICM Trader suspended you for breaking the terms or for what it calls abuse, your profits are annulled, and clause 16.3 lets it suspend you at its own discretion.

Why this matters

You can lose every dollar you made, not only the trade in question. The contract sets no test ICM Trader must meet, gives you no notice, and names nobody who can review it.

Exhibit 1CriticalHarder than usual

If the Client’s account has been suspended due to the violation of the current Terms of Services or due to any other form of abuse by the Client, the earnings/profits will be annulled.
Clause 18.14 in Terms and Conditions, p.24
Read from the broker's site on Open the reference

Buried at section 162 of 247 in the Terms and Conditions, 66% of the way through.

  • Worse together with Exhibit 9One clause deletes the profit on the suspended account, the other reaches into any other account you hold or oversee.
  • Worse together with Exhibit 3The profit goes on suspension, and the clause you would argue under lets ICM Trader close the disputed position first.
02

ICM Trader can remove a trade you already made. Clause 4.10 covers any transaction that in its own opinion does not reflect real market prices, clause 4.11 covers trades placed around news releases, and clause 4.12 lets it cancel trades, profit or losses and charge swaps on all your orders backwards.

Why this matters

A winning trade around a news release can be taken back days later, on ICM Trader's opinion of the price. You also carry any loss you made elsewhere relying on that trade, because clause 4.10 says ICM Trader is not responsible for it.

Exhibit 2CriticalHarder than usual

ICM Trader LLC may in its absolute discretion remove or delete Transactions and any associated Transactions (i.e. any trades closing subsequently deleted trades) which have been made over an OTP or a DTP which in the opinion of ICM Trader LLC do not reflect the actual market prices at the time of the placement of the relevant Transaction.
Clause 4.10 in Terms and Conditions, p.8
Read from the broker's site on Open the reference

Where it sits: section 48 of 247 in the Terms and Conditions, near the start.

03

Raise a dispute about a trade and clause 20.8 lets ICM Trader close that position immediately at its own quote. The same clause says that whatever the dispute decides afterwards, it will not reopen or reinstate the trade.

Why this matters

Winning your complaint does not get your position back, so the most you recover is whatever ICM Trader closed it at. The recordings you would argue from belong to ICM Trader under clause 4.5.

Exhibit 3CriticalRarely seen

In the event of any query or dispute ICM Trader LLC may at its discretion immediately close, at the prevailing ICM Trader LLC quote or the first such quote available, any Position that is in dispute. No matter what the subsequent result of the dispute, ICM Trader LLC will not reopen or reinstate any such closed trade.
Clause 20.8 in Terms and Conditions, p.26
Read from the broker's site on Open the reference

Buried at section 177 of 247 in the Terms and Conditions, 72% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must run a written complaints procedure with fixed reply times, and a retail client who is unhappy with the answer can take it to an independent ombudsman at no cost. This contract sets no reply time, names no external body and gives no appeal.

ICM Trader is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingMost agreements let a firm close a disputed position. Saying in advance that the trade will never be reinstated, whatever the outcome, removes the remedy before anyone hears the complaint.

  • Worse together with Exhibit 15There is nowhere to escalate to, because the only scheme the contract mentions is never named.
04

The homepage sells an ECN account with raw spreads and direct market access, in English, Persian and Arabic. ICM Trader's own execution policy says it is the sole execution venue for your trades, and that it runs a dealing desk where you trade into its own liquidity.

Why this matters

You pay commission from $3.50 a lot for access you are not getting. The firm quoting your price, filling your order and judging whether the fill was valid is the firm on the other side of it.

Exhibit 4CriticalHarder than usual

ICM Trader Limited is the sole execution venue for your trades placed via its internet portals or over the telephone.
Clause Glossary of Terms in Order Execution Policy
Read from the broker's site on Open the reference
  • Same clause as Exhibit 11The clause that contradicts the ECN claim is the clause that makes ICM Trader your counterparty.
05

Nothing in the 35 pages says when ICM Trader has to pay you. Clause 18.11 lets it postpone your withdrawal until a payment system works again, with no outer limit, and the only timing given anywhere is for refunds, where clause 18.14 allows up to fifteen working days by card.

Why this matters

You cannot say a payment is late, because no clause gives you a date. If you funded by card you can only take back what you paid in by card, and ICM Trader picks the route for the rest.

Exhibit 5CriticalHarder than usual15 working days

In case the payment system stops operating for some time, the Company has the right to postpone the date of withdrawal until the payment system resumes working.
Clause 18.11 in Terms and Conditions, p.23
Read from the broker's site on Open the reference

Buried at section 158 of 247 in the Terms and Conditions, 64% of the way through.

What it costsDeposit $1,000 by card and turn it into $2,500. The $1,000 goes back to the card, and the $1,500 profit leaves by a method ICM Trader chooses, on a date the contract never fixes.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must pay a retail client's withdrawal promptly and cannot hold client money without a reason they can show. This contract gives no deadline and lets ICM Trader postpone the date.

ICM Trader is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 6ICM Trader chooses the route your money leaves by, and the fee for that route is never published.
06

ICM Trader covers the fee on one withdrawal per calendar month, and only if you traded at least 5 lots or leave a balance behind. Clause 18.17 says charges apply to the second withdrawal and to anyone who has not traded, then sends you to support to ask what they are.

Why this matters

You cannot work out what taking your own money out will cost before you deposit, because no document and no page on the site states the amount. Card charges land on you as well under clause 10.3.

Exhibit 6WarningHarder than usual1

ICM will bear the fees for one withdrawal per calendar month as long as the client has traded a min. of 5 lots or there is a remaining balance in his account.
Clause 18.17 in Terms and Conditions, p.24
Read from the broker's site on Open the reference

Buried at section 170 of 247 in the Terms and Conditions, 69% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client the costs of a service before the client commits to it. Here the fee exists in the contract and the amount appears nowhere.

ICM Trader is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Profit you have already made is the easiest thing in this contract to lose

Three clauses reach backwards. Clause 18.14 annuls your earnings when ICM Trader suspends the account, clause 4.10 deletes confirmed trades that in its own opinion mispriced the market, and clause 13.7 lets it consolidate accounts you merely oversee. None of them sets a test ICM Trader has to meet.

Money already made1 clause flagged

Clause 13.7 lets ICM Trader consolidate your accounts without notice, and it does not stop at accounts you own. It reaches any account in which you have a part or management function or oversight interest.

Why this matters

Money in a company account you manage, or an account you signed for on someone else's behalf, can be used to cover your personal losses. Nobody has to tell you first.

Exhibit 9CriticalRarely seen

ICM Trader LLC may at any time set off any liabilities owed by it to you against any amount owed by you to ICM Trader LLC reserves the right, without notice to you and in its absolute discretion, to consolidate any or all of your accounts of whatever type or description or any accounts in which you have a part or management function or oversight interest.
Clause 13.7 in Terms and Conditions, p.18
Read from the broker's site on Open the reference

Where it sits: section 122 of 247 in the Terms and Conditions, 49% of the way through.

Our readingSet-off across a client's own accounts is ordinary. Extending it to accounts where the client only has an oversight or management role pulls in money that belongs to other people.

The site sells direct market access that the execution policy rules out

ICM Trader advertises an ECN account with raw spreads and direct market access in English, Persian and Arabic. Its Order Execution Policy says ICM Trader is the sole execution venue and runs a dealing desk that takes the other side. The restricted country list on the site is also shorter than the one in its AML policy by five places, including the UK and the EU.

Language arbitrage1 clause flagged

Every page of the site says ICM Trader does not serve residents of Saint Vincent and the Grenadines, the USA and sanctioned regions. The AML and KYC policy adds the UK, the EU, Japan, Canada and Australia, while the Terms name no restricted country at all. Parts of that policy are unreadable, and this line appears twice in it, identically.

Why this matters

A reader in London or Frankfurt is told by the website that they qualify, while a policy on the same site says they do not. Clause 1.5 makes you warrant that trading is legal where you live, and clause 1.6 makes you liable for the whole loss if that warranty fails.

Exhibit 13WarningHarder than usual

Regional restrictions: ICM Trader Limited does not provide services to residents of Saint Vincent, the USA, UK, EU, Japan, Canada, Australia, and some other regions.
Quoted in AML & KYC Policy
Downloaded from the broker's site on Open the reference
Our own capture of icmtrader.com, taken on Sep 16, 2026The claim, on Footer of the English legal documents pageVisit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 16The policy with the longer country list also names the older company, so a reader cannot tell which document is current.

ICM Trader charges withdrawal fees it does not publish anywhere

One withdrawal a month is free if you traded 5 lots, and clause 18.17 sends you to support to find out what the others cost. The Contract Specifications that hold the spread and commission are part of your contract and are not on the site. A debit balance runs at 2% a month under clause 13.3.

Cost disclosure2 clauses flagged

If your account goes into debit and you do not clear it within 5 days, clause 13.3 charges you 2% a month on the sum owed. It says per calendar month or part of one, and cumulative, so a few days into a new month costs a full month.

Why this matters

A debit balance grows at roughly 24% a year while you are still arguing about how it got there. Clause 13.4 lets ICM Trader take the recovery costs from any account you hold an interest in.

Exhibit 7WarningHarder than usual2%

ICM Trader LLC reserves the right to and shall be entitled to charge interest on all sums payable to ICM Trader LLC under these Terms and Conditions which are not paid within 5 days of their due date until payment is made in full, ICM Trader LLC shall charge you 2% per calendar month or part thereof cumulative on the sum owed
Clause 13.3 in Terms and Conditions, p.18
Read from the broker's site on Open the reference

Where it sits: section 118 of 247 in the Terms and Conditions, 48% of the way through.

What it costsA $1,000 debit balance costs $20 for the first month. Four days into the next month counts as a whole month, so it is $20 again.

Clause 11.1 makes a document called the Contract Specifications carry the spread, the commission, the margin requirement and the overnight financing rate for every market, and it binds you. We could not find it published on the site, and clause 11.3 lets ICM Trader vary spreads and commission with no notice.

Why this matters

You agree to prices you cannot read before you sign, and they can move against you afterwards without anyone telling you.

Exhibit 8WarningHarder than usual

The Contract Specifications provide important information in relation to each market offered by ICM Trader LLC and clients are advised to ensure they understand them.
Clause 11.1 in Terms and Conditions, p.17
Read from the broker's site on Open the reference

Where it sits: section 112 of 247 in the Terms and Conditions, 45% of the way through.

  • Worse together with Exhibit 10The price list can change at any time, and the change binds positions you already hold.

The 10% bonus shrinks every time you withdraw your own money

ICM Trader's 10% bonus is trading credit that rule 3 says can never be withdrawn or converted. Rule 6 removes 10% of any withdrawal from that credit, which lowers the margin behind your open trades. Rule 9 lets ICM Trader cancel profits it judges came from abusive trading.

Credit, not cash1 clause flagged

The 10% trading bonus is credit, not cash, and rule 3 says it cannot be withdrawn or converted. Rule 6 cuts the credit by 10% of whatever you withdraw, so taking your own money out weakens the margin holding your open trades.

Why this matters

Rule 9 lets ICM Trader cancel profits it decides came from abusive trading, and the promotion does not define what that means. The bonus supporting your positions can also be removed at its discretion under rule 8.

Exhibit 12WarningStandard wording10%

Important: The bonus is trading credit only. It cannot be withdrawn, transferred, or converted into cash.
Clause 3 in Terms and Conditions - 10% Trading Bonus, p.2
Read from the broker's site on Open the reference

What it costsDeposit $10,000 and the bonus is $1,000. Withdraw $5,000 and the credit falls by $500.

ICM Trader can change your contract while your trades are open

Clause 21.1 makes an alteration effective the moment it is served and applies it to positions you already hold. Clause 22.3 treats a voicemail or a text as served two hours after it was left. Clause 8.8 moves margin and stop out levels with no notice at all.

Changing the deal1 clause flagged

Clause 21.1 makes any change effective the moment it is served on you, and applies it to open positions and unfilled orders you placed under the old terms. Clause 22.3 counts a text message or a voicemail as served two hours after it is left.

Why this matters

A voicemail you never heard can change your contract two hours later. Clause 8.8 also moves margin and stop out levels with no notice, applied to positions you already hold.

Exhibit 10WarningHarder than usual

These Terms are subject to alteration by notice to you. Any alteration shall be effective immediately on service in accordance with Clause 21 and shall apply to all open Positions and unfilled orders as at and after the effective date of the change.
Clause 21.1 in Terms and Conditions, p.27
Read from the broker's site on Open the reference

Buried at section 182 of 247 in the Terms and Conditions, 74% of the way through.

Raising a dispute costs you the position, whatever the dispute decides

Clause 20.8 lets ICM Trader close a disputed position at its own quote and says it will never reinstate the trade, whatever the outcome. The recordings you would argue from are its exclusive property under clause 4.5. The only compensation scheme mentioned, in clause 20.9, is never named.

Exit from a dispute1 clause flagged

Clause 20.9 tells you that if the third party bank holding client money failed, you may be entitled to compensation from the Scheme. No scheme is named there or anywhere else in the five documents, and no regulator or insurer is identified.

Why this matters

A sentence that reads like a safety net is attached to nothing you can claim from. If the bank holding your money failed, this clause gives you no address to write to.

Exhibit 15WarningHarder than usual

In the event that the third party bank was to become insolvent you may be entitled to compensation from the Scheme if the third party bank were unable to meet their obligations.
Clause 20.9 in Terms and Conditions, p.26
Read from the broker's site on Open the reference

Buried at section 178 of 247 in the Terms and Conditions, 72% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

An FCA firm is covered by the Financial Services Compensation Scheme and a CySEC firm by the Investor Compensation Fund, both named in the client agreement with limits stated. Here the scheme has a capital letter and no name.

ICM Trader is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

ICM Trader's contract names no governing law and no court

No clause in the 25 sections of the Terms says which law applies or where a dispute is heard. The definitions still cite the UK Insolvency Act 1986 and the Companies Act 2006 while the company is registered in Saint Vincent and the Grenadines. Clause 1.8 gives the English text precedence over the Persian and Arabic versions.

Where you would sue1 clause flagged

Across all 25 sections of the Terms, no clause says which country's law governs your agreement or which courts hear a dispute. The definitions borrow the UK Insolvency Act 1986 and the Companies Act 2006, the marks of an English template, while the company sits in Saint Vincent and the Grenadines.

Why this matters

If ICM Trader keeps your money, you have to work out where to sue before you can start, and the contract will not tell you. Clause 1.8 adds that the English version wins over the Persian and Arabic ones you may have read.

Exhibit 14WarningRarely seen

if you are an individual, on the passing, or proposal, by you of a voluntary arrangement under the Insolvency Act of 1986 (specifically part VIII) or an agreement/composition with your creditors generally or the making of a bankruptcy order;
Clause Definitions, Insolvency Event in Terms and Conditions, p.31
Read from the broker's site on Open the reference

Our readingA governing law and jurisdiction clause is in almost every retail client agreement. Leaving both out is unusual, and it leaves the client to guess the forum.

ICM Trader takes the other side of your trade and will not show what it pays out

The Risk Disclosure states plainly that you open your position with ICM Trader as counterparty. Clause 10.4 then says commission sharing with introducing brokers and partners will not be set out in your contract note, and the Conflicts of Interest Policy named in clause 14.2 is not published.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Who is on the other side1 clause flagged

The Risk Disclosure says you open your position with ICM Trader in its capacity as a counterparty, so it holds the other side of your trade. Clause 10.4 lets it share commission with partners and third parties, then says those arrangements will not appear on your contract note.

In plain words

Remuneration means payments it receives.

Why this matters

Your loss is the other side's gain, and the other side sets the price you trade at. You cannot see what an introducing broker was paid to send you, so you cannot weigh the advice you got.

Exhibit 11WarningHarder than usual

Customer enters a trade and opens a position with ICM Trader Limited in its capacity as a counter party.
Clause COUNTER PARTY RISK in Risk Disclosure
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must disclose any fee or commission paid to or received from a third party in connection with the service, and must publish how they manage conflicts. This contract says the sharing arrangements will not be set out, and the Conflicts of Interest Policy it points to is not on the legal page.

ICM Trader is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Two company names and two registration numbers across one document set

The Terms name ICM Trader LLC under number 1858 LLC 2022 and say it is registered by the Financial Services Authority of Saint Vincent and the Grenadines. The other four documents name ICM Trader Limited under number 26193 BC 2021 and say it is regulated by the same authority. The site adds that card payments may be handled by companies in Switzerland and London.

Who you contract with1 clause flagged

The Terms name ICM Trader LLC, registered by the Financial Services Authority under number 1858 LLC 2022 at Beachmont Business Centre. The Risk Disclosure, Order Execution Policy, Privacy Policy and AML policy name ICM Trader Limited, regulated by the same authority under number 26193 BC 2021 at a different address.

Why this matters

You cannot tell from the documents which company holds your money or which one you would have to pursue. Registered and regulated are not the same word, and the two halves of this document set use different ones.

Exhibit 16WarningHarder than usual

ICM Trader LLC is incorporated in Saint Vincent and the Grenadines and registered by the Financial Services Authority of Saint Vincent and the Grenadines under Number: 1858 LLC 2022.
Quoted in Terms and Conditions, p.2
Read from the broker's site on Open the reference

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The homepage sells access to a market, and the execution policy says ICM Trader is the only venue your order reaches.

Said in public, in English

Our flagship ECN account with raw spreads, direct market access, and institutional-grade execution.

English homepage, ECN account card

In the contract · clause Glossary of Terms

ICM Trader Limited is the sole execution venue for your trades placed via its internet portals or over the telephone.

02

The Persian page promises direct access to the market, while the English policy describes a dealing desk trading against the client.

Said in public, in Persian

حساب ECN پرچمدار ما با اسپرد خام، دسترسی مستقیم به بازار و اجرای سفارش در سطح نهادی.

Word for word in English: Our flagship ECN account with raw spread, direct access to the market and order execution at institutional level.

Persian homepage, ECN account card

In the contract · clause 3.5

ICM Trader Limited offers execution via a Dealing desk where it provides prices and execution and the client will be trading into ICM Trader Limited's liquidity.

03

Minimal slippage is advertised on the homepage and disclaimed in the execution policy.

Said in public, in English

Lightning-fast order execution with minimal slippage

English homepage, Fast Execution card

In the contract · clause 3.5

ICM Trader Limited does not guarantee the execution and slippage will be better than any other model or other forms of execution available and ICM Trader Limited will pass the fair market price to the client, in both Limit and Stop orders.

04

The homepage counts withdrawals in hours, and the contract sets no deadline and allows an open ended postponement.

Said in public, in English

24h Fast Withdrawals

English homepage, statistics strip

In the contract · clause 18.11

In case the payment system stops operating for some time, the Company has the right to postpone the date of withdrawal until the payment system resumes working.

05

The site excludes two places and the AML policy excludes seven, including the UK and the EU.

Said in public, in English

Regional restrictions: ICM Trader LLC does not provide services to residents of Saint Vincent and the Grenadines, USA and the sanctioned regions.

Footer of the English legal documents page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of icmtrader.com

In the contract

Regional restrictions: ICM Trader Limited does not provide services to residents of Saint Vincent, the USA, UK, EU, Japan, Canada, Australia, and some other regions.

The documents this reading is based on

6 files, all published by ICM Trader. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording ICM Trader publishes.

How this reading was done

Every clause above was read out of a document ICM Trader publishes itself

This reading was published on .

Documents
5 of 6downloaded from the broker's site, and 5 read in full
Pages opened
22pages walked to find those documents, footer links included
Marketing pages
7public pages set against what the contract says
Languages
EN vs FAthe language it advertises in, against the language it contracts in
Position measured
10clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

ICM Trader LLC

You contract with ICM Trader LLC, registered in Saint Vincent and the Grenadines under number 1858 LLC 2022, at Beachmont Business Centre, Suite 294, Kingstown. Four of the five legal documents still name a different company, ICM Trader Limited, at a different Kingstown address under number 26193 BC 2021. The site adds that your card payment may be handled by ICM House AG in Switzerland or ICM Capital Limited in London, and neither of those is the company that owes you your balance.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

All five legal documents sit one click from every page and open without an account. The Risk Disclosure is blunt where most are vague: it tells you ICM Trader is the counterparty to your trade and that there are no guarantees as to its credit worthiness. Clause 17.2 puts client money in client bank accounts. There is no dormancy fee and no inactivity charge anywhere in the contract, which is rarer than it should be.

The AML and KYC policy would not open for us properly. Its text is damaged, so we quote one line from it that appears twice in the file and reads the same both times, and we make no claim about the rest of that document. No earlier version of any of these five documents was available, so this is a first reading with nothing to compare against. The Terms make a document called the Contract Specifications part of your agreement, holding the spreads, commission, margin and swap rates, and we could not find it published anywhere on the site. The Conflicts of Interest Policy named in clause 14.2 is not on the legal page either.

How to check any of this yourself

Every quote above links to the ICM Trader file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document ICM Trader publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge ICM Trader on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Sep 16, 2026.

If you represent ICM Trader and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on ICM Trader. Whether its licence is real and current is a separate check on the broker profile.

What traders say about ICM Trader

Comments on ICM Trader are posted on its profile

Nobody has commented on ICM Trader yet. If you have traded with them, your experience helps the next reader decide.

Write the first comment
Back to the ICM Trader profile