I've traded with all of the major DMA CFD brokers in Australia and even now have trading accounts with most of them however all of my accounts are currently inactive as I've moved the majority of my funds over to IC Markets. I heard about IC Markets approximately eight months ago, to start with I was reluctant to move from my current provider as I was being charged fairly competitive commission rates. After speaking to an IC Markets sales rep who I found extremely helpful I was only 50% converted. It wasn't until he rang me back and offered me a commission rate that I couldn't decline that I finally switched and to date it has been the best move that I've ever made.
I have been trading with IC Markets for about six months now, as I am predominantly a day-trader and scalper they got me onto their webIRESS Plus platform which seems to be much faster than the conventional webIRESS trading platform that I was use to with my other provider. One thing that I've observed regarding the webIRESS Plus trading platform is that it offers a few more order types than my old webIRESS. The layout of the platform also seems to be significantly better that webIRESS, trade windows don’t have that old boxy appearance but are well rounded and smooth, it’s similar to comparing my old Nokia to my Iphone.
Besides the visual and speed aspects, the platform appears to have more order types than my old webIRESS, although I'm never going to use most of them, however it is good to know that they're available.
It goes without saying the trading platform is not everything, what actually made me shift across to IC Markets was their service and their DMA CFD commission rates which totally blew me away when I was told about them. As I'm a professional day-trader I do allot of scalping, and unlike a number of the market makers out there IC Markets love my business, I guess this is because they are a DMA CFD broker and hedge all of my trades. Over the past six months I have saved over $100,000 in commission alone, instead of going to my CFD broker it has gone into my account which is where it belongs.
One thing about this company that I did not get from my other DMA CFD providers was that they allow me to trade CFDs on each ASX listed equity and they all can be traded on leverage, not 100% margin that my other provider provides me. They've also given me access to a larger short sell list than what they provide the majority of people, my account manager told me that this was because I was a high volume trader and it was just part of the service. The good thing about having a larger range of short sell able CFDs means that I can short sell some of the more speculative mining stocks the majority of people can not short, meaning more buying and selling opportunities.
All in all I'm happy that I made the move to IC Markets and over the past six months not only have I saved a heap of money I've traded a lot more than ever because my commission rates are really low. As always prior to you making the switch make sure you do your research and download a couple of demo platforms to find which CFD broker suits you best, though I can certainly vouch for IC Markets.
Author Resource:
If you would like to give DMA CFD trading at IC Markets a try you ought to sign up for a webIRESS plus demonstration to see if the trading platform is the right trading platform for you.
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