WebIRESS is considered one of the most prevalent trading platforms for DMA CFDs in Australia and is offered by a lot of the main on-line stockbrokers. WebIRESS is prevalent in the stock trading community and also with DMA CFD traders.
Traders using WebIRESS are able to buy and sell both shares and DMA CFDs using exactly the same WebIRESS login. The majority of CFD and on-line equity stockbrokers in Australia are able to provide a webIRESS demo for prospective traders to download any try before opening a real trading account. It is important to note that WebIRESS demo accounts will not permit you to place orders or view your portfolio, the main reason for this is that WebIRESS must be linked to an IRESS Order System (IOS) so as to function and place orders, demo accounts are usually not linked to an IOS.
As WebIRESS is a web-based trading platform demo accounts are accessed on-line utilising your web browser, however it is important to note that WebIRESS needs Java to be installed on your PC in order to function correctly. When first installing WebIRESS you may be prompted to install the most current version of Java. It’s critical that the most recent version be installed as your webIRESS demo might not work properly on older versions of Java.
Upon first glance your WebIRESS demo will look rather basic with the workspace layout being separated into four frames, however when switching to the multiple document interface (MDI) mode you will instantly realise the power of the WebIRESS desktop interface. In the MDI mode you are able to freely move windows across several monitors and easily build customisable workspace tabs.
When fist logging into your WebIRESS demo you will see that it will likely have delayed market quotes and just one level of depth, this is common. After opening a real trading account you will 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.
Among the list of fantastic features of webIRESS is the market map. The market map is essentially a heat map of the market providing a visible illustration 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 present an illustration of just how much the stock has moved up or down. The market map is excellent for traders in search of a fast snapshot of the movement of stocks in relation to their sector and the overall market.
After you have spent a while navigating the menu items, building watch lists and customising a layout it is advisable to look at the charting functionality of the webIRESS demo and become accustomed with the chart indicators and layouts and how you can adapt them to suit your trading techniques.
Once you decide whether or not WebIRESS is the right trading platform you should factor its cost into your trading budget, the majority of stockbrokers and CFD providers offer the WebIRESS platform at a cost of anywhere between $55 to $88. When combined with ASX data fees your entire monthly fee will come to around $95 to $125. Should you be a frequent trader you’ll likely find that your broker or CFD provider will cover the webIRESS cost on your behalf, however if you are not a frequent trader it’s important for you to determine whether or not the added features obtainable on the webIRESS platform are worth investing in as there are numerous free CFD platforms available that offer comparable features.