Order Execution - Forex Broker Testimonials

The most important part about trading for me is the spread. I need a tight spread to maximize my profits. IC Markets not only gives me great spreads but also a wonderful platform as well. Order executions are also very smooth and everything goes according to what I plan. Sure there are some minor problems once in a while, but it's nothing I can't handle.

I can't believe the stunt they pull during the news release. They impose super high spreads for the majority of the major currency pairs which is around 100 pips to 200 pips. That of course sent me down to hell. I know that the market is super volatile at the time, but it's still insane. I trade the same pair on another broker and it wasn't that bad. Besides they do impose very terrible slippage that is approximately 10 seconds for delay of market execution on whoever had placed trades on the market. I confronted them, but they just wouldn't budge and keep saying nonsense. Should I move to another broker?

Here are the conclusions of my experience in IC Markets, starting from the positives.

The good part

1. Low latency which makes my trading execute smoothly, I love it when that happened. Really eased my anxiety.

2. Spread is super tight.

3. Customer service department is really good.

4. Didn't lie about being an ECN broker.

Now on to the negatives

1. Concern about the regulations, is FCA and ASIC regulated?

2. Withdrawal can be slow, which is a problem.

I don't know what should I give them? Maybe 4 stars?

I think they are one of the best brokers if you are looking for an honest one. I originally trades with them because I heard they have low commission fees, so I tried. It was amazing and I really reap a lot of benefits from their service. Even their automatic trading platform is really good and super easy to navigate. However, I do not think they are perfect. In fact, there are several things they should change in order to upgrade their service. One thing that I can say is that sometimes there is price slippage in big market movement on ECN account. That would cost me alot.

IC Markets is not the perfect broker out there. But I can't deny that they have the best commission, spreads, support, fast execution, and really nice website compared to others. The support is really good and helpful, I really like how they make me feel important. they actually take care of my problems seriously. The educational support is also great, they have useful contents to help new traders learn and evolve. One thing that I didn't enjoy is how big the withdrawal fee is if you are using a local bank. However, I understand that this is the bank's policy and not up to IC markets to decide.

There was a server halt when I was trading last week. Unfortunately, this cost me a lot and made my balance negative. The worst part is that I actually place a stop loss but apparently that doesn't mean anything for IC market. During the Corona volatility, one Monday morning, during the Asia session, I realized my balanced turned to -600 (was 1,100+) in about 5 minutes. I was online and connected to my platform but it just happened so suddenly. I am utterly disappointed, back in the day they use to be so good. 

After trying different brokers, I decided to stay with IC Markets. For once I finally found a broker that was true to what they advertised. Spread is actually low, executions are great, and the live chat support system is great. There had never been any queue, and the staff is really friendly and helpful, taking my questions seriously. Emails usually are answered within less than 24 hours. Withdrawals are processed once a day and I withdraw every month and never had any complaints It's supper quick.

I can't open my account and all their server is down during the most important time! I understand the server must be working very hard and an error like this is no surprise. But, they should anticipate it and do something about it. This has happened more time once, I can't keep losing trades like this. Good thing I have another account in another broker.

There are several delays that happened during high-impact news, but the customer service is very helpful. I know they are very busy since there are a lot of traders having the same problems. I appreciate how they stay calm and very understanding about the issue. Other than that it's all smooth sailing. The delays only happen for about 10 seconds. Although it does not have any huge effect on me, it might be a bigger problem for scalpers. So IC Markets should be more careful not to let it happen again.

They use to be a really good broker, but they since have changed and no I'm no longer trust them. Especially because their executions and customer service going downhill. Here are some of the reasons why I choose to withdraw my funds from them.

1. Numerous platforms freeze, even when it's not during news releases.

2. Frequent slippage which has cost me a lot.

3. Delayed confirmation of execution.

4.  Platform going down during important news events.

5. This is personal but, they deducted funds from my credit card by mistake, wouldn't admit it. I had to contact my credit card company.