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CMC Markets
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- MaximDale
- 1.00 star(s)
Agreed
I have to agree with firscall.
The spreads may seem tight but after 12 months of requotes, shading, stop running and all the other shady techniques of your turn of the century bucket shop, one ends up paying well over the odds. All in all this leads to a situation of negative expectancy because you're not trading the market you're trading against the CMC house. Go the Direct Access route and pay the income tax because you'll be saving in the long run.
CMC has a slick public facing marketing machine but don't be fooled by it. Because the not so public customer services arm are great when you're asking simple questions but not so good when you ask question like "why does it take upto 45 seconds to get an S&P500 futures fill?"
The following is an actual reply, from the CMC compliance department, that was given to a client of mine:
"...while you were trading on S&P June contract, there were some pricing issues. As a result of this, all trades on that instrument were being manually checked by a dealer which led to the delay. We do not believe that this is unfair practice, if you were incurring losses while we were experiencing pricing difficulties in good faith, I think you would expect the firm to be taking care to ensure that you were dealing on the right prices. This is an unfortunate situation, however, I am afraid that we cannot offer to reverse your trades on your account. We have acted fairly, followed your instructions and have adhered to our Terms of Business 6.5."
Interesting that CMC don't see the need to inform their customers of price delays.
Oh...I'll include the Terms of Business 6.5:
"It is possible that errors may occur in the prices quoted by us. In such circumstances, without prejudice to any rights you or we may have under statute or common law, neither party will be bound to any Bet which purports to have been made (whether or not confirmed by us) at a price which was, or ought reasonably to have been, known by the other third party to be materially incorrect at the time of the Bet."
That is short hand for "we'll do what we like with our pricing."
If you must spreadbet then try Barclays. The spreads are slightly higher but you get quick execution and it actually feels like you're trading the market.
I have to agree with firscall.
The spreads may seem tight but after 12 months of requotes, shading, stop running and all the other shady techniques of your turn of the century bucket shop, one ends up paying well over the odds. All in all this leads to a situation of negative expectancy because you're not trading the market you're trading against the CMC house. Go the Direct Access route and pay the income tax because you'll be saving in the long run.
CMC has a slick public facing marketing machine but don't be fooled by it. Because the not so public customer services arm are great when you're asking simple questions but not so good when you ask question like "why does it take upto 45 seconds to get an S&P500 futures fill?"
The following is an actual reply, from the CMC compliance department, that was given to a client of mine:
"...while you were trading on S&P June contract, there were some pricing issues. As a result of this, all trades on that instrument were being manually checked by a dealer which led to the delay. We do not believe that this is unfair practice, if you were incurring losses while we were experiencing pricing difficulties in good faith, I think you would expect the firm to be taking care to ensure that you were dealing on the right prices. This is an unfortunate situation, however, I am afraid that we cannot offer to reverse your trades on your account. We have acted fairly, followed your instructions and have adhered to our Terms of Business 6.5."
Interesting that CMC don't see the need to inform their customers of price delays.
Oh...I'll include the Terms of Business 6.5:
"It is possible that errors may occur in the prices quoted by us. In such circumstances, without prejudice to any rights you or we may have under statute or common law, neither party will be bound to any Bet which purports to have been made (whether or not confirmed by us) at a price which was, or ought reasonably to have been, known by the other third party to be materially incorrect at the time of the Bet."
That is short hand for "we'll do what we like with our pricing."
If you must spreadbet then try Barclays. The spreads are slightly higher but you get quick execution and it actually feels like you're trading the market.
- XEC10
- 3.00 star(s)
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.
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.
- rabidsheep
- 3.00 star(s)
The Spread!!
Having just recently closed my account with CMC Spreadbet on the grounds that I no longer found their spreads competitive in particular US and European Stock Price. Along with various other problems with the platform updating late following telephone trades. i.e: Closed trades being shown as open following data feed crash. Thus resulting in further trades closing trades that were not open!! I was a little surprised at the offer I received from the staff member. Words to the effect we can offer tighter spreads for certain individuals and offer tighter stop placement. I felt it was a little odd. Why cant everyone enjoy this facility??? The staff member added that a small number of clients were enjoying this facility already!! Nice polite staff though...
PS. I wonder if the "big" spread players are paying some other traders spread???? :-) How kind.. This may prompt a nice 10/10 feedback from another CMC "Client"!!
Having just recently closed my account with CMC Spreadbet on the grounds that I no longer found their spreads competitive in particular US and European Stock Price. Along with various other problems with the platform updating late following telephone trades. i.e: Closed trades being shown as open following data feed crash. Thus resulting in further trades closing trades that were not open!! I was a little surprised at the offer I received from the staff member. Words to the effect we can offer tighter spreads for certain individuals and offer tighter stop placement. I felt it was a little odd. Why cant everyone enjoy this facility??? The staff member added that a small number of clients were enjoying this facility already!! Nice polite staff though...
PS. I wonder if the "big" spread players are paying some other traders spread???? :-) How kind.. This may prompt a nice 10/10 feedback from another CMC "Client"!!
- Bingo2233
- 1.00 star(s)
Criminal
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!
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!
- ldb
- 3.00 star(s)
The Spread
i understand the importance of looking after the pennies but really are the spreads that important? i mean how much are you playing with? to me its like watching the rugby and complaining for the whole match about the grass you cant cheat fate a loser is a loser
i understand the importance of looking after the pennies but really are the spreads that important? i mean how much are you playing with? to me its like watching the rugby and complaining for the whole match about the grass you cant cheat fate a loser is a loser
- MaximusTradicus
- 4.00 star(s)
Top Platform
No SB firm is perfect, but this is a top platform, it's stable, it's fast and it does what it say on the tin.
No SB firm is perfect, but this is a top platform, it's stable, it's fast and it does what it say on the tin.
- nkruger
- 4.00 star(s)
Super charts
Excellent charting on their MarketMaker platform. I use 3 other SB Co's and CMC is by far the best technically for playing around and individualising the vast amount of indicators. I have found a brilliant use for heikin-ashi candles by playing around with them after coming across them while looking for something else !! Well done CMC
Excellent charting on their MarketMaker platform. I use 3 other SB Co's and CMC is by far the best technically for playing around and individualising the vast amount of indicators. I have found a brilliant use for heikin-ashi candles by playing around with them after coming across them while looking for something else !! Well done CMC
- bernie
- 1.00 star(s)
Not for the serious trader
This is really not a platform for anyone that is serious about trading.
You are not going directly into the market but betting against the house.
This would be ok but after waiting for 1 minute to see if a trade gets filled on dow futures or not i would not call this a professional system by any means.
if you can afford to wait 1 minute to see if a trade gets executed and on something like the dow can surrender 100 points on a requote then feel free to use.
Anyone serious about trading must go down the direct access route.
This is really not a platform for anyone that is serious about trading.
You are not going directly into the market but betting against the house.
This would be ok but after waiting for 1 minute to see if a trade gets filled on dow futures or not i would not call this a professional system by any means.
if you can afford to wait 1 minute to see if a trade gets executed and on something like the dow can surrender 100 points on a requote then feel free to use.
Anyone serious about trading must go down the direct access route.
- TrendTracker
- 1.00 star(s)
Sluggish execution
My experience was that whenever market moved, their system made sure I wasn't able to get my trades executed. I've been 1000 times more satisfied with IB.
My experience was that whenever market moved, their system made sure I wasn't able to get my trades executed. I've been 1000 times more satisfied with IB.
- nzvik
- 1.00 star(s)
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
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
- alan5616
- 1.00 star(s)
Bad experience
I was on a trading course a while ago. We were trading live, using CMC as the spread betting co but, we had an independent data source for verification.
We held a position overnight which was showing a good profit and tried to close it soon after market opening. Every time we tried to close it, CMC moved the price away from us, even though the independent RT data feed showed that it had hardly moved. By the time CMC, finally, accepted the order, they had taken another 4p points in addition to their normal spread.
I wouldn't touch them with a bargepole.
I was on a trading course a while ago. We were trading live, using CMC as the spread betting co but, we had an independent data source for verification.
We held a position overnight which was showing a good profit and tried to close it soon after market opening. Every time we tried to close it, CMC moved the price away from us, even though the independent RT data feed showed that it had hardly moved. By the time CMC, finally, accepted the order, they had taken another 4p points in addition to their normal spread.
I wouldn't touch them with a bargepole.
- peacock1984
- 1.00 star(s)
frustration!!
The platform looks nice and is easy to use...BUT definitely not for day trading!
I have sent about 20 emails complaining about various shortcomings of there system....fills are definitely a big issue, if the market is moving fast your guaranteed to get royally screwed by cmc.
Today it took 20mins for my pending order to get filled after the fed announcement....i went from 250bp gain to only a 70bp gain, not to mention that all my capital was locked up waiting for the pending order to get filled so couldn't do anything until i was filled at a price which turned out to be VERY much against me.
Today was the last straw and i am now looking for a decent application/platform...any ideas are welcome
Also am considering setting up a i hate cmc markets society! any takers?.....
The platform looks nice and is easy to use...BUT definitely not for day trading!
I have sent about 20 emails complaining about various shortcomings of there system....fills are definitely a big issue, if the market is moving fast your guaranteed to get royally screwed by cmc.
Today it took 20mins for my pending order to get filled after the fed announcement....i went from 250bp gain to only a 70bp gain, not to mention that all my capital was locked up waiting for the pending order to get filled so couldn't do anything until i was filled at a price which turned out to be VERY much against me.
Today was the last straw and i am now looking for a decent application/platform...any ideas are welcome
Also am considering setting up a i hate cmc markets society! any takers?.....
- vispatel
- 2.00 star(s)
The house always wins in this case
Having read some of the reviews below, it reinforces the fact that this trading platform seriously feels as if you are being screwed in everyway possible...
Pending orders which take sometimes 45 mins, having to ask the helpdesk on chat to physically ask the traders to push the price through, to be then told 'one moment please while we check the stock ticker to make sure the price has been hit' was the most insulting thing ever. My worst experiance once was, i was Short USCrude which moves like lightening as you may know, my order was hit and highlighted in my pending orders list. The price fell and i was making roughly a dollar gain yet my order still hadn't been filled. So i decided to buy by the position back and lock in my profits, to be later told that 'the order will not be filled as there was not sufficient volume at that price'. So basically what will happen is a pending order will only be filled when the market moves in their direction.
Overnight trading is hilarious... even when the market is extremely stable, you will be given a reqouted price ... after a minute may i add.. of a price maybe another 12 basis away. Thanks CMC your a bargain!
Why you may ask that im so angry about a platform and still using it? Well its only when i came across this platform that i realised i wasnt the only one.
By the way the guys on the chat helpdesk do not have a clue what they are talking about sometimes, its best to ring the dealing desk direct. I have been given so much misguided information its unbelivable they are able to get away with this.
and one more note, if you think you will ever be able to profit out of events such as FED annoucements, EIA inventories reports or any dramatic report like such, you WONT, because your order will never get filled in time i promise you.
If anyone has a better platform which they recommend, or one that you know you feel you can trust when you place and order.. please let me know! thanks
Vispatel
Having read some of the reviews below, it reinforces the fact that this trading platform seriously feels as if you are being screwed in everyway possible...
Pending orders which take sometimes 45 mins, having to ask the helpdesk on chat to physically ask the traders to push the price through, to be then told 'one moment please while we check the stock ticker to make sure the price has been hit' was the most insulting thing ever. My worst experiance once was, i was Short USCrude which moves like lightening as you may know, my order was hit and highlighted in my pending orders list. The price fell and i was making roughly a dollar gain yet my order still hadn't been filled. So i decided to buy by the position back and lock in my profits, to be later told that 'the order will not be filled as there was not sufficient volume at that price'. So basically what will happen is a pending order will only be filled when the market moves in their direction.
Overnight trading is hilarious... even when the market is extremely stable, you will be given a reqouted price ... after a minute may i add.. of a price maybe another 12 basis away. Thanks CMC your a bargain!
Why you may ask that im so angry about a platform and still using it? Well its only when i came across this platform that i realised i wasnt the only one.
By the way the guys on the chat helpdesk do not have a clue what they are talking about sometimes, its best to ring the dealing desk direct. I have been given so much misguided information its unbelivable they are able to get away with this.
and one more note, if you think you will ever be able to profit out of events such as FED annoucements, EIA inventories reports or any dramatic report like such, you WONT, because your order will never get filled in time i promise you.
If anyone has a better platform which they recommend, or one that you know you feel you can trust when you place and order.. please let me know! thanks
Vispatel
- fibbinstarchi
- 1.00 star(s)
CMC = Steal4Free
CMC used to called Deal4Free, traders nicknamed them Steal4Free then moved on. CMC's trading reputation was so bad they had remarket themselves as CMC Markets. Enough said? What I have found personally is when you start winning at a constant rate, you will experience difficulties with your trades. If your a successful trader, try betting above 5pp, it's a nightmare. Scalping is a no no, you need to prepare yourself to be robbed of a few pips per trade before you take it.
Why do I trade with them? Because I enjoy taking a few grand a month off their bottom line profits, but am looking for an honest SBet company (do they exist?) to trade with who won't mess me around when I up my stakes considerably in the future, has anyone got any honest recommendations? Not Cap spreads, Finspreads or IG index, they are just as bad.
CMC used to called Deal4Free, traders nicknamed them Steal4Free then moved on. CMC's trading reputation was so bad they had remarket themselves as CMC Markets. Enough said? What I have found personally is when you start winning at a constant rate, you will experience difficulties with your trades. If your a successful trader, try betting above 5pp, it's a nightmare. Scalping is a no no, you need to prepare yourself to be robbed of a few pips per trade before you take it.
Why do I trade with them? Because I enjoy taking a few grand a month off their bottom line profits, but am looking for an honest SBet company (do they exist?) to trade with who won't mess me around when I up my stakes considerably in the future, has anyone got any honest recommendations? Not Cap spreads, Finspreads or IG index, they are just as bad.
- hot_property
- 1.00 star(s)
Biggest Rip Offs in History
I have been to their headquarters about 5 years ago, I used to work closeby. They have a particular desk which looks at all the current positions from traders and calculates the risk towards the firm, they has a bias control that can move the market in their favour and take people out, this is common practice and happens all the time. The people that win usually have positions or stops to far away and are saved, I call this the 'Window Wiper' Scenario.
They also have 2 other key desks. One desk has a guy sitting there looking at all the traders that win all the time. When a trade for this person comes through the firm copies him/her and tries to make money for the firm. The money they use is reconciled from all those people that have lost, so basically its a recycling process, 'Make Money For Free'.
The other guy sits at another desk looking at all the loosing trades coming through. Usually the loosers trade massive stakes so he/she will hedge half the postion if the order is too big. He/she is allowed to take a certain % risk everyday, and the more he makes the bigger the car he will get at the end of the year.
Generally 95% of the people loose money so the firms hedge less and less and pocket the money, They hedge less and less because over the years they have accumulated so much money from 'loosers' they have their own 'pool of money' which can be used to pay money inn and out...
Many people do not understand the 'DEEP GAME' the firms are basically out to get you.
Most of the front line staff are not very clever and are generally rude/inexperienced, when they put the phone down they swear at the customers!
I have been asked by CMC Staff a few time "You are on the online trading platform why are you phoning us"?
I have to explain to an 18 year old that the reason I am calling is because I need a particular price and am getting rejections from the trader at a certain level so have given up on the online platform, also on level 2 there is much volume so why are you not filling me? I also have to advise the trader that they are there to perform a duty and need to satisfy the customer however they can within reason, and his comments are not an attractive way to invite business...its ridiculous really! They give you whatever price they want to give you.
The review by Vispatel below is also very good, this is a true reflection.
The spreads also seems tight but are a lie, they purposely have programmed engines that add +-2 to exits so in real terms you get a bad deal upon exit.
All firms perform this action they want to bankrupt you asap and then advertise again and get the next sucker in. Please hedge your positions and you will smash it!
I hit cmc hard and do massive trades out-of-the-blue, you need to be aggressive with the traders who are on about £30k but think they are on £100k+ when they are not. When I loose with CMC they are not aware I am betting elsewhere and only loose small amounts as I do sector bets. But they are catching on because the money going into the account is weird numbers like 1038.57p as I balance the books.
I get massive delays on my account because they are looking at what I do and copy me. I know this for sure, because when I bet on level 2 a precise chuck gets filled.
A friend traded the interest rate cut a few weeks ago, they said "We could not fill the order as it is exceptionally busy"! What?!!!!basically they got shafted and did not want to make the fill. I have advised this person to take it to the FSA it is a 'Compliance issue'
I would love if a group of traders got together and constituted a account with CMC and traded as a co-op basically there are ways you can make risk free profits if you have £200k in cmc account. The orders also need to be telephoned through to make sure it happens!
People should be very very careful to trade with cmc, just imagine someone setup a betting exchange between traders and no middle man like bet fair! This would be great.
The people who are serious traders should not use this broker, there is much competition and you can find alternative easily.
Firms give you a free £250 bet you can use this and close account. There is now law against this.
I have been to their headquarters about 5 years ago, I used to work closeby. They have a particular desk which looks at all the current positions from traders and calculates the risk towards the firm, they has a bias control that can move the market in their favour and take people out, this is common practice and happens all the time. The people that win usually have positions or stops to far away and are saved, I call this the 'Window Wiper' Scenario.
They also have 2 other key desks. One desk has a guy sitting there looking at all the traders that win all the time. When a trade for this person comes through the firm copies him/her and tries to make money for the firm. The money they use is reconciled from all those people that have lost, so basically its a recycling process, 'Make Money For Free'.
The other guy sits at another desk looking at all the loosing trades coming through. Usually the loosers trade massive stakes so he/she will hedge half the postion if the order is too big. He/she is allowed to take a certain % risk everyday, and the more he makes the bigger the car he will get at the end of the year.
Generally 95% of the people loose money so the firms hedge less and less and pocket the money, They hedge less and less because over the years they have accumulated so much money from 'loosers' they have their own 'pool of money' which can be used to pay money inn and out...
Many people do not understand the 'DEEP GAME' the firms are basically out to get you.
Most of the front line staff are not very clever and are generally rude/inexperienced, when they put the phone down they swear at the customers!
I have been asked by CMC Staff a few time "You are on the online trading platform why are you phoning us"?
I have to explain to an 18 year old that the reason I am calling is because I need a particular price and am getting rejections from the trader at a certain level so have given up on the online platform, also on level 2 there is much volume so why are you not filling me? I also have to advise the trader that they are there to perform a duty and need to satisfy the customer however they can within reason, and his comments are not an attractive way to invite business...its ridiculous really! They give you whatever price they want to give you.
The review by Vispatel below is also very good, this is a true reflection.
The spreads also seems tight but are a lie, they purposely have programmed engines that add +-2 to exits so in real terms you get a bad deal upon exit.
All firms perform this action they want to bankrupt you asap and then advertise again and get the next sucker in. Please hedge your positions and you will smash it!
I hit cmc hard and do massive trades out-of-the-blue, you need to be aggressive with the traders who are on about £30k but think they are on £100k+ when they are not. When I loose with CMC they are not aware I am betting elsewhere and only loose small amounts as I do sector bets. But they are catching on because the money going into the account is weird numbers like 1038.57p as I balance the books.
I get massive delays on my account because they are looking at what I do and copy me. I know this for sure, because when I bet on level 2 a precise chuck gets filled.
A friend traded the interest rate cut a few weeks ago, they said "We could not fill the order as it is exceptionally busy"! What?!!!!basically they got shafted and did not want to make the fill. I have advised this person to take it to the FSA it is a 'Compliance issue'
I would love if a group of traders got together and constituted a account with CMC and traded as a co-op basically there are ways you can make risk free profits if you have £200k in cmc account. The orders also need to be telephoned through to make sure it happens!
People should be very very careful to trade with cmc, just imagine someone setup a betting exchange between traders and no middle man like bet fair! This would be great.
The people who are serious traders should not use this broker, there is much competition and you can find alternative easily.
Firms give you a free £250 bet you can use this and close account. There is now law against this.
- rnicoll
- 2.00 star(s)
Meh
Windows-based platform has some nice features (single price windows, a lot of indicators), but also some real nuisances (limit/stop orders can't be autoclosed when you close a position, guaranteed stop positions MUST be closed by executing the stop loss order, for example). Have seen some insane price spikes (100 points or so) randomly turn up in their data feed; I don't put my stop losses that close, but other people have had problems with them where they do.
If the platform really appeals, might suit you well, but they're really not that great.
Windows-based platform has some nice features (single price windows, a lot of indicators), but also some real nuisances (limit/stop orders can't be autoclosed when you close a position, guaranteed stop positions MUST be closed by executing the stop loss order, for example). Have seen some insane price spikes (100 points or so) randomly turn up in their data feed; I don't put my stop losses that close, but other people have had problems with them where they do.
If the platform really appeals, might suit you well, but they're really not that great.
- lpsurfer
- 1.00 star(s)
Stay away
I was about to open an account with them in Canada but I decided to read first about them on the internet. It is scary what you read there and I cannot understand how anyone could trade with these crooks. The Australians have the same type of reviews as on this site, most people are screwed by their system.
I also subscribed to their Demo platform. I watched their Nasdaq and Toronto level II against a reputable provider I use for my trades (I am a reasonably seasoned trader). On Nasdaq, they mark up the spreads a minimum of 2 points each way and very often 4 or 5 points. For the Canadian market, where they try to enter (they are not tegistered yet) they did not mark up the spread. However I noticed the unusual spikes that so many people talk about which do not appear on the honest level II I use.
As far as I know, their platform is the only one that does not have Volume, On balance Volume or any other Volume related indicator. Can you guess why? I also checked with the software vendor who provides the original of the CMC platform. They have all the Volume indicators here missing.
At one of their hyped presentations in Toronto I presented them with copies of the reviews I collected of the Internet but I never opened an account.
The CD's (certificate for Difference) they trade are an interesting and attractive derivative if they were to be traded honestly. They could make money on a honnest and declared markup like any market maker. I would accept such mark-ups if the trades were automatic, with no human interference in between.
So stay away if you don't want to part with your money.
I was about to open an account with them in Canada but I decided to read first about them on the internet. It is scary what you read there and I cannot understand how anyone could trade with these crooks. The Australians have the same type of reviews as on this site, most people are screwed by their system.
I also subscribed to their Demo platform. I watched their Nasdaq and Toronto level II against a reputable provider I use for my trades (I am a reasonably seasoned trader). On Nasdaq, they mark up the spreads a minimum of 2 points each way and very often 4 or 5 points. For the Canadian market, where they try to enter (they are not tegistered yet) they did not mark up the spread. However I noticed the unusual spikes that so many people talk about which do not appear on the honest level II I use.
As far as I know, their platform is the only one that does not have Volume, On balance Volume or any other Volume related indicator. Can you guess why? I also checked with the software vendor who provides the original of the CMC platform. They have all the Volume indicators here missing.
At one of their hyped presentations in Toronto I presented them with copies of the reviews I collected of the Internet but I never opened an account.
The CD's (certificate for Difference) they trade are an interesting and attractive derivative if they were to be traded honestly. They could make money on a honnest and declared markup like any market maker. I would accept such mark-ups if the trades were automatic, with no human interference in between.
So stay away if you don't want to part with your money.
- nunrgguy
- 1.00 star(s)
Not putting up with them any more. Account closed
Opened a trade at market at £1pp (I know I'm an idiot for not using a limit order). Trade was opened 30 pips above screen price and immediately I went £30 down. Called them to say this was not acceptable to which the response was 'the trade was OK, you were not re-quoted'...of course it wasn't it was a market order! Apparently all prices on screen whether on order tickets or charts (which tracks the ticket exactly, even though I have just been told differently) are indicative only, meaning they're garbage. So according to them, the moment I hit accept the market jumped 30 points and then jumped straight back down to the indicated screen price. Well Im not having it and the crooks are not having my business.
Opened a trade at market at £1pp (I know I'm an idiot for not using a limit order). Trade was opened 30 pips above screen price and immediately I went £30 down. Called them to say this was not acceptable to which the response was 'the trade was OK, you were not re-quoted'...of course it wasn't it was a market order! Apparently all prices on screen whether on order tickets or charts (which tracks the ticket exactly, even though I have just been told differently) are indicative only, meaning they're garbage. So according to them, the moment I hit accept the market jumped 30 points and then jumped straight back down to the indicated screen price. Well Im not having it and the crooks are not having my business.