I have been trying to find an Australian headquartered broker with tight spreads for some time now and only just lately I stumbled on a forex broker called IC Markets. After doing a little research into this provider I found that they’re a true ECN forex broker situated in Sydney. I also found that they have got a local Metatrader 4 server which is a advantage. I made a decision to test them out to find out just how superior their spreads really are, I was so impressed that I thought that I’d write a review about them to share my findings with any other people looking for an ECN broker in Australia.
I opened my forex trading account with IC Markets five months ago so I have had a lot of time to test them thoroughly and share my test results. On the list of the main things that you’ll notice about IC Markets are the ECN spreads that they quote. It is a refreshing sight to see EUR/USD spreads at 0.2 pips and from time to time even Zero pips, but I guess that’s what you get when you’re trading with an ECN broker versus a market maker.
As well as extremely tight spreads I found that IC Markets Metatrader trading platform was particularly reliable. With most other Metatrader brokers that I have traded with I have experienced outages, however over the last five months I haven’t had one outage with IC Markets. Although I’m guessing, I believe that their solid reliability is because they’re an ECN so they need to make sure that like a equity exchange the ECN system does not break down and effect all of the ECN price contributors.
IC Markets Metatrader 4 platform is incredibly dissimilar to all other fx brokers Metatrader platforms because it has a great one click one fx trading feature that makes scalping a great deal easier and quicker. I am not a great fan of the old Metatrader deal tickets as putting on deals takes too long, this is why I really like the one click forex trading functionality on IC Markets Metatrader platform. Their platform also has several other awesome functions including fx trading off the graphs and allot more contingent trade types than the traditional Metatrader 4 trading platform.
Naturally it’s all well and good to show great pricing on your Metatrader 4 trading platform, however it is pointless if you can’t deal on this pricing. There are several brokers in existence that I know about which display ECN like prices but delay your order execution and slip you on your trade fills, these are dirty methods that market maker brokers use, a real ECN forex broker would never play these sorts of games. I have not had any execution problems with IC Markets, deals are executed in less than half a second without slippage. I have also tried trading up to 13 standard lots on my trading account and the deal was filled instantly. IC Markets order execution is by far the best that I have ever experienced.
After 5 months of trading forex with IC Markets I can confidently say that IC Markets are one of the best brokers in Australia, if not the very best broker. I was impressed by their spreads and quality of execution and the little extras on their version of Metatrader 4 were enough to make me close all of my other broker trading accounts, IC Markets is currently my primary forex provider, no other broker in Australia comes close. I would be happy to recommend IC Markets to anyone that’s serious about their forex trading.
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