CFD online trading and which software should I use?

There are numerous CFD providers in Australia to select 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. Regularly newbie traders become overwhelmed by the selection 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 package and neglect to take into account whether or not the software suits their trading strategy. This review will help you select the right CFD software that fits your trading technique without having to install multiple demo trading platforms.

Deal book 360
Deal book 360 is the CFD and Foreign exchange 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 software has magnificent charting functionality. I tested the charts for both Forex and CFDs and found the foreign exchange graphs to be accurate and consistent with those on other CFD platforms in the group. When comparing the CFD graphs to others in the group I noticed 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 an accurate reflection of the underlying instrument on which the CFD is based. If you seeking for a respectable 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 software.

Pure Deal
Pure deal is the on-line CFD trading software used by IG Markets, the platform is web based, uncomplicated and easy to use. I gave this trading platform a good test run, what I loved about this platform was that there were so many financial products to trade, the downside 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 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 platform are awfully simple and if you want more complex charts you have to pay for them. Aside from the trouble with the CFD instrument tree the platform is a first-class all round platform for the beginner trader that needs web based software. For someone that desires that little extra in their platform Pure Deal would not be a wise option.

Web IRESS
The web IRESS software is obtainable from Comsec and Etrade in Australia, this trading platform was one of best in the group when it comes to trading DMA CFDs. The software is web based and uncomplicated and easy to use, it has a number of complex order variations like trailing stop loss orders which are great for CFD trading. The downside of this platform are its graphs, they are basic with very a small number of indicators. If graphs are not important 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 a good choice, however it comes at a cost. Equally Comsec and Etrade will charge you around $55 per month to use this software, 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 functionality for free.

Market Maker
The Market Maker software is offered by CMC Markets, the trading platform is downloadable and has some terrific functionality like being able to back test on 10 years worth of historical price data. This was the hardest trading 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 graphs froze. Once I was back up I checked the quotes of some ASX CFDs against the other trading platforms and observed that price updates on the platform lagged by about 2 seconds. My experience with the market marker trading platform was less than pleasant and I can’t imagine that the problems were isolated to my workstation. This is a platform that I suggest you stay away from, from my personal experience it is plagued with technical issues, the worst nightmare for any online CFD trader.

Pro Deal
The Pro Deal trading platform is offered by International Capital Markets (IC Markets), the platform is downloadable but also has web and mobile versions. This was the easiest 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 trouble-free to navigate and not cluttered with CFDs that I would never trade. The software has both DMA CFD in addition to 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 platform have various indicators, and are not overly complicated to use. The best thing about this trading platform is that it is free of charge.

So which CFD trading platform is right for you?
After my assessment all five platforms it is simple to see that each trading platform has their niche. If you invest in Forex Deal Book 360 would be the one for you, if you like uncomplicated web based software go for Pure Deal, if you just invest in 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 not 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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