Best CFD provider

[Sean K]

Re: 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

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.....

 

[Simon_2211]

Re: Who is the best CFD DMA provider ?

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

 

[RichKid]

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.

 

[Simon_2211]

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

 

[chops_a_must]

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.

 

[vishalt]

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

 

[Fab]

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

 

[macca]

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.

 

[investforwealth]

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.

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?

 

[CanOz]

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,

 

[Fab]

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

 

[CFD]

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

 

[RichKid]

Re: 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

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.

 

[porkpie324]

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

 

[Trembling Hand]

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?

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.

 

[yonnie]

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.

 

[>Apocalypto<]

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.

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.

 

[>Apocalypto<]

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

 

[porkpie324]

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

 

[yonnie]

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.