Overall Score40 / 100The Wikilix trust rating of InterCapital Markets, out of 100, built from the five factors below.It holds no valid licence, and our investigation found it appears legitimate.Regulation0%Identity98%Client terms50%Trading offer38%Service67%Score last calculated 2026/10/18
High risk35 to 49. Serious gaps in regulation, client terms or conduct; the record points to real risk for a deposit.Why: It holds no valid licence, and our investigation found it appears legitimate.
40 out of 100 · 69% checkedThe share of the record we could verify. What we could not check counts as unknown and pulls the score toward the middle, never down.
Do not trust
High risk
Fair
Good
Excellent
It holds no valid licence, and our investigation found it appears legitimate.
RegulationWhether a financial authority supervises this broker: the licences it holds, whether we verified them on the official register, how strong that regulator is and what protection it gives clients. Worth 35 points of 100.
0Poor
IdentityWho is behind it and for how long: a company registration we verified, years of verified history, how openly it names its entity, address and owners, and whether its website is intact. Worth 15 points.
98Excellent
Client termsHow fair the client agreement is: the risk found in our policy review, the number of critical clauses, withdrawal rules, and whether the terms say the same in every language. Worth 15 points.
50Fair
Trading offerWhat trading costs and how clearly it is disclosed: pricing per account type, the all-in cost of EURUSD, instruments, platforms, leverage against regulated limits and the minimum deposit. Worth 20 points.
38Poor
ServiceHow clients are treated: support channels, complaints about withdrawals and reputation from our investigation, and reviews by WIKILIX members. Worth 15 points.
67Good
We checked InterCapital Markets on 2026-10-18 across its regulation, company record, client terms, trading offer and service, and could verify 69% of its record. It holds no valid licence: every licence we knew of has ended or could not be found on its register. The score of 40 is what the checked record adds up to; nothing held it down. What would move the score: policy risk, critical clauses, withdrawal rails. Our published investigation found it appears legitimate, with 11.6 years of track record. Its client terms have not been reviewed yet.
What Wikilix has recorded about InterCapital Markets: its history, the licences it holds, its trading conditions and its fees.
InterCapital Markets Broker Overview
InterCapital Markets is the trading name of Intercapital Markets AD, a boutique brokerage firm based in Sofia, Bulgaria. The company states on its own site that it was founded in 2001 by Nicolay Mayster and obtained its investment brokerage licence from the Bulgarian Financial Supervision Commission in 2003. It is a member of the Bulgarian Stock Exchange in Sofia and a clearing member of the Central Depository in Bulgaria. The business is agency brokerage rather than retail contracts for difference dealing: clients trade cash instruments such as shares, bonds, ETFs and funds on local and international venues through the Infront terminal, and the firm also offers discretionary portfolio management.
InterCapital Markets Regulation and License
The regulation page published by Intercapital Markets AD states that the company is authorised and regulated by the Bulgarian Financial Supervision Commission under licence number RG-03-0204 dated 24 February 2006, and that this permits it to receive and execute client instructions in all types of financial instruments across all available exchanges as well as to manage client assets on a discretionary basis under an asset management agreement. This is the broker's own statement of its regulatory position. WIKILIX did not confirm the entry against the authority's own register in this research, so the licence is recorded here as claimed rather than independently confirmed.
Is InterCapital Markets Regulated?
Intercapital Markets AD presents itself as a licensed Bulgarian investment intermediary, and the profile it publishes is consistent with an onshore European firm rather than an offshore one. The registered corporate record for the company carries the express designation of investment intermediary, which supports the broker's account of what it does, although a corporate record is not itself a financial licence. A reader who needs certainty on the licence should confirm the number directly with the authority before funding an account.
Intercapital Markets AD
Intercapital Markets AD is registered in the Bulgarian Commercial Register under unified identification code 131057477, in the form of a joint stock company, with its seat at 140 Georgi Rakovski Street, floor 6, Sofia 1000. The company reports that it is owned by ten Bulgarian individual shareholders and managed by a four member board of directors, with two executive directors who may act only together. It names its executives and its head of regulatory compliance on its own site, which is an unusually open level of disclosure.
InterCapital Markets Account Types
The firm offers multi currency brokerage accounts and names the ICM 1 account for cash instruments such as shares, bonds, ETFs and mutual funds, where the value of the instrument is paid in full. The multi currency feature allows an account to be funded in one currency and used to trade or withdraw in another. A separate ICM Easy Gold account is promoted for exposure to gold through a financial instrument rather than physical metal, and the firm states its risk level as six out of seven.
InterCapital Markets Spreads, Commissions and Fees
Pricing is commission based rather than spread based. Intercapital Markets AD states that it charges the same low commission for share trades on most Western European markets and a per share commission on United States and Canadian markets, and that it does not add a mark up to the financing rates of the international brokers it uses. The exact figures live in the standard tariff and the ICMFX tariff, which the firm publishes on its . The firm notified clients that a revised general tariff and general terms of business take effect for new clients from 15 March 2026, including changes to commissions on certain European markets and to the Investor Compensation Fund charge.
InterCapital Markets Trading Platforms
Trading and market data are delivered through the Infront terminal in desktop and web form, with Infront mobile applications for iOS and Android. Intercapital Markets AD says it was among the first brokers to launch the new Infront Web Trader and offers a free demo of it. The firm also publishes a downloadable ICMFX desktop application, with its own tariff, instrument list and margin schedule. MetaTrader and cTrader are not offered.
InterCapital Markets Support
The company publishes a Sofia telephone number, +359 2 921 05 10, and its client portal lists support@intercapitalmarkets.com for assistance. Onboarding and client detail updates run through the portal at icmrk.com. Service is available in English and Bulgarian.
InterCapital Markets Pros and Cons
A named Bulgarian legal entity with a public registration number, a real Sofia office and named executives.
An onshore European regulatory position and stated membership of the Investor Compensation Fund, which covers up to ninety per cent of a non professional client's claim to a maximum of twenty thousand euro.
Client assets held in segregated accounts, according to the firm's own client policy.
A professional grade multi asset terminal with wide market coverage rather than a retail leverage product.
Commissions, minimum funding and margin terms are published only inside downloadable tariff documents, so headline costs are not visible at a glance.
The licence number is published by the firm but was not independently confirmed against the authority's register in this research.
InterCapital Markets Review and Assessment
InterCapital Markets reads as a long established, conventionally structured Bulgarian agency broker rather than a retail leverage shop, with an identifiable operating company, a verified corporate registration and an unusually transparent account of its people and its documents. The main thing to settle before opening or funding an account is the licence itself: confirm RG-03-0204 and the scope of the permission directly with the Bulgarian Financial Supervision Commission, and read the current general terms and tariff, since the published cost schedule is where the commercial detail actually sits.
Website archive
Captured
Website snapshots
11 full-page captures of InterCapital Markets's own site, archived so what they said can still be read after the pages change.
Every licence on record has expired or been closed on its register. We hold no evidence that InterCapital Markets is regulated today.
1 of 1 checked
Licences on recordEvery licence or registration recorded for this broker, whether the broker claims it or our check found it.
1
Confirmed on registerLicences we located on the issuing regulator's own public register, with a screenshot taken at the time.
0
Tier 1 or 2Licences from tier-1 or tier-2 authorities (FCA, ASIC, CySEC and peers), the strongest client protection. A registration we could not confirm as a licence is not counted.
0
OffshoreLicences from offshore registers, which typically carry no compensation scheme and lighter oversight.
0
WIKILIX
Licence intelligence
The only licence on file
Licence Verification Record
Financial Supervision CommissionRG-03-0204
Wikilix read the FSC register on Sep 4, 2026. This is what it said.
Name on the register
Intercapital Markets AD
Jurisdiction
BulgariaOffshore
Authority strength
Tier 3
Licence type
Dealing in securities
Register status
Legally valid. On the FSC public register as an active investment intermediary (authorisation 39-IP/19.02.2003; licence decision 119-IP/14.02.2006), with no administrative penalties recorded.
Effective
Feb 19, 2003
Expires
Mar 28, 2024
Shown on the InterCapital Markets website
Shown
No longer in force
Checked Sep 4, 2026
What our check found
Bulgaria's statutory financial regulator. This is an investment-intermediary (MiFID) licence permitting receipt and execution of client orders in financial instruments and discretionary portfolio management. Client protection: EU client-asset segregation; Investor Compensation Fund up to EUR 20,000 (90% of a claim) for non-professional clients.. Effective: 19 Feb 2003.
Client protection under this licence
Compensation schemeDepositors’ Compensation Scheme covers up to £50,000 per individual depositor
Negative balance protection
Complaints routecomplaints handled by regulated entity or Financial Services Ombudsman
Maximum leverage1:30
These are the rules FSC sets for the firms it licenses. They are not a statement about how InterCapital Markets applies them, or about which of its companies would hold your account.
A licence record describes what an authority published. It is not an endorsement, and Wikilix does not issue authorisations.
Where InterCapital Markets says it will and won't take clients
No country restrictions on record. We looked and found nothing published — which is not the same as being open to everyone. Check InterCapital Markets's terms.
How we know — 4 sources
1No jurisdiction restriction clause was found on the pages read on the broker's own site: the homepage, the regulations page, the about page, the services-to-individuals page and the documents index.
2The general terms of business, client order execution policy and AML rules are published only as downloadable documents; their text could not be read this run, so a restriction clause inside them cannot be ruled out.
3The onboarding form at the client portal asks only for an email address at its first step; the country list sits behind email confirmation and could not be read.
4Absence of a stated block is not acceptance: no country has been recorded as either blocked or explicitly accepted.
Websites
Global Domains
2 domains on record. All active and served over HTTPS.
2 domains
icmrk.comRegionalBulgariaActiveHTTPS
www.intercapital.bgRegionalActiveHTTPS
Social channels
Social Presence
One official channel on record.
1 channel
Legal entities
Corporate Network
One legal entity behind the InterCapital Markets brand.
1 entity
IP "INTERCAPITAL MARKETS" ADActiveBulgaria·Registration 131057477Operating legal entity, recorded in the Bulgarian Commercial Register under company case 2709/2003 with the special condition "investment intermediary".
Company registry check
Checked
Company Registration
The operating company is IP Intercapital Markets AD (Intercapital Markets AD). Registered in Bulgaria. Registration number 131057477.
Verified on registry
Legal entity
IP Intercapital Markets AD (Intercapital Markets AD)
Registration number
131057477
Jurisdiction
Bulgaria
Incorporated
Jan 28, 2008
Registry
Bulgarian Commercial Register (Registry Agency)
Registered address
140 Georgi Rakovski Street, floor 6, Sofia 1000, Bulgaria
Peer comparison
Brokers worth comparing
3 other brokers on the record share what InterCapital Markets offers — its country, regulator, account types or platforms — set beside it on the same measures.
The firm publishes no list of countries it refuses on the pages of its website reviewed here, and its onboarding form does not reveal its country list until after email confirmation. No block and no explicit acceptance can therefore be stated for any particular country. Confirm eligibility with the firm before starting an application.
The firm publishes a Sofia telephone number, +359 2 921 05 10, and an office at 140 Georgi Rakovski Street, 6th floor, 1000 Sofia. Its client portal lists support@intercapitalmarkets.com for assistance. Service is offered in English and Bulgarian. No live chat is advertised on the public site.
Its core proposition is agency brokerage in cash instruments, shares, bonds, ETFs and funds, on local and international exchanges, plus discretionary portfolio management. It also publishes special terms for contracts for difference and an instrument list and margin schedule for its ICMFX application, so leveraged products exist alongside the cash business. The public site does not quote forex spreads or instrument counts.
Onboarding runs through the firm's client portal at , which it describes as fully online. Registration starts with an email address and password, followed by email confirmation, a know your customer form and a summary step. Existing clients are also directed there to keep their details current.
The firm states that client assets are held in segregated accounts, separate from its own funds, and that it is a member of the Investor Compensation Fund, which covers non professional clients for up to ninety per cent of a claim to a maximum of twenty thousand euro. These are the firm's own published statements and were not separately confirmed in this research.
Pricing is commission based. The firm says it applies the same low commission to share trades on most Western European markets and a per share commission on United States and Canadian markets, and that it adds no mark up to the financing rates of the international brokers it uses. The figures themselves are in the standard tariff and the ICMFX tariff on the documents page. A revised tariff applies to new clients from 15 March 2026.
The firm describes multi currency brokerage accounts and names the ICM 1 account, for cash instruments such as shares, bonds, ETFs and mutual funds paid for in full. It also promotes an ICM Easy Gold account for exposure to gold through a financial instrument, at a stated risk level of six out of seven. The multi currency feature lets an account be funded in one currency and traded or withdrawn in another.
The main platform is the Infront terminal, available as a desktop application, a web trader and mobile apps for iOS and Android, with data from more than 55 exchanges, MTFs and contributing brokers. The firm also distributes its own ICMFX desktop application. MetaTrader 4, MetaTrader 5 and cTrader are not offered.
No maximum leverage is stated anywhere on the public website. The firm publishes a separate margin schedule for its ICMFX application among its downloadable documents, and that is where any margin and leverage terms are set out. Nothing is quoted here that the site does not state.
The firm does not publish a headline minimum deposit on its website. Funding thresholds, if any, sit inside its general terms of business and standard tariff, which it publishes on its . Ask the firm directly or read the current tariff before opening an account.
The company says it was founded in 2001 and licensed for investment brokerage in 2003, and describes more than two decades of operation. Its file in the Bulgarian Commercial Register is company case 2709/2003, which is consistent with that account. This is a long operating history by the standards of the sector.
Nothing found in this research points that way. The brand maps to a single named Bulgarian company whose registration is live on the official register, at the same Sofia address the site publishes, with the express designation of investment intermediary. It names its executives publicly and publishes its full legal document set. The open point is the licence itself, which the firm publishes but which was not confirmed against the authority's own register here.
The operating company is Intercapital Markets AD, a Bulgarian joint stock company registered in the Commercial Register under unified identification code 131057477, with its seat at 140 Georgi Rakovski Street, floor 6, Sofia 1000. The company says it is owned by ten Bulgarian individual shareholders and run by a four member board with two executive directors who may act only together.
Intercapital Markets AD states on its own that it is authorised and regulated by the Bulgarian Financial Supervision Commission under licence RG-03-0204, dated 24 February 2006. That is the firm's own published claim. It was not independently confirmed against the authority's register in this research, so treat the licence as stated by the broker rather than verified, and check the number with the authority directly before funding an account.
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