cmc forex account

andrewmooton

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Hi there,

I just enquired about opening a fx account with cmc and they told me that you need 6 months forex experience to open one.

Does anyone know why this is?

Cheers,
Andrew
 
...some FSA reg or other. Have a look at FXCM and the like as a comparison. I opened an FXCM account recently and they required trading experience (6 mnths+), but not FX experience per se.
 
Do you think that you would need to show that you are 'good' at it or just that you have experience?
 
You would have to be a stark raving lunatic to Spreadbet Forex at £5 per pip with a £200 account.
You would have to be a stark raving lunatic to Spreadbet Forex at £5 per pip with a £2,000 account.

JonnyT
 
andrewmooton said:
Do you think that you would need to show that you are 'good' at it or just that you have experience?

I opened a CMC account a while back, just tell them what they want to hear, there is no documentation of any trading experience required.
 
lol..true but just given an example, I trade 2 quid per point...

last of the big spenders
 
thats not what they told me.

they said i'd need to show my statements if I wanted to open an account with them.
 
andrewmooton said:
thats not what they told me.

they said i'd need to show my statements if I wanted to open an account with them.

Then maybe things have changed. They conducted a telephone interview with me and recorded it.
 
Have a look at "bet on markets" a good way to get into the trading arena without throwing your shirt in. Fixed odds betting with fixed risk reward

HTH
NB
 
andrew, make sure you apply for the spreadbet account NOT the CFD one, that way Im sure you will get the go ahead.

Neil
 
andrewmooton said:
thats not what they told me.

they said i'd need to show my statements if I wanted to open an account with them.


And did they by any chance suggest openning a spreadbetting account Because its just the same according to them...
 
yes they did suggest opening a sb account.

they did not say its just the same but they did say that the spreads are the same.

why do you ask?
 
andrewmooton said:
yes they did suggest opening a sb account.

they did not say its just the same but they did say that the spreads are the same.

why do you ask?

I had the same thing sometime ago. I got the feeling the rules for them are a little fuzzier from the point of view of Regulation if your a "spreadbetter".
 
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