CFDs at IC Markets Reviewed
I’ve dealt with all of the major DMA CFD providers in Australia and even now have trading accounts with nearly everyone of them however all of my trading accounts are now dormant as I have moved the majority of my money over to IC Markets. I heard about IC Markets approximately eight months ago, at first I was hesitant to move from my existing provider as I was being charged fairly competitive commission rates. After speaking to an IC Markets sales rep who I found tremendously helpful I was only 50% converted. It wasn’t until he called me back and offered me a commission rate that I couldn’t refuse that I finally switched and to date it has been the best move that I have ever made.
I have been dealing with IC Markets for about six months now, as I am predominantly a day-trader and scalper they got me onto their webIRESS Plus trading platform which seems to be much faster than the common webIRESS platform that I was use to with my other broker. One thing that I have observed about the webIRESS Plus platform is that it offers several more order varieties than my old webIRESS. The layout of the trading platform also seems to be a lot better that webIRESS, trade windows do not have that old boxy look but are well rounded and smooth, it’s like comparing my old Nokia to my Iphone.
Aside from the visual and speed aspects, the platform seems to have more order choices than my old webiress platform, though I’m never going to use most of them, however it is good to know that they are there.
However the trading platform isn’t everything, what actually made me move across to IC Markets was their service and their DMA CFD commission rates which totally blew me away when I heard about them. As I’m an experienced day-trader I do allot of scalping, and unlike some of the market makers out there IC Markets love my business, I guess it’s because they’re a DMA CFD broker and hedge all my trades. Over the last six months I’ve saved over $100,000 in commission alone, instead of going to my CFD provider it’s gone into my account which is where it belongs.
One thing about these guys that I did not get from my other DMA CFD providers was that that they permit me to trade DMA CFDs on every single ASX listed share and they all can be traded on leverage, not 100% margin that my other provider gives me. They have also given me access to a bigger short sell list than what they offer the majority of people, my account manager informed me that this was because I was a high volume trader and it was just part of the service. The benefit of having a bigger variety of short sellable DMA CFDs means that I can short sell some of the more speculative mining shares that the majority people can’t short, meaning more trading possibilities.
All in all I am happy that I made the move to IC Markets and during the last 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 you should do your homework and download a couple of demo platforms to research which DMA CFD provider fits you best, however I can certainly vouch for IC Markets.
