CMC Markets Old platform users beware

[PC at CMC Markets]

HI Ross
Your wish is my command. You will see fantastic new charts with pretty colours and three dimensional macd indicators and you only have to wait a few more days. I promise they are close very close. I am looking at them on my computer now, just waiting for the i.t team to sign them off. Hopefully you will love them. tks Peter Cruddas

No, what we need is charts in pretty colours with three-dimensional MACD indicators.

 

[PC at CMC Markets]

Hi Aston1st
Thanks for your comments. If you look at the new platform all execution is automated without dealer intervention. I know you like the old platform but we are seeing three times more business on new platform than we did a year ago and that is without new charting which is coming in next couple of days. give new platform a try on executions and let me know what you think. you can try demo platform first if you prefer that tks peter Cruddas

The Older Platform is very good.

The only problem with CMC has been the dealers giving bad fills. And CMC taking their 1 tick each night after the close. 1 Tick doe's not sound much but at £500.00 a tick over a week that becomes very expensive.

If they could maintain the same platform with the same MARGIN rates but with better fills they would have a very good business model.

The Dealers give CMC a bad name through their Sharp practices.

It is because of their platform that I have not hopped around looking for another broker, unless I trade at a Prop Shop.

My Advice to CMC is to drop this new platform, and give your clients a better service with the old platform through better fills and Educating them about Trading.

 

[Aston1st]

Thanks for your comments PC at CMC Markets.

The execution of the platform is good and fast.

You did not mention the increase on the Margin requirements i.e on the DAX from £40.00 = £1.00 to the new platform £68.00 = £1.00 per tick. That is a 70% increase in funding requirements.

Likewise you did not comment on the incidence of taking a tick each close from the accounts. I have observed this a number of times . If I have say £5000.00 total equity at the market close 21:00 hours in the morning I notice that my total margin will have decreased by 1 tick prior to the morning open.

I understand the business model that means that clients don't blow out as fast as before, and by losing the market making capacity you are trying to gain on the RT's Commission generated.

I am guessing that the marketing campaign of advertising something NEW is the thing that is generating new business.

Because the platform is web based, you cannot use move prices or charts to different screens if you are using more than one screen. The fixture of the pricing vertically with the Big number at the end is confusing, as most platforms Level II or Level I show the Prices side by side.

What made CMC a good broker in my book was precisely it's market maker platform. This set you apart from your competitors. the Graphic User Interface was stark and Simple to use. The only thing that gives your company a Bad reputation with it's regular users are the very slow fills and sharp practices of the dealers.

Ever tried calling the Dealers to place an order!!!!!!! I would not reccommend it unless you have 15 minutes to spare - a lot can happen during that time!

While the new platform gets rid of this dispicable practice, it somewhat throws the baby out with the bath water in my opinion.

1. Keep the margin rates the same as the old platform

2. Have the prices side by side.

3. Enable the order ticket & single price window and charts be able to move across screens.

4. One click execution of Products.

In fact rather than have a deal with the Banks on the OTC market why not just have a deal direct with the exchanges?

Otherwise good luck with the platform and please take the above comments on board.

 

[rjmahan]

Aston, how do CMC take a tick from the accounts - looking at my statements I can't see this - can you substantiate looking at end of day Monday to end of day Tuesday? Could it just be overnight moves in the spread you are seeing ?

Not wanting to be a CMC apologist - just wanting to understand...
Cheers,
Rob

 

[Aston1st]

I noticed that at the Market close on my total equity it would be say £5,000 then in the morning around 06:45 before the market open it would be £4900.00. If I was trading at £100.00 a tick.

I spoke with one of their representatives about this in detail, they were not aware of this when I pointed it out to them.

Having made it known that I was aware of what was happening I found it ironic that the very next day they stole a tick yet again.

I don't know "How they do it" only that it happens more often than not on my account. I have thought about taking a photo etc but what's the point, there is always going to be some excuse for the theft.

I stand by this statement fully as I have lost a few hundreds from it as one time I was trading over £500.00 a tick!

If you add it up it could amount to 1,000's on a annual basis.

You mention that you look at your statements. I would reccommend you also look at your Client position box on market close and before market open, for a whole week.

 

[peakoil]

"It's a pity about the inconvenience but I'd like to thank CMC for planning to close my account and for finally giving me the reason to move the money to a more reputable and sensible company."

I too am outraged at being forced to re-register as a "new" customer after giving 10 years of business to CMC/Deal4Free. It is absolutely absurd to treat old long term customers like this, and sorry to say it - I for one will also rather have my account close than be treated like that!

As another stated, what was wrong with asking customers to read the new terms and clicking accept before logging on!????? We are not morons and are perfectly able to read revised & updated terms & conditions!!

Marketmaker has (at last!) met my needs perfectly and as I don't have any Iphone, the new platform is of no interest to me whatsoever. What's more - as long as CMC's employees leave us alone, it's as good as instant execution on MM already. The only problem was when one had too good of a run for too long, and then, as many of us know, it wasn't exactly MM's fault that trading met its glitches (delayed execution, requotes etc). Having said that, I would succumb to using any new platform, only if I *wasn't* forced to sign up again as a "new customer". CMC's loss in annoying long term customers will no doubt be to the advantage of their competitors...

 

[Ross Spur]

Something to do with Wealth & Safety regs, apparently, which is hard to believe.

 

[fibbinstarchi]

When are you lot going to learn that CMC aka SDEAL4FREE are nothing more than barrow boy bookies. Don't waste your time.

 

[PC at CMC Markets]

Re: CMC Markets Next Gen Platform. Peter Replies.

Good morning Aston1st
Hope you had a good weekend, I am depressed Spurs beat us 3-2 after my team were winning 2 - nil. anyway lets answer your questions. (thanks for taking the time to blog appreciate it)

There is no increase on margins on any products.
Dax is one percent and has been so on old gen and now next gen
underline exchanges are approximately 6.5 percent for Dax. on U.K100 and US indices we are 0.5 percent. underline exchanges are approximately 6 percent on both.

We definitely do not take anything ticks from any account every night. There is a daily finance charge for carrying the bet overnight, which is based on interest rates and that is it. I have my own demo account in outside name of myself and I have never seen this and it is not company's policy. If you send me private email on [email protected] and give me you log on details I will look into it but should not be the case. I cannot check it now as I do not have your full name and details.

Next Gen charts are coming possibly within hours but if not today then tomorrow. check them out but they will not pop out but you will have additional tags so you can build lots of charts. they are awesome, I think best in the market, got some fantastic colours and tools.

I think you have a point about our market making capability but since we launched our next gen platform our UK business has gone up three fold and that's without next gen charting so the masses are saying something different. automated execution, non dealer intervention, no re-quotes, tight consistent spreads in all markets is primarily what clients want and the stats. prove that but thanks for your point.

Not sure when you tried ringing the dealers but I ring the number all the time and get through immediately, on the dealers number, let me know date and time and I will check your wait time.

You can have one click execution you just have to go into settings and disable ticket reminder. you can also disable automatic stop losses and limit orders.

Sorry you feel we are throwing baby out with bath water, your comments are constructive and helpful and we are working on the platform all the time. give it a bit longer, this I believe is a quantum leap for our industry, we will improve on charting and happy to follow up any issues about your account personally.

I have been in this industry for 37 years, I started CMC Markets over 21 years ago and I have to say that this next gen technology is the best we have launched so far. There is a lot more to come I promise you and it will set new standards in this industry. just watch this space.

Many thanks Peter Cruddas Executive Chairman CMC Markets.
PS I personally typed this message and dealt with the issues myself.

Thanks for your comments PC at CMC Markets.

The execution of the platform is good and fast.

You did not mention the increase on the Margin requirements i.e on the DAX from £40.00 = £1.00 to the new platform £68.00 = £1.00 per tick. That is a 70% increase in funding requirements.

Likewise you did not comment on the incidence of taking a tick each close from the accounts. I have observed this a number of times . If I have say £5000.00 total equity at the market close 21:00 hours in the morning I notice that my total margin will have decreased by 1 tick prior to the morning open.

I understand the business model that means that clients don't blow out as fast as before, and by losing the market making capacity you are trying to gain on the RT's Commission generated.

I am guessing that the marketing campaign of advertising something NEW is the thing that is generating new business.

Because the platform is web based, you cannot use move prices or charts to different screens if you are using more than one screen. The fixture of the pricing vertically with the Big number at the end is confusing, as most platforms Level II or Level I show the Prices side by side.

What made CMC a good broker in my book was precisely it's market maker platform. This set you apart from your competitors. the Graphic User Interface was stark and Simple to use. The only thing that gives your company a Bad reputation with it's regular users are the very slow fills and sharp practices of the dealers.

Ever tried calling the Dealers to place an order!!!!!!! I would not reccommend it unless you have 15 minutes to spare - a lot can happen during that time!

While the new platform gets rid of this dispicable practice, it somewhat throws the baby out with the bath water in my opinion.

1. Keep the margin rates the same as the old platform

2. Have the prices side by side.

3. Enable the order ticket & single price window and charts be able to move across screens.

4. One click execution of Products.

In fact rather than have a deal with the Banks on the OTC market why not just have a deal direct with the exchanges?

Otherwise good luck with the platform and please take the above comments on board.

 

[PC at CMC Markets]

Good morning rjmahan
Hope you are well.
There is no taking of any ticks from anybody's account and thanks for your support on this. If you look at back office, you will see your original bet deal, open profit/loss and finance charge if applicable. that's it. any issues let me know and will look into it.
thanks Peter

Aston, how do CMC take a tick from the accounts - looking at my statements I can't see this - can you substantiate looking at end of day Monday to end of day Tuesday? Could it just be overnight moves in the spread you are seeing ?

Not wanting to be a CMC apologist - just wanting to understand...
Cheers,
Rob

 

[PC at CMC Markets]

Hi Aston1st
Sorry your follow up comments. Please send me your details and I will look into them myself personally and give you a reply. I will not ask other people to do this. I am sure you are talking about equity adjustment based on open profit/loss on your account but I will check it personally and give you answer today.
please email me on [email protected],
thanks Peter

I noticed that at the Market close on my total equity it would be say £5,000 then in the morning around 06:45 before the market open it would be £4900.00. If I was trading at £100.00 a tick.

I spoke with one of their representatives about this in detail, they were not aware of this when I pointed it out to them.

Having made it known that I was aware of what was happening I found it ironic that the very next day they stole a tick yet again.

I don't know "How they do it" only that it happens more often than not on my account. I have thought about taking a photo etc but what's the point, there is always going to be some excuse for the theft.

I stand by this statement fully as I have lost a few hundreds from it as one time I was trading over £500.00 a tick!

If you add it up it could amount to 1,000's on a annual basis.

You mention that you look at your statements. I would reccommend you also look at your Client position box on market close and before market open, for a whole week.

 

[PC at CMC Markets]

Next Gen Charting released in last few minutes check it out guys I love it.
peter at CMC Markets.

 

[PC at CMC Markets]

Re: CMC Markets releases next gen charting two minutes ago

Hi Aston 1st
check out our next gen charting go onto demo platform
hopefully you will like it
Peter

Hi Aston1st
Sorry your follow up comments. Please send me your details and I will look into them myself personally and give you a reply. I will not ask other people to do this. I am sure you are talking about equity adjustment based on open profit/loss on your account but I will check it personally and give you answer today.
please email me on [email protected],
thanks Peter

 

[bedsit]

Hi PC.

What a breath of fresh air - I appreciate your honest posts. Hopefully CMC changes for better.

Few years ago in my 'glorious' attempts to trade DOW, I left open trade overnight with a stop. Next morning DOW moved round 200 points in my direction, but I was stopped. Checking the CMC chart I couldn't see price hitting the stop and immediately called CMC to complain. The girl who answered said that charts are indicative and that actual price hit my stop. That day I decided to close the account and that was end of my CMC adventure. I also attended a seminar on TA - the analyst was really good and that was useful. Apart from that experience there was not much reason to stay with CMC.

What about the charts - are they still indicative?

 

[PC at CMC Markets]

Re: CMC Markets Next Gen Platform.

Hi Bedsit
Thanks for taking the time to blog.
Basically all charts whoever offers them are indicative for lots of reasons and too many to mention here but generally to do with quick markets, different time zones, slow data etc. A lot of our rivals offer charting but they are not their own charts, they are built by a third party vendor so very difficult for some of our competitors to say that they will stand by their charts.
From our point of view we have built the charts in house, the charts are built around our real time prices and in most cases they are reflective of our quotes. But I say that sometimes for various reasons we cannot get all the quotes into the charts but in most cases we should be able to do this during normal market hours. Remember all charts are indicative no matter who offers them.
If you look at the lists of charts we are now even offering you a spread chart so you can monitor our spreads during the day, especially during volatile periods. We are doing this because we want to show the depth of our service, not just head line rates to entice clients to work with us. We want to be as open and as transparent we can.
I know you had a bad experience in the past and I am sorry for that but if you stay tuned to what we are doing I think you will see that we are really trying to offer our clients the best service out there. not just with next gen platform and charting but with execution, consistency, competitive prices and speedy executions during volatile periods.
The very least you should do is open a demo account, all you need is password and email, we will not pester you to open an account. just give it a try and let me know what you think.
any problems email me on [email protected].
thanks for your time. I love our new platform, it is awesome.
tks Peter

Hi PC.

What a breath of fresh air - I appreciate your honest posts. Hopefully CMC changes for better.

Few years ago in my 'glorious' attempts to trade DOW, I left open trade overnight with a stop. Next morning DOW moved round 200 points in my direction, but I was stopped. Checking the CMC chart I couldn't see price hitting the stop and immediately called CMC to complain. The girl who answered said that charts are indicative and that actual price hit my stop. That day I decided to close the account and that was end of my CMC adventure. I also attended a seminar on TA - the analyst was really good and that was useful. Apart from that experience there was not much reason to stay with CMC.

What about the charts - are they still indicative?

 

[fibbinstarchi]

What is all this new sign up for existing customers about anyway?

 

[PC at CMC Markets]

Hi Fibb
Sorry about that but it is a compliance issue more than business issue. Because it is new platform with new functionality etc. We are trying to make it easier for you but basically you have to resign everything. bit annoying from our point of view but that's compliance issue.
Hope you understand.
Best regards Peter

What is all this new sign up for existing customers about anyway?

 

[fibbinstarchi]

I have just checked the demo, I see it runs in Flash, it's buggy and resource hungry and the charts lack trader function (how do you save charts and settings for one)and you don't even have Fibonacci Extentions!
The best you have ever been was when you used the Pro Real Time charts, after that you updated the charts to your own (huge mistake number one, you lost a lot of traders) mistake number two is this new idea, you are moving down not up I'm afraid, your finger is no longer on the pulse. I think by these actions you don't want successful traders, you just want new meat (noobs) so you can just wait 'till they blow their tiny £1k accounts as there's alway a mug around around the corner?
I've been a trader for nine years, I've experienced your company's tricks with holding tickets, freezing the platform when in a trade and the market moves in the traders favour, being stopped out from huge spikes which don't happen in the market and which a trader cannot trade, I've seen then all. I honestly thought you may have been trying to turn your company's bad name around and actually get some decent status, I was wrong. It's down to how you want to remembered I suppose in the trading world, a decent SB broker or a SB broker that just wants inexperienced noobs as they are easy bait. All imho.

 

[PC at CMC Markets]

Re: CMC Markets Next gen platform.

Good morning Fibb
Thanks for your comments but I do not agree with you.
Firstly we offer a free life time demo so anybody can try the platform out before they trade for real. It is completely free, prices are real time and it is exactly the same execution as our trading platform. You can practice on your computer, your iphone or your ipad.

Alongside our demo platform we have 100 percent automated execution, no re-quotes and no dealer intervention. I think we are making a proactive move for people to learn so people do not blow their money.

Two weeks ago we won best education programme provider (free for clients) from the readers of shares magazine. We also won best UK spread bet company, also voted for by the readers of shares magazine.

I think we are making a positive move forwards for the traditional traders and for new people to learn without having any risk to themselves through the demo.
There is free charting, news, analysis and we run seminars on charting and
how to trade using our platform including stop losses, trailing stop losses and margin stop losses. We are the first company to suggest an automatic stop loss based on the margin for each trade. (You can place profit take at same time) We are even publishing our second by second spreads through our spread charts so you can compare us to the competition.

Hope that answers your questions. Many thanks

regards Peter

I have just checked the demo, I see it runs in Flash, it's buggy and resource hungry and the charts lack trader function (how do you save charts and settings for one)and you don't even have Fibonacci Extentions!
The best you have ever been was when you used the Pro Real Time charts, after that you updated the charts to your own (huge mistake number one, you lost a lot of traders) mistake number two is this new idea, you are moving down not up I'm afraid, your finger is no longer on the pulse. I think by these actions you don't want successful traders, you just want new meat (noobs) so you can just wait 'till they blow their tiny £1k accounts as there's alway a mug around around the corner?
I've been a trader for nine years, I've experienced your company's tricks with holding tickets, freezing the platform when in a trade and the market moves in the traders favour, being stopped out from huge spikes which don't happen in the market and which a trader cannot trade, I've seen then all. I honestly thought you may have been trying to turn your company's bad name around and actually get some decent status, I was wrong. It's down to how you want to remembered I suppose in the trading world, a decent SB broker or a SB broker that just wants inexperienced noobs as they are easy bait. All imho.

 

[peakoil]

RE forcing old customers to sign up as new customers again:

"Sorry about that but it is a compliance issue more than business issue!"

Excuse me there boss, but please do now *explicitly state*, so that all interested parties may verify same with their own eyes, once and for all to settle this, the exact legislation/statutory instrument etc. which requires CMC to re-sign up old customers as new customers whenever an update is made to the trading platform.

I for one await with great interest your response to this request.

Thank you in advance.