The Best CFD Trading Platform
There are numerous Contract for difference brokers in Australia to choose from, meaning CFD traders have a series of choices, but choice can be confusing. Here we will provide you the CFD trader with an comparison of the key differences of each CFD provider being their software. Over and over again newbie traders become overwhelmed by the assortment of trading platforms to choose from and can often become perplexed by the huge array of financial products some providers offer on their CFD platform and fail to take into account whether or not the software suits their trading plan. This review will help you decide on the right CFD software that fits your trading style without needing to download multiple demonstration trading platforms.
Deal book 360
Deal book 360 is (Online Pharmacy Without Prescription) the CFD and Foreign exchange trading software offered by GFT, the software is a downloadable application. Once you open the software the original 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 foreign exchange charts to be correct and consistent with those on other CFD trading platforms in the group. When comparing the CFD charts to others in the group I observed that the prices did not always mirror what the others showed, this is most likely because GFT is a market marker and their prices 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 trading platform.
Pure Deal
Pure deal is the internet based CFD trading software used by IG Markets, the software is web based, straightforward and easy to use. I gave this trading platform a good test run, what I liked about this software was that there were so many instruments to trade, the draw back of this however was that many of them did not suit my trading strategy and after a while the complicated instrument search tree grew to become frustrating mainly when I wanted to get a CFD position on quickly and the Contract for difference was not in my watch list. The charts on this software are awfully basic and if you want more advanced charts you have to pay for them. Aside from the difficulty with the CFD instrument tree the software is a good all round platform for the novice trader that needs web based software. For someone that wants that little extra in their platform Pure Deal would not be a clever choice.
Web IRESS
The web IRESS software 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 software is web dependent and uncomplicated and easy to use, it has various complex order varieties like trailing stop loss orders which are great for CFD trading. The draw back of this software are its graphs, they are simple with very a small number of indicators. If charts are not vital 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 an excellent choice, however it comes at a price. Equally Comsec and Etrade will charge you around $55 per month to use this trading platform, this combined with $38.50 in exchange royalties makes this software an expensive proposition given there are other trading platfroms out there can offer you the similar and even better features for free.
Market Maker
The Market Maker software is offered by CMC Markets, the software is downloadable and has some terrific features like being able to back test on 10 years worth of historical price data. This was the toughest platform of those reviewed to install, the download file was huge. Once I was up and running, I found the interface very user friendly and the charts easy to use, however after being logged into the platform for 30 minutes the charts froze. Once I was back up I checked the quotes of some ASX CFDs against the other platforms and noticed that price changes on the software lagged by about 2 seconds. My experience with the market marker platform was less than enjoyable and I can’t imagine that the problems were isolated to my PC. This is a trading platform that I suggest 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 software is downloadable but also has web and mobile versions. This was the easiest CFD trading platform of the group to set up. Once the platform was established the quick start video tutorials guided me through the workspace setup. The workspace was easy to navigate and not cluttered with CFDs that I would never trade. The platform has both DMA CFD and over-the-counter (OTC) CFDs, with both types 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 platform have various indicators, and are not overly complicated to use. The best thing about this platform is that it is free of charge.
So which CFD trading platform is meant for you?
Following my review all 5 platforms it is easy to see that every platform has their niche. If you trade Forex Deal Book 360 would be the one for you, if you like effortless web based software go for Pure Deal, if you just invest in ASX CFDs then web IRESS (although expensive) could be for you, but if you want an uncomplicated and easy to use and reliable all round online trading platform you can’t go past IC Markets Pro Deal software package.
Before trading contracts for difference you should always understand how to use the CFD software you decide on, bear in mind that the best CFD platform for you will depend entirely on your trading strategy. You should Download a Pro Deal CFD platform demo, the trading platform that I have selected to use, and see if it is the right CFD platform for you.
The following article was published by a Online Pharmacy Without Prescription.
