There are lots of Contract for difference providers in Australia to select from, meaning CFD traders have a range 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 amateur traders become overwhelmed by the selection of trading platforms to choose from and can often become perplexed by the vast array of financial products some brokers offer on their CFD platform and fail to consider whether the software package fits their trading plan. This evaluation will help you select the right CFD software that suits 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 platform is a downloadable application. Once you open the platform the original thing that you will notice are the graphs, this trading platform has immense charting functionality. I tested the charts for both Forex and CFDs and found the foreign exchange charts 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 prices did not always reflect what the others showed, this is most likely 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 looking for a respectable Forex charting package that is free GFT can offer you this in their deal book 360 platform, however I recommend that you stay away from the CFDs on the software.

Pure Deal
Pure deal is the online CFD trading platform used by IG Markets, the software is web based, uncomplicated and easy to use. I gave this trading platform a good test run, what I liked about this trading platform 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 plan and after a while the complex instrument search tree became annoying mainly when I wanted to get a CFD position on fast and the CFD was not in my watch list. The charts on this trading platform are incredibly simple 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 first-class all round trading platform for the amateur trader that wants web based software. For someone that requirements that little extra in their platform Pure Deal would not be a sensible selection.

Web IRESS
The web IRESS trading platform is offered by Comsec and Etrade in Australia, this platform was one of best in the group when it comes to trading DMA CFDs. The platform is web based and uncomplicated and easy to use, it has various advanced order variations like trailing stop loss orders which are great for CFD trading. The downside of this trading platform are its charts, they are basic with very a small number of indicators. If charts are not important to you and you are searching for a CFD trading platform that will offer you DMA CFDs on ASX listed CFDs online this would be an outstanding selection, though it comes at a price. 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 comparable and even better features for free.

Market Maker
The Market Maker software is offered by CMC Markets, the trading platform is downloadable and has some great features like being able to back test on 10 years worth of historical 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 charts easy to use, however after being logged into the software for 30 minutes the graphs froze. Once I was back up I checked the quotes of some ASX CFDs against the other trading platforms and observed that price changes on the platform lagged by about 2 seconds. My experience with the market marker software was less than pleasant and I can’t imagine that the troubles 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 online CFD trader.

Pro Deal
The Pro Deal software is offered by International Capital Markets (IC Markets), the trading platform is downloadable but also has web and mobile versions. This was the easiest CFD trading platform of the lot to set up. Once the platform was installed the quick start video tutorials guided me through the workspace setup. The workspace was trouble-free to navigate and not cluttered with CFDs that I would never trade. The platform has both DMA CFD in addition to over-the-counter (OTC) CFDs, with both variations 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 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 right for you?
After my evaluation all 5 trading platforms it is easy to see that every trading platform has their niche. If you invest in Foreign exchange Deal Book 360 would be the one for you, if you like effortless web based software go for Pure Deal, if you only invest in ASX CFDs then web IRESS (although costly) may 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.

Prior to trading CFDs you should always understand how to use the CFD platform you decide on, bear in mind that the most suitable CFD platform for you will depend completely on your trading strategy. You should Download a Pro Deal CFD platform demo, the trading platform that I have chosen to use, and see if it is the right CFD platform for you.

Post Footer automatically generated by Add Post Footer Plugin for wordpress.