ABANDONED - IC Markets is unclear about the commission charge on Ctrader

[Guisgs]

Hello everybody!

I have been noticing a strange problem with the IC Markets Ctrader platform for some time now.

When using the platform, the commission amounts charged and those shown on the platform are completely different. I checked their website and it says that the commission charged on Ctrader is USD 3.00 for every USD100,000.00 traded. Turns out this is a big lie.

When I open a trade on XAUGBP (and other Gold pairs), I usually open a lot of 0.10! At Ctrader a commission of -0.58 USD appears, while in reality the difference between the gross and net price is -1.16 USD.

It's a BIG difference!

When I opened the transaction, Ctrader itself said that the cost is USD 19,323.00 on average and according to the rules mentioned on the brokerage website, there should be a charge of around USD0.60, rounding up!

How can I be being charged USD1.16? This value is practically double what is advertised on the website!

 

[4evermaat]

When I open a trade on XAUGBP (and other Gold pairs), I usually open a lot of 0.10! At Ctrader a commission of -0.58 USD appears, while in reality the difference between the gross and net price is -1.16 USD.

For the base currency, you must consider the exchange rate from USD to GBP.

So it is $3 USD per side? which would be $6/round turn trade. And most brokers offering CFDs will take the full commission up front.

exchange-traded stocks and futures may charge per side. So the exit/offset side is not charged until you exit.

 

[Guisgs]

Hello friend! All good?

I don't know if you're familiar with Ctrader, but it's an extremely intuitive platform that shows information about lot prices and all the types of conversions you mentioned above.

So it still doesn't make sense. Because the impression I have is that ICmarkets is not clear about the collection policy on this platform. What I noticed is that the amount charged in commission and/or Swap is different from both the information on their official website and the values of the platform itself.

Explaining in detail, the platform presents the amount charged in commission and swap (paid or debited), but the gross amount of profit/loss excluding fees never matches the net amount.

It's as if there were hidden charges, that the larger the batch used in operations, the more expensive they are. Especially for swingtraders.

 

[4evermaat]

Explaining in detail, the platform presents the amount charged in commission and swap (paid or debited), but the gross amount of profit/loss excluding fees never matches the net amount.

It's as if there were hidden charges, that the larger the batch used in operations, the more expensive they are. Especially for swingtraders.

I would suggest to keep track of all this in a spreadsheet.....or

I don't know if you're familiar with Ctrader, but it's an extremely intuitive platform that shows information about lot prices and all the types of conversions you mentioned above.

So it still doesn't make sense. Because the impression I have is that ICmarkets is not clear about the collection policy on this platform. What I noticed is that the amount charged in commission and/or Swap is different from both the information on their official website and the values of the platform itself.

Why do you insist on continuing to trade with a company that you suspect is ripping you off? Suggest to stop trading with them before they do something you cannot recover from.

In the mean time, you can tell others in a review your experience:

IC Markets review: Is it a legit or scam forex broker?

IC Markets is in my opinion the best broker you can find on the market at the moment. Their support is always online and really always superfast and helpful. Also, the spreads and order execution works flawlessly. Deposit and withdrawal also go smoothly.

www.forexpeacearmy.com

 

[Guisgs]

Even if I feel aggrieved, I manage to make a profit. I like using Ctrader and there are few brokers with market time that are considered safe by the community of traders that offer it.

That is the reason. Jumping from brokerage firm to brokerage house at every uncertain signal is not the solution. Monitor, charge and check information, yes.

If you really are an investor and have been in this market for a long time, you should know about this.

 

[4evermaat]

Even if I feel aggrieved, I manage to make a profit. I like using Ctrader and there are few brokers with market time that are considered safe by the community of traders that offer it.

Not everything that glitters is gold. The backend is handled in a dishonest way towards the client, then the front-end is completely irrelevant.

That is the reason. Jumping from brokerage firm to brokerage house at every uncertain signal is not the solution. Monitor, charge and check information, yes.

If you really are an investor and have been in this market for a long time, you should know about this.

People do what they want anyways. And the problem reports folder (formerly known as scam alerts) is full of those who thought they knew better.

If you cannot control your gambling impulses, I would suggest you at least screen video record 100% of your live trading sessions, so you can at least catch them in the act.

Bandicam or Thundersoft Screen Recorders do the job well.