CMC Limit Order Slippage?

[lurkerlurker]

Hi

I'm a fairly new trader and used to spreadbet with TradIndex. Whenever I used a limit order with them, it would either be filled at the specified price or I would get a "confirmation slip" emailed to say the order couldn't be filled when the market hit that price, so it has been cancelled.

Started trading with CMC today though MarketMaker, and limit orders are sometimes filled at different prices. It is almost as if they use a limit order in the same way as a stop (ie it becomes a market order at that price).

Can anyone else confirm or refute this?

(so far the slippage has been mostly in my favour, so I'm not complaining too much)

Thanks

 

[frugi]

a limit order can be filled at your elected price, or better.
if they are filling a limit at a worse price then give them hell.
though knowing SBs there is a chance they have a clause in the T&C that says in fast markets we can fill a limit order where we damned well like ... however this would surprise even this cynic.

 

[tightstops]

ive had accounts with 4 spread betting companys cmc are the only one who will rob you in broad daylight

 

[tightstops]

i would say expect the unexpected with them but if your expecting to get ripped off then dont. they can continue to bs looking you in the eye whilst they know that you know theyre bsing. absolute disgrace

 

[lurkerlurker]

How did this thread pop up again? I posted that in May and it isn't really relevant now. Thanks for the contributions though!

 

[Aston1st]

CMC Market - Bucket Shop

I would not use CMC as they are a Known Bucket Shop.

 

[lurkerlurker]

Interestingly, CMC are the only firm I have ever traded with and lost money to. All my other accounts are in profit (although it took awhile). Maybe I need to trade more with CMC? I don't know - I just never got along with their trading platform.

 

[fibonelli]

"CMC Markets is now a Corporate Member of the Institute of Customer Service. We are committed to developing and improving our customer service standards".

http://www.cmcmarkets.co.uk/help/eng/forex/plus.jsp

 

[Aston1st]

I have used CMC in the Past and like lurkerlurker says it strange how they operate their business.

I placed a Limit order with them once, that although the price showed that it went well over the target price, the order was never filled.

When I called to ask why that was I was told a: It never did, although the chart showed that it did.

Their answer to that was " Charts are only an indication of the price"

b: I was then told that "the volume of orders was not enough to fill my order . "

unbelievable

This firm is regulated by the FSA.

This type of BUCKET SHOP is precisely the type of Company that the FSA is supposed to protect the public from.

I WOULD WARN ANYONE FROM NOT USING CMC - as they are the DPR's or Havard Securities of the 21st Century

 

[lurkerlurker]

I never did say that it was strange how they operated their business - just that I don't really like their platform, and they are the only bucket shop I've not made money trading with.

 

[gulam]

Hi Traders, few of my friends are taking CMC to court over thier dealings. They have firm court dates. If anyone would like to provide any of thier experiences with CMC in terms of getting ripped off due to thier practices they employ, pls get in touch with me here or PM me.

Thanks

 

[arabianights]

Can't help but I'd be interested in following the case...

 

[gulam]

Can't help but I'd be interested in following the case...

Thx anyone else pls let me know

 

[davidnmfarrell]

CMC have always been pretty fair to me. Once their dealing guide mis-priced Silver which caused me to lose 10* as much as I expected to. After a couple of phone calls they refunded the difference no complaints (about 900 quid).

I still have an account with them and it is in profit. Their platform isn't great, it can be known to display incorrect data, but I get along fine with it.

David

 

[bomoju]

i am taking cmc market to court for ripping me off

 

[counter_violent]

i am taking cmc market to court for ripping me off

Care to enlighten us ?

 

[Countvonaltibar]

I know ongoing court action is always a sensitive area but it is really good that at least we know there are disgruntled customers out there. I really believe that what goes around comes around, pitty about the guys that lose thousands whilst unfair slippage takes place. I find CMC a bit dodgy reference their Asian markets, not sure why, they seem to be ok on the ftse100, forex etc. Have had about 3 times where I've really been shafted by them but it was sorted out amicably after some phone conversations. You really need to check everything you do, copiously!!!

 

[Phenyo]

To hell with that, I will not be dealing with CMC thanks for posting some of your experiences folks.

 

[zoo]

I can't believe CMC is still in business, judging by the experiences of many traders. For this reason, I would never go near them.