CMC Markets

Closed my account within 2 weeks

I am amazed that you cannot put stops on individual trades you have to put an opposite trade - imagine what happens if you close your trade but forget to close the stop trade! Their browser interface is a joke. They closed my position early even though my stop was lower and even though I was within the margin that they held. Very expensive affair - should never have opened an account with them.

CMC Markets

Agreed. Their front-end is totally ridiculous.

Better to invest your Money in the Shredding Machine

CMC do not like Day traders.

They actively trade against their Customers. They are Fraudlent thieves. Please forward this to them as I hope they sue me..................

Their whole Advertising Campaign is based around a faulty "Trading Platform". To give the impression that the Customers are trading the "markets" they are not. They are trading against CMC.

You are better off placing your money in the Shredding machine switching it on and then seeing how much you can save by switching it off.

CFD better

I trade CFDs with cmc 1 or 2 trades a day, mainly stop orders rarely market. I have a sb account with them also but do not trade it as I have noticed the spikes. Can not fault them on the CFD account, I trade the dow and track their prices on cbot mini dow. charts almost identical with cmc adding 2 points to the high and low which is to be expected. They get an 8 for the cfd account.

worst i have seen

terrible platform. you cannot put stop-loss and take-profit when placing your order. you do this separately and it is not closed automatically when you close your trade. they want you to forget it so that they can suck your money. help and support are either not available or completely incompetent. their web site is a mess and there is a lot of incorrect information there.

i closed my account 2 weeks ago and still have not received my check. tried to call but so far have not managed to speak to someone who can give me any information.

it is very frustrating to deal with these guys, so stay away from them.

Software

I think it's the software that gets me most about CMC. Whilst everything else runs fine on my (high spec) PC. CMC 'MarketMaker' will freeze for around 5 mins, 4 or 5 times an hour.
Recently it's developed a new habit where it will 'lose connection' and so you cannot trade or get any prices. This is hapening around every 10 minutes.( whereas all my other internet based software is connected fine)
If you do manage to get a few minutes when the software allows you to place a trade. More often tha not you won't get the price you clicked (even on very small orders). It will go away for a couple of minutes and give you a requoted price in a yellow box.

I CANNOT understand how this company continues to operate. It must be through having lots of new subscribers, who lose money then walk away. Only a high turnover of customers would keep this company going, as no could seriously use this product for anything constructive long term. It's just a bizzare company - Do not use !

2 Years with CMC Markets

Whilst this providor (Australia)does have some downsides:

Will Gun your stops

Response to online queries during live sessions is sometimes woeful

Changing layouts during live sessions can be hazardous - you can get a CMC version of a blue screen

I trade 2 Accounts & whilst they can run simutaneously, if I am trading both accounts during a session eg Forex & DOW I will use a 2nd Computer to run one of the screens

I have had NO problems in having money transferred back to my account

Other than above - I'm assured by others that they CMC are the best of a bad lot of CFD providers in Australia

Sharp Practices

Confusing & slow platform and unethical business practices.

CMC

Customer service is a joke (NZ office)I phoned them recently complaining that a limit order that I had placed had not activated even though the MM chart indicated that it had reached the required value.(no spike involved by the way)

The explanation from the call centre operater was, and I quote "the charts are wong" (she meant wrong!)I asked her how am I supposed to trade with charts that are ficticious.Ludicrous!

Not Recommended

Yes my experience has been poor after being telemarketed by someone saying just put $1000 in off your credit card and you get free cd's.
You cannot afford to put stops on record as they'll clean you out.
So very difficult to set and allow a trade to develop.

Stay away.

Dire Customer Service

An awful expeience using this bunch, took four phone calls before they eventually agreed to allow me to withdraw my funds - reason? Because on signing up I didnt give them a land line (I trade via mobile broadband) and despite getting written confirmation that this was acceptable (by the Marketing Manager) I was put on hold for so long I needed another shave. Also when you close a position any associated stop losses and limits remain live so if you forget to close them too you'll end up with a few more trades than you bargained for.

CMC are not that bad

I think most people have problems with their brokers because they don't understand what they are doing sometimes. I have used CMC for many years and yes at times when it comes to shares they are a bit tricky but when it come to trading Indices. They fill and execute fairly well.

CMC Very good.

Never had a problem with CMC. Customer service is good and always ghet decent fills.

Satisfied with CMC

Have traded with them for several years, and perfectly satisfied with their service. Lots of moaners about them here, but no problems in my experience.

CMC- Transparent pricing???

My brief experience with CMC ended when a long position in EUR$ I had open with them was stopped out. It was last thing on a Friday night and I just happened to have my systems running. CMC's spread opened (from memory)out to about 12 points, instead of there usual 3 or 4, in addition to moving about 15 points wide of the market. This only lasted maybe thirty seconds max and the market was obviously liquid... A cynical man would observe this allowed CMC to close anything within nearly thirty points of the market price instead of the usual 3 or 4. After numerous requests to explain were ignored or rebuffed I closed my account.

CMC

you will often see wide random spikes for some instruments within CMC, even when the underlying market is relatively quite. Could it be to hit stop clusters? who knows. But its unfair to say they are the only firm to do this. As an investor it is your duty to scrutinse the firms you use to trade and if you are unhappy be prepared to leave at the drop of a hat. Do not get comfortable with any firm even if they havent given you any cause for concern stay on your toes! everyone is here to make money even the market makers.

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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

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sleazy, dishonest, avoid these guys

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!