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.