FCA licensed Retail FX broker ICM Capital Ltd has released its 2020 financials, which show relatively flat activity for the year but continued long term growth in client deposits with the firm.
ICM Capital, which operates the ICM.com website, saw revenue of £2.63 million in 2020 versus £2.56 million in 2019 – a slight 3% increase. Net profit was £177,000 in 2020, improved from a loss of £383,000 the previous year.
As we note above, one metric which did look good for ICM.com was client assets held, more than doubling from £2.9 million in 2019 to £6.1 million at year-end 2020.
After the “ESMA rules” came into effect in 2018 limiting the leverage which FX and CFD brokers could provide to retail clients, ICM said that it decided to shift its business away from retail and more toward institutional and professional clients. Nevertheless, ICM.com did continue to burnish its brand among retail traders, signing on as a sleeve sponsor of EPL team Newcastle United in late 2020. (However that deal seems to have expired, with eToro signing a recent sponsorship deal with the club).
ICM has taken steps to expand its international footprint in 2021, with the company naming Joanne Tayara as Director of its Dubai Office, and hiring ex Forex.com, OANDA and Saxo exec Andy Ring to head China.
ICM is controlled by founder and CEO Shoaib Abedi, via Luxembourg holding company ICM Holding SARL.
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