There are many Contract for difference brokers in Australia to choose from, meaning CFD traders have a series 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. Often amateur traders become overwhelmed by the range of trading platforms to choose from and can often become perplexed by the vast array of financial products some providers offer on their CFD platform and neglect to take into account whether the software package fits their trading strategy. This review will help you pick the right CFD software that suits your trading technique without having to download multiple demonstration trading platforms.
Deal book 360
Deal book 360 is the CFD and Foreign exchange trading platform offered by GFT, the software is a downloadable application. Once you open the platform the original thing that you will notice are the charts, this platform has magnificent charting features. I tested the charts for both Forex and CFDs and found the forex charts to be accurate and consistent with those on other CFD trading platforms in the group. When evaluating the CFD charts to others in the group I noticed that the rates did not always mirror what the others showed, this is probably because GFT is a market marker and their rates are not a true reflection of the underlying instrument on which the CFD is based. If you seeking 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.
Pure deal is the online CFD trading software used by IG Markets, the trading platform is web based, uncomplicated 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 instruments to trade, the draw back of this however was that a lot of of them did not suit my trading plan and after a while the complicated instrument search tree became irritating especially when I wanted to get a CFD position on quickly and the CFD was not in my watch list. The graphs on this platform are awfully plain and if you want more sophisticated charts you have to pay for them. Aside from the problem with the CFD instrument tree the software is a good all round platform for the newbie trader that needs web based software. For someone that desires that little extra in their platform Pure Deal would not be a wise option.
The web IRESS trading platform is obtainable from Comsec and Etrade in Australia, this platform was one of most suitable in the group when it comes to trading DMA CFDs. The trading platform is web based and uncomplicated and easy to use, it has a number of sophisticated order variations like trailing stop loss orders which are great for CFD trading. The downside of this software are its charts, they are basic with very the minority indicators. If charts are not essential to you and you are looking for a CFD trading platform that will offer you DMA CFDs on ASX listed CFDs online this would be a very good choice, however it comes at a cost. Both Comsec and Etrade will charge you around $55 per month to use this software, this combined with $38.50 in exchange royalties makes this platform an expensive proposition given there are other trading platfroms out there can offer you the similar and even better features for free.
The Market Maker software 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 historical price data. This was the most difficult 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 graphs froze. Once I was back up I checked the prices of some ASX CFDs against the other trading platforms and observed that price changes on the software lagged by about 2 seconds. My experience with the market marker software was less than enjoyable and I can’t imagine that the problems were isolated to my laptop. This is a trading platform that I suggest you stay away from, from my own experience it is plagued with technical problems, the worst nightmare for any online CFD trader.
The Pro Deal 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 group to set up. Once the software was set up the quick start videos 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 as well as over-the-counter (OTC) CFDs, with both types I was able to invest in 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 complex to use. The best thing about this platform is that it is free of charge.
So which CFD trading platform is right for you?
After my appraisal all 5 platforms it is easy to see that every trading platform has their niche. If you invest in Forex Deal Book 360 would be the one for you, if you like straightforward web based software go for Pure Deal, if you just invest in ASX CFDs then web IRESS (although costly) may be for you, but if you want an easy to use and reliable all round online trading platform you cannot go past IC Markets Pro Deal software.
Prior to trading contracts for difference you must always understand how to use the CFD platform you choose, remember that the best CFD software for you will depend entirely on your trading style. 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.