CMC markets -legal action

This is a discussion on CMC markets -legal action within the The Foyer forums, part of the Off the Grid category; Originally Posted by arabianights Onemillion, if I were cmc I'd sue you for being a bit of a t0sser which ...

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Old May 29, 2008, 8:34pm   #78
 
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Originally Posted by arabianights View Post
Onemillion, if I were cmc I'd sue you for being a bit of a t0sser which I think is far more actionable than your silly proposed claim.
You've, obviously, never had an account with CMC otherwise you wouldn't make such a juvenile comment. Open an account with them and make several trades. Then check your CMC fills against a real time data feed. You might get an unpleasant surprise!!

We can all see that he hasn't presented any case of substance, which is why he has failed to gain sympathy from fellow members. Had he given greater deatails of his complaint, I'm sure he would have gained a lot of support.

THEN AGAIN onemillion might be spoofing all of us. He may work for CMC and is part of their customer research team on a mission to find out what traders think of their service
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Old May 29, 2008, 8:53pm   #79
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Originally Posted by alan5616 View Post
Your're not gaining much support here. I think that had you been a little more specific in describing your fill problems with CMC, you might have received a more sympathetic response. To the best of my recollection, nobody requested details of the trading methodology that you employ. We are, after all, talking about historical trades. Were they day, swing or position trades? That would be a start.

You say that "if it moves-it's tradeable". Only partly correct because market liquidity is, also, a major part of the equation. If you're trading for £100 per point, you are not going to get filled at best price. SBs have to go into the market and hedge their risk liability viz a viz your bet with them. For example, £100 per pt is the equivalent of 40 mini Dow contracts. Even with a broker, you'll be lucky to get all 40 contracts absorbed at the same price.

BUT, If you read my review of CMC, in the brokerage assessment section, this will give you an inkling that I can relate to your experience. Insofar as them messing your account around, I can't comment. However, when it comes to price manipulation I can. It happened with a group that I was working with. We soon discovered that they were ripping us off from the prices transmitted by an independent real time data feed.

Do you have an independent RT data feed, so that you can verify the true price of the instrument which you are trading? If so, you can create a log or, take several screen shots which might be useful in building a case against them. The FSA should certainly be made aware of any proveable malpractice on CMCs part.

Anyone trading a large account, on the financial markets, with a SB, is going to make far less money than if they were trading through a brokerage house anyway. The big selling point for SBs is that profits are not subject to CG tax. This is a myth because there are ways to offset CG tax without using SBs. Until I retired at the end of last year, I helped many clients save £0000s on CGT.

Thanks for your reply. Nice to see a someone actualy knows what he is talking about and not a comedian too, unlike few people here.

At the moment i am already claming over 130k from CMC, which is nothing to do with legal case. one deal they have cost me over 130k. they closed one of my position due to 5k marjin shortfall but they have had 60k my money in their own account. By thet ime of marjin call they denied they have the money in their account but in the morning they admitted the mistake and accepted that money was in their account. but during the night my position moved so much, amount became too much to refund it.

You know what they said, "sometimes money vanishes from our system". This company is a joke. They were basicly lying. They knew money was there to cover all my positions but intentionaly denied that until they can close the position and in the morning, they thought they could get away with a simple sorry.


This is just one of the problem i had with CMC. First they have closed my SP account without any notice and any reason at all. after that i managed to get a CFD account. They hoped that i will lose the money but after two weeks, They slowed my system and delayed all my trades regardless of size amount or instrument. Last few weeks they have tried to freze my screen two, tree times in a day, so i cant get the price update or trade.


these are just few of the problems i had. I knew they were trying to stop me.
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Old May 29, 2008, 9:01pm   #80
Joined May 2008
onemillion started this thread We can all see that he hasn't presented any case of substance, which is why he has failed to gain sympathy from fellow members. Had he given greater deatails of his complaint, I'm sure he would have gained a lot of support.


Listen guys, i dont need your sympathy or support, please save that for your GIRL Friends. I need people have evidence and problems with CMC and dont need legal advice, i already have that. But i like to prove that, i am not the only one had these problems and many others had ssimiliar problems with CMC.
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Old May 29, 2008, 9:03pm   #81
 
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One million,

I also trade with cmc, (cfd acct) however i have not suffered most of the problems you describe as i never place market orders, stops and limit only. My stop losses are placed further away then they can move the price away from the underlying security.

As for the system freezes this week I have also had several but none were during trades, I believe this is more to do with teething problems with the new platform (Market Maker 5) or maybe they need to increase server capacity or something else tech related.

I doubt very much this was done to target you.
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Old May 29, 2008, 9:11pm   #82
 
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The best advice I can give you is to close your account, with CMC, immediately.

There are reputable SBs and brokers out there that would accommodate your acount. You seem to be UK based so consider using IG Index, Capital Spreads, 2Way Spreads. Brokerwise, Interactive Brokers have a London office and their dealing costs are very low. If you get stuck on CGT, send me a PM.
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Old May 29, 2008, 9:14pm   #83
Joined May 2008
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Originally Posted by Elefteros View Post
One million,

I also trade with cmc, (cfd acct) however i have not suffered most of the problems you describe as i never place market orders, stops and limit only. My stop losses are placed further away then they can move the price away from the underlying security.

As for the system freezes this week I have also had several but none were during trades, I believe this is more to do with teething problems with the new platform (Market Maker 5) or maybe they need to increase server capacity or something else tech related.

I doubt very much this was done to target you.

i have used limit and stop orders after slowing my system. At the begining it did filled when the price hit the limit and stop. Then all limit and stop order were routed to a dealer, even 5-10 points above the litim stop order i wasnt getting any execution.


Your system freeze, How long did it last today? My last one lasted over2 hours and i have accest to friends account i was following prices there, his system was working ok.
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Old May 29, 2008, 9:17pm   #84
Joined May 2008
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Originally Posted by alan5616 View Post
The best advice I can give you is to close your account, with CMC, immediately.

There are reputable SBs and brokers out there that would accommodate your acount. You seem to be UK based so consider using IG Index, Capital Spreads, 2Way Spreads. Brokerwise, Interactive Brokers have a London office and their dealing costs are very low. If you get stuck on CGT, send me a PM.
thanks for your advice. that is one of the problem i have i am not UK based and having problem opening an account with IG.
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