Is CMC really that bad?

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leonarda

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Hi,
I'm new to this spread betting lark, and am currently using IGIndex with a pair trading strategy (3-8 days trade period). However, IG's spreads are quite large. CMC have great spreads, 0.4% better for a pair trade, so not insignificant. I've read all the bad threads on CMC, and most seem to be issues with day trading/scalpers..? I'm interested in people's view on using them for short/meidium term trades, 3-8 days. They haven't gone out of business, so they can't be that bad...? Any members currently trading with them, I would appreciate your views?
Thanks
 
There are plenty of threads on this forum that suggest anyone who actually cares about their money should stay away from CMC. Search the forum and you should see that they are not a company you want handling your hard earned money.
 
leonarda said:
Hi,
I'm new to this spread betting lark, and am currently using IGIndex with a pair trading strategy (3-8 days trade period). However, IG's spreads are quite large. CMC have great spreads, 0.4% better for a pair trade, so not insignificant. I've read all the bad threads on CMC, and most seem to be issues with day trading/scalpers..? I'm interested in people's view on using them for short/meidium term trades, 3-8 days. They haven't gone out of business, so they can't be that bad...? Any members currently trading with them, I would appreciate your views?
Thanks
Click to expand...

I doubt you will have any real issues medium term trading.
It's usually the scalpers who have issues and probably because of their own shortcomings rather than the provider.
 
counter_violent said:
I doubt you will have any real issues medium term trading.
It's usually the scalpers who have issues and probably because of their own shortcomings rather than the provider.
Click to expand...

Thank you for your considered reply, much appreciated. This is what I was thinking about the scalpers etc.., but all the bad posts etc give me the worries... so I think I might go the half way house for a CityIndex look-alike (III or Fins), their spreads aren't that far off of CMC's.
Cheers
 
Ok while we are all name dropping :)

I quite like ETX ...limited experience with them so far...but no re-quotes and I use limit orders to close positions...never missed yet.
 
Masquerade said:
CMC really give you the hard sell to get you to deposit.
Click to expand...

yeah, I know that feeling, IGIndex did the same to me, they kept calling me asking me to deposit, even fooled me into depositing as I thought they were offering me a free deposit, but then she asked for my debit card details...they can't wait!
they are all the same on this point...
 
Judge for yourself.

CMC you can ask to download the software, there is no demo mode but you can see the full platform. CMC is only good if you got a healthy balance to deposit.

I real like the platform its the best I have tried so far but check it out for yourself.

I would recomend the Desktop version as its fully customisable to your way of trading.

YouTube - CMCMarketsPLC's Channel

YouTube - CMC Markets' spread betting and CFD trading platform suite

YouTube - CMC Markets' financial spread betting platform walkthrough
 
leonarda said:
yeah, I know that feeling, IGIndex did the same to me, they kept calling me asking me to deposit, even fooled me into depositing as I thought they were offering me a free deposit, but then she asked for my debit card details...they can't wait!
they are all the same on this point...
Click to expand...


Although I normally don't have a good word to say about spread betting outfits, I've had no real hassle about funding, apart from with ODL who rang about fifteen times.

I re-opened an account with IG maybe nine months ago, intending to try their 'Deal Thru' charting. A few weeks later, after I'd logged on a couple of times to have a look around, they disabled the advanced charting facility without notice, which didn't impress me much, so I've never deposited anything. They've never called to ask me to, though, probably because they think (rightly) that I'll just close the account if they do!

Also have a CMC account, which I used occasionally for a year or two, then withdrew the balance. Someone did ring a while later to ask why I'd stopped trading, but no requests for funding.
 
JDTRADER said:
Judge for yourself.

CMC you can ask to download the software, there is no demo mode but you can see the full platform. CMC is only good if you got a healthy balance to deposit.

I real like the platform its the best I have tried so far but check it out for yourself.

I would recomend the Desktop version as its fully customisable to your way of trading.

YouTube - CMCMarketsPLC's Channel

YouTube - CMC Markets' spread betting and CFD trading platform suite

YouTube - CMC Markets' financial spread betting platform walkthrough
Click to expand...

Thanks for the youtube clips, the platform looks really powerful, and obviously developed inhouse.
I am interested in your comment "if you got a healthy balance to deposit", can you explain why you say that?
Thanks
 
leonarda said:
I am interested in your comment "if you got a healthy balance to deposit", can you explain why you say that?
Thanks
Click to expand...

Well depends on how you intend to trade ?

2% Rule or more or Rollacoaster trading all of the balance ?

Min is £1 per point with % of balance held on margin depending on stock, FX, Commodites or Indices.

Stocks range from 3%-25%

FX, Commodites, Indices have a fixed NTR from 30+

Its all explained on there site but if your good at trading £500 would be enough but if need more room to trade I'd say £1,500-£2,00. But saying that you can fund £200 and get some free courses.

One thing to remember they close all open positions if your balance falls below £100.

CMC Markets Trading IQ

I have an CMC account but I'm trying to build a Bankroll (poker term for your cash to play with) on Oanda where you can trade at a lot lower cost per pip as low as 1p (1 cent U.S) and fund with any balance as there is no min funding but its only a FX site.

YouTube - A look at the Oanda FXGame trading platform

This is Oanda Game but the TRADE platform is the same just real cash.

I found ETX, Paddy Power, IG simply flat grind platforms where both CMC and Oanda you can pop screens out and create your trading desk as you want it.

Hope this has helped sorry for any typo's lol
 
Forgot to mention...the ETX £100.00 offer looks to be extended until end of Dec.
So you can trial this platform for nothing...try some 10p gold bets ..see how you fair. It's amazing actually just how many 5ers can be banked even at 10p :LOL: also each 10p position is a separate trade...so limits and stops can also be managed on each position :)

Also a major advantage is rolling cash, with cmc they square positions at 10pm every day and adjust your account...with ETX they don't do this...they just roll it and charge a small interest payment ...therefore less potential margin issues with any opened positions.

Iv'e heard very mixed reviews on IG and Capital Spreads but everyone I spoke to do not like Fins.
 
Last edited:
counter_violent said:
Forgot to mention...the ETX £100.00 offer looks to be extended until end of Dec.
So you can trial this platform for nothing...try some 10p gold bets ..see how you fair. It's amazing actually just how many 5ers can be banked even at 10p :LOL: also each 10p position is a separate trade...so limits and stops can also be managed on each position :)

Also a major advantage is rolling cash, with cmc they square positions at 10pm every day and adjust your account...with ETX they don't do this...they just roll it and charge a small interest payment ...therefore less potential margin issues with any opened positions.

Iv'e heard very mixed reviews on IG and Capital Spreads but everyone I spoke to do not like Fins.
Click to expand...

thanks for all your advice. I'm just that bit worried about CMC, so I am going to have a go with Interatice Investor (III), they also have a £50 offer at the moment.
cheers
 
Cool but I think they also have a short period at low stakes, from memory I think its 8 weeks then you have to step up to £1 per point.

Good Luck
 
leonarda, why not open several accounts with the smaller firms and take advantage of their deposit offers? if you trade medium term these firms' service are as good as IG if not better. I honest think IG has grown too big to care much for individual customers. 50K account with IG won't make you special but if you put 5K with a smaller firm they'll treat you with more care and respect.
 
We used CMC for about a month before giving up - Trading platform is awful. We now use IG - a much advanced system and excellent service.
 
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