CMC market Pro account application

[TheRegulator]

Any one have an account with CMC markets and if so have you applied for the pro account.


My question is do you know if they will they verify if you say on the application for CMC pro account that you have worked in financial services sector as one of their 3 criteria to be eligible.

And if so how will they verify this. Apart from when you first created your account is do they check any other way or just take your word for it.

 

[tomorton]

Are you serious?

 

[rawrschach]

Well how would they verify it? The firm I worked for 10 years ago has since shut down. Where is the evidence I worked for them?

 

[TheRegulator]

Well how would they verify it? The firm I worked for 10 years ago has since shut down. Where is the evidence I worked for them?

thanks , that what I thought. so any one can say that to fit one of the criteria. I suppose they could ask you to provide employment contract or something like that if they wanna be certain.

have you applied for their pro account and if so how long after you submit application it will take them to review and accept your application.

 

[tomorton]

Well how would they verify it? The firm I worked for 10 years ago has since shut down. Where is the evidence I worked for them?

Your broker or SB firm could easily ask you to provide the evidence, they don't have to dig it up. The reason they can force you to do this is firstly they have your deposited funds and secondly they have your profits made with the same. If you can't prove you acted honestly, do you think they would still be obliged to hand over your winnings?

 

[TheRegulator]

Your broker or SB firm could easily ask you to provide the evidence, they don't have to dig it up. The reason they can force you to do this is firstly they have your deposited funds and secondly they have your profits made with the same. If you can't prove you acted honestly, do you think they would still be obliged to hand over your winnings?

let's go back one step. we've all automatically been reduced margin. in order to get higher leverage we need to apply for pro account status. so at this time it would be completely unethical for them to withhold any funds and I am sure many would make a fuss about it.

once some one has applied for pro status and you been asked to verify and you've done so . if and should they accept they unlikely to look at the account for your employment as they accepted your application at the time nd the information you provided.

they weren't rigorous when first registering with them and providing salary and occupation. they were lack in order to get me on board and deposit on the account .

 

[tomorton]

let's go back one step. we've all automatically been reduced margin. in order to get higher leverage we need to apply for pro account status. so at this time it would be completely unethical for them to withhold any funds and I am sure many would make a fuss about it.

once some one has applied for pro status and you been asked to verify and you've done so . if and should they accept they unlikely to look at the account for your employment as they accepted your application at the time nd the information you provided.

they weren't rigorous when first registering with them and providing salary and occupation. they were lack in order to get me on board and deposit on the account .

Unethical? Yes, I'm sorry, I see it now, you have a point. A forex broker would never never ever do anything unethical.

What's your next step?

 

[TheRegulator]

Unethical? Yes, I'm sorry, I see it now, you have a point. A forex broker would never never ever do anything unethical.

What's your next step?

we're just specifically referring to cmc markets here and I believe their owned by Goldman Sachs. there are probably a few unethical brokers out there and I don't doubt they would do that s**t with their clients.

next step is to apply then wait and see what they come back with.

as of right now the amount needed in margin for 1 lot is like 6k. I'd rather use 400£ for 1 lot. and use the rest on other position.

 

[Mysteron]

we're just specifically referring to cmc markets here and I believe their owned by Goldman Sachs. there are probably a few unethical brokers out there and I don't doubt they would do that s**t with their clients.

next step is to apply then wait and see what they come back with.

as of right now the amount needed in margin for 1 lot is like 6k. I'd rather use 400£ for 1 lot. and use the rest on other position.

I'm not familiar with CMC but with FXCM the smallest trade size is 1 micro lot (1/1000 th standard lot):

http://help.fxcm.com/markets/Platfo...90/What-is-the-smallest-trade-I-can-place.htm

So far the new margin rules haven't affected me at all as previously I would trade very conservatively using just 10% margin per trade and with only one open position. Under the new margin rules to use the same position size I now trade using 50% margin, again with just one open position. With such a use of margin a margin call would occur if the loss on the trade was 25% of the initial equity which would not be allowed to occur.

 

[tomorton]

Priceless.

 

[tomorton]

So the business model involves obtaining a commercial service by deception, through offering false information. Plus an incompetent accounts application vetting procedure. Plus an automatic unchecked procedure for the reimbursement of clients' deposited funds, and likewise for clients' profits. Plus a rigid adherence to some rule of ethics in that if you successfully con someone once, they should agree to be conned a second time to avoid bad publicity. Plus non-existent oversight by the sector regulator. Plus the confidence that if you are found out, the firm will happily and quickly laugh all this off and not even think of involving the police or Serious Fraud Office with regards criminal proceedings against you.

Crack on mate, what can go wrong.

 

[TheRegulator]

So the business model involves obtaining a commercial service by deception, through offering false information. Plus an incompetent accounts application vetting procedure. Plus an automatic unchecked procedure for the reimbursement of clients' deposited funds, and likewise for clients' profits. Plus a rigid adherence to some rule of ethics in that if you successfully con someone once, they should agree to be conned a second time to avoid bad publicity. Plus non-existent oversight by the sector regulator. Plus the confidence that if you are found out, the firm will happily and quickly laugh all this off and not even think of involving the police or Serious Fraud Office with regards criminal proceedings against you.

Crack on mate, what can go wrong.

Imo I don't think it can be that bad unless your talking about seriously looking to defraud them. which no one in this thread is talking about.

it's an application and they decide . if they say no that's fine. if they say yes, then they accepted and verified the information. no one in the thread has said about misleading the broker or providing mis information.

Look at mortgage applications.

 

[Splitlink]

When I applied to IB they kept rejecting it until I had filled the boxes the way they wanted.

 

[tomorton]

Imo I don't think it can be that bad unless your talking about seriously looking to defraud them. which no one in this thread is talking about.

it's an application and they decide . if they say no that's fine. if they say yes, then they accepted and verified the information. no one in the thread has said about misleading the broker or providing mis information.

Look at mortgage applications.

You implied the use of dishonesty in your first post. If you had the necessary credentials to hand, why post on the subject of verification at all?

But I wish you good luck.

 

[TheRegulator]

When I applied to IB they kept rejecting it until I had filled the boxes the way they wanted.

oh cool. thanks for sharing.

 

[Splitlink]

oh cool. thanks for sharing.

That was 20 odd years ago. They were different questions. Sorry if I gave the impression that I have applied recently.

 

[JackPro]

Any one have an account with CMC markets and if so have you applied for the pro account.


My question is do you know if they will they verify if you say on the application for CMC pro account that you have worked in financial services sector as one of their 3 criteria to be eligible.

And if so how will they verify this. Apart from when you first created your account is do they check any other way or just take your word for it.

to be PRO client you need acc from 500k

 

[tomorton]

to be PRO client you need acc from 500k

And we've all got one of them. I myself have a whole bunch, so many I can't remember.
But I'm sure I'll remember when I wake up.....

 

[TheRegulator]

to be PRO client you need acc from 500k

No no that not completely right. they want 2 out of 3 criteria met.

The below is taken from their site.

1.You have carried out transactions, in significant size, on a relevant market at an average frequency of 10 per quarter over the previous four quarters.

2.The size of your financial instrument portfolio†, defined as including cash deposits and financial instruments, exceeds €500,000.

3.You work or have worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services envisaged.

You still have a chance. slim but a chance.

I don't know what portion of their client base is made up of professional players or retail trader, either way its a loss revenue. Unless more professional traders come along to help bring up the books.