Is Go Markets Better Than IC Markets
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Lately I have been checking out the Australian Metatrader 4 forex provider scene and discovered a couple of new power plays appearing down under, on the list of fx brokers that I noticed appear quite a bit was a firm called IC Markets. I had not heard much regarding this forex broker until recently where everybody in my trading group appears to be chatting about them. I made a decision to check this forex broker out myself and write a review comparing them to my current forex broker Go Markets. To enable me to perform my review I opened a live Metatrader trading account with IC Markets. Rather that writing a broad assessment regarding my experience I thought that I would concentrate on several aspects that members of our fx trading group look for when choosing a forex broker. The criteria our club looks at are slippage, service and spreads. We evaluate all of the forex brokers our members deal with on these parameters. I'll begin by writing about the forex provider that I currently deal with, Go Markets. I have been fx trading with Go Markets for some years now so I know this company inside out, making writing this assessment much easier. Go Markets We will look at slippage first. I've had slippage issues at Go Markets mainly when trading sizes greater than five lots, in the past I have been slipped as much as 20 pips. Slippage with Go Markets can be a real issue around news announcements, this is among the list of things that really annoys me about Go Markets. The spreads at Go Markets are not exciting, I've seen much better elsewhere, recently they made some changes and the spreads happened to get even worse, this was actually one of the things that made me take a look at IC Markets and subsequently write this review. Spreads are obviously your cost of trading so when spreads are worse it means that it's difficult to generate a profit from the trade. The service offered from Go Markets is pretty good, I don't have any problems here. They're speedy to reply to questions and can be contacted twenty four hours. It does however frustrate me that their support team are usually not the quickest at resolving problems over the telephone, they seem better at fixing problems once you email them though. Now it's time to check out IC Markets, the brand new Metatrader 4 power broker on the block. I opened a real account with this forex provider three months ago so it is fair to mention that I have traded with them long enough to write an evaluation about them. IC Markets So far so good in relation to slippage at IC Markets, I have put deals on as large as 10 standard lots without being slipped. IC Markets also appear very good over the numbers I have not had any slippage yet. I believe that since IC Markets is an ECN forex provider their execution and liquidity is much better than other forex brokers which means slippage does not exist. IC Markets spreads are some of the best that I have experienced, not only are their spreads tight in the majors, prices on the crosses are pretty good. Because IC Markets are an ECN forex broker they charge a fee on the deals executed, you have to take this into account when viewing their prices. Even when you take the commission into account the cost of trading is roughly 20%-30% less than Go Markets. I didn't know what to expect of the IC Markets service but after opening my forex account I was pleasantly surprised. IC Markets team members are polite and courteous. They were really quick to reply to my inquiries and answered my phone calls at midnight. I was invited to one of their webinars whilst chatting to one of their support people and I was really impressed. It seemed like my small little forex trading account got me red carpet treatment. Conclusion The old faithful Go Markets is not so faithful compared to IC Markets. IC Markets are significantly better in terms of pricing, they're roughly 20-30% more affordable and better still slippage is non-existent. IC Markets service is also second to none I received VIP treatment even with my tiny account balance. I am really glad that I conducted this evaluation as I have now found my new favourite Australian forex broker. I'm planning to still keep my Go Markets forex account as a backup account but now I will do most of my trading on my IC Markets account. I trust this appraisal helps anybody planning to trade with any of these forex brokers.