CFD Trading Software And Which One Is The Best

There are numerous Contract for difference providers in Australia to pick from, meaning CFD traders have a range of options, 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 perplexed by the huge array of financial products some brokers offer on their CFD software package and fail to consider whether the software suits their trading plan. This review will help you choose the right CFD software that fits your trading style without needing to install multiple demo trading platforms.

Deal book 360
Deal book 360 is the CFD and Forex trading platform offered by GFT, the software is a downloadable application. Once you open the trading platform the original thing that you will notice are the charts, this software has magnificent 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 platforms in the group. When evaluating the CFD graphs 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 quotes 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 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 online CFD trading software used by IG Markets, the platform is web based, straightforward and easy to use. I gave this trading platform a good test run, what I loved about this software 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 complex instrument search tree grew to become frustrating especially when I wanted to get a CFD position on fast and the Contract for difference was not in my watch list. The graphs on this software are very simple and if you want more advanced graphs you have to pay for them. Aside from the problem with the CFD instrument tree the software is a good all round trading platform for the beginner trader that wants web based software. For someone that needs that little extra in their platform Pure Deal would not be a sensible option.

Web IRESS
The web IRESS trading platform is obtainable from Comsec and Etrade in Australia, this trading platform was one of most suitable in the group when it comes to trading DMA CFDs. The trading platform is web based and simple to use, it has various advanced order variations like trailing stop loss orders which are great for CFD trading. The downside of this software are its charts, they are simple with very the minority indicators. If charts 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 an excellent selection, though it comes at a cost. 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 software an expensive proposition given there are other trading platfroms out there can offer you the similar and even better features free of charge.

Market Maker
The Market Maker trading platform is offered by CMC Markets, the platform is downloadable and has some excellent features like being able to back test on 10 years worth of historical price data. This was the toughest software 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 trading platform 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 updates on the trading platform lagged by about 2 seconds. My experience with the market marker software was less than pleasant and I can’t imagine that the problems were isolated to my laptop. This is a platform that I suggest you stay away from, from my own 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 easiest CFD trading software of the lot to set up. Once the software was set up the quick start video lessons guided me through the workspace setup. The workspace was effortless to navigate and not cluttered with CFDs that I would never trade. The software 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 software have multiple indicators, and are not overly complicated to use. The best thing about this platform is that it is free of charge.

So which CFD trading software is for you?
Following my appraisal all five trading 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 uncomplicated web based software go for Pure Deal, if you just invest in ASX CFDs then web IRESS (although expensive) may well be for you, but if you want an easy to use and reliable all round online trading platform you can not go past IC Markets Pro Deal software package.

Prior to trading contracts for difference you must always understand how to use the CFD platform you decide on, keep in mind that the most suitable CFD software for you will depend completely on your trading strategy. You should Install 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.