I have been fx trading for more than a decade, I initially commenced trading with Dukascopy in Switzerland and only approaching one year ago I moved over to IC Markets. IC Markets are particularly good to me so it thought it appropriate to share my individual experience with them with other traders on the web. To be absolutely transparent I’m not endorsing any forex provider but rather I am just sharing my magnificent experience.
IC Markets is a True ECN fx broker, what this means is that you’re forex trading in a mini market place. This is very different to most forex brokers who’re either a market maker or STP broker. Dealing with an ECN broker is like trading with the Lamborghini of brokers. Examples of the key advantages of trading on IC Markets True ECN forex platform are:
1. Market Depth - This means you can actually see what’s on the bid or offer at any given time and completely remove any potential slippage.
2. No Stop-Loss or Take-Profit order limits – Most Market Maker or STP brokers enforce a constraint of 2 pips or more on your deals, in a True ECN environment there are no restrictions as you’re trading in a mini marketplace.
3. Ability to Place big trades – There are no limits in at True ECN environment, you are able to trade any quantity which you see on the market depth, this is a big plus for scalpers.
4. Ability to Place orders between the spread – This means that no longer are you a price taker now you can be a price maker and deal within the bid and ask spread.
5. Ultra Low Latency – With servers in NY4 IC Markets True ECN offers traders with execution speeds of lower than 30 ms.
I truly believe that IC Markets True ECN account is the best forex trading account on the market today, there actually is no other Metatrader 4 based forex account that has the equivalent performance and functions as IC Markets True ECN.
IC Markets the corporation itself was started in 2007, the fx broker is regulated by ASIC in Australia and holds an AFSL. IC Markets banks with some of the most secure banks in the world including NAB (National Australia Bank) and ANZ Bank with all client funds held in segregated trust accounts. The company’s founders were responsible for the introduction of Forex into Australia in 2003.
What is really crucial to me is latency and server stability, luckily IC Markets hosts its Metatrader 4 server in the NY 4 Equinix data centre in New York. Its ultra low latency connections to banks and its ECN hub makes means that IC Markets trade execution is sub 30 ms. This makes execution on IC Markets True ECN Trading account one of the fastest within the forex world and a huge plus for active scalpers and high frequency traders.
By far the best feature of IC Markets True ECN trading account is the fact that you can see full market depth, this is of course a world first for any Metatrader 4 fx broker. I have never seen market depth on any Metatrader platform in the past so it is extremely cool that on IC Markets True ECN trading platform it is possible to see all the buyers and sellers in the market.
IC Markets sets a world first for ECN dealing with its True ECN trading account with a commission rate of AUD $7 per $100k round turn it is also very aggressively priced. For me I’d never deal with a Market Maker or STP broker again. There are so many advantages of using a True ECN broker and the forex trading experience is actually like no other.