There are numerous Contract for difference companies in Australia to select from, meaning CFD traders have a series of alternatives, but choice can be confusing. Here we will provide you the CFD trader with an overview of the key differences of each CFD provider being their software. Time and again novice traders become overwhelmed by the range of trading platforms to choose from and can often become perplexed by the huge array of financial products some providers offer on their CFD software package and fail to consider whether the platform fits their trading strategy. This review will help you decide on the right CFD software that fits your trading style without having to install multiple demonstration trading platforms.

Deal book 360
Deal book 360 is the CFD and Forex trading platform offered by GFT, the platform is a downloadable application. Once you open the trading platform the original thing that you will notice are the charts, this platform has excellent charting functionality. I tested the graphs for both Forex and CFDs and found the foreign exchange graphs to be correct and consistent with those on other CFD trading platforms in the group. When evaluating the CFD charts to others in the group I noticed that the rates did not always reflect what the others showed, this is possibly because GFT is a market marker and their rates are not an accurate reflection of the underlying instrument on which the CFD is based. If you seeking for a good Forex charting package that is free GFT can offer you this in their deal book 360 trading platform, however I recommend that you stay away from the CFDs on the software.

Pure Deal
Pure deal is the on-line CFD trading software used by IG Markets, the platform is web based, simple and easy to use. I gave this platform a good test run, what I loved about this software was that there were so many instruments to trade, the downside of this however was that many of them did not suit my trading strategy and after a while the complex instrument search tree grew to become frustrating mainly when I wanted to get a CFD trade on fast and the CFD was not in my watch list. The graphs on this software are incredibly plain and if you want more sophisticated graphs you have to pay for them. Aside from the difficulty with the CFD instrument tree the software is a first-class all round trading platform for the novice trader that wants web based software. For someone that desires that little extra in their platform Pure Deal would not be a clever selection.

Web IRESS
The web IRESS software is obtainable from Comsec and Etrade in Australia, this platform was one of best in the group when it comes to trading DMA CFDs. The platform is web dependent and uncomplicated and easy to use, it has various sophisticated order variations like trailing stop loss orders which are great for CFD trading. The draw back of this trading platform are its graphs, they are basic with very few indicators. If charts are not imperative to you and you are looking for a CFD trading platform that will offer you DMA CFDs on ASX listed CFDs on-line this would be a good choice, though it comes at a price. Both Comsec and Etrade will charge you around $55 per month to use this trading platform, this combined with $38.50 in exchange royalties makes this platform an expensive proposition given there are other platforms out there can offer you the comparable and even better features free of charge.

Market Maker
The Market Maker platform is offered by CMC Markets, the platform is downloadable and has some excellent functionality like being able to back test on 10 years worth of past price data. This was the hardest software of those reviewed to install, the download file was enormous. Once I was up and running, I found the interface very user friendly and the graphs easy to use, however after being logged into the trading platform for 30 minutes the graphs froze. Once I was back up I checked the prices of some ASX CFDs against the other platforms and noticed that price updates on the software lagged by about 2 seconds. My experience with the market marker software was less than pleasant and I can’t imagine that the problems were isolated to my PC. This is a trading platform that I suggest you stay away from, from my own experience it is plagued with technical issues, the worst nightmare for any online CFD trader.

Pro Deal
The Pro Deal software is offered by International Capital Markets (IC Markets), the software is downloadable but also has web and mobile versions. This was the easiest CFD trading platform of the group to set up. Once the software was set up the quick start videos guided me through the workspace setup. The workspace was effortless to navigate and not cluttered with CFDs that I would never trade. The software has both DMA CFD as well as over-the-counter (OTC) CFDs, with both types I was able to invest in the ASX cash and day trade using DMA CFDs watching my orders flow onto the underlying market. The charts on the platform have numerous indicators, and are not overly complicated to use. The best thing about this platform is that it is free.

So which CFD trading platform is right for you?
After my assessment all five platforms it is easy to see that each platform has their niche. If you trade Foreign exchange Deal Book 360 would be the one for you, if you like simple web based software go for Pure Deal, if you only invest in ASX CFDs then web IRESS (although pricey) may well be for you, but if you would like an uncomplicated and easy to use and dependable all round online trading platform you cannot go past IC Markets Pro Deal software package.

Prior to trading CFDs you should always understand how to use the CFD platform you decide on, bear in mind that the best CFD software for you will depend entirely on your trading strategy. You should Download a Pro Deal CFD demo, the trading platform that I have chosen to use, and see if it is the right CFD platform for you.