As per my understanding, there isn't much difference between CFD & DMA CFD except the spread in normal CFD could also be determined by broker but DMA CFD enables you to trade directly into the order books of actual exchanges. Hence, offers greater transparency and flexibility.
DMA is also called Level 2 Trading and IG offers it once u unable Level 2 trading.
With DMA you will be looking at actual Buy/Sell depth offered by exchange but once ur Long/Short trade is hit in the market, the CFD broker will prepare a cfd contract in parrallel.
So while you’re trading at market prices, you won’t gain any ownership rights over the equities or currencies that form the subject of your CFD.
