CMC Markets Old platform users beware

[rjmahan]

Just gotten off the phone with CMC markets.

From December they aim to close the old platform.

Positions will be not be rolled over at mid - you will have to pay the spread again.

Small Cap / Aim stocks are not available (along with many other instruments).

This is going to cost me £100s of pounds if it isnt changed. I am a position trader with a few large positions, I hold for months, even years. The spread on some of these stocks is huge.

I would like to advise any position traders not to open new positions with CMC until this is resolved - if you have to pay the spread again in January you will not be happy.

Hopefully CMC will see sense and change this - or else loose a fair bit of business from longerterm customers.

 

[Kyoto]

Thanks for posting this warning. I knew this was coming but not so quickly. I don't see CMC changing. They've made it obvious in the last few weeks that they have an agenda and it's too bad if customers don't like it. Yes, moving to a more open web-based platform isn't necessarily a bad move, but to do it they are reducing functionality, reducing instrument coverage and inexplicably, forcing people to essentially register as new customers again to make the move.

It would be idiotic enough if I hadn't spent the last few months watching their antics on the CFD platform. They have been regularly adding a spread on top of their equity prices in addition to a commission, even where there's liquidity and a good book. That's really not how CFD brokers are supposed to operate. Just checked BARC which is 291.05-291.2 and CMC are quoting 291-291.35 on small size (1 CFD upwards). I've used CMC for 8 years - not so much in the last couple, but I've never seen anything like what they've been doing recently. I don't think they understand that they can't do that and think it's not going to build up considerable ill-will with customers. I have no incentive to move over to the new platform under these circumstances.

I have no idea what's going on at CMC but it almost seems like a corporate dare to yank everyone's chains and see if they stay customers. They did that deal with Goldman a few years ago - are they sharing profits from the current platform with them, but if they set everyone up as a new customer on a new platform they don't have to? It's the only explanation I can think of for this crazy behaviour.

It's a pity about the inconvenience but I'd like to thank CMC for planning to close my account and for finally giving me the reason to move the money to a more reputable and sensible company.

 

[tim3]

Unless the charts on the new platform are at least at the level of marketmaker (and at the moment they are nowhere near) then its highly unlikely I will be switching.

I have been a customer of theirs for years.

I went their because they had market leading spreads and chart software both have gone now.

 

[rjmahan]

Just wondering if anyone would like to act as a source for journalists ? I want to publicise this a bit - it might get them to change their minds - and not cost me £100s of pounds. PM Me if interested.

 

[Ross Spur]

.. forcing people to essentially register as new customers again to make the move.

To me, that's the most baffling part of it. There must be some good reason, though. Possibly the thinking is that most long-standing customers will be people who know what they're doing (i.e. are profitable), whereas 'New, Improved' CMC wants casual punters who usually lose?

 

[tim3]

To me, that's the most baffling part of it. There must be some good reason, though. Possibly the thinking is that most long-standing customers will be people who know what they're doing (i.e. are profitable), whereas 'New, Improved' CMC wants casual punters who usually lose?

I must admit I thought that.

That could also be why the charts are so poor to dicourage more experienced traders who demand good charts.

 

[tar]

Just gotten off the phone with CMC markets.

From December they aim to close the old platform.

Positions will be not be rolled over at mid - you will have to pay the spread again.

Small Cap / Aim stocks are not available (along with many other instruments).

This is going to cost me £100s of pounds if it isnt changed. I am a position trader with a few large positions, I hold for months, even years. The spread on some of these stocks is huge.

I would like to advise any position traders not to open new positions with CMC until this is resolved - if you have to pay the spread again in January you will not be happy.

Hopefully CMC will see sense and change this - or else loose a fair bit of business from longerterm customers.

what kind of marketing is this ?!

 

[JDTRADER]

Just wondering if anyone would like to act as a source for journalists ? I want to publicise this a bit - it might get them to change their minds - and not cost me £100s of pounds. PM Me if interested.

Keep the thread updated if you get the media on board

 

[rjmahan]

to be fair tim CMC have said they will improve the charts and I believe them.

Charts are cheap and easy - you can always use another companies charts or sharescope etc....

However moving positions across / losing positions can mean big money.

 

[PC at CMC Markets]

Hello everyone - thanks to the T2W moderators allowing CMC to respond to this thread.....

Response from CMC Markets Executive Chairman and Founder Peter Cruddas – posted on behalf of.

In response to the various threads posted recently online, I would like to personally respond to the contributors and communicate CMC's official position.

Over the past eighteen months, with significant investment using the best industry expertise and technology, I have been developing our next generation trading platform. I have been providing access to a variety of financial instruments over the last 20 years, and after listening to what you, my customer and most important asset has had to say, I firmly believe that this is the best trading platform ever built and I am committed to innovating and improving this over the coming months and years.

CMC Markets launched the new platform in July with FX, indices and a few commodities. Over the last few months I have been adding products, news, insights, iphone app with improved precision pricing allowing CMC Markets to offer institutional prices and will continue this rapid roll out of new and exciting features into the future. One of the next instalments will be a new and 'best in class' charting package. This will be released in the next two weeks, it is awesome.

Inevitably the next generation trading platform will eventually replace our current MarketMaker software but this will happen over a period of time as I build up functionality in the next generation platform. To clarify, I will not close MarketMaker in December. I will continue to invite all my valued customers to migrate over to the next generation platform to join with us in our journey forwards, together.

It is our migration policy to where possible reimburse spread charges for 'like' products so that people are not disadvantaged, this is my commitment to you. The product suite at present is different than that currently in MarketMaker, we are launching more products, especially shares, over the coming weeks.

CMC Markets are setting up everyone as a new customer for two main reasons neither of which have anything do with Goldmans. Firstly the next generation product pricing and execution is different from MarketMaker and I wish to ensure that everyone has a thorough understanding of our new terms of business and how the platform works before they convert their account. Further to this I invite everyone to try out the new platform using a fully featured Demo account which runs on the same software as a Live account. Additionally CMC Markets are heavily investing in our systems to help better integrate with all of our MarketMaker data.

The aim of all of this investment is to allow CMC Markets to leverage the best possible experience and outcome for all of our current and future customers.

The ethos behind all of CMC's next generation systems is simplicity and choice enabling access to a wider range of innovative products and tools, increased access to more relevant news and information and greater transparency of both product and pricing. 100% automated execution, with no requotes with both transactional and account based stop loss risk management features, designed to enhance your trading experience.

My investment and commitment to the on-going improvement in the next generation platform is my contract with you - My Customer - to ensure that CMC Markets is your preferred access point for on-line trading services.
I hope that clears up any misunderstandings.
Peter

 

[tim3]

Hi Peter.

Thanks for taking time to post.

Its clear you are passionate about your platform.

However as a long standing customer I stopped trading with you simply because I got a better deal elsewhere and I will judge the new platform on how it compares with others and at the moment there are 4 things that stop me trading with it.

1,Spreads on Dow and Ftse index are lower elsewhere.

2,Navigating the platform is not as easy as others specifically the lack of customization and pop outs.

3,The range of markets is nowhere near as big as others offer can't even find the s@p dec future.(surely one of the biggest traded futures?)

4,The charts are way to basic,I look forward to seeing the "best in class" charts when they launch I assume this means they will be an improvement on marketmaker as this has slipped behind the competition in the last few years.

Regards

Tim

 

[Ross Spur]

Still don't understand why it's necessary for existing clients to sign up as new clients. Why not just have the new T&Cs come up on screen so we can read through and accept?

 

[rjmahan]

Hi Peter, this directly contradicts what your own support people have told me - hence the confusion.

Glad to hear that where possible you will reimburse where people are moving platforms. Only last week your customer support told me the opposite.

You should also look into stopping people making bets on products not likely to be offered on the new platform and establish clarity on this. I use CMC for longterm bets on FTSE small Cap stocks and AIM stocks - paying a hefty spread. I can no longer use you as if I open such a bet with you - at (on occassion) a spread of 5% or more I may have to close it within a month (according to your own people).

For example I have recently opened a bet at £11 a point on MGNS (FTSE Small cap) at a spread of 666/682 (paying £176 for the privilidge). According to your support people I am likely to be closed out and unable to roll my bet across (they are unsure what will be offered on the new platform and when this will happen). This hardly seems fair - as a long term trader there was only a small probability of me being able to making money on that bet.

Could you please clarify what you will do / how long the old platform will run for people on products which will not move over ?

Thanks,
Rob

 

[JDTRADER]

Response from CMC Markets Executive Chairman and Founder Peter Cruddas – posted on behalf of.


Peter

Amazed and surprised

Posted on Behalf so don't expect replies to questions guys

I just think the finished product should of been released not a basic start then upgrades but you are the millionaire so I guess you what you are doing

Good Luck :whistling

 

[Ross Spur]

you are the millionaire so I guess you what you are doing ...

... Not for long, judging from the reception to the new platform.

 

[PC at CMC Markets]

Hi Tim

Thanks for taking the time to read my update. Let me answer your questions.

1. I believe our spreads to be the most consistent in the market today. If you check out our spread charts you will see how competitive we are.
2 I agree there are a lack of pop outs but we will be releasing some tags so you can add more products in different windows. should be with you in next month or so.
3. Range of markets are coming, we are not adding future products because there is no need with daily bet finance and keeping the bet open at the original price so you can always monitor your position. Just doing some software to load more products all major markets will be covered before xmas.
4. two weeks time we begin the roll out of next gen charts, they are really very good. If you do not think they are the best in the market then i will buy you lunch.

Hope that addresses your points. good luck with the trading hopefully arsenal will beat Newcastle tonight
peter

Hi Peter.

Thanks for taking time to post.

Its clear you are passionate about your platform.

However as a long standing customer I stopped trading with you simply because I got a better deal elsewhere and I will judge the new platform on how it compares with others and at the moment there are 4 things that stop me trading with it.

1,Spreads on Dow and Ftse index are lower elsewhere.

2,Navigating the platform is not as easy as others specifically the lack of customization and pop outs.

3,The range of markets is nowhere near as big as others offer can't even find the s@p dec future.(surely one of the biggest traded futures?)

4,The charts are way to basic,I look forward to seeing the "best in class" charts when they launch I assume this means they will be an improvement on marketmaker as this has slipped behind the competition in the last few years.

Regards

Tim

 

[PC at CMC Markets]

Hi Ross
I wished it was that easy but unfortunately good old elf and safety and regulations have a hand in this.
regards Peter

Still don't understand why it's necessary for existing clients to sign up as new clients. Why not just have the new T&Cs come up on screen so we can read through and accept?

 

[PC at CMC Markets]

[Hi Rob
I can assure you that we want to support our clients and help them through this process. Why don't you pop in and see us and we can go over your points individually and talk about specific positions. Please make appointment with one of my team and let me know when you are coming and we can have a coffee.

tks Peter QUOTE=rjmahan;1300012]Hi Peter, this directly contradicts what your own support people have told me - hence the confusion.

Glad to hear that where possible you will reimburse where people are moving platforms. Only last week your customer support (Amaya Perez) told me the opposite.

You should also look into stopping people making bets on products not likely to be offered on the new platform and establish clarity on this. I use CMC for longterm bets on FTSE small Cap stocks and AIM stocks - paying a hefty spread. I can no longer use you as if I open such a bet with you - at (on occassion) a spread of 5% or more I may have to close it within a month (according to your own people).

For example I have recently opened a bet at £11 a point on MGNS (FTSE Small cap) at a spread of 666/682 (paying £176 for the privilidge). According to your support people I am likely to be closed out and unable to roll my bet across (they are unsure what will be offered on the new platform and when this will happen). This hardly seems fair - as a long term trader there was only a small probability of me being able to making money on that bet.

Could you please clarify what you will do / how long the old platform will run for people on products which will not move over ?

Thanks,
Rob[/QUOTE]

 

[Ross Spur]

<< I believe our spreads to be the most consistent in the market today. If you check out our spread charts you will see how competitive we are. >>

I've just looked, and it seems that CMC's spreads are wider than most on the main markets. Eg, US30 5pt at the moment, CAC40 2pt, not 3/1, as offered by the SB I just used. Also, your spreads are variable, apparently, so that isn't consistent in the other sense.

 

[PC at CMC Markets]

Hi Rob
We have no requotes, automatic execution and consistent spreads 24 hours a day on precision pricing with no dealer making any prices and dealers do not execute deals.
And these prices are consistent throughout the day especially when markets are volatile. You can always monitor our spreads through demo accounts throughout the day.
tks Peter

<< I believe our spreads to be the most consistent in the market today. If you check out our spread charts you will see how competitive we are. >>

I've just looked, and it seems that CMC's spreads are wider than most on the main markets. Eg, US30 5pt at the moment, CAC40 2pt, not 3/1, as offered by the SB I just used. Also, your spreads are variable, apparently, so that isn't consistent in the other sense.