What Are The Benefits Of DMA CFD Trading On The WebIRESS Trading Platform
WebIRESS is one of the best common trading platforms for DMA CFDs in Australia and is offered by most of the main on-line stockbrokers. WebIRESS is common in the share trading community and also with DMA CFD traders. Traders using WebIRESS are able to trade both securities and DMA CFDs using the same WebIRESS login.
Most CFD and on-line share stockbrokers in Australia are able to provide a WebIRESS demo for prospective traders to download any trial before opening an actual trading account. One must always note that WebIRESS demo accounts don’t permit you to place orders or view your portfolio, the reason for this is that WebIRESS must be linked to an IRESS Order System (IOS) in order to function and place orders, demo accounts are usually not linked to an IOS.
As WebIRESS is an internet-based trading platform demo accounts are accessed on-line utilising your web browser, however it is important to note that WebIRESS requires Java to be installed on your PC to be able to work properly. When first installing WebIRESS you may be prompted to install the most recent version of Java. It is critical that the most recent version be installed as your webIRESS demo may not work correctly on older editions of Java.
Upon first glance your WebIRESS demo will seem rather basic with the workspace layout being divided into four frames, however when switching to the multiple document interface (MDI) mode you’ll quickly realise the power of the WebIRESS desktop interface. In the MDI mode it is possible to freely move windows across many screens and easily produce customisable workspace tabs.
When fist logging into your WebIRESS demo you will discover that it will most likely have delayed market quotes and only one level of depth, this is common. After opening an actual trading account you’ll be given the option to subscribe to live data at a price of roughly $38.50 for ASX data, upon subscription you’ll have complete access to live market data, course of sales and full market depth.
One of the fantastic features of webIRESS is the market map. The market map is actually a heat map of the market providing a visible depiction of the market movement of stocks in each of the sectors in real-time. The size of the squares in the map symbolize the market capitalisation of each of the stocks and the shades of red or green provide an illustration of how much the stock has moved up or down. The market map is great for traders searching for a fast snapshot of the movement of stocks in relation to their sector and the general market.
After you have spent a while navigating the menu items, building watch lists and customising a layout it’s advisable to look at the charting functionality of the WebIRESS demo and become familiar with the chart indicators and layouts and how you can adapt them to suit your trading techniques.
As soon as you determine whether or not WebIRESS is the best trading platform it is important to factor its price into your trading budget, a good number brokers and CFD providers offer the WebIRESS platform at a price of anywhere between $55 to $88. When combined with ASX data fees your total monthly fee will come to about $95 to $125. For anyone who is a frequent trader you’ll likely discover that your stockbroker or CFD provider will cover the WebIRESS cost on your behalf, however if you aren’t a frequent trader it’s important for you to determine whether or not the extra features obtainable on the WebIRESS platform are worth paying for as there are a lot free CFD platforms obtainable that offer similar features.