Tuesday, October 30, 2012

Forex Battle - IC Markets, FXDD Or Pepperstone

By William Bruksbergeni


Forex trading is my preferred pastime, it is one of several things that I do when I get home from work. It can however get a bit scary sometimes because there is so much information online about forex fx brokers much of which I am not certain whether I believe or not. Two months ago I got tired of reading all the online rubbish so I thought that I'd write an unbiased review comparing three of my fx brokers IC Markets, Pepperstone and FXDD side by side.

Writing evaluations is always difficult as each broker has their very own pros and cons, that is why it is imperative that you evaluate forex brokers against a set of standards that you feel are most important to your forex trading. When you choose the criteria to utilize in your forex broker evaluation you need to first consider what type of forex trader you are and ask yourself the question, am I a scalper, investor, strategy forex trader or ea trader?. Once you have figured out what's crucial to you, you will be in a position to conduct a good evaluation of the brokers on your shortlist.

For me it was simple, I don't have time to sit down in front of my computer day and night this is the reason I just use ea's for my fx trading, about the only thing that I do is tweak my expert advisor settings. Because of my trading style the most important aspects that I look at when deciding on a fx broker are prices, trade execution speed, and service. So in order to work out whether IC Markets, Pepperstone of FXDD are the better broker for me I assessed them all based on these standards. So listed below are my discoveries.

All 3 brokers are superb fx brokers for different varieties of trading, however if you're an expert adviser trader like me naturally you'll go for the fx broker that has the smallest spreads. It was fairly obvious to me from the outset who would assert victory in this category. After downloading their MT4 trading platform it's not difficult to see that the prices IC Markets quote are unbelievable. When you place all three brokers side by side it becomes even more apparent, IC Markets spreads across all the majors are at least 30% better than the prices displayed by FXDD and Pepperstone. IC Markets takes out this category with no doubt.

As I just run expert advisers the only real precise way for me to observe trade latency was to assess the readings on my expert adviser. After analysing the trades take on each of the 3 brokers it was very apparent that FXDD and Pepperstone had trade execution speeds that were much slower than the execution speed demonstrated on IC Markets true ECN platform. The typical order latency for FXDD and Pepperstone was about 400 milli seconds compared to 150 milli seconds at IC Markets. The expert adviser that I had installed on IC Markets True ECN trading platform also took more deals and was the most rewarding broker of all 3 over the testing time frame. A clear victory for IC Markets.

Call me old school but for me I appreciate service also, after all what would occur if your forex brokers trading server collapsed, how would you put your orders on? It's for this very reason I have incorporated service as part of my overall evaluation of these 3 forex brokers. To asses these forex brokers I made a decision to call each of them and to close a couple of of my positions over the phone. Much to my shock all the 3 forex brokers were quite good at taking telephone orders. As this check did not reveal any clear winner I made a decision to make a sales inquiry. This was an interesting experiment and showed that only two of these fx brokers actually had a good sales team, this was both FXDD and IC Markets. The Pepperstone sales team were simply absent. I'd consider FXDD and IC Markets like winners in this class.

So if you are in search of a superb fx broker to run that newly purchased expert adviser with, you can not go wrong with any of these brokers, however if you want the ultimate performance out of your expert adviser I'd highly urge that you take a better look at IC Markets Metatrader 4 True ECN trading platform. They offer a demo Metatrader 4 trading platform on their site for you to test drive.




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