With greater than ?15 years fx trading experience under my belt and having performed ?forex trading seminars and webinars in Europe and Asia for the past ?5 years, I thought that I would ?share some of my forex broker knowledge with the rest of the forex world. I decided ?to place my two ?preferred ?forex brokers up alongside each other head to head in this evaluation .?
Most ?evaluations ?only ?compare ?forex provider spreads to each other but do not ?really ?compare much else, spreads alone do not always make for the perfect ?broker , this is why ?I decided to write this appraisal ?comparing ?a number of ?additional ?aspects of IC Markets and Alpari. The key areas that I decided ?to focus on were slippage, execution speed and customer service.?Each of these factors were reviewed ?after testing a live ?account for a two week period , over this time in excess of ?sixty ?deals were executed on both broker platforms. I should also mention that both trading accounts were ECN accounts. Alpari call their trading account their ECN account the Alpari Pro account and IC Markets call their ECN trading account their True ECN.
My primary ?evaluation was performed by looking at the average slippage on all trades ?executed on both forex provider platforms. Slippage obviously also is dependent on the liquidity behind the scenes and the nature of the market, for instance slippage is more prominent around news times as this is where liquidity can be tight . Slippage is unavoidable inside a True ECN environment.?
As my testing was executed on the EUR/USD currency pair only with both forex brokers , slippage was simple to calculate . I evaluated slippage over 3 time periods during the day at London open, New York open and around end of day 21:00 GMT. Following much testing I noted that the slippage on the Alpari Pro forex account was intolerable and significantly ?more than the slippage on the IC Markets True ECN account . IC Markets is a much better ?forex broker if you look at slippage alone.?
Trade ?speed was the next part of my test, in this test I used and Expert advisor ?to help me to analyse latency. The EA ?provided me with a report regarding ?the typical ?deal latency each day for both brokers over the period examined . Latency obviously is also extremely dependent on your internet speed and distance from your computer to the broker ?trade server. It was very interesting ?to see that the deal latency using the Alpari Pro trading platform was rather ?inconsistent and varied depending on the time of the day, on the other hand IC Markets latency was very consistent . The typical ?trade speed on the?Alpari Pro?account was 402 ms over the fx trading day whereas ?the average ?trade speed on IC Markets True ECN trading account was 123 ms. Again IC Markets stands out as the better broker ?relating to execution speed.?
Customer service was complex ?to judge ?because of its subjective nature, so I decided to evaluate both companies based on their email and telephone response time. Both forex brokers provided me with outstanding support well above what I expected from both companies . In all honesty I actually ?couldn?t ?{pick} the difference between both ?forex brokers .?
In summary I would have to say that the Alpari Pro ECN account would be better suited to long term ?forex traders , if you are a scalper or day trader IC Markets True ECN wins hands down. In my testing?IC Markets?had substantially less slippage than Alpari and much faster execution speeds this is why ?they would be better matched to scalpers and day traders. Obviously my findings were based on my own testing, make sure you ?evaluate both of these ?forex brokers for yourself ahead of making a choice.?
Source: http://freefinancearticles.info/is-the-customer-service-better-at-ic-markets-or-alpari
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