By: Ic Markets
Submitted: 2010-07-10 22:12:28 | Word Count: 1082
There are numerous Contract for difference brokers in Australia to choose from, meaning CFD traders have a range of options, but choice can be confusing. Here we will provide you the CFD trader with an overview of the key differences of each CFD provider being their software. Over and over again amateur traders become overwhelmed by the selection of trading platforms to choose from and can often become confused by the vast array of financial products some companies offer on their CFD platform and neglect to take into account whether the platform fits their trading plan. This review will help you decide on the right CFD platform that fits your trading style without needing to install multiple demonstration trading platforms.
Deal book 360
Deal book 360 is the CFD and Forex trading platform offered by GFT, the software is a downloadable application. Once you open the trading platform the first thing that you will notice are the graphs, this platform has great charting functionality. I tested the charts for both Forex and CFDs and found the forex graphs to be accurate and consistent with those on other CFD platforms in the group. When evaluating the CFD charts to others in the group I observed that the rates did not always mirror what the others showed, this is almost certainly because GFT is a market marker and their rates are not an accurate reflection of the underlying instrument on which the CFD is based. If you looking for a respectable Forex charting package that is free GFT can offer you this in their deal book 360 trading platform, however I recommend that you stay away from the CFDs on the software.
[ advertisement ]
Pure Deal
Pure deal is the web-based CFD trading software used by IG Markets, the software is web based, simple and easy to use. I gave this trading platform a good trial run, what I loved about this platform was that there were so many financial products to trade, the downside of this however was that many of them did not suit my trading strategy and after a while the complex instrument search tree became annoying especially when I wanted to get a CFD trade on quickly and the CFD was not in my watch list. The graphs on this platform are very simple and if you want more advanced charts you have to pay for them. Aside from the difficulty with the CFD instrument tree the platform is a first-class all round platform for the novice trader that needs web based software. For someone that desires that little extra in their platform Pure Deal would not be a sensible choice.
Web IRESS
The web IRESS platform is obtainable from Comsec and Etrade in Australia, this software was one of most suitable in the group when it comes to trading DMA CFDs. The platform is web based and uncomplicated and easy to use, it has some complex order varieties like trailing stop loss orders which are great for CFD trading. The draw back of this platform are its graphs, they are basic with very few indicators. If graphs are not essential to you and you are looking for a CFD trading platform that will offer you DMA CFDs on ASX listed CFDs over the internet this would be a good choice, though it comes at a price. Equally Comsec and Etrade will charge you around $55 per month to use this platform, this combined with $38.50 in exchange royalties makes this platform an expensive proposition given there are other platforms out there can offer you the similar and even better features at no cost.
Market Maker
The Market Maker platform is offered by CMC Markets, the software is downloadable and has some great functionality like being able to back test on 10 years worth of past price data. This was the most difficult trading platform of those reviewed to install, the download file was enormous. Once I was up and running, I found the interface very user friendly and the graphs easy to use, however after being logged into the trading platform for 30 minutes the charts froze. Once I was back up I checked the prices of some ASX CFDs against the other platforms and observed that price updates on the platform lagged by about 2 seconds. My experience with the market marker trading platform was less than pleasant and I can’t imagine that the troubles were isolated to my laptop. This is a platform that I recommend you stay away from, from my personal experience it is plagued with technical difficulties, the worst nightmare for any on-line CFD trader.
Pro Deal
The Pro Deal trading platform is offered by International Capital Markets (IC Markets), the trading platform is downloadable but also has web and mobile versions. This was the simplest CFD trading software of the lot to set up. Once the platform was installed the quick start videos guided me through the workspace setup. The workspace was effortless to navigate and not cluttered with CFDs that I would never trade. The platform has both DMA CFD plus over-the-counter (OTC) CFDs, with both variations I was able to trade the ASX cash and day trade using DMA CFDs watching my orders flow onto the underlying market. The charts on the trading platform have various indicators, and are not overly complex to use. The best thing about this software is that it is free of charge.
So which CFD trading software is for you?
After my appraisal all five trading platforms it is easy to see that each trading platform has their niche. If you invest in Foreign exchange Deal Book 360 would be the one for you, if you like simple web based software go for Pure Deal, if you only trade ASX CFDs then web IRESS (although costly) may be for you, but if you would like an uncomplicated and easy to use and dependable all round online trading platform you can't go past IC Markets Pro Deal software package.
Author Resource:-
John Masterton is a professional CFD trader trading on the Pro Deal CFD trading platfrom with Australia's largest and most popular CFD provider, IC Markets. John has published a number of articles on how to choose the right CFD software to suit your trading style including guides and ebooks which you can download for free.
