I’m comparing Tickmill with IC Markets and Pepperstone for scalping and I want to focus on real net cost, not headlines. I’m using the simple formula: spread + commission − rebate = true cost per lot.
My plan is to test EURUSD, GBPUSD, XAUUSD during London and New York, small size, record slippage and fill speed on MT4 or MT5. I’ll convert everything to pips per standard lot. I’m also noting which entity and server, because that can change results.
If you’ve done this, can you share your numbers and notes? Please include: pair, session, average spread, commission per lot, rebate per lot, net pips, typical slippage, and which platform/server you used. Which broker actually came out cheaper for you over 50+ trades?
Compare net spread commission and rebate across sessions.
Test during London open and around news.
Use a clean test across the same hours and symbols. One lot standard for every trade. Record spread at entry and exit, commission in dollars, rebate in dollars, and slippage in pips. Convert commission and rebate to pips so you can compare apples to apples. Run at least 50 trades per broker to smooth noise. Split the sessions between London and New York. Note the server name and your ping. If two brokers tie on cost, execution quality decides it. A broker that slips you less will win even with slightly higher cost.
Set up a simple sheet. Columns: time, symbol, direction, volume, entry price, exit price, spread at entry, spread at exit, commission, rebate credit, slippage entry, slippage exit, net pips after rebate, and session tag. For the rebate, log the expected amount per lot and then match it to the payout later. After 50 to 100 trades, average net pips per lot by symbol and session. That will show the true winner.
Good idea to normalize everything to pips.
I also tag trades by news proximity, since spreads and fills get worse there. That changed my results a lot.
Share your sheet template if you can.
My EURUSD tests showed small differences. Slippage mattered more than spreads.
Rebates helped, but execution around news tilted the result.
I ran a six week test on EURUSD and XAUUSD. Tickmill and IC were very close on net cost after cashback. On my side Tickmill had slightly lower cost on EURUSD during London, while IC was tighter on XAUUSD outside news. Pepperstone was fine but slipped a bit more during fast candles for me. The big gap came from session and server choice. If you keep your test hours consistent and track slippage both ways, the winner shows up fast.