Sunday, September 13, 2015

New broker / dealer? (IC Markets = rip off)

I got burned by IC Markets last week over some ridiculous overnight swap. I ended up paying $85 to hold a SEKJPY position overnight, while risking $200. Granted, it was a Wednesday night so overnight swap gets tripled, but even under normal circumstances, paying $25+ to hold a 0.8 lot position is absurd.

Here's a swap comparison with other brokers. As you can see, IC Markets charges a hundred times more than most of the other brokers / dealers offering SEKJPY.


It's a pity, as I've been with IC Markets for a few years now. I e-mailed them and hoped for a rational explanation, but nope, they blamed it on their "liquidity providers". All I can say is, find better liquidity providers! Your competition did! 

I exited my SEKPJY position to stop the bleeding. Unfortunately, if I held it open, it would've won. I was forced to close a profitable trade. Not happy. 

So... I've spent this weekend looking at other brokers / dealers to trade with. My shortlist:

- Pepperstone
- CMC Markets

I'll continue trading with IC Markets, but I will split my money with different brokers, and trade with whoever provides the cheapest fees + best overnight swap. 

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