I'm new to forex and have been searching around for a broker platform that I am able to run my forex robots on, I've noticed that a few forex brokers don't permit robots and a few of the forex brokers that do permit you to use robots slip you by around twenty pips you on your orders. I've narrowed my selection right down to two forex brokers, IC Markets and IBFX, both forex brokers utilize the Metatrader trading platform and have a few fairly good reviews on the internet.
Both forex brokers have offices right here in Sydney which is a huge plus for me since having local support makes handling any issues that crop up a good deal easier. I called up both forex brokers to discover what they have got to provide and found their service to be very good. IC Markets appeared to have far more experienced support employees than IBFX though. Among the list of big differences that I found was that IC Markets support personnel knew about the market and were not reading off a script which is what I felt like when I was talking to the support personnel at IBFX.
Both Metatrader platforms are similar, but from what I discovered IC Markets prices are about 30% less than those offered by IBFX, because I'm going to use an expert advisor this is a big plus for me since it means allot more for my bottom line income.
I made a decision to open comparable trading accounts with both brokers to give them a test run and find out who has the forex offering for expert advisor traders like me. I installed my expert advisor on both instances of Metatrader and ran them on my VPS. I made a decision to make use of the Million Dollar Pips expert advisor for my test as this expert advisor trades regularly.
After running the expert advisors at the same time I quickly noticed that my expert advisor did not take as many trades on the IBFX Metatrader trading platform as it did on IC Markets trading platform. I suspect that the main reason for this is because the prices on IC Markets trading platform are substantially less than on the IBFX trading platform. As well as tighter prices on IC Markets trading platform I also observed that there was significantly less slippage on the executed trades. Overall my IC Markets forex trading account was twenty four percent more profitable than my IBFX account.
Most new forex traders wouldn't bother doing any testing before choosing a provider to use their fx robots with that's why I've written this evaluation. I hope that this helps anyone looking to use a forex trading robot with either of these two forex brokers.
I personally have now moved all my forex trading accounts over to IC Markets and I am able to truly see the difference low prices and no slippage make to the general profitability of my forex trading account. IC Markets have now develop into my forex broker of choice and best of all they are located in Australia. I'm presently using Million Dollar Pips and Tom's EA with IC Markets and have been tremendously satisfied with my results. As always you must really try one or two forex demo accounts before deciding on a provider, do not take my word for it try these two brokers and make your own mind up as to who is better.
