IC Markets

@Humpenjang in your case about maximum open order, I also curious with another aussie broker which made me ask their support about this limitation (P*********e), they also have same limitation, but they can increase the limit to more than 200 orders, but you must have your orders at least 1 lot each. 😭

With EM, do you have any issue with them where you could open as much as 1300 orders on their server, such as slippage, spread, etc? 😄 (As I also have HFT EA that could send orders as much as yours)

I did not yet look into the logfile with EM. On the other side, I put my EA on SEKJPY, with IC, as it showed a pretty low spread (15 points, I consider that low for this rather unusual pair), guess what, the EA did not open one trade, when I looked into the log, I just got re-quotes on that pair.
They transferred the 68EU to my account, so I'm up +200 now, at least I'll escape this adventure with a small profit. 😇

Anyone manage to withdraw with Neteller?

mmnet posted:
Anyone manage to withdraw with Neteller?

Yes, I have made a number of Neteller withdrawals.

You can withdraw via Neteller if you deposit via Neteller. You can withdraw profit via Neteller but not sure if you can withdraw your initial deposit if it wasn't deposited via Neteller.

I interpret that your initial deposit must be withdrawn the same way it was deposited but anything over that (profits) can be withdrawn via Neteller once you have made at least a minimal deposit via Neteller to activate Neteller in your client portal.

It seems the cheapest way is to make a wire transfer. They had a bank contact in my home country, I wired 5000 without fees. For withdrawals it seems to be a fee of 20 AU$, but didn't try that up to now.

Humpenjang posted:
It seems the cheapest way is to make a wire transfer. They had a bank contact in my home country, I wired 5000 without fees. For withdrawals it seems to be a fee of 20 AU$, but didn't try that up to now.

Thats great if you are happy to deposit and withdraw into a bank account. Some traders like to be able to withdraw profits into a debit card 😉

I would prefer the credit card, as it gives me FF-miles on top, but there are few brokers who offer that without charge. IC charges somewhat around 3%, is a bit stiff for a 5K deposit 😁

I suggested to Angus that IC Markets set up some kind of broker issued debit card for the sake of convenience in withdrawing/spending profits that could be loaded with a transfer from your trading accounts which either had adequate margin or no open positions. That said, I'm not sure if this would actually be possible under ASIC regulations.

Humpenjang posted:

BluePanther posted:

Humpenjang posted:

I contacted the support a couple of days back, prior to open an account, they confirmed there will be no limitation on open trades.
 
Here a statement from there FAQ section.

'Is there a limit to the number of open positions that I can have open at any one time?

No, you can have open as many positions as you like at the same time.'

Should there be a limitation, I'm as quickly off, than I joined them.

As soon the funds are on the account I let you know.

I am glad to hear they seem to have changed their attitude to the maximum open orders limit. I enquired earlier this year about my demo account (which at the time had over 600 open trades) and I asked them why they permitted this. Angus (IC Markets) responded that they 'make exceptions', but from what you say perhaps they now permit this... the question then remains: what is the new maximum limit on open orders?

I would say no limit at all, I had today up to 1300 open orders, on another broker, finally I found out I was logged in twice into my VPS 😁, all went well so far.....

...no limit on 'open orders', but perhaps a limit on 'server messages'. I received this notice due to a HFT EA on demo which I had attached to all forex pairs of IC Markets for forward testing purposes. I had to reduce the number of pairs I am testing. Forewarned is forearmed!

[email received last week from IC Markets Support]

Hi Matthew,

We have noticed hyperactivity on your live MT4 account, the details for this are below.

Account #: 850397

IP Address: ###.###.###.###

Server Messages: 29936

An account is considered hyperactive (Metaquotes guidelines) when it exceeds 2,000 server messages per day. Activity above this level can be harmful to the server, especially when several clients are hyperactive at the same time. The most common reasons for hyperactivity are:

1. Orders being modified by an expert advisor every tick

2. Orders being sent to the server when there is no money in the account

3. Faulty logic and or settings in the expert advisor causing over trading (and usually losses)

4. Running multiple EAs and signal copy services on one trading account

Please check your account and make the changes necessary to bring your server messages to less than 5000 per day. If we do not hear from your within 24 hours we may block your IP address to prevent unnecessary load on the MT4 server.

Kind Regards,

Doris Zhang | Asian Desk Manager | IC Markets

mmnet posted:
Anyone manage to withdraw with Neteller?

Nope! I have yet to make more money than I have deposited! For me, any withdrawals until then are refunded back to the original credit card I used to make the deposit.

I'm sure Neteller will be available as a withdrawal option once I have equaled my credit card deposits in withdrawals!

You can forget to withdraw any profit with Neteller.. I got denied

How does IC Markets compare to Pepperstone with spread, commission and swap rates?

On average, they're better, and in particular for EURUSD; you can check this out yourself via the Broker's section which features all of these metrics in detail.

Keep in mind that you can reduce commissions or spread further depending on your account type (Pro or Standard) by opening an account with an IB.

@ mmnet: Clients can withdrawal amounts greater than their initial deposit via Neteller, but this is subject to ICM's discretion per anti-money laundering guidelines and rolling reserves featured by most payment gateways/processors like Neteller that can prevent brokers from executing a withdrawal. When clients want to withdraw an amount far greater than their initial deposit this can definitely factor in.

Surrealistik posted:
On average, they're better, and in particular for EURUSD; you can check this out yourself via the Broker's section which features all of these metrics in detail.

Keep in mind that you can reduce commissions or spread further depending on your account type (Pro or Standard) by opening an account with an IB.

Thank-you for the reply Surrealistik,

I opened a demo account and can see most of the spreads are better on IC Markets, the commission charged appears fractionally higher but the reduced spreads more than make up for it.
As long as the spreads on the demo account reflect those on an live account all is well.

Have you withdrawn funds before? I usually pay via a local transfer (Global collect) with Pepperstone as I am in the UK and that is the method I like to get funds paid back. Visa costs 3% to pay in so I do not use that option.

In my experience, I've received my money no later than 72 business hours using international bank transfers, and often within 48 business hours; others in this thread and elsewhere can also attest to similarly prompt withdrawals.

buster891 posted:
How does IC Markets compare to Pepperstone with spread, commission and swap rates?

I tried IC Markets because of the great spreads. The spreads you see are the spreads you get. So no complaints there.

I opened a small account, I use my own EA, therefore the trades were exactly the same as my other accounts I have on Pepperstone. IC offered me a commission rate of $5 rather than $7 I'm getting at Pepperstone.

I closed my account after only 1 day. The slippage was horrendous and the latency was the worst I've ever had. It was a fairly active day of trading that day. On Pepperstone the day was +1.2% but on IC it was down about -1%. The same exact trades, but because of the latency and slippage winning trades on Pepperstone were losers on IC

I use only pending stop orders. Anyways, had several calls from IC asking why I was closing the account, I told them, all the excuses under the sun, no need to repeat them here, I'm sure you've heard them all.

I've tried many brokers IC, FXCM, Axitrader, FXOpen, Go Markets, Synergy FX and none of them can compare to Pepperstone.

I have to admit, I find it difficult to see how a single day of trading can really give you an accurate and comprehensive gauge of a broker's relative performance; closing after such a short period of time definitely strikes me as being premature. I normally allow for months of live trading with a small account before I draw conclusions; when it comes to a one day evaluation, short term, transient elements can totally distort your appraisal of a broker's trading environment.

Well, I had seen enough after 1 day. Agree, I would like to give brokers a longer period of testing, but not with my hard earned money. When you want to poach a client from another broker, and you promise the world, then I expect it right from the start, no second chance. I tell these guys, I'm happy with Pepperstone, and they tell me, no try us, we're better, And I go through the hassle of opening an account and straight away they're worse and not even close!!!! Bye bye

IC was the final broker I've tested so was completely fed up with all their sales pitches. There is only one way I will try another broker, and that is with their money. The next time a broker calls me and promises the world, and says please try us, we're better, our slippage is better, and blah blah blah

No worries, open an account with real money, your real money and I'll try you out. I'm not here to throw my money away anymore. Of course that ain't gonna happen, so for me, at this stage I ain't gonna try another broker.

Pepperstone is not without faults, but from what I've tried, there is Pepperstone, daylight and the rest.

If you try and IC and it all goes well for you, then all the best to ya and good trading to ya.