Spreads and Commissions - Forex Broker Testimonials

I just close my IC Markets account because I have been making losses ever since I opened the accounts for over several months.  always believed that it has been my problem when I made losses until I joined other brokers and started producing profit with the very same strategy I have been using with ICMarkets. I have heard rumors about them manipulating spreads and stop loss. I don't know if this is all true but bad things always happened to me when I'm trading with them.

At first, they will 'hook' you in with smooth low spread and quick order executions. But then the problem begins. Soon, they will begin to increase the spread many times, just to auto-close and stop out on small accounts, although they claim to be the best ECN broker. A lot of time you will have hard times trying to withdraw YOUR own money. And when you ask the customer service they will either tell you to wait or told you that there is a problem on your part. They do not comply with their product disclosure statement. They also have mobile trading apps that have a lot of bugs and are just very unreliable.

I just began trading with IC Market this month and have already noticed several things.

1. Spreads are tight, but they can increase during unexpected hours.

2. For some reason, I got stopped out of a very favorable position for no reason.

3. The support is extremely terrible and the in withdrawals is abysmal.

4. Up until today I haven't got my money

and might rethink and withdraw all of my money, But even that is ridiculously difficult.

They used to be so good, but then they changed. Suddenly withdrawal wasn't so smooth anymore. Spreads were still pretty tight but slippages were horrible, sometimes there would bes in the charts and stop-loss doesn't execute properly. All this problem started when they change their entity from IC markets Australia to IC markets Global Seychelles. I don't want to say that this is what caused all of the issues, but it might be. Just remember to always be careful during trading.

Unfortunately, I lost a lot of money trading with IC Markets due to some of their employees' unwise decisions on the managed account. Luckily this isn't my life savings, but other traders might put most of their funds in it. Although, some of it might be their own mistake to put all of the eggs in the same baskets. That doesn't mean the account manager can do whatever they please. Also, I notice that some traders weren't informed about the commission fees and other costs, so they didn't prepare beforehand. I think this is the broker reponsibility to explain about the risks and hidden fees.

I wouldn't say they are dishonest but I just want to remind new traders to be more careful during trading. Those who love to use high leverage should pay more attention. Especially with the spreads opened at night, every trade that is 200 pips away from the SL point becomes a stop. Meanwhile, The spread, which is 7 pips during the day, goes up to 100-200 pips at 00:00. I am not sure if this happened in all trading instruments, but they should definitely be more careful. I would suggest using small or no leverages and trading small lot.

So, I recently joined OctaFX because they promise to give me low spreads. But really I find it even higher than my original broker. This is insane, why would they market it as low spread then? I keep having problems with the platform and I contacted their customer support. But they barely offered any help. The same thing also happened to my friend who trades before me. I really thought this would be a great broker for beginners, but it's not. With this kind of spread, new traders won't be able to succeed.

I am tired of waiting. Until today IC Markets hasn't given me my IB commissions. They promise to give me some time ago, but they never did. I have tried to contact them through their social media and support team. They keep saying the same thing, that is to wait and that they will be transferring it soon. Eventually, they did a certain amount of money, but it's not everything. In fact, it's only 60% of it. And now they are not providing me with my remaining ib commission. It's a joke!

I am a new trader and I think IC Market's team now this. To my bewilderment, I have experienced such a bad trade. The customer support team contacted me and they told me what to trade in and exactly how much to invest in every case. They awarded themselves massive commissions such that I was left with no reserves to continue to invest. But it has become really annoying since they called me every day, sometimes twice a day and each time asked that I share the screen with them. Now they are not responding to my requests for help and ignoring all my correspondence. Should I reported them to ASIC? Is this even normal?

It feels great to finally find a broker that provides me with the best service ever. Great spreads, great commissions, great executions, smooth withdrawal. Everything seems profesionalls. Until I had to withdraw a much more bigger amount than usual. Suddenly the withdrawal process becomes very difficult and almost impossible. They will drag it for weeks until they finally gave up and send me the money. My order will becomeed and sometimes the charts wouldn't move at all during highly volatile seasons. I am thinking of switching broker but not sure where.