Platforms for CFD trading reviewed

There are lots of CFD brokers in Australia to choose from, meaning CFD traders have a variety of choices, 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 variety of trading platforms to choose from and can often become confused by the huge array of financial products some providers offer on their CFD software and neglect to think about whether the software fits their trading plan. This review will help you choose the right CFD platform that fits your trading technique without having to install multiple demonstration trading platforms.

Deal book 360
Deal book 360 is the CFD and Forex trading software offered by GFT, the platform is a downloadable application. Once you open the trading platform the original thing that you will notice are the graphs, this trading platform has great charting features. I tested the graphs 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 evaluating the CFD charts to others in the group I observed that the prices did not always mirror 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 trading platform.

Pure Deal
Pure deal is the on-line CFD trading platform used by IG Markets, the platform is web based, easy and easy to use. I gave this platform a good trial run, what I liked 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 strategy and after a while the complex instrument search tree became annoying especially when I wanted to get a CFD trade on fast and the Contract for difference was not in my watch list. The graphs on this platform are extremely simple and if you want more sophisticated 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 newbie trader that needs web based software. For someone that requirements that little extra in their platform Pure Deal would not be a wise choice.

Web IRESS
The web IRESS platform is offered by 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 based and simple to use, it has a number of advanced order variations like trailing stop loss orders which are great for CFD trading. The draw back of this trading platform are its graphs, they are simple with very a small number of indicators. If charts are not vital 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 exceptional selection, however it comes at a cost. Both 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 trading platfroms out there can offer you the similar and even better functionality at no cost.

Market Maker
The Market Maker trading platform is offered by CMC Markets, the platform is downloadable and has some terrific functionality like being able to back test on 10 years worth of past price data. This was the toughest software 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 software for 30 minutes the graphs 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 trading platform was less than enjoyable and I can’t imagine that the problems were isolated to my PC. This is a platform that I suggest you stay away from, from my own experience it is plagued with technical issues, the worst nightmare for any online CFD trader.

Pro Deal
The Pro Deal platform is offered by International Capital Markets (IC Markets), the software 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 set up the quick start videos guided me through the workspace setup. The workspace was uncomplicated and 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 trade the ASX cash and day trade utilising DMA CFDs watching my orders flow onto the underlying market. The charts on the software 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 for you?
After my review all 5 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 pricey) 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.

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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.

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