Best CFD provider

[wigaz]

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.

 

[wigaz]

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

 

[kerosam]

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?

 

[nomore4s]

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

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?

 

[kerosam]

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?

 

[porkpie324]

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

 

[kerosam]

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.

 

[porkpie324]

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

 

[kerosam]

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

 

[porkpie324]

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

 

[SevenFX]

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

 

[CFD]

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?

 

[porkpie324]

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

 

[CFD]

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.

 

[porkpie324]

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

 

[monkey187]

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.