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IC Markets

  • #1,521
  • Oct 9, 2018 4:26am Oct 9, 2018 4:26am
Quoting turnip15
{quote} You miss the point entirely. I was trying to get unbiased opinion on IC. My task was made more difficult by the plethora of IB's singing the praises of IC. If you think about it you cannot get unbiased opinion from unbiased IB's. You also failed to note the fact that various sites do not rate IC highly. Who to believe? Certainly not IB's with a commercial interest in IC. Finance magnet is supported by advertising from - yes -brokers/forex companies. Hardly unbiased ! However, I was fortunate to get a reply from an actual trader who has traded...
I respect your opinion as each trader has their own personal opinion about any broker or brand. You will alwas find pros and cons with almost every broker. Traders with track record generally stick to regulated and highly liquid brokers those who provide good services and value for the business. The choice is always yours!
Real Time Discounts for IC Markets. Partner ID = 1695
  • #1,522
  • Oct 9, 2018 1:58pm Oct 9, 2018 1:58pm
Quoting turnip15
{quote} Seems this firm ( ICMARKETS) is heavily promoted across threads here. Difficult to get a traders perspective with so many IB's and other linked promoters pushing the brand. Plus if you google the firm for reviews you see a lot of negative posts. Take care with ICmarkets and do you research.
IC Markets is an STP broker so they will pass all the orders to the LPs which can be good and bad depending on the time of the day you are trading. They offer good spread from 0 pips on the major pairs but you have to be aware as they are an STP broker and the pricing comes directly from the LPs their spread during news can widen quiet easily and it certainly will widen so as during low liquidity times such as the asian session. And during these times LPs are also more hesitant to offer order fills so slippage might be a bit more frequent than with a market maker which ones are offering instant execution rather than market execution.

Other than that it is a good broker. You can have a VPS if you trade over 15 lots a month if you are using an EA. And the account opening is easy if you have an ID card and a utility bill and their minimum deposit is also quiet low as well and they still offer 1:500 max leverage even for EU clients and they also have a wide range of instruments.
  • #1,523
  • Oct 9, 2018 2:15pm Oct 9, 2018 2:15pm
Quoting advantageFX.
{quote} IC Markets is an STP broker so they will pass all the orders to the LPs which can be good and bad depending on the time of the day you are trading. They offer good spread from 0 pips on the major pairs but you have to be aware as they are an STP broker and the pricing comes directly from the LPs their spread during news can widen quiet easily and it certainly will widen so as during low liquidity times such as the asian session. And during these times LPs are also more hesitant to offer order fills so slippage might be a bit more frequent...
i think this is what turnip15 was referring to.
the commercial BS.
IC Markets is a hybrid book broker (both A and B book used), like pretty much all Australian brokers. You wont need to search the net too long to find enough evidence to this.
nothing wrong with this, but it is good and important to stick to the facts!

VPS:
beware, it is free/sponsored by ICM, however, any trading related issues with it, be that unscheduled maintenance, or slow execution time, etc, ICM will deflect any and all responsibility. and so will the VPS provider.
however, it isnt broker specific to ICM, a common case.
there is always, always another trade!!
  • #1,524
  • Oct 21, 2018 6:02am Oct 21, 2018 6:02am
Looks like EU clients are going to get shifted to their EU branch at some point at a guess.

https://www.financemagnates.com/fore...cyprus-office/

I'm guessing this will bring the new leverage restrictions with it?
  • #1,525
  • Oct 21, 2018 10:51am Oct 21, 2018 10:51am
Quoting C-12
Looks like EU clients are going to get shifted to their EU branch at some point at a guess. https://www.financemagnates.com/fore...cyprus-office/ I'm guessing this will bring the new leverage restrictions with it?
I am guessing leverage restrictions will be applicable for IC markets cyprus clients, but not IC markets australian clients.

Like the way Tickmill UK is affected with lower leverage, but not Tickmill seychelles.
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  • #1,526
  • Oct 23, 2018 1:02am Oct 23, 2018 1:02am
our ICM rebates for Sep were done, $1.8/Lot to your skrill, paypal etc, if you want to join us, please join us via this thread:
https://www.forexfactory.com/showthread.php?t=729299
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  • #1,527
  • Oct 23, 2018 11:21am Oct 23, 2018 11:21am
Quoting C-12
Looks like EU clients are going to get shifted to their EU branch at some point at a guess. https://www.financemagnates.com/fore...cyprus-office/ I'm guessing this will bring the new leverage restrictions with it?
I will be most likely for new clients EU, and the rest of the world will stay the same.

Here is the info from CySEC https://www.cysec.gov.cy/en-GB/entit...cypriot/80418/

Anyway it's good for the broker to have CySEC licence if they have an office in Cyprus as well. A bit more security for the clients. CySEC is more strict the ASIC anyways.
The leverage restriction might be coming soon tough. But it's also good for the clients. You are less likely to get over leveraged on your account as you will need to think which which trade to enter and which not so you are less likely to get stopped out. The only big disadvantage is the trade sizes will be smaller so as the profits as well.
  • #1,528
  • Oct 23, 2018 12:02pm Oct 23, 2018 12:02pm
Think of the bigger picture, no restriction is ever good.
  • #1,529
  • Oct 23, 2018 12:05pm Oct 23, 2018 12:05pm
Quoting advantageFX.
{quote} I will be most likely for new clients EU, and the rest of the world will stay the same. Here is the info from CySEC https://www.cysec.gov.cy/en-GB/entit...cypriot/80418/ Anyway it's good for the broker to have CySEC licence if they have an office in Cyprus as well. A bit more security for the clients. CySEC is more strict the ASIC anyways. The leverage restriction might be coming soon tough. But it's also good for the clients. You are less likely to get over leveraged on your account as you will need to think...
i tend to disagree with the statement that CySEC licence being more secure than ASIC.
more, CySEC is one of the easier in EU to acquire, then they can "passport" it to other EU countries. probably that what they will do.
if serious, would a lot better be a UK FCA licence with the investor compensation scheme.

on the leverage, well, it is an argument probably, but now potentially a client need to commit more funds to deposit, with the brokers not being a whole lot safer.
with 1:20 leverage on a minor pair, just how much one can really open on a 200$ account? 0.04 lot? 40 cents a pip? lose 10$, and you may find yourself with 0.03 lot max.

since most funds get locked up for margin, and the value per pip not that great, holding on to losers will be just as common, while the flexibility what one may have with higher leverage ( the ability to average in some situation for example) is greatly reduced.
the only effect will be more ' deers in headlight'.

and as a final thoughts, since you are an IB...your revenue stream will be reduced greatly by the lowered leverage.
more, since the trader's monthly volume is so reduced, for small traders since cant open much in size, the importance of IB will be greatly lessened. that is also less potential clients. did you notice that when you trade 0.01 lot the 5.5 cents commission gets rounded up to 6 cents?
there is always, always another trade!!
  • #1,530
  • Oct 23, 2018 12:35pm Oct 23, 2018 12:35pm
My guess is that the CySEC licence will be faster and easier for them to obtain than FCA.

I would imagine that all EU account holders will get fast tracked over to EU branch with ESMA restrictions, similar to Pepperstone.

https://www.financemagnates.com/fore...ed-subsidiary/
  • #1,531
  • Oct 23, 2018 4:01pm Oct 23, 2018 4:01pm
Quoting profitfarmer
{quote} i tend to disagree with the statement that CySEC licence being more secure than ASIC. more, CySEC is one of the easier in EU to acquire, then they can "passport" it to other EU countries. probably that what they will do. if serious, would a lot better be a UK FCA licence with the investor compensation scheme. on the leverage, well, it is an argument probably, but now potentially a client need to commit more funds to deposit, with the brokers not being a whole lot safer. with 1:20 leverage on a minor pair, just how much one can really open...
Yes I'm an IB and I'm also based in Cyprus and most of the brokers as we now are based here and let me tell you CySEC licence is not as easy to obtain for the broker as many people think. CySEC have a lot of requirements form the broker and it takes long months to obtain the licence and it is a lot of pain for the broker to get it.
The investor compensation is not a bad thing but if you take into account that they have been in bussines since 2007 it is very unlikely that something will happen to them that makes them to close their doors.
A low leverage is good for beginners cause it makes them learn risk management and you avoid taking unnecessary trades and over leverage your account which is very common for traders and many traders just simply forget about the risk management which is one of the keys to make money in forex.
When it comes to a starting amount 200 is a good starting point for the first time to get the experience but you know that if you want to make money you should be looking to start with more anyways. The chance of making money with 200 is less likely that with 1000. If I'm honest and you only have 200 is better to make a deposit and leave the money on your account and when you can you deposit again and you start with more. 200 is a very small amount to start with even with 1:500 leverage and you should not open more than 0.10 lots anyway cause you will be over leveraged. If you deposit 200 and you open a trade with 0.05 lots you are already risking 5% of your account. It will teach new traders to learn a good risk management. If you have a proper risk management and of course you avoid the news (if possible) you can make money regardless your leverage or the broker you are using. Most traders trade small volumes anyways and it's the way to start. The IB's will need to work more for their money as with any other job. And it will make IB's to give something extra for their clients as well not just to take the money.
Yes I did notice it and its due to the way the platform calculates the commission, as it calculates the commission for the open and the close separately and the amount gets round up so it ends up beeping 0.06 USD. 5.5/2 = 2.75 USD for open and 2.75 USD for close and it gets round up to 2.8 USD. 2.8 + 2.8 = 5.6 USD and this one gets round up to 0.06 USD. Luckily it's only for the 0.01 lot sizes.
  • #1,532
  • Oct 23, 2018 8:47pm Oct 23, 2018 8:47pm
Quoting advantageFX.
{quote} Yes I'm an IB and I'm also based in Cyprus and most of the brokers as we now are based here and let me tell you CySEC licence is not as easy to obtain for the broker as many people think. CySEC have a lot of requirements form the broker and it takes long months to obtain the licence and it is a lot of pain for the broker to get it. The investor compensation is not a bad thing but if you take into account that they have been in bussines since 2007 it is very unlikely that something will happen to them that makes them to close their doors....
um, think about the CySEC comment more along the line that as of recent enough they offer 20k euro compensation, vs. FCA 50k.
since EU regulations, they can passport the same CySEC regulation to UK, and say they are regulated ( true) but never offer similar safety of funds. This gets more important when you looking to deposit over 20k euro. what for serious traders with the reduced leverage will be a must!!
those very same trader will lose on flexibility, as his/her money will need to be all tied on a broker account, that also happen to offer a fraction of the protection as a private bank account, where he can deposit part of that fund, and use leverage to trade it scaled up to his total net size, earning interest too on the rest, along the extra safety feature.

the 200$ acct and the 0.01 lot was an example. those "traders" wont exist in the broker future. those with 200$ are interested in fast gains, being sold a dream.
that dream wont materialize, as a few quick gains will be still measure to 20% gain, not 600%. it would even sound OK, until you start to use the $ form.
the scratch cards and lottery will become a lot more attractive once again.

anyhow, i am really more interested in a broker as a trader, and that aspects.
my feeling was always that this thread was created more along questions regarding that.
than somehow it became an IB advertising ground, rather sadly.
there is always, always another trade!!
  • #1,533
  • Nov 2, 2018 10:03am Nov 2, 2018 10:03am
I just saw that IC Markets is second largest broker in term of volume
just after IG Group (source: Finance Magnate report)

That's big surprise to me !
  • #1,534
  • Nov 12, 2018 8:51pm Nov 12, 2018 8:51pm
Hi, all.

ICM rebates for OCT were done last week, please check your money to your skrill or paypal.

Thanks

Tony
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  • #1,535
  • Nov 13, 2018 6:50am Nov 13, 2018 6:50am
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  • #1,536
  • Nov 16, 2018 4:38am Nov 16, 2018 4:38am
Quoting advantageFX.
{quote} I will be most likely for new clients EU, and the rest of the world will stay the same. Here is the info from CySEC https://www.cysec.gov.cy/en-GB/entit...cypriot/80418/ Anyway it's good for the broker to have CySEC licence if they have an office in Cyprus as well. A bit more security for the clients. CySEC is more strict the ASIC anyways. The leverage restriction might be coming soon tough. But it's also good for the clients. You are less likely to get over leveraged on your account as you will need to think...
I guess you are right. I'm unable to funding my real account, because they do not provide me with the SWIFT Code for wire transfer ! On their website they provide only the SWIFT NATAAU3303M but that is for the Melbourne bank location, not Sydney...says my german bank

I have sent them several mails and have chatted with them...but no help and no answers on 3 mails so far since this Monday! On the chat they only say "have patience". Obviously they do not want me as a new client. Very strange!
I never lose - either I win or I learn...
  • #1,537
  • Nov 16, 2018 7:39am Nov 16, 2018 7:39am
why do I keep having this couple seconds pause (price is not ticking), sometimes it just dead for 15 seconds or so
then come back ticking and price already moved somewhere
I usually have to choose another server to resume the price tick
anyone having the same issue?

It just happens to me this month
previously it just ticks non stop
In the end its just a stupid numbers game
  • #1,538
  • Nov 16, 2018 9:17am Nov 16, 2018 9:17am
I often have the same problem. I was told that the demo server #2 is sometimes overloaded with too much EAs...
I never lose - either I win or I learn...
  • #1,539
  • Nov 17, 2018 5:52am Nov 17, 2018 5:52am
Quote
SWIFT NATAAU3303M but that is for the Melbourne bank location, not Sydney...says my german bank

jdva,
usually bank only have 1 swift code for the whole country. NAB is a bank based is melbourne. There won't be another swift code for different city/state.
Once you have the swift code and bank acct number(in Aus, it is the bsb(bank state branch) and acct number), you should be able to make the transfer.

Once NAB gets the money based on swift, it will look at the acct number and direct it to the correct place.
  • #1,540
  • Nov 18, 2018 12:16am Nov 18, 2018 12:16am
Quoting reddevil
{quote} jdva, usually bank only have 1 swift code for the whole country. NAB is a bank based is melbourne. There won't be another swift code for different city/state. Once you have the swift code and bank acct number(in Aus, it is the bsb(bank state branch) and acct number), you should be able to make the transfer. Once NAB gets the money based on swift, it will look at the acct number and direct it to the correct place.
Yep. that is the case. SWIFT # relates to the bank NOT the location. All you are seeing is the Head Office location, there are hundreds of branches.
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