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There are lots of Contract for difference companies in Australia to pick from, meaning CFD traders have a range of choices, but choice can be confusing. Here we will provide you the CFD trader with an summary of the key differences of each CFD provider being their software. Regularly amateur traders become overwhelmed by the assortment of trading platforms to choose from and can often become perplexed by the vast array of financial products some providers offer on their CFD software package and fail to think about whether or not the software package suits their trading plan. This evaluation will help you select the right CFD software that fits your trading style without having 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 charts, this trading platform has excellent charting functionality. I tested the charts for both Forex and CFDs and found the forex graphs 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 noticed that the prices did not always reflect what the others showed, this is possibly 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 searching for a good Forex charting package that is free of charge GFT can offer you this in their deal book 360 software, however I recommend that you stay away from the CFDs on the platform.
Pure Deal
Pure deal is the online CFD trading software used by IG Markets, the trading platform is web based, easy and easy to use. I gave this trading platform a good trial run, what I liked about this trading platform was that there were so many instruments to trade, the downside of this however was that many of them did not suit my trading strategy and after a while the complicated instrument search tree became frustrating mainly when I wanted to get a CFD position on quickly and the Contract for difference was not in my watch list. The graphs on this trading platform are incredibly plain and if you want more advanced graphs you have to pay for them. Aside from the problem with the CFD instrument tree the platform is a good all round trading platform for the newbie trader that wants 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 software is obtainable from Comsec and Etrade in Australia, this software was one of best in the group when it comes to trading DMA CFDs. The trading platform is web dependent and simple to use, it has some complex order types like trailing stop loss orders which are great for CFD trading. The draw back of this software are its graphs, they are basic with very not many 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 on-line this would be an excellent 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 trading 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 trading platform is offered by CMC Markets, the platform is downloadable and has some good 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 graphs easy to use, however after being logged into the platform 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 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 computer. This is a platform that I suggest you stay away from, from my personal experience it is plagued with technical troubles, the worst nightmare for any on-line CFD trader.
Pro Deal
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 trading platform was set up the quick start videos 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 along with over-the-counter (OTC) CFDs, with both varieties 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 numerous indicators, and are not overly complicated to use. The best thing about this software is that it is free.
So which CFD trading platform is right for you?
Following my evaluation all 5 platforms it is simple to see that each trading platform has their niche. If you trade Forex Deal Book 360 would be the one for you, if you like simple web based software go for Pure Deal, if you only invest in ASX CFDs then web IRESS (although expensive) may be for you, but if you want an easy to use and dependable all round online trading platform you can not go past IC Markets Pro Deal software.
Prior to trading CFDs you must always understand how to use the CFD software you choose, bear in mind that the best CFD software for you will depend completely on your trading strategy. You should Download a Pro Deal CFD demo account, the trading platform that I have chosen to use, and see if it is the right CFD platform for you.
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