Deciding on a fx broker is always complicated, there are such a lot of fx brokers out there many of which are unregulated or simply market makers looking to make the most of your losses. I have been trading for around 6 years now and during my time being a fx trader I've traded with more than 15 different brokers around the globe, I decided that I'd compose this review comparing both fx brokers that I am presently trading with.
Before I get started with my comparison I must point out that both brokers are poles apart for the reason that one is based in Estonia and another in Australia and regulated by ASIC. It is worth pointing this out as investors receive significantly better safeguard in highly regulated jurisdictions such as Australia.
In this review I have attempted to compare the service, spreads and order speed between both fx brokers. Please bear in mind that this evaluation is very subjective and dependent on my own personal experiences trading with both brokers, before deciding on any fx broker it is best to perform your own evaluation and choose which fx brokers would be better suited to your forex trading style.
Here is my assessment.
Service Testing service is of course pretty subjective and dependent on a number of factors including, the time of day and method of contact (chat, email, phone). To make this test fair I decided to make contact with the support teams of both forex brokers within an hour of each other on the same day. I discovered both fx brokers to have fairly good support response times, both support representatives were polite and professional, I did however find that the IC Markets support person gave me the impression to have more market and Metatrader 4 experience. In conclusion both forex brokers have first-rate support, however I must say IC Markets support team were far more helpful and informative.
Spreads Once again evaluating the spreads of 2 fx brokers really depends on the time of day as well as market volatility. To examine the prices of both forex brokers I decided to watch their prices around London open as this is probably the most liquid time of day in the market. After thirty mins of monitoring it was very obvious to me that IC Markets does in fact have better spreads than Armada Markets, they are about 20% better across the key foreign exchange pairs. If you're not an active forex trader, spreads shouldn't be a great concern, however if you're scalping the market you want the best spreads obtainable. I certainly recommend IC Markets over Armada Markets if you are an active forex trader.
Order Latency Order latency isn't essential if you're a set and forget forex trader running medium to long term strategies, however if you plan on scalping the market having quick order execution is very important. After putting on a few trades on both platforms at the same time it became immediately obvious that IC Markets True ECN account had substantially faster order execution. The order latency at IC Markets averages 156 m/s versus an average of 490 m/s with Armada Markets. With high-speed order execution speeds IC Markets is really a better trading platform for scalpers.
Before I get started with my comparison I must point out that both brokers are poles apart for the reason that one is based in Estonia and another in Australia and regulated by ASIC. It is worth pointing this out as investors receive significantly better safeguard in highly regulated jurisdictions such as Australia.
In this review I have attempted to compare the service, spreads and order speed between both fx brokers. Please bear in mind that this evaluation is very subjective and dependent on my own personal experiences trading with both brokers, before deciding on any fx broker it is best to perform your own evaluation and choose which fx brokers would be better suited to your forex trading style.
Here is my assessment.
Service Testing service is of course pretty subjective and dependent on a number of factors including, the time of day and method of contact (chat, email, phone). To make this test fair I decided to make contact with the support teams of both forex brokers within an hour of each other on the same day. I discovered both fx brokers to have fairly good support response times, both support representatives were polite and professional, I did however find that the IC Markets support person gave me the impression to have more market and Metatrader 4 experience. In conclusion both forex brokers have first-rate support, however I must say IC Markets support team were far more helpful and informative.
Spreads Once again evaluating the spreads of 2 fx brokers really depends on the time of day as well as market volatility. To examine the prices of both forex brokers I decided to watch their prices around London open as this is probably the most liquid time of day in the market. After thirty mins of monitoring it was very obvious to me that IC Markets does in fact have better spreads than Armada Markets, they are about 20% better across the key foreign exchange pairs. If you're not an active forex trader, spreads shouldn't be a great concern, however if you're scalping the market you want the best spreads obtainable. I certainly recommend IC Markets over Armada Markets if you are an active forex trader.
Order Latency Order latency isn't essential if you're a set and forget forex trader running medium to long term strategies, however if you plan on scalping the market having quick order execution is very important. After putting on a few trades on both platforms at the same time it became immediately obvious that IC Markets True ECN account had substantially faster order execution. The order latency at IC Markets averages 156 m/s versus an average of 490 m/s with Armada Markets. With high-speed order execution speeds IC Markets is really a better trading platform for scalpers.
About the Author:
Naturally it is best to test both forex brokers out yourself but I doubt that your discoveries would be much different to mine. For service, prices and trade latency IC Markets and True ECN wins hands down and they're currently my fx broker of choice.
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