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IG Markets - PureDeal Online?

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westcoasteagle

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9 June 2008
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Hi all,
i've recently trialled a few of the CFD trading platforms going around, and keen to hear thoughts or reviews from anyone using PureDeal from IG Markets?

From what i've experienced so far, it is the easiest and most straight forward system i've found. Its web based, free, DMA, quick, easy stop losses, etc., greating charting, and IG seem to offer great commission rates, and no minimum balance needed.
From the test/demo trades i've made (won some, lost some of course...) it has clearly been the easist to manage and tweak to my preferences. Given its web based, i can also use it anywhere, from work, etc.

For a newbie trader like myself, it seems to have everything i need, and more. But maybe its the cynic in me thinking "this is a little too good?"

I dont want to sound like an ad for IG markets either, so please dont take my comments above as such. These are merely my early observations.

So, keen to hear if anyone has used it or experienced it, and if there is something fundamental i am overlooking here?

cheers
 

Yep i traded with IG Pure deal platform. Never had any probs with them. But the Pure deal platform is not DMA it's Market Maker. I agree very user friendly platform.
 

I closed my account with them yesterday.

Pluses........Very easy platform to use.
Good customer support.


Minuses......Very poor fills when using stop orders compared to other providors.
If you get filled at an average price which is not a whole number(ie. 96.57) you cannot adjust the stop online, you have to ring them....not good !!

Brokerage extremely expensive if trading US stocks.

If you want to be a serious trader you should look at IB, although compared to IG it is difficult to learn...........but you will be using a proffesional platform.

No comparison between the two i.m.o.
 

Have u tried webIress?
I tried the IG demo, not very impressed.
 
westcoasteagle said:
Hi all,
i've recently trialled a few of the CFD trading platforms going around, and keen to hear thoughts or reviews from anyone using PureDeal from IG Markets? .........
Click to expand...

Of the locals its arguably mid-range or better. I have only traded indices and forex with them and haven't had any major issues, as far as a MM goes. You have to understand what you are trading .... so read the PSD and understand the products you are going to trade well.

I have used WebIress trading the SPI and found it very expensive and limited package. According to the broker it was originally designed for the dealing desk and not for a trader. One major limitation was that it did not give more than current day intraday data. This may have changed now, as I haven't used it for over 12mths, so do your due diligence.

Agree that you could look at more professional packages, but in starting out, the IG platform is not a bad one to cut your teeth on.

Repeat ... do some reseach and ensure the packages' current specifications and go from there. And fully understand the product you decide to trade, with all the built in safeguards (for the MM of course)
 
This is some great feedback, thanks guys.

A few annoyances there i was wasnt aware of, (or haven't experienced yet)

Pardon my thinking it was DMA, i must've gotten some bum info from somewhere....and still learning.

I like the comment about it being a good place to start, because just playing around with it, i learnt a lot. For me, its all about making it simple, and learning the basics.

I do want to look at WebIress, so that'll be next i think.
 
Porper said:
If you want to be a serious trader you should look at IB, although compared to IG it is difficult to learn...........but you will be using a proffesional platform.

No comparison between the two i.m.o.
Click to expand...


sorry for a dumb question, but who is IB? I'm not aware of that one?
 
sorry can someone please explain to me the difference between market makers and DMA(what does DMA stand for?)
 
white_goodman said:
sorry can someone please explain to me the difference between market makers and DMA(what does DMA stand for?)
Click to expand...

Google is excellent...
http://www.shareselect.com.au/knowl...erence/Direct-Market-Access-vs-Market-Makers/

With the DMA CFD provider model, the CFD trader experiences:

* no additional spreads;
* straight through processing;
* potential to be a price taker or maker, and;
* participate in opening and closing market auctions.

DMA providers should make no make no profits directly from performance of the client who is CFD trading as most have a 100% hedging methodology. This means that if you buy the CFD, the provider will instantly buy the underlying equity.

In comparison, the Market Maker (MM) CFD provider model:

* doesn't always have the same prices as the exchange,
* there is potential for additional spreads and potential requotes
* Market makers are price takers only,
* generally there is no participation in opening and closing market auctions and
* as they have an alternative hedging methodology, there is the likelihood that they will profit directly from the performance of a clients position.
 
white_goodman said:
thanks for the help, so what CFD providers give DMA?
Click to expand...

I am very happy with Marketech, they quietly do what they say and their software never seems to have issues at inappropriate times.

They only trade the ASX and the ASX indices though, worth a look if that is what you need.
http://www.marketech.com.au/

I have found that bigger certainly does not mean better when it comes to CFD's (I haven't used IB, they seem professional).
The Burger King and the Maccas of CFD's I have had experience with and can comment on (from my experience with them).

Be wary.

Just my
 
I can find OTC contracts in the IG Markets L2 platform but I can`t find the DMA futures.!!!!!!!!

Where are the DMA futures for trading???????
please.


This is my dictionary page with no DMA futures.
 

Attachments

  • OTC.gif
    67.2 KB · Views: 315

if i was to trade aussie stocks would it be better to be with an OTC CFD or ASXCFD (presume this is DMA)... is there more stocks to choose from with OTC CFD's?
 
ive been lurking around the IG website and this was in the FAQ, doesnt this mean its DMA...?

"Some CFD providers will only offer CFDs on share prices derived from the market price. Under the 'market maker' model, the CFD provider has a super-low headline commission rate but adds a spread to the exchange price, so your total dealing cost is the 'low' headline commission rate plus the added spread or 'skewed' price. If you receive re-quotes on your CFD orders the chances are that you are receiving a price that is skewed against you - and hence costing you money.

However, when you trade CFDs with IG Markets you only deal at the genuine market price, so you don't have to worry about these hidden costs.

Likewise IG Markets always quotes a live two-way (bid and offer) price, whereas some other CFD providers will only quote a bid or an offer price depending on whether you want to go long or short."
 
Some CFD providers will only offer CFDs on share prices derived from the market price
Click to expand...


Whitey, i think IG Markets has CFD DMA on Australian shares in the L2 platform.

Indices,Commodities etc. the L2 Platform and the Pure Deal platform are `market maker` model.

Also shares in Pure Deal are in `market maker` model.
 
Wysiwyg said:
Whitey, i think IG Markets has CFD DMA on Australian shares in the L2 platform.

Indices,Commodities etc. the L2 Platform and the Pure Deal platform are `market maker` model.

Also shares in Pure Deal are in `market maker` model.
Click to expand...

is it really that much of a negative of using CFD's to buy shares in the puredeal platform? the spreads cant be that big?
 
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