14 DAY TRIAL // Providers of Contracts for Difference (CFDs), IG Markets have announced an updated version of their trading app for iPhone which now comes with Direct Market Access (DMA) functionality.
Before version 3.0.1 of the IG Markets app was out, clients could only trade directly into the market from their PC, or over-the-counter.
The ability to deal across all the execution venues is now more important than ever, according to IG Markets, as the London Stock Exchange now only accounts for around 60% of UK equity volumes on any given day.
The new app hopes to provide “unparalleled flexibility and the same advanced functionality regardless of where an individual wants to trade,” according to IG Markets.
With the ability to carry out Direct Market Access (DMA) trades alongside regular CFD trading, users can now open, edit and close DMA positions, and see their open DMA positions (along with their fill status) together with the CFD trades.
“Rather than simply showing the current bid and offer price, DMA gives details of the precise number of shares being offered into - or requested from - the market at any one time,” IG Markets elaborates.
The trading company believes this opens a door for clients to place orders within the market spread while timing orders to take advantage of the weighting in the order book.
It’s also worth noting that DMA holders will have the ability to participate in the pre- and post-market auctions as well.
Available to all clients who have activated PureDMA in their account settings, the functionality is freely available by downloading the new IG Markets iOS app from Apple’s iTunes Store in the Finance category.
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The update also improves the app’s responsiveness and stability according to the developers hired by IG Group to do the coding.