Most people do not understand the difference between OTC or over-the-counter CFDs and DMA or direct market access CFDs (DMA CFDs), before I commence it’s important to make sure that the differences between both forms of Contracts for Difference are clearly explained as there are actually important advantages and disadvantages of each type that all traders ought to be aware of.

Understanding the differences between the two kinds of CFDs is quite easily explained. In essence DMA CFD providers permit all of their customers CFD trades to flow onto the underlying order book of the share over which the CFD is based, this permits DMA CFD traders to participate in the market depth a have their orders partially filled along with allowing the trader to be a price maker rather than a price taker, OTC CFD providers on the other hand frequently match trades against another clients order or their internal liquidity as opposed to placing the order in the underlying market. OTC CFD brokers have the benefit of being able to offer Contracts for Difference over indices and forex and tend to be more appropriate for traders looking to access numerous asset classes, whereas DMA CFD companies are only able to offer CFDs over shares and are better suited to those seeking to trade equities on leverage or Contracts for Difference over speculative mining shares.

Now that you recognize the difference between both different types of CFDs on offer it’s essential to understand the CFD trading platforms available. As CFDs are traded on-line it is vital to ensure that you choose the right platform that suits your trading style, the most popular DMA CFD trading platform is webiress plus.

Webiress plus is the fastest and most dependable DMA CFD platform on the market at present. Webiress plus started out it's life being a equity platform and soon after was custom-made for CFDs. The platform is web based and uses java, like all java applications it is essential to ensure that you have got the most recent java version set up on your PC in order to experience the rich functionality of the program.

Webiress plus is generally very off-putting for novices first starting out however as soon as you appreciate the ability of the software it is unlikely that you'll utilize anything else. Configuring your first layout is usually by far the most complicated part however this is quite straightforward if you stick to the basics. A few of the key features of webiress that it is advisable to setup to display permanently on your platform workspace are a watch list, your portfolio, an order pad, a market depth window and of course the market map. Having these features open in your workspace are key when you initially commence and will stop you from making some common and easily preventable mistakes like not knowing whether an order has been canceled or not.

We will now take a look at the importance of each of these vital webiress plus features.

Watch list

Having a watch list window open is essential when you are trading as it allows you to watch the CFD positions that you have open in your portfolio and any others that you could have an interest in opening positions in. The watch list will enable you to monitor prices without the need to have multiple price windows open.

Portfolio

The portfolio window is arguably an important feature in webiress plus as this lets you monitor the essentials of your portfolio including your free equity, margin requirements, portfolio value as well as both your realized and unrealized profit and loss. From the portfolio window you will also be capable of watch your open positions, see your average price, market to market value and unrealized profit or loss on each individual position.

Order Pad

Using the order pad window is essential for anybody who is managing multiple orders, the order pad window enables you to track the status of your orders in the market. After placing an order using webiress plus it is essential to check whether the order has successfully reached the market, this is generally done using the order pad, it is from here that you will also have the ability to check for partial fills and confirm the status of trade cancellations.

Market Depth

Gaining access to market depth is vital whilst buying and selling DMA CFDs as this will enable you to see your trades in the underlying order book of the share over which the CFD is based, not only will you have the ability to see your orders in the depth but you will also be able to determine where support and resistance levels are by just looking to see the number of buyers or sellers in the market at every price point.

Market Map

The market map is one of the unique features of webiress plus, it provides traders with a visible portrait of the whole market in a glance. It is common for traders to make use of the market map feature to help them to spot stock CFDs who’s prices have either risen or fallen dramatically across the whole market. The market map is also able to show the market capitalization of stocks meaning traders can rapidly filter out shares in a particular sector which may not meet their trading criteria.

Now that you're familiar with the differences between DMA and OTC CFDs and understand some of the main features of the webiress plus platform you're well on your way to investing. Before you start trading DMA CFDs on webiress plus it’s vital that you practice using the trading platform, place some orders and create a trading workspace that suits your trading approach. You can access a free webiress plus demo from leading CFD company IC Markets site that you are able to practice on for as long as you like.