Bad experience with IC markets, please avoid this broker

If you are considering starting an account with this broker, I would ask you to read what I have to say below about my experiences with them, and make your own decision.

I had started a thread a few months ago complaining about the terrible slippage that I experience with is mkts. See thread below:

http://forums.babypips.com/forex-brokers/73515-slippage-ecn-broker.html?highlight=carra

To summarise what I mentioned in the thread above, the slippages that I experienced were terrible, average about 0.5 pip on entry, same on stop losses. That is only average. Worst slippage was 2.4 pips slippage on eurusd on entry, and 0.5 pips on being stopped out on the same trade, for a total of 2.9 pips on one single trade. All my trades were during normal european or u.s. sessions, far away from news, and I never trade during news events. I have raised the issue of slippage with ic markets before and of course they give the usual reasons/excuses like they route all orders to the interbank market/they don’t control the price feeds/slippage is normal with stop entry orders. Funny thing is when I ask them why I never get positive slippage on my limit orders, they could not provide me with an answer. Their live chat support personnel are also not the most professional and well trained, often appearing aloof and sometimes downright rude. I had a run in with one of them who even got angry with me during a chat and mentioned he does not like my tone. I complained to ic mkts and they forced this guy to apologize to me in an email. I think he might have been reassigned after that coz I never saw him on live chat anymore. Not that those still manning the live chats now are any better.

After trading with them for 1 year or so, I decided enough is enough, and moved on to Hotforex. My experience with them have been much better, with only a small slippage in ONE of close to 100 trades I have done with them so far, but that is a matter for another day. Anyway I had left my ic markets account alone for a while, and recently decided to wire the money back to myself. On their website it is stated clearly that international withdrawals are subjected to a fee of AUD 20. I was prepared for that, no problems. But when I received my money, I found out that I was charged SGD 40 in total(1 AUD is almost par with 1 SGD). So I emailed them to ask why and from their reply I found out that they transferred the money first to their intermediary bank in Singapore (let’s call it bank A) before the money can be transferred to my bank (bank B). I know bank B doesn’t charge for incoming international wires(I checked with them twice to make sure), so it must have been bank A that charged the extra SGD 20. When I asked them why they cannot transfer the money directly to my account, instead of having to go thru an intermediary bank, they just replied that they have to go thru an intermediary. I did not know that before, and never expected that. Thus overall even though I had a slight profit thru my trading with ic mkts, the fees that I paid to transfer money to ic mkts, together with the fees that I had to pay to get the money back, resulted in a small profit becoming an overall loss.

I am not ranting because I lost money overall trading with ic mkts. What I am peeved about is that with regards to the transfer of money, an unexpected charge emerged because they had to go thru an intermediary bank, and I did not know about it beforehand. Not to mention the horrible slippages that I experienced with ic mkts, and the bad and unprofessional service from their live chat personnel, made it overall a very bad experience with ic mkts. I only had three brokers so far, and they are definitely the worst of all three. The other one is Oanda, which at least has professional service staff.

Thus if you are considering ic mkts, from my personal experience, I would advise you to look somewhere else. I am very happy with hotforex so far, and highly recommend them. That’s it, ranting over!

1 Like

Are you on zero spread account with Hotforex or you are talking about Premium one? I had the same issues with my past broker and had to move on HF too cuz they’re best. Have you made any withdrawals here?

Worry for that, IC markets is prone to such amounts of slippage., I have read alot of information about them online, everybody just claims about slippage, poor customer service and stuffs like that, so just take care, go for better brokers you are very satisfied with.

as far as i know , IC markets has ECN business models like Tickmill, or any ECN broker out there
years ago i only heard good thing about IC Markets.
are make complaint to their regulator yet?since they are regulated broker.

From what I know, IC Markets is also a good option for many high-fund traders. Too lucky that I didn’t trade on this broker.

Haven’t really had too much of a problem with IC Markets so far. 2.9 pips on EURUSD is ridiculous - I’d definitely move if that happened to me. Lately spreads have been looking pretty bad on IC Markets though, even on EURUSD. I know it’s December, but don’t think it’s close enough to Christmas to start seeing the liquidity drop off. I’ll probably start looking for a new broker if it doesn’t get better next year.

I am on currenex account, and no withdrawals done yet. From the website, seems like withdrawals are free too:21:

Well, in my previous thread about ic mkts slippages, someone pointed out that under their terms and conditions, ic mkts already stated that they can be the counterparty to customers’ trades, thus they do not operate solely on an ecn model. As for complaints, well, I got most of my money back, so I would just take it as a lesson learnt. Too much of a hassle anyway. Reason why I started this thread was to warn people about ic mkts, not to seek redress. As long as more people know about my experience with ic mkts and make their own informed decision when choosing a broker, I have achieved my purpose.

If you do decide to move and want to withdraw your money, and if you have to wire it to your home country’s bank account, take note of whether ic mkts will go thru an intermediary bank, if not you might find the amount you get to be less than what you expect.

Does Hotforex still offer currenex? What’s the difference between currenex and zero spread account? I see that zero spread has commission of 8$ round turn while currenex 10$, maybe spreads are lower there?

Are there more traders with negative experience with IC markets??? I was seriously considering to open live account with them at one stage but after checking online forums I have noticed that a lot of reviews about this broker have common denominator - negative slippage

It’s lucky for me not to join in this broker, I won’t change my broker Mayzus and Liteforex. its slipage is really normal and never having problems with. making WD also excellence.

I am looking for a good broker. what can you suggest?

From my research so far from people that claim these brokers are true ECN and from online reviews I’ve narrowed my list down to Atom8 and Dukascopy. The first one is British, the second is a larger well known Swiss forex company. Worth a look into these two. I do not have live trading experience with these brokers however.

I am definately not going to try trading with IC markets. Thank you guys, the same idea about slippage is also on other websites such as Forexpeace army, traders just have similar owful experience!

Boo hoo.

Slippage is slippage where-ever you go. Slippage hurts me bad particular trading of tick charts. It’s the way it is and you have to learn to accept it. Don’t blame the broker for your poor trading practices.

Think about it. You enter a trade, it goes against you and you exit. Can you really expect positive slippage if the markets are already against you.

The only broker Ive come across who gives positive slippage is FXCM. If anyone knows of others Id like to hear