Forex trading with us gives you the opportunity to speculate on over 10,000 financial markets, with the flexibility to go long or short on currency pairs. We offer very competitive spreads, including from 0.7 points on EUR/USD and from 1 point on the UK 100.
Since we were established over 25 years ago, we’ve been putting our clients at the heart of everything we do. Our Next Generation web-based and mobile platforms demonstrate how we’ve continually improved based on client feedback. The platform offers a huge range of technical indicators and advanced tools to support your trading, like client sentiment, pattern recognition scanner, market calendar, Reuters, price alerts and much more besides.
Country: United Kingdom
Bad Customer Service.
Their new platform (as at July 24, 2013) has taken away custom leverage levels which was one of their best features. The platform looks great and is very user friendly. However, I've transferred my funds to another broker.
New Platform is Terrible
sleazy, dishonest, avoid these guys
1) They have a nice colourful platform (CMC NextGen platform)
2) Their staff is polite - at least, more polite than other brokers' staff. Of course, they are also very condescending.
I am a professional trader. I KNOW all the stuff about technical analysis, money management, position sizing, stop losses, etc. I make money when I trade via regular brokers.
I opened a CMC account to hedge - eg when regular markets are closed; eg to go short easily without loaning stock.
I have lost so much money on CMC over a few years that it isn't funny.
These guys are scammers in so many ways I don't know where to begin. OK, sure, some of their shennigans are common. But it doesn't make things right, especially when they project an air of respectability.
Let me reiterate the key points:
1) Their prices don't reflect the real market. Even Dow Futures can be 1% off at times. Hello, 1% off Dow, more than 140 points. HUH?
2) They love to run your stops. Do you guys know what a long tail doji or dragonfly is? When Dow trades in a tiny range, CMC can give you a long tail doji where they happily trigger your stops over 100 points away from where the futures cash market traded. Don't waste time quarreling with them. As I've said, they are very polite - and condescending.
Many people have observed that it isn't worth it to hold positions overnight on CMC, because they love using illiquid hours to hunt stops. But doesn't that defeat the purpose of hedging???
3) They have slippage like nobody's business, and it can happen even in an orderly market where the freaking stock DID NOT MOVE ALL DAY IN THE UNDERLYING MARKET!
On CMC, the stock conveniently moved up in one of CMC's characteristic price spikes and triggered my stop and I was stopped out at a price 5% above the day high during some mysteriously illiquid point of day.
I'm not talking about regular market volatility here - I don't get that kind of slippage on regular brokers who actually go into the cash market.
4) If there are mistakes (eg wrong feed; price not working, stock split not reflected, all kinds of weird stuff), you have to take forever to prove it to them.
One time they made a mistake and admitted it. It took them 2 months to refund me money that they took from me up front. TWO MONTHS!
5) They constantly change the rules of the game. On average I got 1 new email every month informing me of a whole bunch of changes. New fees, new rules, new limits... the playing field is already tilted 90 degrees in their favour and they still want to plant cactuses where I am running.
6) Even though they are market makers, they make you pay for data feeds which cost them nothing to conjure out of thin air.
I have just terminated my business relationship with them. There is no way you can make money from CMC unless YOU ARE AN IRRESPONSIBLE TRADER.
EG I've actually had a friend, a normally conservative trader on his other accounts, who opened a $4000 account, leveraged it to the max during a momo period, rode the momentum stock up, pyramided with no stop losses and closed out for a $143,000 profit after 8 months.
CMC is absolutely great for this sort of thing because your losses are limited to $4k.
If you want to make money consistently and not have some scammers play your stop losses, AVOID THEM LIKE THE PLAGUE!
New web based platform is unstable and poorly designed
Good points till they launched this new platform
- good spreads
- minimal slippage
- generally mirror the market
With the new platform - there are lot of issues
- you cannot use multiple monitors to keep an eye on multiple charts and watchlists
- if you want to view the chart full size - then you can't view the watchlists etc.
- you cannot even open multiple charts for the same instrument
- no. of instruments available are much lesser than market maker
- data is unstable and incorrect at times
- order ticket and stop loss placing though are much better - but you again can't palce an order off a full size chart - you have reduce its size to get the order ticket to fit in the window.
- overall a major disappointment as it looks to be catering for "mobile traders" on ipad, iphone etc. - which i guess attracts more novice and "want to get rich quick" kind of traders
Will be moving my account to another provider - probably FXCM or TradeStation
I'm sure they'll say things are different now but so long as the same people are at the helm they'll not change that much. They'll never get another penny of mine anyway (if you want a tip: use Prospeads). Last time I logged on with them was a few years ago, I took a look at Activision Blizzard on their new charts. If you wanted to go short it looked like a hedgehog … spikes all over, if you wanted to go long it looked like a comb. That kind of price manipulation is criminal. ...AVOID!
Tightest spreads and 1-second charts for real HF traders
Bad points, their US share list is somewhat limited, and their web interface looks like an XBox or PS3 video game, unlike IG and Barclays, which look like a spreadsheet. Also for some reason, their web software times out are a very short time (seems like about a minute) especially if it on a browser tab you are not viewing, whereas IG and Barclays run for hours and hours. The displays use more screen up, and the colour schemes are horrible. Doesn't affect money though which is the main thing.
Overall, the best company for indices day trading. IG are the best overall (IMHO)
Ive had a CMC account for years, dont see how the new platform is better than the old!
I finally found the time to log into next generation, only to find it has at present only a fraction of the instruments to trade as the old platform did. My question to CMC Markets was "How can a platform be better, if it only has a fraction of the instruments?" No answer was really forthcoming. This has no prompted me to look at other platforms
Good for low comms while learning, insufficient trading tools & data sources
A particular problem is with setting a stop loss. The rule is that stops have to be at least twice the spread plus 1 point away from the current price, but even when I try to place a stop well outside that limit the software complains that there is insufficient distance from the price. The process of repeatedly setting the stop is too cumbersome, but if I keep trying then often the stop will be accepted. I contacted CMC about this problem and the person who responded stated that he could set a stop with no problem. As a result I rarely try to set a hard stop and rely on a manual exit instead.
The representation of OHLC bars on charts is abysmal as the bars are too thin. Again I contacted CMC about this and there has not been any change, so I just use candles.
When placing a market order of 200 or more shares the order can often just sit there not being actioned for several seconds. Often it will be quicker to close out a large position in lots of 100 shares at a time.
The ONE good thing about CMC is that there is no minimum commision, so when learning to trade you can trade as few shares as is wished, the smallest amount I have traded is just 10.
The charts supplied by CMC have the usual indicators but only those that are derived from price. There is no volume data or any form of scanning tools to locate fast moving stocks for example. So if you want a better chance to trade successfully then its necessary to supplement CMC charts with other data sources.
Its dissapointing to me that CMC are developing their next generation charting rather than providing those additional tools that will really help me, and in turn help them to keep me as a client.
You need to be logged in to post reviews