Do not invest more money than you can afford to lose.
Forex brokerage ICM Capital has expanded its client fund protection plan with additional protection of up to £1 million per trader, the company said on Thursday. The broker, which is licensed by the UK Financial Conduct Authority (FCA), is required by law to provide up to £50,000 per client under the Financial Services Compensation Scheme (FSCS) in case of its default.
The new insurance is underwritten by QBE Underwriting Ltd. and other participating syndicates at Lloyd’s of London, a syndicate of underwriters and brokers.
“We are extremely proud to be entering 2017 with an announcement that goes above and beyond the market’s expectations when it comes to client protection. ICM Capital clients can now benefit from enhanced fund protection up to £1,000,000. As a multinational organisation, the security we provide for our clients is of the greatest importance. We continually enhance resources for our traders, ensuring improved safety and support across our global offices,” said Shoaib Abedi, director at ICM Capital.
The service is available to all clients of the broker at no additional cost. They do need, however, to fill in and submit an application in order to benefit from the new protection fund.
A few months back, two other brokers also announced the introduction of additional customer insurance protection. Cyprus-based FXPrimus increased client fund insurance protection with additional up to €2.5 million and UK and Australia-based ThinkMarkets (formerly ThinkForex) renewed its £1 million fund protection plan.
London-based ICM Capital is an online spot forex, commodities, and contracts for difference (CFDs). The broker serves retail and institutional customers alike.in Europe, Asia, and the Middle East, North Africa (MENA) region.
The broker is a unit of Luxembourg-based ICM Holding SARL.
