# Best CFD provider



## Fab (24 December 2006)

I am new to CFDs and I have currently got all my shares holding with CBA they sent me the CFD forms to apply for CFD trading with them, that is tempting as everything I have got is with them nevertheless I don't know much about CFDs and how they compare with the rest of the providers can anyone tell me why I should join or not CBA CFD trading and why ?

Cheers


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## barney (24 December 2006)

Fab said:
			
		

> I am new to CFDs and I have currently got all my shares holding with CBA they sent me the CFD forms to apply for CFD trading with them, that is tempting as everything I have got is with them nevertheless I don't know much about CFDs and how they compare with the rest of the providers can anyone tell me why I should join or not CBA CFD trading and why ?
> 
> Cheers




Howdy Fab,  I know Coyotte uses IG Markets, and he trades a lot. (I have just opened an account with them myself ..... Still have my current account with Green CFD open .... they are good to deal with, but I seem to get a few drop outs on their platform, but that could well be my internet connection)  I think you'll find IG are the best value if you are doing trades under $10,000 (total share value .............  eg 1000 CFD's/(shares) bought at $5 per share at will have a transaction fee of just $5 .............. most CFD providers have a minimum fee of $10 regardless of position size)     I dont know what CBA's fees are, but I imagine they would be more expensive (as Comsec is!!!)  Hope that helps, Barney.


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## Fab (24 December 2006)

barney said:
			
		

> Howdy Fab,  I know Coyotte uses IG Markets, and he trades a lot. (I have just opened an account with them myself ..... Still have my current account with Green CFD open .... they are good to deal with, but I seem to get a few drop outs on their platform, but that could well be my internet connection)  I think you'll find IG are the best value if you are doing trades under $10,000 (total share value .............  eg 1000 CFD's/(shares) bought at $5 per share at will have a transaction fee of just $5 .............. most CFD providers have a minimum fee of $10 regardless of position size)     I dont know what CBA's fees are, but I imagine they would be more expensive (as Comsec is!!!)  Hope that helps, Barney.



Thanks for your feedback what do you mean by "as Commsec is !!!" as for share trading I have not found better value than commsec. Do you know other broker cheaper than commsec for share trading ?
Is IG market a market maker ?


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## barney (24 December 2006)

Fab said:
			
		

> Thanks for your feedback what do you mean by "as Commsec is !!!" as for share trading I have not found better value than commsec. Do you know other broker cheaper than commsec for share trading ?
> Is IG market a market maker ?




Hi Fab,  Commsec is great for shares, but their rates and conditions on CFD's are not so great (imo) ...............   IG is a DMA CFD provider (as is Green), so what you see (prices) is what you get so to speak ............... Coyotte would give you a better rundown on them, but I think he's gone on Xmas holidays atm ...........  Cheers, Barney.


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## Fab (24 December 2006)

barney said:
			
		

> Hi Fab,  Commsec is great for shares, but their rates and conditions on CFD's are not so great (imo) ...............   IG is a DMA CFD provider (as is Green), so what you see (prices) is what you get so to speak ............... Coyotte would give you a better rundown on them, but I think he's gone on Xmas holidays atm ...........  Cheers, Barney.



Barney,

Thanks for that. What is so different about rates and conditions let say between IG and Commsec ?


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## barney (24 December 2006)

Fab said:
			
		

> Barney,
> 
> Thanks for that. What is so different about rates and conditions let say between IG and Commsec ?




Fab, The basic charge from Commsec for CFD's is at 0.125%  They have a minimum of $14.95 per transaction (even if you only buy one CFD , whereas IG charges 0.1% ....  ie $1000 worth of shares will cost you a commission of $1,  so if your are buying smaller parcells the commission costs could work out substantially less over "bulk" transactions.  It really depends on how much leverage your are going to employ ...... My advice is start small and work your way up (IG is a better scenario for that concept)  Perhaps others can shed their opinion as well, but I dont know of any other CFD providers who offer DMA at those rates.  All the best, Barney.


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## Fab (25 December 2006)

barney said:
			
		

> Fab, The basic charge from Commsec for CFD's is at 0.125%  They have a minimum of $14.95 per transaction (even if you only buy one CFD , whereas IG charges 0.1% ....  ie $1000 worth of shares will cost you a commission of $1,  so if your are buying smaller parcells the commission costs could work out substantially less over "bulk" transactions.  It really depends on how much leverage your are going to employ ...... My advice is start small and work your way up (IG is a better scenario for that concept)  Perhaps others can shed their opinion as well, but I dont know of any other CFD providers who offer DMA at those rates.  All the best, Barney.




Thanks Barney, IG markets sounds good. Are there any other CFD providers out there worth talking to and can I trade shares as well as cfd's with IG markets ?


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## Fab (25 December 2006)

Barney,

I understand you can use stop loss and IG market will charge a fee for doing that, is this fee trigger by setting up the stop loss or only when the share price triggers the stop loss ?


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## barney (25 December 2006)

Fab said:
			
		

> Thanks Barney, IG markets sounds good. Are there any other CFD providers out there worth talking to and can I trade shares as well as cfd's with IG markets ?




Hi Fab, No shares as far as I know. Just CFD's or "spread betting" on Indices (I think), but I know nothing about that. 

There are quite a few CFD providers, but some charge you to "use" their trading platform.  Have you checked whether Commsec require you to set up a different account for CFD's, or is your same account balance used for both (that could get messy, considering CFD's are traded on margin) I would suspect a different account may be required to keep the "book keeping" under control, but I might be wrong there, just a guess.


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## barney (25 December 2006)

Fab said:
			
		

> Barney,
> 
> I understand you can use stop loss and IG market will charge a fee for doing that, is this fee trigger by setting up the stop loss or only when the share price triggers the stop loss ?




Fab,  Standard stop loss is no fee, but guaranteed stop loss will incur an up front fee as far as I know. (I have only ever used standard stop losses with "Green") .  You could open an account with IG (free setup, and no money required in your account until you start trading with it)  That way you can check out their platform, and see whether it suits your needs.  

PS Neither IG or Green charge to access their platforms ...... some providers charge a monthly fee!! (I assume Commsec will not charge a fee either cause their commission rates are higher for a start)  Cheers, Barney.


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## RichKid (25 December 2006)

Check out MacquarieCFD's, they have GSL's and high interest paid on available funds, may or may not suit you, see their pds. GSL's are not cheap and you can't short some stocks that IG offers shorts over, maybe other differences as well. 

From what I last read of IG Markets on their website they don't pay interest on available funds so I would assume that you would at least have to save the amount you lose in interest on your cash by way of their lower trading fees- this is a matter to be resolved by reference to your particular trading profile. Compare the margin interest charged by IG on long positions too to other providers and the GSL costs.

My personal opinion from a cursory glance is that the Commsec CFD's are a stop-gap measure til the ASX exchange traded CFD's get going in mid-2007. I don't think Commsec CFD's are as price competitive as its share brokerage when you compare each product to its competitors- I suppose the tactic is to convert share trading clients to CFD clients as well based on brand loyalty and familiarity.

These are just some personal observations based on some recent reading of various CFD sites rather than advice; note that CFD provider terms are always changing so what I have said above may be wrong.


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## Fab (25 December 2006)

RichKid said:
			
		

> Check out MacquarieCFD's, they have GSL's and high interest paid on available funds, may or may not suit you, see their pds. GSL's are not cheap and you can't short some stocks that IG offers shorts over, maybe other differences as well.
> 
> From what I last read of IG Markets on their website they don't pay interest on available funds so I would assume that you would at least have to save the amount you lose in interest on your cash by way of their lower trading fees- this is a matter to be resolved by reference to your particular trading profile. Compare the margin interest charged by IG on long positions too to other providers and the GSL costs.
> 
> ...




Thanks Richkid,

Which CFD platform do you currently use? What do you mean by "Commsec CFD's are a stop-gap measure"?


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## MichaelD (26 December 2006)

I trade real shares with CommSec and CFDs with IG Markets, so consequently have been courted by CommSec when their CFD offering was launched.

For me, there is no good reason to change, as CommSec CFDs are inferior in pretty much every way to IG Markets CFDs. They very much feel to me like a quickly cobbled together solution to get you into CFDs with CommSec before the ASX starts trading them.

What I didn't like about the CommSec offering;

1. No integration with the existing share trading cash management account.
2. Excessive fee structure.
3. No integration with the existing share trading platforms.
4. A host of fairly severe caveats in their PDS (I forget the fine details, but there are some nasty escape clauses in there, worse than IG Markets' escape clauses).
5. Finding out their trading universe defeated me at the time, however it was clearly only part of the ASX and no other markets. If you want to trade commodities or forex, you can't do it with CommSec but you can with IG Markets (albeit not all commodities).

The only thing I liked about the CommSec offering was that they pay interest on your account balance (but the extra transaction costs far outweigh this small benefit).


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## joslad (26 December 2006)

I use First Prudential Markets (FPM) for trading CFD's and have had an account with them for around five months.

I used to use MAN, via etrade, but their brokerage is expensive.  Also, etrade would never respond quickly to any queries regarding the cfd account.

Minimum brokerage on a trade with FPM is $10.  There is a monthly platform access fee, however, if you trade a certain amount of dollars for the month this fee is not charged to your account.  I've only ever paid it once - my first incomplete month of trading with them.  I think the platform access fee is about $50.  They also charge for live asx news, Again, trade a certain amount per month and it's not charged to your account, so I've never paid it. 

In five months, FPM have never had any platform down time, and I have not had any problems with my account trades or balances.

All in all, they have provided a very good service.


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## hector (26 December 2006)

Started with FPM this month. First month platform is free. Largest range of CFD's long or short. Full broker service at no extra charge if required. Can trade equities with FPM and move money between CFD and EQ accounts immediately and no cost penalty. Shares in quality stocks can also be used as collateral (akin to margin lending). CFD's can be converted to shares if desired.
Good to deal with so far, prompt response to queries.
Cheers.


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## Fab (26 December 2006)

"For me, there is no good reason to change, as CommSec CFDs are inferior in pretty much every way to IG Markets CFDs. They very much feel to me like a quickly cobbled together solution to get you into CFDs with CommSec before the ASX starts trading them."


What will it change when the ASX starts trading CFDs ?
I am looking at CFDs to get a leverage better than instalment warrants. At the moment I use instalment warrants as a leverage tool the 2 major issues I find with this type of warrant is that the not DMA but MM as all warrants and I don't like the Time component of warrants otherwise it is great to be able to strip franked dividend. 
In what way then would the CFD trading be a better tool for me ? and would it be better to wait until mid year ( I understand) until the ASX starts trading CFDs


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## RichKid (29 December 2006)

Fab said:
			
		

> Thanks Richkid,
> 
> Which CFD platform do you currently use?
> 
> What do you mean by "Commsec CFD's are a stop-gap measure"?




Hi Fab

I have an account with Macquarie (as you would have guessed from my post), I found they fitted my needs the best (basically looking to use CFD's to only short stocks if ETO's aren't suitable for me). Once you go through the pds's for each provider and make notes and match those to your needs you may be able to get a better idea if CFD's are suitable for you, then you can decide which one is the best broker.

See Michael D's post in reply to yours, I think Commsec may even be participating in the exchange traded CFD market next year, dunno much else, just a guess, there is a thread on the exchange traded CFD's issue.


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## vert (29 December 2006)

i use sonray capital markets, i found their platform whilst looking for live gold charting sites/platforms, tried their trial liked it and was keen on trying CFDs. they do shares on 20+ exchanges, FX, Futures. have only done a few CFDs on aussie stocks and done allright. cannot compare as have not used any other but am happy with current provider.


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## Fab (29 December 2006)

Hi,

I have just joined IG Market. My first impression is that the interface is pretty basic not as good as commsec I am using for normal share trading also I would like to add a watch list and this is not very easy to do as well as refreshing the screen take a long time.


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## Simon_2211 (3 January 2007)

*Who is the best CFD DMA provider ?*

Hi Guys,

Thanks for reading this thread.

Can someone please tell me from experience who is the best CFD DMA provider that they are currently using and are happy with their platform stability and support.

Regards

Simon


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## Sean K (3 January 2007)

*Re: Who is the best CFD DMA provider ?*



			
				Simon_2211 said:
			
		

> Hi Guys,
> 
> Thanks for reading this thread.
> 
> ...



I'm using ETrade and I couldn't recommend it. The trades have failed to always be recorded in my account and I can not open the daily statements because of some error that ETrade have failed to fix for the past 2 months.....


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## Simon_2211 (3 January 2007)

*Re: Who is the best CFD DMA provider ?*



			
				kennas said:
			
		

> I'm using ETrade and I couldn't recommend it. The trades have failed to always be recorded in my account and I can not open the daily statements because of some error that ETrade have failed to fix for the past 2 months.....




Thanks for that information.

I will cross them of the list.

Regards

Simon


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## RichKid (3 January 2007)

Simon, I've merged your old thread with this one as it covers a lot of the same issues. There are other threads on this forum about CFD providers too, your idea to get reviews from actual users is great and concentrating on DMA providers is even better imho, although there may be disadvantages to this latter aspect that I'm not aware of.


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## Simon_2211 (3 January 2007)

RichKid said:
			
		

> Simon, I've merged your old thread with this one as it covers a lot of the same issues. There are other threads on this forum about CFD providers too, your idea to get reviews from actual users is great and concentrating on DMA providers is even better imho, although there may be disadvantages to this latter aspect that I'm not aware of.





Thanks for that RichKid,

Regards

Simon


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## chops_a_must (9 April 2007)

Just wondering if there are any CFD DMA providers that don't charge a monthly fee... as I would rather not be using leveraged products all the time... but I would still like the ability to make good trades in a correction/ downturn.

Cheers,
Chops.


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## vishalt (9 April 2007)

www.cmcmarkets.com.au

.1% on trades, $10 minimum, monthly arrears on ur avaliable funds. 

their platform is a shocking piece of **** though (imo), you can access lots of data/prices from other markets but it just takes a lot of RAM and it doesnt look nice.

but otherwise ive found them fine to trade with, i just watch my shares on commsec while doing it lol


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## Fab (9 April 2007)

chops_a_must said:


> Just wondering if there are any CFD DMA providers that don't charge a monthly fee... as I would rather not be using leveraged products all the time... but I would still like the ability to make good trades in a correction/ downturn.
> 
> Cheers,
> Chops.




Yes that is what I would like to know too. I opened an account with IG Market but never trade with them as they brought in a monthly fee


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## macca (9 April 2007)

Check Macquarie for no monthly fee, they used to not charge a fee if you did not get live data from ASX. You can ask them to turn off the ASX feed or you can pay by the minutes used to a maximum price. (check all this as it has been a while since I used them)

You can watch the data on any live feed, eg Comsec, to time entries and then enter trade on Macquarie.

Not ideal as some prices may change while trade going through but I found it acceptable when I have used it.


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## investforwealth (9 April 2007)

vishalt said:


> www.cmcmarkets.com.au
> their platform is a shocking piece of **** though (imo), you can access lots of data/prices from other markets but it just takes a lot of RAM and it doesnt look nice.






macca said:


> Check Macquarie for no monthly fee, they used to not charge a fee if you did not get live data from ASX. You can ask them to turn off the ASX feed or you can pay by the minutes used to a maximum price. (check all this as it has been a while since I used them)




CMC Markets, like Macquarie, don't charge a monthly fee if you're not getting the ASX data but I'd definitely agree with Vishalt's assessment of CMC's platform.  Another negative; they're market makers and don't use the direct market access model.  The primary reason for my signing up was to take advantage of their free offer of almost $1,800 worth of CD-ROM based training materials and a free copy of Eva Diaz's, _"Real Traders, Real Lives, Real Money"_.  Just sucks that I'd already bought a copy of that book!

When I was first offered these sweeteners, it was to attendees of a Gryphon Learning seminar who signed up for a CMC account on the night (and opened with a minimum account balance of $1,000).  I couldn't make it to the seminar and asked if they would still give me the free stuff if I signed up.  They then said as long as I signed up that same week, I could take advantage of the offer.  When I didn't get my application done that week, however, it turned into an offer valid until the end of the month.

If you're interested in the training materials, checkout the details on CMC's Home Study Kits page.  I'm not convinced they're worth all of $1,782 but they are worthwhile from what I've looked at so far.  If you want the free stuff, I'd suggest if you email them and tell them you know someone who got the stuff for opening an account and you're interested in the same deal, they'll extend the same offer to you.  I wasn't sure I wanted to trade through them but figured it was worth putting my money down to take advantage of the free offers and assess their platform, then close the account if I decided they weren't for me (which is what I'll be doing).

Their user forums are enlightening and a little scary... I've read several stories of them filling orders at significantly different price levels to those at which the order was placed.  In some cases this has been the difference between the trader making a profit or a loss.  In some of the replies to these complaints, however, I've read that this practice may not be exclusive to CMC.  If it is more widespread, I would think it would at least be restricted to the market makers, and yet another compelling reason to use a provider that offers DMA.  Has anyone experienced this with any other providers?


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## CanOz (9 April 2007)

Fab said:


> Yes that is what I would like to know too. I opened an account with IG Market but never trade with them as they brought in a monthly fee




IG Markets supply data feed at no cost if you make 4 or more trades per month....if you don't then you pay $37.50.

Cheers,


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## Fab (12 July 2007)

*CFD providers*

I am willing to give a go to CFDs and had a look in past at some of them and found that IG Market was the best to start with as I am not planning to start trading a lot the problem is that they introduced a monthly fee and minimum of 4 trades per month which kind of made me not progress further as I am not too sure I would trade that much.

I am wondering if anyone using CFDs could give me some feedback about their experience ?

Cheers


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## CFD (12 July 2007)

Four trades includes closing trades, ie "buy then sell it a few days later" there's two trades.


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## RichKid (12 July 2007)

*Re: CFD providers*



Fab said:


> I am willing to give a go to CFDs and had a look in past at some of them and found that IG Market was the best to start with as I am not planning to start trading a lot the problem is that they introduced a monthly fee and minimum of 4 trades per month which kind of made me not progress further as I am not too sure I would trade that much.
> 
> I am wondering if anyone using CFDs could give me some feedback about their experience ?
> 
> Cheers




Fab

I would be wary of anyone who encourages you to over trade or makes you feel compelled to take a trade by setting minimum trade numbers. I found Macquarie the safest (GSL's (often expensive), separate bank ac, transparent pricing), but not the cheapest commission (eg compared to IG or CMC) or most flexible (limited number of stocks, can only short some stocks). 

Find a provider that fits your financial and trading profile. Best to ask experienced and profitable CFD traders about their providers. You may even find that CFD's do not suit you- when in doubt stay out- just my 2c worth.


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## porkpie324 (12 July 2007)

I think it all comes to if you are a medium to long term trader or a short term trader, or if you invest in small companies or companies in the asx300. Myself I do both, own the shares and use CFD's for short term holdings.
As for the best providor I started using CFDs in NZ and had only one choice CMC Markets, but having said that I don't have a great deal of complaints, the trading platform is good, I can get money out within 24hrs and I've taken a lot out! Their support and help line is really good too. 
I'm not saying they're the best but they suit me, its a bit like having an opinion on charting software and data providers you find something your comfortable with. porkpie


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## Trembling Hand (15 July 2007)

investforwealth said:


> CMC Markets, like Macquarie, don't charge a monthly fee if you're not getting the ASX data but I'd definitely agree with Vishalt's assessment of CMC's platform.  Another negative; they're market makers and don't use the direct market access model.  The primary reason for my signing up was to take advantage of their free offer of almost $1,800 worth of CD-ROM based training materials and a free copy of Eva Diaz's, _"Real Traders, Real Lives, Real Money"_.  Just sucks that I'd already bought a copy of that book!
> 
> When I was first offered these sweeteners, it was to attendees of a Gryphon Learning seminar who signed up for a CMC account on the night (and opened with a minimum account balance of $1,000).  I couldn't make it to the seminar and asked if they would still give me the free stuff if I signed up.  They then said as long as I signed up that same week, I could take advantage of the offer.  When I didn't get my application done that week, however, it turned into an offer valid until the end of the month.
> 
> ...




You have got to be kidding that "training materials" @ $1,782 is worth about $2. A friend got a copy free and we watch it from time to time for a laugh. It is unbelievable to me that someone would pay for this. Its boring, uninformative, poorly presented by people that look uninterested, a total joke, god only knows what people think of it that actually paid $1800 for it. For that money you could get 18 great books that would be 1000000000 times more informative than this dribble.


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## yonnie (18 July 2007)

Marketech might be best.

0.1% brokerage with a minimum of $10 on all shares on the ASX. no charges to use their platform. they will pass on the costs for the ASX live feed, but dont have to pay this with a certain amount of trades (cant remember how many) and also if you have more than $10,000 in their account.

they pay interest on your deposits and on positions the interest is -/+ 2%.

dma platform - no gsl

I think they`re the best I`ve seen sofar.


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## >Apocalypto< (18 July 2007)

yonnie said:


> Marketech might be best.
> 
> 0.1% brokerage with a minimum of $10 on all shares on the ASX. no charges to use their platform. they will pass on the costs for the ASX live feed, but dont have to pay this with a certain amount of trades (cant remember how many) and also if you have more than $10,000 in their account.
> 
> ...




No diff to them and IG.

But IG is 2.5% long on rba if memory serves me right.

Offer a min of 8$ on ASX cfd trades.


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## >Apocalypto< (18 July 2007)

trembling Hand said:


> You have got to be kidding that "training materials" @ $1,782 is worth about $2. A friend got a copy free and we watch it from time to time for a laugh. It is unbelievable to me that someone would pay for this. Its boring, uninformative, poorly presented by people that look uninterested, a total joke, god only knows what people think of it that actually paid $1800 for it. For that money you could get 18 great books that would be 1000000000 times more informative than this dribble.




Damn true TH,

They are all money hungry vampires cfd providers. Well the asx Exchange traded CFD's will hopefully shake the buggers up. I tell u I will jump ship straight away to the asx cfd's if the deal is better. I only really trade the top 20 shares any way.

But I will say IG are a decent mob always upgrading and improving there service. Some of there fx spreads are locked which is good.

I called and asked them to make a day trading spread on the xjo drop a point  so .5 in and out that would expire at 4.30 pm. They are seriously thinking about it well so they told me. See what happens


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## porkpie324 (19 July 2007)

On checking the ASX CFD site they have a 'progress' reporting area where they state that the market depth is to be improved on, but also a cumalative volume will also be added. Now that really appeals to me, at the moment I have to keep checking my share brokers site for volume. Maybe other CFD providers will follow this lead by adding volume. porkpie


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## yonnie (19 July 2007)

trade it,

there is a difference: IG dont have cfd`s on all ASX shares like Marketech has, even on the penny stocks

yes interest costs are higher. dont seem much but if they charge all the time, it will make quite a difference at the end of the year.


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## wigaz (31 July 2007)

Fab said:


> Thanks for your feedback what do you mean by "as Commsec is !!!" as for share trading I have not found better value than commsec. Do you know other broker cheaper than commsec for share trading ?
> Is IG market a market maker ?




yeah Etrade is far cheaper! I average $25-30 whereas when I had a Comsec acc i was spending at least $30.


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## wigaz (31 July 2007)

I use IG markets. It was bloody easy to signup to (i filled in the details over the net and it was opened by market the NEXTDAY!). I don't really know how their costs compare but I find the platform efficient and pretty simple to use.    

IMHO all CFD platforms suck ass! You must have another platform to actually view whatever you are trading as the standard platforms give you a nose bleed .

Cheers
W


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## kerosam (10 August 2007)

anyone using Macquaire Prime? Received my user number and all few days ago. Trying to familiarise myself with the platform.

Question is whenever I type in a ASX code and press enter/search, i get this message 'you are not authorised to reference security code'. And the site is so slow compared to etrade.

any user has or had that problem as well?


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## nomore4s (20 August 2007)

RichKid said:


> Fab
> 
> I would be wary of anyone who encourages you to over trade or makes you feel compelled to take a trade by setting minimum trade numbers. I found Macquarie the safest (GSL's (often expensive), separate bank ac, transparent pricing), but not the cheapest commission (eg compared to IG or CMC) or most flexible (limited number of stocks, can only short some stocks).
> 
> Find a provider that fits your financial and trading profile. Best to ask experienced and profitable CFD traders about their providers. You may even find that CFD's do not suit you- when in doubt stay out- just my 2c worth.




Richkid are you still using Macquarie CFDs? If so how do you find their platform and service? If not why not?
Does anyone else have any feedback on Macquire CFDs good or bad?
Thanks



kerosam said:


> anyone using Macquaire Prime? Received my user number and all few days ago. Trying to familiarise myself with the platform.
> 
> Question is whenever I type in a ASX code and press enter/search, i get this message 'you are not authorised to reference security code'. And the site is so slow compared to etrade.
> 
> any user has or had that problem as well?




Kerosam how are yu finding Macquaire prime? Have you sorted the problems out?


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## kerosam (24 August 2007)

nomore4s,

its resolved. i need to deposit $5000 before they start my trading account.

Ok... i have long two stocks yesterday. And both closed below my inital purchase price. And I got slapped with a $1200 MTM fee!!! Anyone know what's a MTM fee? I haven,t heard about this until I made my first CFD trade.

so really... wats MTM?


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## porkpie324 (25 August 2007)

With CMC Markets that means  mark to market, thats what you lost, porkpie


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## kerosam (25 August 2007)

thanks porky,

but i haven't close my position yet. so what would i have lost? or was it just potential lost? 

thanks in advance.


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## porkpie324 (25 August 2007)

Thats your profit/loss on your open or closed positions at the end of trading.porkpie


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## kerosam (25 August 2007)

so it is a unrealised loss (for my case) cos if i sell today my loss would be the MTM amount, rite?


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## porkpie324 (25 August 2007)

The MTM will change daily on your open positions from the previous nights close, your daily statements should show each share MTM plus a total MTM. porkpie


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## SevenFX (25 August 2007)

wigaz said:


> I use IG markets. It was bloody easy to signup to




I would be very causious before signing up with IGMarkets till you read the thread started below.
https://www.aussiestockforums.com/forums/showthread.php?t=7952

I will be closing my account there, no question about it.
Cheers
SevenFX


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## CFD (25 August 2007)

So that would disqualify IG from the best CFD Provider threat. The question arises as to who then provides the features and services of IG without the shortcomings you have endured?


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## porkpie324 (25 August 2007)

I get around the 'spread' problem by not trying to open to many positions at once do it smaller lots especially out of hours, after all the providor can only trade what they have on the other side. Its like trying to buy shares when there's none for sale at your price you have to bid more to get them. As for getting your money out of a provider I have taken a lot out and it's always been in my bank a/c the next day. porkpie


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## CFD (25 August 2007)

I think SevenFX's problem is IG as a market maker spiked the price (down) taking out his stop, when the spike never occurred on the ASX. I take your point about the out of hours spread.


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## porkpie324 (25 August 2007)

Thats one lesson that I learnt early on with CFD providors, I don't trade with a stop in place, I know in my own mind when its time to quit. They do the same with shares to, I think they (CFD providers) have special team seeking out stops distant from the market then closing positions, or am I being too hard on them!!, porkpie


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## monkey187 (1 September 2007)

I like IG Markets at the moment but i think i will take another look around when exchange traded CFDs are introduced. 

I have a comsec margin loan account so i may just start there.


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