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IC Markets

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Hi all,

I thought I'd get things started with a review of IC Markets. Website is here.

I've been a user for several years and I almost didn't go ahead due to reading a few negative reviews but I've learnt over the years that a lot of negative broker reviews can be put down to sour grapes on the traders behalf.

I use their ECN platform which offers industry leading spreads. EURUSD for example gets as low as 0 pips for spread. During peak trading time, it is typically 0.1/0.2 pips. Slightly more exotic pairs also have a better spread. GBPAUD for example can be as low as 1 pip and 3 pips outside of peak hours. Other brokers I use/quote show upwards of 4.5 pips for GBPAUD.

Deposits are seamless and withdrawals and extremely quick. They are well regulated under ASIC.

You do experience slippage (both positive and negative) on almost every trade which could bother some traders if using stop orders but all of my trading is either at market or limit orders.

Their PDS states they do not take the opposite side of a traders trade and they route it straight through to their liquidity providers. I am not 100% sure on this but I cannot complain of any mishaps or dodgy trades. Ultimately, I'd like to progress to a Prime of Prime broker (I'll expand on this in due course) but for now, IC Markets have been first rate.

Overall, a very solid retail broker.
 

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ICMarkets just blotted their copybook a little with their live servers being down for around 7-8 minutes. Thankfully I didn't have any pending orders in the book but I can imagine there are a few pissed off customers right now.
 

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I've began the search for a second broker as lately IC Markets are beginning to fall away from their usual high standards. The last 20 trades resulting in TP being hit have experienced negative slippage 16 times out of those 20 trades. That is extremely unusual and especially so when at least a few of those trades were when a big move came so positive slippage should have occurred.

Secondly, I requested a withdrawal 3 hours before their cutoff for processing the same day and they didn't get it done. Only when I raised an email questioning this did they act on it.

So, I'm in the process of signing up to Global Prime which is also an Australian regulated broker.
 

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MT5 is now available for IC Markets.
 

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I've been monitoring my fills on exits for some time and it is beginning to get to the point where I'm thinking of taking my funds away from IC Markets and distribute to other brokers.

I understand not all orders can be filled at the requested price but over 80% of my orders are getting poor fills on exit. Today, alone I have lost 4.4 pips due to bad exits.

I'm sending them an email and will see what they say.
 

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Case in point. Completed set of trades on GBPCAD. 3.7 pips lost to poor fills.
 

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Greenmoney21

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I've moved away from ICMarket as well, due to bad order execution and cost of trading on EURUSD expensive. If your planning to run EA on them, consider others, because they have logs enabled on high rate traders.
 

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I've moved away from ICMarket as well, due to bad order execution and cost of trading on EURUSD expensive. If your planning to run EA on them, consider others, because they have logs enabled on high rate traders.
What server were you on? Did you get a rebate on commissions? EURUSD I've actually found to be the least problematic simply due to the volume available but anything away from EURUSD/GBPUSD/USDJPY and fills become an issue with 30+ lots.
 

turnip15

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Bother ! I - like you -was looking at IC and was impressed when I could see the MT4 package would work on an IMAC with no plug ins needed from Microsoft !
Well - any suggestions who to try next as a Broker ?
 

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Bother ! I - like you -was looking at IC and was impressed when I could see the MT4 package would work on an IMAC with no plug ins needed from Microsoft !
Well - any suggestions who to try next as a Broker ?
Global Prime or LMAX in the UK.
 

Admin

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Did you try Pepperstone? looks good so far for me.
I've looked at them in the past but never actively traded with them. Similar to IC Markets but their spreads are slightly worse and they couldn't offer me the commission I was after.
 
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