I have been dealing in DMA CFDs for many years now, like most traders I have three DMA CFD trading accounts, a primary account in addition to two backups. As pricing is an important factor in my trading strategy I trade with the cheapest DMA CFD brokers in Australia, FP Markets and IC Markets in addition to MF Global. I have published this short appraisal putting these three firms head to head against each other to help serious traders like myself better understand the pro’s and con’s of all of these CFD providers.

There are a few criteria that I used to write this evaluation, they are:
1. Pricing
2. Platform
3. Product Range
4. Service
5. Support
6. Education

Price
Equally IC Markets and FP Markets offer incredibly attractive commission rates for active traders like myself, both CFD companies are also very eager to negotiate better commission rates for frequent traders. One thing I did discover was that IC Markets actually contacted me and offered me a discounted rate when my trading volume reached the amount I told them that I would reach when I opened my account. Getting my commission reduction from FP Markets was not that simple, I needed to phone them 3 times prior to finally settling on a rate. MF Global on the other hand was the most expensive of the 3 providers however despite the higher cost MF Global does have some of the best on-line reporting that I’ve experienced, but you certainly pay for it!

Platform
The webIRESS trading platform is used by all three CFD companies however you will find slight variations between them, these include version, layout and color and functionality. IC Markets uses webIRESS plus which is the most recent version of webIRESS and seems to be a great deal faster in terms of placing orders than the version of webIRESS that FP Markets and MF Global use. IC Markets webIRESS is black with green text whlist FP Markets and MF Globals platform is blue and white, as you can not modify the color schemes on your own you are essentially stuck with what you get unless to call up your broker. FP Markets and MF Global have built-in Auto chartist into webIRESS, though the data appears to be slightly delayed meaning it is not very practical for intra day trading. I personally use MetaStock anyway as it’s a better charting software.

Product Variety
All 3 providers offer a large choice of CFDs over ASX listed equities in fact IC Markets and FP Markets offer greater than 2700, MF Global’s offering is restricted to approximately 800 CFDs over ASX listed shares. Along with CFDs on ASX listed stocks IC Markets and MF Global offer indices and forex trading, plus CFDs on stocks listed on most major overseas stock exchanges. IC Markets and MF Global definitely have an edge if you need to trade CFDs over shares outside those listed on the ASX.

Service
Service is a very important factor that you ought to consider when choosing a CFD broker. FP Markets has won a couple of awards for their client service, however the service that I have experienced has under no circumstances been award winning. On one occasion I attempted to get in touch with them and their phone line was engaged. The service that I have received from IC Markets has been exceptional, I have a direct line to my account manager who quickly helps me out with any queries that I have. Like IC Markets to date MF Global have also provided me with exceptional service and a personal account executive.

Support
I have found that the support from FP Markets, IC Markets and MF Global to be outstanding. One thing I’ve noticed is that FP Markets tends to have limited on-line support on the other hand IC Markets have outstanding on-line support and are easily contacted by phone or web based chat, they even have a good weblog that includes tons of useful information. Like FP Markets, MF Global’s support is also rather limited, only telephone support is provided.

Education
Both FP Markets and IC Markets have first-class educational programs, however their focus appears to be fairly different. FP Markets conduct fantastic lunch time webinars regarding how to use the webIRESS trading platform though they do not seem to provide any extra education relating to the markets or trading in general. IC Markets run evening webinars and seminars not just on how to use the platform but also on how to understand markets and cfd trading in general. I have found IC Markets webinars really interesting and helpful as they aren’t a sales pitch or platform presentation. MF Global do not really offer any type of education other than the occasional seminar with one of their partner education businesses.

Conclusion
You actually can’t go wrong with either of these CFD brokers, actually I have accounts with all three of them. It actually depends on what you need out of your CFD provider if you’re looking for decent reporting choose MF Global but bear in mind you will pay a hefty commission rate for this, for anyone who is after a basic no frills CFD broker opt for FP Markets but if you’re like me and trade professionally and want that little bit extra from your CFD company IC Markets is really your only choice and my pick from the bunch.