With their advanced platforms and tools as well as low trading costs, is it safe to say that IC Markets is one of the best brokers for day trading?
Day trading involves the buying and selling of a financial asset within one day or even carrying out the process several times during a day. Day trading is essentially about capitalizing on small price movements in the market to make profits which is why it requires skill and precision. The right trading platform is needed along with the trading tools suited for day trading such as what IC Markets provided. Therefore, traders need to be knowledgeable and have a certain level of experience to be successful in day trading.
Another important point about day trading is the right broker because not all brokers are ideal for day trading due to the high volume of trades involved. In this case, traders have to carefully those who have platforms built to cater to the needs of day traders, advanced charting tools, and make it possible to place and modify complex orders in quick time. Day traders are more focused on technical data which is what allows them to capitalize on intraday price fluctuations in the market. Any broker that is lacking in technical tools is not suitable for day trading.
Day trading requires focus, diligence, being objective, and remaining logical through the course of initiating and executing trades. This is why brokers with high speed, low costs of executing trades, and reliability are more suited to the high volume trades that are constantly seen with day trading.
IC Markets and Day Trading
IC Markets is a broker with a global reputation that has been operating for 15 years and counting, allowing it to acquire the level of sophistication needed to design a trading platform that is suitable for day trading.
Below are some of the reasons why IC Markets is good for day trading:
1. Education and Research
IC Markets provides traders with various educational tools such as webinars, educational articles, educational videos, platform tutorial videos, and even a demo account. The webinars allow traders to gain real-life experiences from expert traders while the educational videos and articles further enhance traders' knowledge. The platform tutorial videos allow traders to get familiar with how IC Markets trading platforms work. In addition to IC Markets live account, the demo account is useful for testing trading strategies and determining their level of effectiveness so that necessary adjustments can be made. This broker carries out regular research that is crucial to the success of day traders and the information obtained through research is made readily available on the broker's website.
2. Low Costs
The costs of executing trades with this broker are low and considering that day traders tend to execute a high volume of trades, this is quite important. IC Markets has low trading fees because it utilizes electronic communication (ECN) and straight-through processing (STP) style for the execution of trades on its platform. The ECN and STP generally help traders to save costs because there is no dealing desk involved in the trading process. Therefore, day traders do not have to worry about their profits getting eroded by high trading costs.
3. Wide Array of Assets
IC Markets has a broad range of assets that traders can choose from, thus giving them various options to look for opportunities in different markets. Irrespective of the experience level of traders, they can always find a group of assets suitable for day trading with this broker.
4. Trading Tools
This broker features various trading tools that day traders need. Some of these tools include calculators along with tools for advanced charting and analysis. There is also a substantial amount of technical indicators that can be utilized for technical analysis. This is quite crucial to how well day traders will be able to maximize the price fluctuations that happen regularly in the market. These tools also enable traders to determine the best entry and exit times on various assets in the market.
It is clear that IC Markets is ideal for day trading due to the structure of the trading platform and the collection of assets that traders can access through its platform. The broker also offers favorable leverage across different assets and excellent customer service which attends to the needs of traders promptly and effectively.
If you look for another option to compare IC Markets with, there's also an insight into OANDA for day trading.
28 Comments
Jan 25 2023
Ok, first of all, I'm just a newbie trying to trade Forex. I have read several trading styles on this site, but I still don't know what kind of trading I want to practice. In some articles on this site I have shown that there are 4 styles of trading and I decided to do short trades because when you choose to trade for the long term i.e., Swing and seasonal trading, the profit taking process is too long and it seems to require huge deposits too. Meanwhile, there are two trading styles that I can choose in short term trading, scalping and day trading.
Then I read this article and it seems there are many advantages to day trading. And I also find that IC Market features provide a lot of good for me to do Forex Trading. The question is, if the IC Market is good for day trading, which market is the easiest to learn? is it scalping or day trading?
Jan 25 2023
Billie: Dude, I can't answer your question because scalping and day trading both have their own set of difficulties. Scalping requires extreme concentration and understanding of price action, as well as quick decisions, because the trading process will be very short and requires almost no SL and TP.
Meanwhile, day trading needs to learn about technical and fundamental analysis. You not only need to learn how the candlesticks formation but also targets pips that you can hit. So, both really need time to learn. Because it's different from long term trading which requires a bit of technical and fundamental, after holding a position.
I recommend knowing how much time you need to trade and what you like about trading. Very fast and focused or with a little relaxation.; profit you get little by little or one trade for all (target large pips)
I recommend reading this article to know which trading style you want to choose:
Feb 13 2023
Billie:
In my opinion, it is enough for day trading. Since scalping requires a very good idea of the market and a beginner like you will not be too familiar with charts. Also, with scalping, for starters, it will feel like a very hasty trade as it will open a closed position in a few moments very often.
Meanwhile, with day trading, you can relax a bit more than with scalping. You just need some time to look at the chart, analyze, take the time to set the indicators and make a decision after all the preparation. It will help you relax more and you may even learn more about the painting itself.
And with IC Market, you can even do analysis on its trading platform as all the features for day traders are there. And also the leverage that high make your margin that used is very little and with 0.01 lot, it will reduced of your risk.
You can read some articles about day trading and the functionality of the IC Market app here:
Jan 25 2023
Well, there are two different things about low cost in the IC market.
ECN and STP mentioned in this article. Which one has lower trading costs and can be used for another trading strategy besides day trading?
Anyway, what is an STP broker? I read about ECN from the link in this article and they offer very good trading conditions but at least the commissions are very high. I would consider using ECN, do you have any good recommendations for me on which type to choose:
SPT or ECN? thank you!
Jan 25 2023
John:
"Which one has lower trading costs and can be used for another trading strategy besides day trading?"
It is depending on the trading condition that brokers give. But if you compare about the spread, of course ECN win because it offers RAW Zero spread that start from 0.0 pip meanwhile STP gives spread more higher that start from 0 pip for floating spread and maybe 1 pip if using fixed spread. You can read the details about the fees and full review of IC Market in here: (IC Market Review)
Both can be used for another trading strategies so choose which one that make you comfort.
"do you have any good recommendations for me on which type to choose? STP or ECN?"
If you are beginner, just use STP which is standard account or micro or even cent account. But if you are professional trader and experience scalper, ECN would be the best choice.
Feb 13 2023
John: More info, it is gray to determine if IC market is ECN or not, because first of all, IC market never says it is ECN broker. And second, the pricing is based on the ECN pricing model. This means that IC Market follows the spreads and conditions of ECN brokers, or in other words copies them. Some features available on IC market ECN pricing model which are : :
So if you want to get spreads as low as you want, or you want to trade with more positions just choose ECN account but if you want no commission especially higher lot trading with day trading style using only accounts standard account because the commission is free.
Feb 13 2023
First I have to get my impression of the IC market. I was surprised that IC Market can do both ECN and STP execution. I mean, not many brokers can do that and so spreads are also guaranteed to be low. Whereas the commission is $6 per lot for trader c and $7 per lot per round, very competitive but not too low if you compare with other broker. Overall, in my opinion, IC Market do offer good low fees.
Second, let's discuss the technical tools available for day trading or day trading support on IC Market. The article clearly covered the different trading tools that day traders need, including a calculator with advanced charting and analysis. The question is what trading tools does IC Market offer? and out of a ion of different trading tools, which is the best or commonly used by day traders?
Feb 13 2023
Trianto: Dude, you need to know the IC Market has many trading platform that you can use and one of them is Metatrader which is provided all the trading tools that you need. SO, in other word, if you trade with IC Market using Metatrader, you can get all the trading tools from basic into pro tools.
But if you trade with Mobile app, You need to determined some tools that used in day trader. After that, you can just do the match with the IC Market's trading tools.You can read the source of trading tools that needed in day trader with this article :
Based on the article that I shared, MA, RSI, EMA, MACD or other technical trading tools are available at the app. The IC Market APp it self offer more than 65 indicators and it is very completed tools. You can read the review at here : ic market mobile app review
So, the conclusion is both IC Market Trading Platform and Metatrader are offering many indicators that important to day traders.
Feb 13 2023
I agree that brokers are really good for day trading if the brokers have a lot of assets to trade. I mean, the standard trading style that everyone defaults to is day trading because it can make profits in a day, no need to wait so long like swing trading.
Also, day trading can bring a lot of profit with just one entry, sometimes it can bring 50 pips. If you compare with scalping, the entry per person in scalping can be 5-10 pips.
And third, the deposit required in day trading may be more, but not much. I think if we deposit $100 to $200 with leverage between 1:200-1:500 and minimum trade at 0.01 lots, day trading risk can be reduced due to the need for day trading which can arise when losing more than 20 pips in a day. What is the IC market condition that suits me very well for day trading (minimum deposit 200$, leverage 1:500 and 0.01 lot minimum to trade)
Mar 4 2023
When it comes to ECN and STP accounts, I get it. ECN accounts can be great for scalping because they offer deep market depth and super tight spreads. In fact, some folks say that ECN accounts are the best way to do EA trading. On the other hand, STP accounts are better suited for standard trading.
Now, let's talk about IC Markets' trading platform. According to some broker reviews I've read, IC Markets uses MT4 as its trading platform, which is a bit different from what I remembered. So, when it comes to choosing between MT4 and MT5 for ECN account trading, which one is the best option? That's something worth considering!
Mar 4 2023
Eduardo: When it comes to ECN account trading, both MT4 and MT5 can be used to access deep liquidity and low latency. However, some ECN brokers may offer MT5 with additional features such as Level II pricing, which provides more depth of market information.
Ultimately, the choice between MT4 and MT5 for ECN account trading depends on your personal preferences and trading needs. If you are comfortable with the features and interface of MT4 and are mainly focused on Forex trading, it may be a suitable option. However, if you want access to a wider range of markets and instruments, as well as more advanced features such as Level II pricing, MT5 may be a better choice. To be noted, to trade with Depth of Market, it will be the best to trade with MT5 too.
Mar 4 2023
The comment above suggests that professional traders use ECN accounts, while beginner traders use STP accounts. However, I'm a bit confused about this because as far as I know, ECN accounts typically offer tighter spreads, sometimes even as low as 0.0 pips, compared to STP accounts which usually have higher spreads. So why would ECN accounts be more suitable for professional traders and STP accounts for beginners?
Mar 4 2023
Sandro: It is not only about the fees only. The ECN accounts and STP accounts differ in terms of their execution models and pricing structures. ECN accounts provide direct market access, allowing traders to access liquidity from multiple sources, including banks and other market participants. As a result, ECN accounts typically have tighter spreads and lower trading costs, making them a popular choice among professional traders who trade frequently and in large volumes.
On the other hand, STP accounts are more suitable for beginners as they provide simpler pricing structures and execution models. In STP accounts, trades are executed through the broker's liquidity providers, which can result in higher spreads and trading costs. However, this model is more straightforward for beginners to understand and allows them to start trading with lower minimum deposits.
ECN accounts may be more suitable for professionals due to their low trading costs and advanced features, STP accounts can be a good starting point for beginners due to their simplicity and ease of use.
more comparison about the ECN and STP account (Raw spread and Zero spread) you can read this article : Raw Spread VS Zero Spread
Mar 4 2023
Sandro: Maybe little bit out of topic, man. I personally think that when it comes to day trading, using an STP account is the way to go. I mean, sure, ECN accounts have some real benefits when it comes to scalping with their speed and tight spreads, but for day trading, you don't need to be lightning fast and super low on the spread. In fact, sometimes the commission can end up being higher with a lower spread.
With an STP account, you can still get competitive spreads and fast execution, which are key for day trading. For me, it just feels like the right fit. Of course, everyone's different, and other traders might have totally different experiences and preferences when it comes to choosing the best account type for day trading.
Mar 9 2023
What makes IC Markets' trading platform suitable for day traders, and what tools are available for technical analysis?
FYI, I'm beginner with starting capital less than USD 1.000, is this a good broker for me?
Mar 13 2023
@Jackey Toh:
IC Markets' trading platform is suitable for day traders due to its fast order execution, competitive spreads, and range of tools for technical analysis (on MT5 platform)
The platform offers a user-friendly interface with customizable charting tools, multiple timeframes, and a variety of technical indicators. Traders can use the platform to conduct in-depth technical analysis, including identifying trends, support and resistance levels, and price patterns.
In addition, the platform supports the use of Expert Advisors (EAs) for automated trading strategies. This feature is particularly useful for day traders who want to execute trades quickly and efficiently.
IC Markets also provides access to a range of educational resources, including webinars, tutorials, and trading guides, which can be beneficial for beginner traders.
As for the starting capital, IC Markets offers a low minimum deposit requirement of USD 200 for its Standard account, which can be suitable for traders with a starting capital of less than USD 1,000. However, it is important to note that trading involves risk, and traders should only trade with funds they can afford to lose.
In summary, IC Markets' trading platform offers a range of tools for technical analysis, fast order execution, and low minimum deposit requirements, making it a good option for day traders, including beginners. However, it is important to practice proper risk management and educate oneself before starting to trade.
Mar 23 2023
Jackey Toh: IC Markets offers a number of features that make their trading platform suitable for day traders, including Low spreads: IC Markets offers raw spreads from 0.0 pips on some currency pairs, which can help day traders to reduce trading costs and increase profitability. Fast execution: IC Markets' trading platform offers fast execution speeds, with an average execution time of under 40 milliseconds, which can be important for day traders who need to enter and exit trades quickly. Advanced charting tools: IC Markets provides access to a range of advanced charting tools, including multiple time frames, chart types, technical indicators, and drawing tools, which can be helpful for day traders conducting technical analysis. Automated trading: IC Markets offers a variety of automated trading options, including expert advisors (EAs) and copy trading, which can be useful for day traders who want to use algorithms or follow the trades of more experienced traders. Education and support: IC Markets offers a range of educational resources and support services, including webinars, tutorials, and a dedicated support team, which can be helpful for beginner-day traders who are still learning the ropes. In terms of technical analysis tools, IC Markets offers a wide range of options, including access to over 60 technical indicators, as well as the ability to create custom indicators and use automated trading strategies. Additionally, IC Markets offers a variety of charting options, including multiple time frames and chart types, which can be helpful for conducting technical analysis.
Mar 9 2023
Does IC Markets slippage and requotes frequently? And how can day traders minimize slippage and requotes impact on trading performance?
Mar 13 2023
@Mr. Nose:
IC Markets is a reputable forex broker and generally offers fast order execution with minimal slippage and requotes. However, slippage and requotes can occur in certain market conditions or during periods of high volatility.
To minimize the impact of slippage and requotes on trading performance, day traders can:
Monitor Trades: Day traders should regularly monitor their trades to ensure that they are being executed at the desired price levels. If they notice significant slippage or requotes, they may need to adjust their trading strategy or change brokers.
Mar 23 2023
Mr. Nose: Slippage and requotes can occur on any trading platform, including IC Markets. However, IC Markets has taken measures to minimize these issues and ensure fair and transparent pricing for their clients. To minimize slippage and requotes, day traders can take the following steps: Use a VPS: A virtual private server (VPS) can help to reduce latency and improve execution speed, which can in turn minimize the risk of slippage and requotes. Avoid news events: Major news events can cause volatility in the markets, which can increase the likelihood of slippage and requotes. Day traders may want to avoid trading during these times or use more conservative trading strategies. Use limit orders: Limit orders can help to ensure that trades are executed at a specific price, which can reduce the risk of slippage and requotes. However, it's important to note that limited orders can also lead to missed trading opportunities if the market moves quickly. Monitor trading conditions: Day traders should closely monitor trading conditions, such as market volatility, liquidity, and spreads, and adjust their trading strategy accordingly.
Mar 25 2023
@Mr. Nose: Ah, the age-old question for day traders: how to minimize the impact of slippage and requotes on your trading performance? Well, fear not, because I've got some tips up my sleeve to help you out!
First off, let's tackle slippage. Slippage occurs when the price you intended to execute a trade at and the actual executed price differ. To minimize slippage, there are a few things you can do. Firstly, keep an eye on market volatility. High volatility can increase the chances of slippage, so it might be wise to avoid trading during those crazy times.
Secondly, consider using limit orders instead of market orders. With limit orders, you set a specific price at which you're willing to buy or sell, which can help you avoid getting executed at unfavorable prices due to slippage. (read more : MT4 vs MT5 Execution: Types of Pending Orders)
Mar 9 2023
More often than not, I rely on broker's Customer Support to solve most of my issue (eventhou, most of them aren't quite satisfactory). So, how does IC Markets' customer support system assist day traders, and are there any dedicated resources available for their needs?
Mar 10 2023
@J. Casey: I feel you! Customer support can be a lifesaver in the trading world. So, let me give you the scoop on IC Markets' customer support and resources for day traders.
IC Markets takes customer support seriously. They offer round-the-clock assistance, meaning you can reach out to them anytime you need help. Whether you have questions about account setup, trading platforms, or technical issues, their support team is there to assist you.
Now, when it comes to day traders, IC Markets understands their specific needs. While they may not have dedicated resources exclusively for day traders, their customer support team is knowledgeable and experienced in catering to the needs of active traders.
Oct 30 2023
@Todds: Just want to response here. I understand the positive view of IC Markets' customer support, and they indeed offer round-the-clock assistance, which is a valuable service for traders. However, it's worth mentioning that for day traders, having dedicated resources specifically tailored to their needs can be a game-changer. While a knowledgeable support team is beneficial, day traders often require more specialized tools, educational materials, and real-time market data to enhance their trading. Some other brokers do offer dedicated day trading resources that can make a significant difference for day traders. So, while IC Markets provides excellent support, traders, particularly day traders, might find brokers with more specialized day trading resources to be a better fit for their needs.
Mar 9 2023
IC Markets offers a variety of customer support options to assist day traders. The company's support team is available 24/7 via live chat, phone, and email, and is known for being prompt and helpful in addressing clients' concerns.
In addition to these general support services, IC Markets offers dedicated resources specifically for day traders. For example, the company's trading platform, cTrader, includes a range of technical analysis tools such as indicators and charting capabilities, which can be used to help inform trading decisions. The platform also offers customizable watchlists and alerts, allowing day traders to stay on top of market movements in real-time.
IC Markets also provides access to educational resources, including webinars and trading guides, which can be helpful for traders of all experience levels. These resources cover a range of topics, including technical analysis, risk management, and trading strategies, and can be a valuable tool for day traders looking to improve their skills.
Overall, IC Markets' customer support system is designed to provide day traders with the resources they need to succeed in the markets. By offering 24/7 support, a range of trading tools and educational resources, and a dedicated platform for technical analysis, IC Markets is well-positioned to meet the needs of day traders who require fast, reliable, and effective support.
Nov 23 2023
It's mentioned that IC Market offers a range of trading tools essential for day traders, encompassing calculators, advanced charting, and analysis tools. Additionally, there's a wealth of technical indicators available for conducting technical analysis.
From what I gather, many users and traders here often employ scalping for technical analysis. Now, when it comes to day trading, is it necessary to use a multitude of indicators, or can one stick to simpler tools like Moving Averages (MA)? Moreover, is day trading considered safe for beginners? Given that day trading involves rapid transactions, it seems like it might be a bit fast-paced. Any insights on this?
Feb 25 2024
Based on my observations, numerous users and traders within this community frequently utilize scalping techniques for technical analysis. However, concerning day trading, is it imperative to rely on a diverse range of indicators, or is it sufficient to utilize straightforward tools such as Moving Averages (MA)? Additionally, is day trading advisable for beginners? Considering the rapid nature of day trading transactions, it appears to involve a high-paced environment. Can you provide any insights into this matter?
Feb 28 2024
I think there's no strict requirement to use a multitude of indicators; some traders find success with simpler tools like Moving Averages (MA). However, the choice of indicators depends on individual trading styles and strategies. As for whether day trading is safe for beginners, it's essential to recognize that day trading involves rapid transactions and can be fast-paced, which may pose challenges for inexperienced traders. Beginners should approach day trading cautiously, ensuring they have a solid understanding of the market, risk management techniques, and sufficient practice on demo accounts before committing real capital. While day trading can offer opportunities for profit, it also carries inherent risks, and beginners should be aware of the potential pitfalls before engaging in this trading style!