CFD provider IG Markets has launched an updated version of its iPhone trading application which will allow its clients the ability to execute DMA trades alongside their regular CFD trading. In the past IG Markets clients could only trade using the quote-driven platform (i.e. over-the-counter) or they could deal via direct market access using a computer. With this latest innovation, client can now trade directly via DMA using an iPhone and thus be able to place orders directly on to the London Stock Exchange’s order book while on the move. This is thought to be the very first iPhone app in the United Kingdom and Australia to support this functionality.
IG Markets’ mobile trading application has proved to be extremely popular; during the first month since its launch alone, thousands of iPhone users made use of the application to trade on the move. Shortly after its launch, many IG clients started requesting certain additions to the application. IG Markets acknowledged these requests and released new functionality allowing users to fund their accounts directly through the application. An IG Markets spokesman noted that IG Markets is the first CFD broker to bring Direct Market Access (DMA) access to the iPhone, giving traders the functionality to:
- Trade directly into the order book using DMA: Open, edit and close DMA positions
- View open DMA CFD positions, including the fill status of each individual position
- Trade IG Markets’ wide range of instruments – more than 7000 global shares, including over 700 Australian shares
- Create, amend or delete working orders
- Add Limits and Stops, including Guaranteed Stops
- See your open DMA positions together with your CFD trades, including the fill status of each individual position.
- View customisable watchlists
- View real-time account balances and deposit funds
The iPhone application is available free of charge from the application store, and offers clients a number of other uses as well as the ability to trade DMA CFDs, including the functionality to place trades, check prices on the full range of markets, load real-time charts as well as the ability to receive breaking news headlines from Reuters. Traders can now acquire details of the exact number of shares being offered into, or requested from, the market at any particular time, allowing them to have a sense of market liquidity and where any large buy or sell orders may be lurking.
Philip Adler, managing director of IG Markets UK, stated the iPhone application would provide its clients with the same information accessible to institutional investors. With Direct Market Access, traders can see the full market depth and are able to gain full access to the available exchange prices while being able to gauge the liquidity of the market on either side of the exchange. Traders and investors will also be able to use the iPhone application to trade inside the market spread by dealing straight into the order book or participate in pre- and post-market auctions.
IG Markets has been offering mobile trading since 2004 and the company remains a leader in this area. Not only does IG Markets support the iPhone and the iPad, it also offers a BlackBerry and Nokia application, and its website and trading platform are optimised for Android Smartphones.