I’m brand new to forex and I’ve been reading a lot about IC Markets because people seem to recommend them for beginners. But the more I look into it the more confused I get about what I’m actually going to pay.
Every source quotes different numbers for spreads and nobody really explains what happens when you actually place trades. I’ve heard about rebates but I don’t understand how they work or if they’re worth considering when I’m just starting out with small amounts of money.
I found GlobeGain cashback which sounds useful but I’m not sure if it’s designed for someone with low trading volume or if I should even worry about it as a new trader.
Can someone walk me through what a realistic monthly cost looks like for a beginner on IC Markets? Like if I’m trading 2 to 3 times a week with small positions, what should I actually budget for? Does the rebate make a noticeable difference at that volume or is it too small to matter?
As a beginner focus on learning not on optimizing costs. That said here’s the math.
IC Markets beginner account roughly 0.3 pip average spread plus 3.5 USD commission per standard lot. If you trade 2 to 3 times weekly at 0.1 lot size that’s about 35 USD monthly in costs.
GlobeGain rebates at your volume might return 5 to 8 USD monthly. Helpful but small.
What matters more is not losing money on bad trades. Your actual trading edge will dwarf any rebate savings. Focus on learning risk management and position sizing first. Rebates are a bonus after you’re profitable.
Started exactly where you are two years ago. Worried about costs but didn’t really understand what I was paying.
Honest answer: at 2 to 3 trades per week the rebates are minimal. Maybe 5 dollars a month. Not worth gaming the system for.
What I wish I’d known is spreads matter way more than rebates when you’re starting. I lost far more money on bad entries than I ever saved on rebates.
Set up IC Markets, get the rebates going through GlobeGain because it’s free, but don’t let it distract you from learning to trade properly. That’s where the real money comes from.
Welcome to trading. The good news is at your volume the costs are pretty manageable.
IC Markets is solid for beginners. Spread plus commission is reasonable. GlobeGain rebates help but they’re not huge at low volume.
Set it up and focus on learning the platform and your strategy. The rebates will come naturally as you trade more.
Rebates matter less when you’re learning.
As a beginner your costs are low anyway. The rebates help but aren’t the main thing to worry about.