Looking for a CFD provider which doesn't...

[codyheit]

Hi

I'm looking for a CFD provider which doesn't profit from a loss I make so that I will not be trading against them. So I'm really just looking for a provider which profits from a percentage of each trade I make and finance charges.

Does such a provider exist?

 

[rnr]

cody,

This provider is DMA and I've used them for 6 months without a hastle.

http://www.fpmarkets.com.au

Given that they are DMA then understand that:-

a) You can participate in the opening auction,
b) If there is depth in the open market for your buy price your order will be filled,
c) The above criteria will apply if you are selling and
d) You will be charged a monthly fee (ASX impost) for DMA priviledge.

This is my opinion only - do your own research and make an independant decision!

 

[nomore4s]

You could also look into Macquaire Prime. I've been using them for about a month, provides CFD as well as the prime set up but you seem to save a bit on interest by using the prime set up. Worth looking into imo.

 

[So_Cynical]

Have a look at the new ASX CFDs that start soon....costs is the unknown factor.

 

[Richard Dale]

Marketech have a very competitive DMA structure too:

www.marketech.com.au

Their demo trading platform looks good AND you can trade the open and closing auctions too.

I'll be opening an account with them shortly and will report back when I've got some trades under my belt.

Cheers,
Richard.

 

[Timmy]

codyheit - just to be clear the sort of CFD provider you are after is a provider of DMA CFDs. DMA means Direct Market Access, that is, when you buy or sell the deal is done simultaneously on the ASX. The alternative sort of provider, the type you do NOT want (if I understand your post) is a market maker, where the deal you do is potentially against the provider.

All the providers mentioned so far in this thread are DMA providers: Marketech, FP Markets, Macquarie Prime...and there are others too, just remember you want DMA, have a read up on the these types of CFDs so you are comfortable.

 

[CFD]

Marketech have a very competitive DMA structure too:
~~
I'll be opening an account with them shortly and will report back when I've got some trades under my belt.
Cheers,
Richard.

Looking forward to it Richard.

 

[skyper]

Their r the fors and against in the CFD market,the biggest down side is if the market goes againt u (eg) if i buy at $6.00 and the share heads south i owe them money,a GSL will stop your loss,a stop wont on a gap down over night,eg CNP,has been to 40c,then they can come take your house lol,in no way am i suggesting to go with this provider, but CMC have a new thing where u can only lose whats in your trading account.DMA providers have (GLS) guarante stop loss, but they can cost u an arm and a leg,eg $700.00 for 10,000 OSH so IMO their r fors and against, but $700.00 is cheaper then your house

 

[Richard Dale]

You can only have a problem with CFD providers if you completely over-leverage yourself (and nobody is to blame but yourself).

If you don't COMPLETELY understand leverage and dollar risk don't go near CFDs.

eg. Consider what would to your trading float if the company you were trading went bankrupt overnight. Such an event should not have an irreparable effect on your trading float. If it does then your dollar risk is probably too high.

 

[Fung]

Any comments on CMC market? I would like to learn more about CFDs so going to open up an account 1st. I am currently trading with Commsec and they have their own cfd tradings but not sure if they are any good too

 

[Timmy]

Any comments on CMC market?

Well, CMC are a market maker on their CFDs, they are NOT DMA.

The opening post of this thread asked for "a CFD provider which doesn't profit from a loss I make so that I will not be trading against them", which is why I referred the poster to DMA providers,

 

[godzillaismad]

Anyone dealt with IG Market? I think they are DMA CFD provider as well.

 

[FlyBoy]

I have been using IG who are both market makers and DMA. No DMA model if you own a mac. Im recently concerned that there are restrictions on many of the equities that I have tried to short. Seems to be an obstacle when trying to profit in a falling market. I'd like to know if other providers have a similar problem?

 

[WTBD]

Been using FP on DMA platform for a few months and no problems as such. Fees v low and dealing desk helpful and timely won't say the same for everyone. Re GSLO you can't do this with any DMA CFD provider since you are buying directly onto market live. You can set your own stops though and trail and set up contingent trades.

To answer your question certain shares ie DMA CFD's you cannot short if you look at the all ords list they have symbols Short Sell Allowed etc and these change daily with some shares. Your provider should have given you a list of their traded CFD's and also required margins for each and continue to do this as they change margin requirements like in case of Centro for eg or put in a standing order that they update you daily with current NO SHORT SELL ALLOWED.

MF did get CFD dealer of the year in 2007 and new int cfd's coming and am thinking of trying them at some stage just to see difference in platform features. They listed on NYSE recently not sure if this is good or bad but assume $ guarantees are still underwritten by one of the big banks but would have preferred they remained backed by Man as parent have (assuming no SP fallouts to report) record of being v solid large cap.

Would be great to hear other CFD traders on forum who have experience trading directly and their thoughts experiences as hard to find much talk on forums about CFD's.

Cheers

WinningTrades

Brilliant day for CFD's on BHP and RIO!!

Nothing written here is ever advice. The market is always right and is your best teacher.

 

[Aviator33]

I've been with Marketech for a few weeks now. Trading platform is nothing to get excited about (I run Pro Trader for my live data instead) but sure can't beat $0 brokerage on the top 500 (though I do get charged 0.02% day trader levy) and DMA is the only way to go IMHO. Oh, and the support/sales desks guys are brilliant.

Cheers

 

[timster]

Been using FP on DMA platform for a few months and no problems as such. Fees v low and dealing desk helpful and timely won't say the same for everyone. Re GSLO you can't do this with any DMA CFD provider since you are buying directly onto market live. You can set your own stops though and trail and set up contingent trades.

To answer your question certain shares ie DMA CFD's you cannot short if you look at the all ords list they have symbols Short Sell Allowed etc and these change daily with some shares. Your provider should have given you a list of their traded CFD's and also required margins for each and continue to do this as they change margin requirements like in case of Centro for eg or put in a standing order that they update you daily with current NO SHORT SELL ALLOWED.

.
MF did get CFD dealer of the year in 2007 and new int cfd's coming and am thinking of trying them at some stage just to see difference in platform features. They listed on NYSE recently not sure if this is good or bad but assume $ guarantees are still underwritten by one of the big banks but would have preferred they remained backed by Man as parent have (assuming no SP fallouts to report) record of being v solid large cap.

Would be great to hear other CFD traders on forum who have experience trading directly and their thoughts experiences as hard to find much talk on forums about CFD's.

Cheers

WinningTrades

Brilliant day for CFD's on BHP and RIO!!

Nothing written here is ever advice. The market is always right and is your best teacher.

I'm certain that IG markets are a DMA provider and they allow GSLO!!!! I've been using IG markets since December - and so far no complaints