IC Markets

Discussion in 'Brokers' started by rod178, Mar 27, 2014.

  1. rod178

    rod178 Well-Known Member

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    IC Markets

    Has anyone any experience with this Broker?

    Theoretically looks very competitive with such as Pepperstone, which is my other choice.

    ie
    very tight spreads (on average seem to be about 0.15pips lower than Pepperstone - ref Myfxbook)
    UTC offset +2/+3 (only interested in Brokers that use NY close candles ie +2/+3)
    ASIC regulated - Sydney based (no thanks to Cyprus etc)
    MT4 and cTrader(maybe will look at cTrader eventually)
    ECN and Standard accounts
    rebates available (always first ask for a better price)
     
  2. Fuzzbuggy

    Fuzzbuggy Well-Known Member

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    Hi mate,

    Yes I use IC Markets. Spreads are very tight and execution is good.
     
  3. rod178

    rod178 Well-Known Member

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    Thanks for the feedback.
    The spreads do certainly seem tight from what I've seem using myfxbook.
     
  4. Donnald_Darvy

    Donnald_Darvy Member

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    found this:
    http://www.forexfactory.com/showthread.php?p=6663978#post6663978

    makes me cautious
     
  5. rod178

    rod178 Well-Known Member

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    Thanks Donnald

    I tend to agree. Seems like a very twisted web and suspect that at least some of the positive posts are from shill accounts, especially those that aggressively attack those that have made negative posts. That always makes me suspicious.
     
  6. foreigner

    foreigner Est. 12480 Hours and Counting

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    I wouldnt be so concerned with spreads and execution guys, theres a much bigger pit fall to look out for. Check out my thread on IG Vs Forex Ltd and youll see what I mean! ;)

    You will find whatever your looking for online, positive or negative. Dont be fooled by marketing hype or trolls, seek empirical evidence to justify your decisions.
     
  7. AusDoc

    AusDoc Well-Known Member

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    From The Australian, referencing the AFR.

    Sydney firm in forex firing line: report

    Staff Reporter
    January 27, 2015 8:00AM

    Sydney-based foreign exchange broker IC Markets has received a number of complaints from clients after “fake margin calls” were activated by a shock move from the Swiss National Bank to remove the peg on its currency, The Australian Financial Review reports.

    According to the paper, several clients are claiming to be tens of thousands of dollars in the red after IC Markets was fed erratic forex prices that may have resulted in margin calls being triggered. IC Markets has reportedly rectified clients’ accounts to factor in the execution of trades at “prices they shouldn’t have”, but some investors believe this doesn’t factor in erroneous margin calls.

    “These misquotes were so far away from the market price that the misquote basically caused fake margin calls,” a trader who allegedly lost $40,000 as a result of the move told the AFR.

    IC Markets told the paper it is still looking to address the issues with 80 clients, with reviews currently taking place on a “case-by-case basis”.
     
  8. rod178

    rod178 Well-Known Member

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    I have yet to find a Broker that can beat IC Markets cTrader ECN spreads on Fiber and Cable
     
  9. rod178

    rod178 Well-Known Member

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    http://forexmagnates.com/ic-markets-covering-90-client-negative-losses-swiss-franc-volatility/

    IC Markets Covering 90% of Client Negative Losses from Swiss Franc Volatility
    IC Markets has revealed to Forex Magnates that they have decided to forgive negative balances from the Swiss franc volatility for 90% of their customers.

    Posted on February 5, 2015 by Ron Finberg in Brokers

    IC MarketsIC Markets has become the latest broker that has decided to cover client negative balances. The decision to absolve clients who sustained negative balances from losses due to the Swiss franc’s volatility earlier this month has become a heated industry topic. On one hand, clients are in essence taking loans when they trade with margin with an obligation to cover the loan in the case of a loss. On the other hand, very few retail forex customers are aware that they could lose more than their deposit amount.

    The question is especially an issue for brokers utilizing a straight-through processing model where each of their customer’s trades is hedged with external liquidity providers. As a result, client negative losses are losses that brokers have also absorbed with their liquidity providers. Failure to collect negative balances from their retail customers means they are sustaining an uncoverable loss with their counterparties.

    In IC Market’s case, the firm made a decision to forgive negative balances for 90% of their clients. Overall, similar to other Australian brokers who have a large concentration of their customer base in the APAC region, IC Markets wasn’t believed to have held large exposure to the Swiss franc. The firm confirmed this to Forex Magnates, adding that franc exposure was also reduced when the firm decreased leverage in franc forex pairs in December. They added that the majority of their negative balance exposure was limited to three account holders.

    - See more at: http://forexmagnates.com/ic-markets-covering-90-client-negative-losses-swiss-franc-volatility/#sthash.SMLn99iC.dpuf
     
  10. sqa

    sqa Village Scribe

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    Makes sense. Most of the loss was really just 3 accounts. Which we'll likely find out is similar for a lot of other brokers.
     
  11. Ramy3

    Ramy3 May the pips be with you!

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    Looks like IC markets plan backfired. Run!!!

    www.forexfactory.com/showthread.php?t=521762
    www.forexfactory.com/showthread.php?p=8072104#post8072104
    www.forexfactory.com/showthread.php?t=522601
    www.forexfactory.com/showthread.php?t=468791&page=13

    Just as with fxcm i would never put a dime there.

    Regards,

    Ramy3
     

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