Archive through September 07, 2005
| Author |
Message |
     mosaic1996
Member
Username: mosaic1996
Post Number: 1156
Registered: 01-2003Rating: N/A
Votes: 0
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| | Saturday, July 02, 2005 - 09:15 pm: | 
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I know that this has probably been don to death, but is it worth getting an up to date comparison of all CFD providers....
Does anyone use Man Financial or ETRADE (which used Man F) to trade CFD's?
Would you like to comment on the pros and cons.
Here is what I am aware of.....
Man Financial/ETRADE
Commission = 0.25%
Long/Short interest = Cash Rate +/- 3%
Long ASX stocks ASX500
Short ASX stocks ?
Software/data access = $99/$79 (refunded if $1m/month t/o)
Software WEBIRESS
ETRADE
can trade options, warrants, real equities from same account
but no access to FX, index CFDs, other exchanges
CMC
Commission = 0.1%
Long/Short interest = Cash Rate +/- 2%
Long ?
Short ?
Software/data access = $40 (refund if $50 commission/month)
Software: install on PC
Other providers
?
Cheers,
Mosaic
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ken
Member
Username: ken
Post Number: 212
Registered: 04-2003Rating: N/A
Votes: 0
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| | Saturday, July 02, 2005 - 09:48 pm: |
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Hello Mosaic,
I trade with MAN and commission is 0.175 %,$17.50 minimum.
There are about 134 shortable stocks so I also have a CMC account. The margins are generally much higher than for CMC or IG (which are higher than CMC).
The first 3 months trading platform is free, thereafter $50 per month. Uncommitted funds get base rate minus 1% interest.
IGM have 0.4% commission on the plan I had, there was another one for higher value trades that had lower commission. The key parameter with MAN is that your order goes straight to the market - they appear not to be market makers. That together with lower commission moved me from IG and CMC to MAN.
Regards,
Ken
INCREDIBLE OFFER - only $12 USD per month
30 day FREE trial -
Download Here
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Price is the leader of the market crowd. (Elder)
Members of the crowd follow the leader and experience the same emotions as each other.
To be independent of the crowd we must not change our behaviour with price.
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mcombbs
Member
Username: mcombbs
Post Number: 8
Registered: 03-2005Rating: N/A
Votes: 0
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| | Saturday, July 02, 2005 - 11:36 pm: |
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Getfutures
commission 0.1%
interest +/- 2%
no interest on equity
platform free
Most orders appear immediately on my Comsec screen, but occasionally I see nothing. I enquired about it once, they said they do offer DMA, so maybe just part time DMA?
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ingot54
Member
Username: ingot54
Post Number: 474
Registered: 05-2004Rating: N/A
Votes: 0
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| | Sunday, July 03, 2005 - 06:42 am: |
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Just a bit on DMA
IG told me they are not Market Makers but may decide to "carry the risk" of some trades. At other times, they hedge the trade by investing your order directly into the market.
IG do offer DMA, not sure of the platform used, but I do know they require a larger margin than if a GSLO A/C is used, for the facility, and I believe there may be a slight difference in commission rates for DMA.
Did not address your question, Mosaic, but hth.
Hi Ken - hope the beautiful weather holds out now. Enjoy.
Keep Smiling
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djb
Member
Username: djb
Post Number: 17
Registered: 07-2003Rating: N/A
Votes: 0
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| | Sunday, July 03, 2005 - 12:06 pm: |
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All CFD providers are market makers.Dont be fooled by terms such as "direct market access".You are trading an Over The Counter product that can only be sold/bought back to the original provider , i.e there is no secondary market for the instruments traded.
Rgds
djb
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mandrake
Member
Username: mandrake
Post Number: 7
Registered: 09-2003Rating: N/A
Votes: 0
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| | Sunday, July 03, 2005 - 04:47 pm: |
|
Hello,
I went to a presentation in Melbourne yesterday given by Macquarie CFDs. They are offering the DMA model with straight through processing (including participation in opening and closing auctions).
A selling point by Macquarie is that the user is looking directly into the market and that they (Macquarie) meet the bid and offer prices as presented on the ASX. There are no re-quotes. Order queuing is available outside of market hours. Their platform has a facility where you can use another source of real time ASX data if you want to do so. Spreads appear to be a non-issue.
Macquarie also promotes its hedging policy where it claims to immediately purchase the same stock and quantity to offset their risk. Shorted shares are borrowed from (presumably) other instos.
They are only offering the top 300 shares on the ASX. Their 'collateral charges'(margin rates) are high at 5, 10, 25; and 40% at the mickey mouse end. A list (which changes) is provided on the platform with the rate for each share and whether the stock can be shorted or not.
There is no charting facility provided and no buy-limit facility (as with CMC; i.e. you can't trade breakouts).
The GSLO rate is calculated on proximity to price (no closer than 1%), volatility of the stock and other variables. GSLO can be taken only for a month or three months but of course you are only paying while the position is open. The GSLO rate is paid each time that you trail your Stop Loss. The presenter seemed a little coy about GSLO pricing.
Standard Stop Loss is free and can be placed as close to the price as you like and they will use 'best endeavours' to close you out if your SL figure is gapped etc.
The Trading Fee (commission rate) is a reasonable $10 for CFDs opened or closed-out with a value of up to $5,000, and 0.2% for CFDs with a value above this.
The platform looked relatively user-friendly and colour is used well. The servers are in Sydney.
As an ASX licensed financial institution, trading with Macquarie eliminates the old problem of the CFD provider possibly going broke. Your dosh is held in a MacQ CMT account and gets the standard CMT rate (4 and a quarter%?).
They seem to have done their homework and are offering a competitive product, albeit with some limitations (at this time).
Ah, competition. Coincidentally or not, CMC dropped the margin cost of some ASX200 stocks to 3% this week.
On the other hand, Macquarie is not known as the millionaire factory for nothing...
'The method of the enterprising is to plan with audacity, and execute with vigor;to sketch out a map of possibilities; and then to treat them as probabilities'. Bovee
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beaver
Member
Username: beaver
Post Number: 32
Registered: 09-2004Rating: N/A
Votes: 0
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| | Sunday, July 03, 2005 - 10:56 pm: |
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Given the concerns etc with CFD providers - I'm not sure why more people simply don't trade options.
They would appear to offer at least similar advantages to CFD's without the major downsides - and it's possible to absolutely limit your loss.
The only disadvantage would seem to be the more restricted stock selection available - but then, you are basically interested in trading liquid, volatile stock - and there would seem to be an adequate supply of tradeable stock.
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mosaic1996
Member
Username: mosaic1996
Post Number: 1157
Registered: 01-2003Rating: N/A
Votes: 0
|
| | Monday, July 04, 2005 - 10:21 am: |
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The following are my understanding of the various providers. Please note that I could be wrong as I have not thoroughly researched, nor checked the accuracy. I am more than happy to incorporate any feedback into the following to correct errors.
CMC CMC
Trading Model: Market Maker
Trading Platform: PC Proprietary
Multiple Accounts: No
Commission: 0.1%
Interest Rates
Long: Cash Rate plus 2%
Short: Cash Rate less 2%
Balance: Cash Rate less ?.??%
Franking Credits
Long postion: No
Short position: Yes
Stop-loss
Stop loss facility Yes
GSLO Yes
GSLO trailing Yes - recharge
Tradable instruments
ASX
Long: ASX200
Short: subset of ASX200
Indices: Yes
Other exchanges
USA: Yes
Europe: Yes
Asia: Yes
Other
FX: Yes
Commodities: Yes
Other Fees
ASX data feed: $40 - waived if $50 commission / month?
Software fee: None
Banking fees
?
IG Markets IG
Trading Model: Market Maker
Trading Platform: Internet
Multiple Accounts: ?
Commission: 0.4% to 0.2%?
Interest Rates
Long: Cash Rate plus ?.?%
Short: Cash Rate less ?.?%
Balance: Cash Rate less ?.??%
Franking Credits
Long postion: No?
Short position: ?
Stop-loss
Stop loss facility Yes
GSLO Yes
GSLO trailing Yes - free
Tradable instruments
ASX
Long: ASX200?
Short: subset of ASX200?
Indices: Yes
Other exchanges
USA: Yes
Europe: Yes?
Asia: Yes?
Other
FX: Yes
Commodities: Yes
Other Fees
ASX data feed: free?
Software fee: None
Banking fees
?
MAN Financial MAN
Trading Model: Direct Market Access
Trading Platform: Internet Proprietary = WEBIRESS
Multiple Accounts: Yes?
Commission: 0.25% to 0.125%
Interest Rates
Long: Cash Rate plus 3%
Short: Cash Rate less 3%
Balance: Cash Rate less 1%?
Franking Credits
Long postion: No
Short position: No?
Stop-loss
Stop loss facility Yes?
GSLO No?
GSLO trailing No?
Tradable instruments
ASX
Long: ASX500
Short: subset of ASX200?
If avaialable, I believe that the following would require a different trading platform.
Indices: No?
Other exchanges
USA: No?
Europe: No?
Asia: No?
Other
FX No?
Commodities: No?
Other Fees
ASX data feed/Software fee: $99/month. Waived if > $1m contracts / month
Banking fees
?
ETRADE CFD ETRADE CFD
I believe that you can trade CFD (via MAN) using POWER ETRADE - so you can have traditional share trading and CFD trading, e.g., short positions via the same trading platform.
Trading Model: Direct Market Access (offering via MAN Financial)
Trading Platform: Internet Proprietary = WEBIRESS
Multiple Accounts: Yes?
Commission: 0.25% to 0.125%
Interest Rates
Long: Cash Rate plus 3%
Short: Cash Rate less 3%
Balance: Cash Rate less 1%?
Franking Credits
Long postion: No
Short position: No?
Stop-loss
Stop loss facility Yes?
GSLO No?
GSLO trailing No?
Tradable instruments
ASX
Long: ASX500
Short: subset of ASX200?
Indices: No
Other exchanges
USA: No
Europe: No
Asia: No
Other
FX No
Commodities: No
Other Fees
ASX data feed/Software fee: $79/month waived if > $1m contracts / month. Probably reduced if trading options and/or shares via sae platform.
Banking fees
?
Other
I believe that the CFD trading platform is the same as POWER ETRADE, hence I believe that you could trade traditional share as well as CFDs from the same platform, e.,g., you could use shares fro long positions, and CFDs for short positions.
MACQUARIE MBL
Trading Model: Direct Market Access (offering via MAN Financial)
Trading Platform: PC propritary
Multiple Accounts: ?
Commission: 0.2%
Interest Rates
Long: Cash Rate plus 2.5%
Short: Cash Rate less 2.5%
Balance: Cash Rate less 1%?
Franking Credits
Long postion: No
Short position: No, but Yes if stock borrowed domestically
Stop-loss
Stop loss facility Yes?
GSLO No?
GSLO trailing No?
Tradable instruments
ASX
Long: ASX300?
Short: subset of ASX200?
Indices: No
Other exchanges
USA: No
Europe: No
Asia: No
Other
FX No
Commodities: No
Other Fees
ASX data feed $38.50 max / month if access to realtime prices required.
Banking fees
?
Other
CFD account linked to MBL CMT so I believe that money can be transferred in realtime.
Cheers,
Mosaic
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davkell
Member
Username: davkell
Post Number: 154
Registered: 07-2004Rating: N/A
Votes: 0
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| | Monday, July 04, 2005 - 07:35 pm: |
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GSLO with CMC is via phone only. Pain in the butt I think, just found that out today. And you can't do a BuyStop order, ie. set a contingent to buy if the stock trades upwards to your BuyStop.
Cheers.
"Trade Your Way To Financial Freedom" - Van K Tharp
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mosaic1996
Member
Username: mosaic1996
Post Number: 1159
Registered: 01-2003Rating: N/A
Votes: 0
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| | Monday, July 04, 2005 - 08:02 pm: |
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thnks dave, added GSLO and BuyStop stuf...
The following are my understanding of the various providers. Please note that I could be wrong as I have not thoroughly researched, nor checked the accuracy. I am more than happy to incorporate any feedback into the following to correct errors, or cover function that I have missed.
CMC CMC
Trading Model: Market Maker
Trading Platform: PC Proprietary
Multiple Accounts: No
Phone: 1-300-303-888
Commission: 0.1%
Interest Rates
Long: Cash Rate plus 2%
Short: Cash Rate less 2%
Balance: Cash Rate less ?.??%
Franking Credits
Long postion: No
Short position: Yes
Stop-loss
Stop loss facility Yes
GSLO Yes - phone only
GSLO trailing Yes - recharge
contingent orders
BuyStopEntry No
Tradable instruments
ASX
Long: ASX200
Short: subset of ASX200
Indices: Yes
Other exchanges
USA: Yes
Europe: Yes
Asia: Yes
Other
FX: Yes
Commodities: Yes
Other Fees
ASX data feed: $40 - waived if $50 commission / month?
Software fee: None
Banking fees
?
IG Markets IG
Trading Model: Direct Market Access?
Trading Platform: Internet
Multiple Accounts: No?
Phone:
Commission: 0.4% to 0.2%?
Interest Rates
Long: Cash Rate plus ?.?%
Short: Cash Rate less ?.?%
Balance: Cash Rate less ?.??%
Franking Credits
Long postion: No?
Short position: ?
Stop-loss
Stop loss facility Yes
GSLO Yes
GSLO trailing Yes - free
contingent orders
BuyStopEntry ?
Tradable instruments
ASX
Long: ASX200?
Short: subset of ASX200?
Indices: Yes
Other exchanges
USA: Yes
Europe: Yes?
Asia: Yes?
Other
FX: Yes
Commodities: Yes
Other Fees
ASX data feed: free?
Software fee: None
Banking fees
?
MAN Financial MAN
Trading Model: Direct Market Access
Trading Platform: Internet Proprietary = WEBIRESS
Multiple Accounts: Yes?
Phone: 1-800-629-099
Commission: 0.25% to 0.125%
Interest Rates
Long: Cash Rate plus 3%
Short: Cash Rate less 3%
Balance: Cash Rate less 1%?
Franking Credits
Long postion: No
Short position: No?
Stop-loss
Stop loss facility Yes?
GSLO No?
GSLO trailing No?
contingent orders
BuyStopEntry Yes?
Tradable instruments
ASX
Long: ASX500
Short: subset of ASX200?
If avaialable, I believe that the following would require a different trading platform.
Indices: No?
Other exchanges
USA: No?
Europe: No?
Asia: No?
Other
FX No?
Commodities: No?
Other Fees
ASX data feed/Software fee: $99/month. Waived if > $1m contracts / month
Banking fees
?
ETRADE CFD ETRADE CFD
I believe that you can trade CFD (via MAN) using POWER ETRADE - so you can have traditional share trading and CFD trading, e.g., short positions via the same trading platform.
Trading Model: Direct Market Access (offering via MAN Financial)
Trading Platform: Internet Proprietary = WEBIRESS
Multiple Accounts: Yes?
Phone:
Commission: 0.25% to 0.125%
Interest Rates
Long: Cash Rate plus 3%
Short: Cash Rate less 3%
Balance: Cash Rate less 1%?
Franking Credits
Long postion: No
Short position: No?
Stop-loss
Stop loss facility Yes?
GSLO No?
GSLO trailing No?
contingent orders
BuyStopEntry Yes?
Tradable instruments
ASX
Long: ASX500
Short: subset of ASX200?
Indices: No
Other exchanges
USA: No
Europe: No
Asia: No
Other
FX No
Commodities: No
Other Fees
ASX data feed/Software fee: $79/month waived if > $1m contracts / month. Probably reduced if trading options and/or shares via sae platform.
Banking fees
?
Other
I believe that the CFD trading platform is the same as POWER ETRADE, hence I believe that you could trade traditional share as well as CFDs from the same platform, e.,g., you could use shares fro long positions, and CFDs for short positions.
MACQUARIE MBL
Trading Model: Direct Market Access (offering via MAN Financial)
Trading Platform: Internet proprietary
Multiple Accounts: No, but can run multiple copies of software
Phone: 1-800-187-434
Commission: 0.2%
Interest Rates
Long: Cash Rate plus 2.5%
Short: Cash Rate less 2.5%
Balance: Cash Rate less 1%?
Franking Credits
Long postion: No
Short position: No, but Yes if stock borrowed domestically
Stop-loss
Stop loss facility Yes?
GSLO Yes?
GSLO trailing No?
contingent orders
BuyStopEntry ?
Tradable instruments
ASX
Long: ASX300?
Short: subset of ASX200?
Indices: No
Other exchanges
USA: No
Europe: No
Asia: No
Other
FX No
Commodities: No
Other Fees
ASX data feed $38.50 max / month if access to realtime prices required - optional.
Banking fees
?
Other
CFD account linked to MBL CMT so money can be transferred in realtime.
Strong financial backing.
GetFutures GetFutures
Trading Model: Market Maker
Trading Platform: ?
Multiple Accounts: ?
Phone:
Commission: 0.1%
Interest Rates
Long: Cash Rate plus 2%
Short: Cash Rate less 2%
Balance: Cash Rate less ?%
Franking Credits
Long postion: ?
Short position: ?
Stop-loss
Stop loss facility ?
GSLO ?
GSLO trailing ?
contingent orders
BuyStopEntry ?
Tradable instruments
ASX
Long: ?
Short: ?
Indices: ?
Other exchanges
USA: Yes
Europe: Yes
Asia: Yes
Other
FX Yes?
Commodities: Yes?
Other Fees
Platform free..
Banking fees
?
Other
?heers,
Mosaic
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mosaic1996
Member
Username: mosaic1996
Post Number: 1168
Registered: 01-2003Rating: N/A
Votes: 0
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| | Monday, July 11, 2005 - 11:57 am: |
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There is some additional info in this thread..
http://forum.incrediblecharts.com/messages/8/525051.html
-------------------------------------------------------
The following are my understanding of the various providers. Please note that I could be wrong as I have not thoroughly researched, nor checked the accuracy.
Market Maker Model versus Direct Market Access Models
The following mainly relates to trading/investing on the ASX.
Market Maker Model
The CFD provider controls the price that is offered. This price and depth usually mirrors the underlying market, but this is not guaranteed. Market Makers add an additional layer into the dealing process which could result in orders not being processed due to the Market Maker process in highly volatile markets.
My understanding is that that to buy there must be stock offered, and to sell there must be stock bid. In other words you must sell at the bid, and buy at the offer.
You can not take part in the open and close auctions on the ASX.
Direct Market Models
My understanding is that orders are entered directly into the market in the exactly the same way as you do through discount brokers with direct access to SEATS. You have the option of hit the bid/offer, or you can join the buy/sell queue. This has the advantage of potentially getting an entry at a slightly lower price than is possible via a Market Maker.
In highly volatile markets you should have the same chance of entry/exit as normal share traders. Of course, this is also dependent on the software platform that you are using.
CMC CMC
Trading Model: Market Maker
Trading Platform: PC Proprietary
Multiple Accounts: No
Phone: 1-300-303-888
Commission: 0.1%
Interest Rates
Long: Cash Rate plus 2%
Short: Cash Rate less 2%
Balance: Cash Rate less ?.??%
Franking Credits
Long position: No
Short position: Yes
Stop-loss
Stop loss facility Yes
GSLO Yes - phone only
GSLO trailing Yes - recharge
contingent orders
BuySell Stop Yes
BuySell Limit Yes
BuySellStop Entry No
Tradable instruments
ASX
Long: ASX200
Short: subset of ASX200
Indices: Yes
Other exchanges
USA: Yes
Europe: Yes
Asia: Yes
Other
FX: Yes
Commodities: Yes
Superannuation
Superannuation account: ?
Other Fees
ASX data feed: $40 - waived if $50 commission / month?
Software fee: None
Banking fees
?
IG Markets IG
Trading Model: Direct Market Access and Market Maker Model
Trading Platform: Internet
Multiple Accounts: No. Run multiple Internet windows?
Phone: 1-800-601-799
Commission: 0.4% (regular account min $25) or 0.2% (professional account min $50)
Interest Rates
Long: Cash Rate plus 3.0%
Short: Cash Rate less 3.0%
Balance: Cash Rate less 0.0% (may be negotiable for balances in excess of $50,000)
Franking Credits
Long position: No
Short position: ?
Stop-loss
Stop loss facility Yes
GSLO Yes
GSLO trailing Yes - free
contingent orders
BuySell Stop Yes
BuySell Limit Yes
BuySellStop Entry Yes
Tradable instruments
ASX
Long: ASX300
Short: subset of ASX300?
Indices: Yes
Other exchanges
USA: Yes
Europe: Yes
Asia: Yes
Other
FX: Yes
Commodities: Yes
Superannuation
Superannuation account: ?
Other Fees
ASX data feed: free
Software fee: None
Banking fees
None
MAN Financial MAN
Trading Model: Direct Market Access
Trading Platform: Internet Proprietary = WEBIRESS
Multiple Accounts: Yes?
Phone: 1-800-629-099
Commission: 0.25% to 0.125%
Interest Rates
Long: Cash Rate plus 3%
Short: Cash Rate less 3%
Balance: Cash Rate less 1%?
Franking Credits
Long position: No
Short position: No?
Stop-loss
Stop loss facility Yes?
GSLO No?
GSLO trailing No?
contingent orders
BuySell Stop Yes?
BuySell Limit Yes?
BuySellStop Entry Yes?
Tradable instruments
ASX
Long: ASX500
Short: subset of ASX200?
If available, I believe that the following would require a different trading platform.
Indices: No?
Other exchanges
USA: No?
Europe: No?
Asia: No?
Other
FX No?
Commodities: No?
Superannuation
Superannuation account: ?
Other Fees
ASX data feed/Software fee: $99/month. Waived if > $1m contracts / month
Banking fees
?
ETRADE CFD ETRADE CFD
I believe that you can trade CFD (via MAN) using POWER ETRADE - so you can have traditional share trading and CFD trading, e.g., short positions via the same trading platform.
Trading Model: Direct Market Access (offering via MAN Financial)
Trading Platform: Internet Proprietary = WEBIRESS
Multiple Accounts: Yes?
Phone:
Commission: 0.25% to 0.125%
Interest Rates
Long: Cash Rate plus 3%
Short: Cash Rate less 3%
Balance: Cash Rate less 1%?
Franking Credits
Long position: No
Short position: No?
Stop-loss
Stop loss facility Yes?
GSLO No?
GSLO trailing No?
contingent orders
BuySell Stop Yes?
BuySell Limit Yes?
BuySellStop Entry Yes?
Tradable instruments
ASX
Long: ASX500
Short: subset of ASX200?
Indices: No
Other exchanges
USA: No
Europe: No
Asia: No
Other
FX No
Commodities: No
Superannuation
Superannuation account: No
Other Fees
ASX data feed/Software fee: $79/month waived if > $1m contracts / month. Probably reduced if trading options and/or shares via sae platform.
Banking fees
?
Other
I believe that the CFD trading platform is the same as POWER ETRADE, hence I believe that you could trade traditional share as well as CFDs from the same platform, e.,g., you could use shares for long positions, and CFDs for short positions.
MACQUARIE MBL
Trading Model: Direct Market Access
Trading Platform: Internet proprietary
Multiple Accounts: No, but can run multiple copies of software
Phone: 1-800-187-434
Commission: 0.2%
Interest Rates
Long: Cash Rate plus 2.5%
Short: Cash Rate less 2.5%
Balance: Cash Rate less 1%?
Franking Credits
Long position: No
Short position: No, but Yes if stock borrowed domestically
Stop-loss
Stop loss facility Yes?
GSLO Yes?
GSLO trailing No?
contingent orders
BuySell Stop ?
BuySell Limit ?
BuySellStop Entry ?
Tradable instruments
ASX
Long: ASX300?
Short: subset of ASX200?
Indices: No
Other exchanges
USA: No
Europe: No
Asia: No
Other
FX No
Commodities: No
Superannuation
Superannuation account: Yes, but must be a loss limiter account (compulsory GSLO)
Other Fees
ASX data feed $38.50 max / month if access to realtime prices required - optional.
Banking fees
?
Other
CFD account linked to MBL CMT so money can be transferred in realtime.
Strong financial backing.
GetFutures GetFutures
Trading Model: Market Maker
Trading Platform: ?
Multiple Accounts: ?
Phone:
Commission: 0.1%
Interest Rates
Long: Cash Rate plus 2%
Short: Cash Rate less 2%
Balance: Cash Rate less ?%
Franking Credits
Long position: ?
Short position: ?
Stop-loss
Stop loss facility ?
GSLO ?
GSLO trailing ?
contingent orders
BuySell Stop ?
BuySell Limit ?
BuySellStop Entry ?
Tradable instruments
ASX
Long: ?
Short: ?
Indices: ?
Other exchanges
USA: Yes
Europe: Yes < | | |
