Please recommend me a stock broker (or CFD provider)

[AlterEgo]

I already have a share broker, however I’d now like to open another broker account (or CFD account) in my wife’s name. The most important features that I’m looking for are:

• LARGE list of ASX shares (or CFD’s) available for shorting online.
• Able to place trades via. contingent type orders.
• FAST trade execution.
• (if CDF provider) must use Direct Market Access model.

As I already have my own trading account with dynamic streaming data, email alerts, etc, I don’t require those sorts of features in this secondary account.

I’d prefer to be able to trade without placing funds in the broker’s own account. ie. trade via my wife’s’ bank account, or CMT account (although I could probably live with placing money in broker’s own account as long as it’s quick and easy to withdraw/add funds whenever I like).

As I can’t currently trade the short side of the market with my existing account, this is one of the main things I’d like to rectify with this account, and it’ll be important that they have a LARGE list available for shorting since I only tend to trade in the small – mid-caps.

 

[AlterEgo]

Is no-one able to recommend anyone?

Am I expecting too much of a broker?

Let me simplify the question then. If I want to trade the short side of the ASX market, who would you recommend signing up with? Who has the largest short list?

 

[AlterEgo]

Hellooo! Is anyone out there?! Or am I just talking to myself here?

How about FP Markets? They apper to have a much larger short list of DMA CFD's then anyone else I can find. What are they like to trade with? Do they have good support?

 

[IFocus]

Recommend MF Global for CFD's think you can opt out of data

http://www.mfglobal.com.au/

Also have a look at Interactive Brokers I use them more so now than MF you have the option of data or no data with plenty of entry types far beyond any other Australian based broker

 

[Geffro77]

I agree with Ifocus.

I have just opened a CFD account up with MFGlobal. They use DMA and their trading platform is easy to learn and use.

I am only a beginner so I had heaps of questions, and they have been really helpful in taking time on the phone to explain things to me.

Don't know if you can opt out of the data fee (unless you don't log on), but they rebate the fee if you trade a certain number of times per month.

I was introduced to them at Nick Radge's Seminar in Sydney. They had a rep there answering questions. If you want to see them compared to other CFD providers check out http://compareshares.com.au/CFD_home.php

(Disc: I have no affiliation with MF Global, just a happy customer )

 

[AlterEgo]

Recommend MF Global for CFD's think you can opt out of data

http://www.mfglobal.com.au/

Also have a look at Interactive Brokers I use them more so now than MF you have the option of data or no data with plenty of entry types far beyond any other Australian based broker

Re: MF Global

I had a look at them, but they only had around 211 cfd's available for shorting, and 577 total listed on thier margin list. Or do they have others that arn't on that list? On FP Markets margin list they have around 415 for shorting, and over 2000 in total. That seems like quite a big difference! If you can access your MF Global account, how many does it list in there available for shorting?


Re: Interactive Brokers

I didn't think they had many available for shorting either - on the ASX market that is - heaps in the US though. And I have some concerns about buying Australian shares on a US website, and sending money to the US to fund the account. And the speed of a trade execution can't be as quick as a local site, can it? My order would have to go half way around the world!

 

[Trembling Hand]

And the speed of a trade execution can't be as quick as a local site, can it? My order would have to go half way around the world!

Its quicker than the retail locals. Their servers are in HK and there is no noticeable latency.

 

[IFocus]

Re: MF Global

I had a look at them, but they only had around 211 cfd's available for shorting, and 577 total listed on thier margin list. Or do they have others that arn't on that list? On FP Markets margin list they have around 415 for shorting, and over 2000 in total. That seems like quite a big difference! If you can access your MF Global account, how many does it list in there available for shorting?

One problem shorting outside of the top 300 odd stocks is slippage some only short the top 100 because of this. The market will fall faster than it rises.

Normally I find there are more than enough opportunity's in the 200 to 300 at MF.

Re: Interactive Brokers

I didn't think they had many available for shorting either - on the ASX market that is - heaps in the US though. And I have some concerns about buying Australian shares on a US website, and sending money to the US to fund the account. And the speed of a trade execution can't be as quick as a local site, can it? My order would have to go half way around the world!

The US market has thousands of stocks available for shorting with little or no slippage.
As TH already pointed out execution speed is not a issue

 

[wildkactus]

I use and can recommend both MFG and IB,
They are both good platforms to use for trade placement. I only use EOD data and place orders after hours so can't comment on the intra day stuff.

All the best with your trading.

 

[>Apocalypto<]

Hellooo! Is anyone out there?! Or am I just talking to myself here?

How about FP Markets? They apper to have a much larger short list of DMA CFD's then anyone else I can find. What are they like to trade with? Do they have good support?

why don't u Google cfd broker reviews and do some bloody work. also Google CFD brokers and go though them, see which one suites your trading plan and objectives.

You want us to come over and feed u as well?

 

[AlterEgo]

why don't u Google cfd broker reviews and do some bloody work. also Google CFD brokers and go though them, see which one suites your trading plan and objectives.

You want us to come over and feed u as well?

Hey, there's no need to get abusive! I have done a lot of research, read through all their websites, searched this forum, Googled, etc. I couldn't find too much recent, relevant info. That's why I'm asking. I thought it'd be a very simple question that all the more experienced traders on here would know off the top of their heads. I thought these forums were all about freely giving advice and helping one another out. But instead I just get abused for having the nerve to ask a question!

 

[AlterEgo]

So has anyone here had any experience with FP Markets, and how do they compare with the others? Any bad experiences with them?

 

[>Apocalypto<]

Hey, there's no need to get abusive! I have done a lot of research, read through all their websites, searched this forum, Googled, etc. I couldn't find too much recent, relevant info. That's why I'm asking. I thought it'd be a very simple question that all the more experienced traders on here would know off the top of their heads. I thought these forums were all about freely giving advice and helping one another out. But instead I just get abused for having the nerve to ask a question!

cool down girl friend.

trading is about research.

I just googled CFD's heres some of what I got.

IG Markets First for CFDs

CMC Markets CFD account

Is cfds trading for you?
www.GFT.com.au Learn to trade with our free practice account. Try Now!

sonray.com.au/info/what-are-cfds - 15k - Cached - Similar pages

ASX CFDs Australia - Exchange Traded Contracts for Difference ...
ASX CFDs Australia - Exchange Traded Contracts for Difference - ASX - Australian Securities Exchange.
www.asx.com.au/investor/cfds/ - 28k - Cached - Similar pages

Macquarie CFDs - Macquarie

MFGlobal.com.au :: CFD : Contracts For Difference & Futures Trading
Man Financial Australia Limited (Man) is focused on providing customers with everything they need to trade in global futures, equity, CFDs (Contracts For ...
www.mfglobal.com.au/ - 41k - Cached - Similar pages
Contract for difference - Wikipedia, the free encyclopedia

CFD Trading - CityIndex.com.au


now u have company names you search reviews and search there websites to see what they offer.

It's not that hard.

 

[AlterEgo]

Yes, Apocalypto, I've already looked up that sort of info. If I could find the info I want that easily, I wouldn't be posting a question on here, would I?

And yes there are other threads on here about people recommending various CFD providers, etc, but they don't address my specific question. I am specifically asking about which providers have the greatest range available for shorting. Which is the 'provider of choice' for the active trader that wants to be able to short the widest variety of Aussie stocks? Most providers only have 200 or so available for shorting, so they won't be of much use to me. The only one I've found so far that looks like it may be suitable for my purposes is FP Markets. Does anyone have a better recommendation, or know of any reason why I should avoid FP Markets?

 

[AlterEgo]

One problem shorting outside of the top 300 odd stocks is slippage some only short the top 100 because of this. The market will fall faster than it rises.

Normally I find there are more than enough opportunity's in the 200 to 300 at MF.

Yes, slippage is of some concern. I always take that into consideration before entering a trade. Slippage will be no more a problem than it already is for me buying and selling at the moment anyway.

 

[AlterEgo]

Its quicker than the retail locals. Their servers are in HK and there is no noticeable latency.

That's good to know. I may investigate them in more detail. I understand that they aren't part of the CHESS system, so how does that work? Do they hold the shares on your behalf, or do they stay issuer sponsored? I can't really understand how that would work. Also, is it easy to withdraw money from your account whenever you need to?

 

[Uncle Festivus]

I think the sticking point is the requirement for a DMA provider. If you can do with a MM then the shorting list increases somewhat, I think. I use MF Global through Etrade. Still working my way through IB's account opening process - if you can get past that then.....

 

[Trembling Hand]

I understand that they aren't part of the CHESS system, so how does that work? Do they hold the shares on your behalf, or do they stay issuer sponsored? I can't really understand how that would work.

Same ol' same ol'.

The Chess system is unique to Australia. MOST stock exchanges work with the custodial system that IB has set up here for Aust. That includes the US. So if you have any doubts about the functioning & integrity of ALL/MOST other world exchanges stick to the Mum & Pop retail Rubbish that is served here in Oz. And of course that would mean never trade any other market out side of CHESS. If you want more things to worry about read through the various IB threads. There is plenty in there to feed the fear.

Also, is it easy to withdraw money from your account whenever you need to?

very. overnight.

 

[IFocus]

Yes, Apocalypto, I've already looked up that sort of info. If I could find the info I want that easily, I wouldn't be posting a question on here, would I?

And yes there are other threads on here about people recommending various CFD providers, etc, but they don't address my specific question. I am specifically asking about which providers have the greatest range available for shorting. Which is the 'provider of choice' for the active trader that wants to be able to short the widest variety of Aussie stocks? Most providers only have 200 or so available for shorting, so they won't be of much use to me. The only one I've found so far that looks like it may be suitable for my purposes is FP Markets. Does anyone have a better recommendation, or know of any reason why I should avoid FP Markets?

The guys over on the Chartist were talking about FP Markets cannot remember if it was positive or not, think it was in the CFD forum......

 

[AlterEgo]

The guys over on the Chartist were talking about FP Markets cannot remember if it was positive or not, think it was in the CFD forum......

Thanks, I'll check it out.