In today’s trading environment, CFD traders have a wide variety of options when deciding on a suitable CFD trading platform. Because of this, a comparison of some of the most common options should be discussed so that new traders can make an informed decision and select the appropriate CFD platform for your individual trading style.
One of the essential differences in most of the available choices is that some trading stations are web-based while others are software applications that are downloaded and stored on your computer. Additionally, there are a variety of applications that can be used on mobile devices, so all of these choices need to be considered and tailored to your individual trading methods.
Pure deal is a web-based CFD trading application offered at IG Markets. Pure Deal is designed to be user friendly so that traders can navigate the wide level of trading instruments that are offered by IG. The charting software is geared toward new CFD traders and is very basic in terms of the technical indicators and graphic objects that can be placed on each chart. More advanced charting packages are available but these are not free. One potential difficulty with the package is that the CFD instrument tree can be complicated for new traders, as there are so many options available and this is also unlikely to be suitable for CFD traders using short term strategies.
Market Maker is the CFD platform offered at CMC Markets. The software is downloadable and enables some interesting features that are not offered by other brokers. One key example is the ability to back-test 10 years of historical price activity and this is likely to be seen as an advantage for technical traders using quantitative based approaches. The download file itself is larger than most of the available CFD platforms but the interface is user friendly with an intuitive charting package. Market Maker’s main features are more suited for experienced traders with a mostly technical approach, and many of the features are likely to be used properly by newer traders.
Pro Deal is the CFD trading platform provided by International Capital Markets and is a downloadable application rather than a web-based platform. Mobile versions are also available, so this platform is best suited for traders looking to actively monitor trades on the go. This technology is best suited for intraday traders who need to be able to monitor their positions at all times. An additional feature is that a shorter selection of CFDs is offered, and this is geared toward traders with experience in specific markets (rather than ones who trade different asset classes on a regular basis). Pro Deal offers all of its charting packages for free and includes a wide variety of technical indicators for traders with technical analysis as their main trading focus.
Both new and experienced CFD traders have to take a strong look at the CFD platform being offered by your provider, as this is where most of your focus will be placed when constructing new trade ideas. New technology has made mobile trading much more efficient and traders with shorter term strategies should consider these applications as a viable option when selecting a broker. Demo testing all of these choices is recommended before any actual trades are placed, as the intricacies of the software can complicate position entries. Demo testing can help to remove some of the potential errors and eliminate unnecessary losses.