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CMC used to trade as TRADE4FREE but their nickname was STEAL4FREE!
Anyone who trades with them should install a screen recording program on their PC
(there are free ones on the net). Then phone CMC and tell them you have a video
record of the transaction that differs from theirs.
I first did this in the early 2000s, when I had to buy a DVD recorder and a module
to connect to the PC, as they were tricking me by the day.
The first time I rang them they asked me to send them the DVD (they thought they
were calling my bluff).
I sent them a copy and after that they just took my word I wasn't bluffing.
I found they just didn't argue and paid up.
You can obtain the official Time & Sales info for that day to confirm what you suspect.
I got fed up of all their trickery, manipulation, deceipt and lies and dumped them,
which I recommend to anyone after reading the current posts.
As for the staff, they generally acted and sounded like East London wide boys just out of school.
I tried others and landed on IG Index. They are professional and honest beyond belief.
What you click on is what you get - no ifs no buts. Their staff are so very helpful.
Charts that defy the market. Regardless of what stock prices are doing, the CMC platform will regularly decide to spike in the opposite direction, running stops, executing bogus orders, and generally doing what it can to put you in the red. Case in point - 'Black Monday', when the DAX dropped over 600 points during the day: CMC actually opened late, 30 points below the market, grabbing as many orders as it could before skyrocketing 100 points over the next five minutes, while the DAX was in freefall, losing 50 points in the same time frame. A nice touch was ignoring the stop loss entirely.
I got given a version of a company report NuSep Ltd he completelly left out the fact that the company had just made a new issue of shares about eight times the size of current shares on issue at way below the price that he took a bid from me at I didnt ring to buy but his version of the report made me think the shares fell heavilly for nothing he also didnt tell me the directors were doing a debt for equity swap In another case with a mining share I had the advisor telling me even though the option exercise price is way above current price theyll get there if I think that they will he then kept badgering me to raise my bid higher I just lost it and went with him and lost most of my money but would of soon lost lot had I stayed in in another case with another share I was panicing as the advisor knew over the shares continual fall and I placed an order he got held up by something he then got back onto me andd told me I got sold but his answer made it obvious the stock had started turning up while he was held up but he didnt bother to tell me The Matter went to this FOS in Australia and they lied all the way into this dispute unfortunatelly FOS it seems ussually go with the lies of brokers and if you can prove it after the event they just say your too late our decision is final its abit like the judge in the old classic movie Oliver where a new witness arrives just after the judge sentences Oliver to say he saw who did it and it wasnt Oliver the judge just says "havnt I( made my decision" Naturally CMC are over the moon about such I then took them to anti discrimination board still trying to get all the recordings they hold they lied there too yet again Im told Im too late
I've been a customer with CMC Markets for 6 years and used to Spread Bet on their Market Maker platform. Once they moved me across to the NextGen platform I was unsure and wasnt best pleased. But once the account was open and I got used to it, I must say I was wrong and ate my words of discontent. I trade mainly FX and have benefited from all NextGen has to offer.
The charting package is like no other, the app is brilliant, spreads are as tight as you like......customer service team treat you amazingly well and respond to emails and calls straightaway
Happy customer sharing my experience with any platform shoppers out there!
As many customers point out, CMC Markets Australia do not reply to emails. Their customer service is quite bad.
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.
CMC NextGen platform is shocking. I have been with CMC markets for a about 5 years. Never been a full time trader been trading on and off and small positions. After being forced onto cmc markets new platform I was shocked. I trade forex and need to see current market news. The old platform news service wasn't great but got a pass. The news service on the new platform is shocking only a very limited amount of market news is displayed. The platform software has clitches which is terrible considering some people trade positions worth hundreds of thousands of dollars. Even doing basic things like zooming in and out of charts is not good on this platform. When cmc markets first entered the cfd market in Australia they were the largest cfd broker. They are now a distant second cfd broker in australia by terms of market share. With this platform even more traders will leave cmc markets. I have now opened accounts at other cfd brokers and will never trade with cmc markets while they have this platform.
First, to be 'objective', here are a couple of good things about them.
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
have a been with CMC for a few years now.
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
Deal4free (CMC) was the first spreadbet broker I signed up with back in the day, and I picked them purely for the quoted small spreads. Please don't make my mistake and think all your losses are beginners poor judgement and bad luck, these guys really are out to bleed you dry. Requotes and desperately slow execution to way off the quote prices were the norm, also OCO's didn't (e.g.both-keeps-open), positions would close without getting anywhere near stops, and limits wouldn't be honoured. They even de-listed a company I was betting on and didn't tell anyone, so I had to chase them up to get it closed. Also the MarketMaker software would freeze at inopportune times for no apparent reason. They hated scalpers, or loved them...not sure which, but they wouldn't stop you quick trading they'd just wait to see if you ended up in the money or out. If you were making money then the fun would begin.
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
CMC is perfect for trades lasting seconds or minutes, as they have chart time ranges down to 1 second, which run properly, and offer 0.7 on the DJIA (2 points on IG) and same on FTSE and DAX. Also their 0.7 Dow runs from 7am (IG are 4 pts until 2.30pm when it opens for real). I love this, and do a lot of my index trading on CMC.
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 was recently notified that CMC will be closing thier old Platform end of this month. Ive delayed and delayed transferring my accoun to the new platform, simply becuase one the sinlg biggest issues traders face is being familiar with the tool they use.
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
I've been using CMC for CFD trading of US stocks for about 9 months and have not had a live CFD with any other broker, so I can't compare them to another broker. I only use the MarketMaker platform and it perform OK without the slow downs that some others have reported. The PCs that I use MarketMaker on are quite modest, Athlon 3000 processor with 2GB ram. With MarketMaker I can put several charts on two monitors, but I could not see how to do that with the CMC web trading software so I don't use it - and it just looks naff anyway.
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.
CMC Markets is a nightmare! since I signed up 1 month ago I have been loosing on allmost every single trade I made, but I can't really say Im a good investor, Im a beginner right, but I am constantly trying to improve my self, but to loose on 98% of all positons is way off the probability, technically I have a 50% chance since the price either can go up or down, and I did allways enter on favorable positions, doubble tops and bottoms, head and shoulder patterns and reverse, triangles, etc, anyway, by knowing these strategies, I don't think I am that bad, their spread is too wide and it seems impossible to make any money unless you hit something that will hit the roof, I feel they have constantly been working against me since I signed up, a lot of re-qoutes when you are trying to get out at a limit price when the cource has reversed, if you choose market price they will sell way off underprice, further, their software sux, I had to stop using the desktop version because it frooze on me several times, and it is a real hog, eats all my Ram away, the web version doesn't offer much. if you are looking for a good broker make sure they have DMA (Direct market access) CMC Markets don't, they should be avoided at all costs!