IC Markets CFD Trading Review

by forexrobot on September 29, 2010

I’ve dealt with all of the main DMA CFD brokers in Australia and still have trading accounts with most of them however all of my trading accounts are currently dormant as I’ve moved most of my funds over to IC Markets. I heard about IC Markets approximately eight months ago, in the beginning I was reluctant to shift from my current broker as I was being charged quite aggressive commission rates. After speaking to an IC Markets sales representative who I found exceptionally helpful I was only 50% convinced. It was not until he rang me back and offered me a commission rate that I couldn’t refuse that I finally switched and so far it has been the best move that I’ve ever made.

I have been dealing with IC Markets for about six months now, as I’m mostly a day-trader and scalper they got me onto their webIRESS Plus trading platform which seems to be much quicker than the common webIRESS platform that I was use to with my other broker. One thing that I have observed regarding the webIRESS Plus platform is that it offers several more order varieties than my old webIRESS. The layout of the platform also seems to be much better that webIRESS, trade windows don’t have that old boxy look but are well rounded and smooth, it’s similar to comparing my old Nokia to my Iphone.

Besides the visual and speed aspects, the platform appears to have a few more order types than my old webIRESS, although I’m never going to use most of them, however it is good to know that they’re available.

Of course the trading platform isn’t everything, what really made me move across to IC Markets was their service and their DMA CFD commission charges which totally blew me away when I heard about them. As I’m an experienced day-trader I do allot of scalping, and unlike some of the market makers out there IC Markets enjoy my business, I suppose it’s because they are a DMA CFD provider and hedge all of my trades. Over the last six months I’ve saved over $100,000 in commission alone, rather than going to my CFD provider it’s gone into my trading account which is where it belongs.

One thing about these guys that I did not get from my other DMA CFD providers was that that they allow me to trade DMA CFDs on each ASX listed stock and they all can easily be traded on leverage, not 100% margin that my other provider offers me. They have also given me access to a larger short sell list than what they provide the majority of people, my account manager advised me that this was because I was a high volume trader and it was just part of the service. The advantage of having a larger variety of short sellable DMA CFDs means that I can short sell a few of the more speculative mining shares that the majority traders can’t short, meaning more trading opportunities.

All in all I’m glad that I made the move to IC Markets and during the last six months not only have I saved a heap of money I have traded more than ever because my commission rates are really low. As always before you make the change you should do your research and download a couple of demo platforms to research which DMA CFD broker fits you best, however I can certainly vouch for IC Markets.

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Tags: ic markets review, icmarkets review, ic markets scam, ic markets reviews, ic markets, icmarkets scam

{ 1 comment… read it below or add one }

John Samuels November 15, 2010 at 1:43 am

IC Markets are one of the best CFD providers in Australia. I can certainly vouch for them.

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