You will find hundreds of forex brokers that traders can select from, there are those brokers that have been around for a while and new forex brokers which are shaking up the market with razor sharp prices and lightning quick trading platforms made for scalpers and active fx traders. In this review I made a decision to match FXCM to one of the quickest growing forex brokers on this planet, IC Markets.
Both fx brokers are quite respectable and have excellent forex offerings. FXCM largely caters for new traders in the forex market and IC Markets caters more for scalpers and active day traders in search of tight spreads and fast order execution.
In terms of scalping there are some important aspects to consider, these are spreads, slippage and order speed. It's fairly easy to test these three elements if your fx broker uses MetaTrader 4. Fortunately, both IC Markets and FXCM use MetaTrader 4 therefore testing these essential features is really simple for just about any forex trader to perform from the comfort of their very own living room.
I decided to check these 3 elements for myself to help me decide which fx broker was better for Scalping. Luckily, I already had accounts with both brokers so this made testing substantially easier.
Nearly all of my scalping is on EUR/USD, IC Markets beats FXCM in spreads on this currency pair, their average spread is 0.1 pips and often sits at zero pips, my FXCM Pro account displays an average spread of 0.5 pips and never goes under 0.3 pips. From my testing across a number of broker accounts IC Markets has by far the best EUR/USD prices in the world, this really is a scalpers dream.
For tick scalpers slippage is a really imperative element to consider as slippage can have a major impact on you overall account profitability. Slippage is less significant if you are a longer term fx trader and don't trade frequently for small price movements. To be able to monitor slippage I deployed the same EA with both brokers so exactly the same trades were taken. Across the eighty five trades taken it was very obvious that IC Markets had significantly less slippage than FXCM, this naturally makes them the best fx broker for scalping.
Deal execution speed was the final aspect tested on both broker platforms, once more this test was conducted using an EA. Deal latency was monitored across both forex provider accounts on the 85 trades taken, it was extraordinary to see that the latency on trades executed on the FXCM platform was slightly higher than the trade speed at IC Markets. I'd have expected that FXCM would beat IC Markets in the order latency test however this was not the case, I later discovered that IC Markets Metatrader 4 server is in NY4 this is why their deal execution is so lightning fast.
Both fx brokers are quite respectable and have excellent forex offerings. FXCM largely caters for new traders in the forex market and IC Markets caters more for scalpers and active day traders in search of tight spreads and fast order execution.
In terms of scalping there are some important aspects to consider, these are spreads, slippage and order speed. It's fairly easy to test these three elements if your fx broker uses MetaTrader 4. Fortunately, both IC Markets and FXCM use MetaTrader 4 therefore testing these essential features is really simple for just about any forex trader to perform from the comfort of their very own living room.
I decided to check these 3 elements for myself to help me decide which fx broker was better for Scalping. Luckily, I already had accounts with both brokers so this made testing substantially easier.
Nearly all of my scalping is on EUR/USD, IC Markets beats FXCM in spreads on this currency pair, their average spread is 0.1 pips and often sits at zero pips, my FXCM Pro account displays an average spread of 0.5 pips and never goes under 0.3 pips. From my testing across a number of broker accounts IC Markets has by far the best EUR/USD prices in the world, this really is a scalpers dream.
For tick scalpers slippage is a really imperative element to consider as slippage can have a major impact on you overall account profitability. Slippage is less significant if you are a longer term fx trader and don't trade frequently for small price movements. To be able to monitor slippage I deployed the same EA with both brokers so exactly the same trades were taken. Across the eighty five trades taken it was very obvious that IC Markets had significantly less slippage than FXCM, this naturally makes them the best fx broker for scalping.
Deal execution speed was the final aspect tested on both broker platforms, once more this test was conducted using an EA. Deal latency was monitored across both forex provider accounts on the 85 trades taken, it was extraordinary to see that the latency on trades executed on the FXCM platform was slightly higher than the trade speed at IC Markets. I'd have expected that FXCM would beat IC Markets in the order latency test however this was not the case, I later discovered that IC Markets Metatrader 4 server is in NY4 this is why their deal execution is so lightning fast.
About the Author:
If you're in the market for a forex broker that you can implement your scalping strategies with you should look no further than IC Markets True ECN account, based on my testing it genuinely does beat the FXCM Pro trading account in all aspects tested. Needless to say you ought to perform your own testing with both of these forex brokers before opening an account.
One of the best ways to learn more about this broker is by visiting this IC Markets review to learn more about what they have to offer.
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