Why I will never put my money in "CMC Markets"

D

droogle

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Hi Guys,

I'm a newbie from Singapore and wanted thanks all of you guys for sharing info here.:D
I'm checking the post here everyday since last week joining.

Currently considering for a SB firm to start with, I'm on a$2000 budget. Tried a few demos and feels like my theory is working. I spent the whole of last night reading "Terms and Conditions" of the well known firms in Singapore such as IG, CitiIndex and CMC. They only offer CFDs and not Spread bet.

I'm not going to sign for CMC for sure. I just feel their terms is too much to swallow. It gave them rights to price you differently from the others (hunt stop you personally) and can force your position open till you are unprofitable. Not to mention your money is not safe even though it's seregerated. Attached pics below is the snipets from their "Product Disclosure" mentioned.

As I'm new please correct me if I made any wrong assumptions as they did offer good spread. I had checked and they don't have those terms in UK. Their terms just tell me that those who had painful experiences with CMC is really possible.

Thanks.

PS:I had finalised my choice down to IB. Their terms looks ok to me but you never know till you start betting I guess. I like GFT platform but they have this clause that say they can close your position for no reason.(n)
Docs link: http://www.cmcmarkets.com.sg/doc_pds
 

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Very interesting to hear that.Thats not the same over here.Im sure some firm do minor self help adjustments anyway. Personally I had very few problems with cmc
 
Im surprised they can offer diferent prices as they are supposed to be linked to the underline market. I dont see what you mean by hunt stop,if they could do that they would just take you out when they felt like it.Most of the time they just lay off to make money.The segregated funds clause only applies if they have to add to make up your margin and all they are saying is that if the holding bank goes under you are done for,if they go under your money is safe.Theres a big difference,no trading firm would garrantee the holding banks funds.
 
Hi Julian,

Thanks for the clarification. It's good to hear you has good experience with CMC. I think I shouldn't say huntstop my mistake.
 
Spreadbetting companies are the market makers for every single instrument that they provide for financial spread trading. The prices they quote mirror the price of the security in the real market. In theory they can provide any price quote they like. Hence the reason for spiking and any number of other shenanigans. Remember in the casino the HOUSE always wins!!!
 
Why on earth would you want to open an account with a UK SB firm in Singaproe? There's no tax advantage (assuming you're a Singapore tax payer), you can't fund your account in SGD, theiy're not regulated in Singapore and there's no local phone number to call.

Isnt't going with CFDs a no-brainer?
 
Hi ns1000,

All the UK SB firms I mentioned IG, CMC, Citi Index had an office in Singapore and local agent and contact. In fact this morning I just went to IG office to register my account (no online application they need you to sign the docs or can go by snail-mail). You're right no tax benefits though.

The guy in IG told me they are not market maker unlike CMC. IG spread are 2 spread more expensive then CMC. Worth it I think. And my funds is totally seregated unlike CMC it's partial seregated where I become their unsecure creditor.
 
Yeah but none of the firms you mentioned are able to offer spread betting in Singapore (no-one has a licence to do it). If you went to IG and opened an account, are you sure it isn't for CFDs.
 
Yes it's CFD. I'm aware of that. That's the only option we got here. Envy you folks in UK plenty of options and tax free. Our tax here is 15%-20%. Not that high though.
 
droogle said:
Hi Guys,

I'm a newbie from Singapore and wanted thanks all of you guys for sharing info here.:D
I'm checking the post here everyday since last week joining.

Currently considering for a SB firm to start with, I'm on a$2000 budget. Tried a few demos and feels like my theory is working. I spent the whole of last night reading "Terms and Conditions" of the well known firms in Singapore such as IG, CitiIndex and CMC. They only offer CFDs and not Spread bet.

I'm not going to sign for CMC for sure. I just feel their terms is too much to swallow. It gave them rights to price you differently from the others (hunt stop you personally) and can force your position open till you are unprofitable. Not to mention your money is not safe even though it's seregerated. Attached pics below is the snipets from their "Product Disclosure" mentioned.

As I'm new please correct me if I made any wrong assumptions as they did offer good spread. I had checked and they don't have those terms in UK. Their terms just tell me that those who had painful experiences with CMC is really possible.

Thanks.

PS:I had finalised my choice down to IB. Their terms looks ok to me but you never know till you start betting I guess. I like GFT platform but they have this clause that say they can close your position for no reason.(n)
Docs link: http://www.cmcmarkets.com.sg/doc_pds
Click to expand...
Dont see that cmc, terms and conds are that much different to anyone elses. Remember they are market makers, ie prices may be different. The terms are different from the uk because of different locality rules. in regards money not being safe, in the uk your monies are covered via the fsa. Peronally ive never had any trouble with them, and remember most of the uk firms conditions are very similar.
 
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