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IC Markets
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Surrealistik

Member Since Apr 28, 2012  214 posts Surrealistik Oct 10 2013 at 18:07
Hey guys, thought to set up a feedback and commentary thread relating to IC Markets.

Comments, complaints, concerns, compliments, commendations, put em all here. IC Markets will be monitoring this thread in order to gauge from the MyFXBook community what it's done right and wrong; what it does well, and what it can improve upon.

I definitely look forward to hearing from you all.


Cheers,
Kyle

Offering the best rebates for the best brokers; IC Markets: ; $1.50 / RTL Global Prime:
stevewalker

Member Since Jun 06, 2012  1439 posts stevewalker (stevewalker) Oct 10 2013 at 20:13
Hi Sur

IC markets are not well know broker. What I know is
- based at Australia
- low spreads
- low comission

I also would like know about it. if I get good feedback I will swtich to IC markets. 'IC Markets will be monitoring this thread' I wonder if a representative could give here some feedback. also traders can put their experience would be great.

the only concern for me is the safety of funds. its not enough to trust a broker only due its from Australia.

walker


Trade the Trend, Defend to Price!
dunkdenk

Member Since Oct 16, 2011  85 posts dunkdenk Oct 10 2013 at 22:47
I'm with them for months now. So far so good, haven't try to ask for withdrawal until now. I also with another aussie broker and made few withdrawals without any problem. And for the spread Just like what advertised, and never had bad experience like off-quotes or requotes or else with my HFT ea.

stevewalker

Member Since Jun 06, 2012  1439 posts stevewalker (stevewalker) Oct 11 2013 at 00:35
thank you dunk
have you ever faced with long term platform freeze
or
high slippage( not news hours )


dunkdenk posted:
I'm with them for months now. So far so good, haven't try to ask for withdrawal until now. I also with another aussie broker and made few withdrawals without any problem. And for the spread Just like what advertised, and never had bad experience like off-quotes or requotes or else with my HFT ea.

Trade the Trend, Defend to Price!
dunkdenk

Member Since Oct 16, 2011  85 posts dunkdenk Oct 11 2013 at 00:42
Freeze does happens, but only few seconds during high-impact news such as NFP, which also cause gap on the chart and wider spread, but not all high-impact news will cause this, only few of them. After that the spread back to normal even when the graph moving fast. I think the freeze, gap and wide spread is normal during that kind of ocassion. And during friday on US session last-minutes and monday Aussie session early minutes, lot of gaps happen due to low liquidity (I think).

togr

Member Since Feb 22, 2011  3297 posts vontogr (togr) Oct 11 2013 at 06:45
on Demo they are very good, low spread
Commission of $7/lot is not low but the total cost is low
e.g. 1 pip on EUR usd plus 7 pips commission is OK
Support is better then average.
I do not have real account but I am going to open one with them

I like what I trade, I trade what I like
Surrealistik

Member Since Apr 28, 2012  214 posts Surrealistik Oct 17 2013 at 01:07
Hey Vontogr, it is possible to get a substantial rebate on the standard commission cost per my signature. If you have any questions, I'd be happy to answer them.

I appreciate all the feedback guys. I will definitely pass on the information you've thoughtfully provided DunkDenk; Angus, their head of business development, is always looking for things to improve on.

Offering the best rebates for the best brokers; IC Markets: ; $1.50 / RTL Global Prime:
dunkdenk

Member Since Oct 16, 2011  85 posts dunkdenk Oct 17 2013 at 01:27
I hope I could withdraw my deposit soon, and left only the profits to run. When this happen, I'll let you know how the withdrawal process goes.

stevewalker

Member Since Jun 06, 2012  1439 posts stevewalker (stevewalker) Oct 17 2013 at 05:06
good luck wink
dunkdenk posted:
I hope I could withdraw my deposit soon, and left only the profits to run. When this happen, I'll let you know how the withdrawal process goes.

Trade the Trend, Defend to Price!
stevewalker

Member Since Jun 06, 2012  1439 posts stevewalker (stevewalker) Oct 17 2013 at 05:39 (edited Oct 17 2013 at 05:40 )
First in First
I have no offense or defense to this broker while I am trying to get correct info about it.

I am planning to work with this broker due to
- Low Cost
- Australian company
- Regulated

So I decided to investigate & found below;

I had read nearly all bad reviews about IC Markets.
- FPA
- 100Forexbrokers.com
& some other sites I did find on Net.

I read only the bad ones (always) to get a clue about Broker.
Here are my findings;
Most Common
- Slippage
- Platform Freeze
- Manuplating Reviews

Less Common
- Bad Support
- Short of Support team

The Worst
- Misscalculation of Profits => Australia, Geoff September 20, 2011 => This is the MOST Serious accusation about broker which made me think Link : http://www.100forexbrokers.com/reviews-ratings/icmarkets/cpage-8
- Missleading support => Nasim, Dhaka, Bangladesh 2013-02-13 => About PAMM/MAM account setup Link : http://www.forexpeacearmy.com/public/review/www.icmarkets.com.au

My Conclusion:
Low Cost:
I am logging spread from live account & here are my results
Average in pips for ECN account
EURUSD 0.16
GBPUSD 0.54
USDJPY 0.30
EURJPY 0.64
USDCAD 0.57
XAUUSD 2.37
weird!

& If client open account over an IB then he/she can get direct comission discount of $1.50. Means Comission for Round turn per lot will be $5.50
Above data makes IC markets the best ECN in the market as far as I know. ( must say that I am not new in this market )

This comes like 'too good to be true' yes I feel like that.

Slippage:
Slippage is MOST COMMON issue for all STP STP/ECN brokers. Due to latency between Retail Platform <=> Broker Server <=> Liquidity Provider
there will be slippage. There is no DUBT. But it should be symetric. But unfortunatelly most of the brokers use it to their favor. Slippage should be positive or negative.
But the super software of boston technologies called VDP (Virtual Dealer Plugin [working instead of dealing Desk & much more ;) ]) has many possible setups & brokers love to use those to their favor.
When we back out topic, I have no information about IC Markets slippage while I have no single trade with.

Platform Freeze:
is the result of
a - broker unhonesty => suspending server comunucation on news hours for some minutes!
b - short of servers on broker side => when servers are not enough they can not support news hours extra large amount of traders/orders whom are in rush

Most probably happens at news hours but again I have no clue while not traded live yet. But When I checked log files of terminal due to spread log I keep it up & running I dont see any major freeze.
This deas not mean that it will not in the future or did not happen in the past!
With my experience the notorious of platform freeze is Alpari.

Manuplating Reviews
FPA is very sensitive about that issue & tries to catch manuplating Brokers. if you check IronFX reviews on FPA site you can see clear proofs of that actions defended by FPA team.
On the other hand there are smarter ways of doing that without being catched. So if IC Markets manuplating review pages with a little sign of smart no body can catch that.
One thing I can say IC Markets is in the marketting attack. Which this is their right to do to get better portion from FX Retail Market.

Bad Support & Short of Support team:
IC Markets seems to be come togather of 2-3 people. I can put names here if they dont mind
Andrew Budzinski IC Markets Managing Director
Angus Walker ( No we are not relatives he he )
Nathan from the Account
&
IC Markets Support, no clue who is behind this title. A single person or team!?

The actions taken about review posts reminds me FXOpen. That broker also defend every single bad review posted about them. Is it bad thing?
I dont think so. If some people post bad things about me I would also defend myself.

Misscalculation of Profits:
If this is true no more comment needed about broker. But unfortunatelly I have no idea how to get if tis correct or wrong while Geoff is not poster real name.
So black information without proof.

Missleading support:
I had read about also the related document of Nasim & I found him quite right. He mentioned nearly all information before account setup.
But on the other hand while IC Markets failed that account setup, they basicly refuse to get at least 10 to 50K amount of money. If they would be a scam broker they would definetly accept that deal.




Last Issue:
Cahrt of NZDUSD from Live account
History corrupt.
http://www.mql5.com/en/charts/894625/nzdusd-w1-international-capital-markets


LAST WORD:
after all those information collection I am planning to fund account with small amount & check slippage. if its in limits then will keep working with them.
Lets see what we will get from that.

walker

Trade the Trend, Defend to Price!
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