Here's a few reviews of CMC Markets:
http://www.forexpeacearmy.com/public/review/www.cmcmarkets.com
FPA Review Moderation Team, USA
Rating: No Rating
Date of Post: 2006-02-11
Review: We do not have any experience with this broker. If you used them, please submit your review below.
sally farmer, bristol uk
Rating:
Date of Post: 2011-04-15
Review: Here I outline two issues that led to the fsa completely sanctioning the practice of being able to dump a "made-up" LOSING bet in to your spreadbetting account. This really happened to me between the 28th March 2010 and the 30th March 2010 AT CMCMARKETS!! I Lost the previous �298.00 which was already credited to my account on a winning trade when a spurious trade that lasted 16 seconds was dumped in to my account by cmcmarkets. This is all true!
Rola
I take issue with this trade 3) EURUSD 1 Sell position at 1.3479 and bought back at 1.3749 with £270 Loss as it does not represent the true market rates by a long long way, At no point in the 16 seconds between these trades that I did not place reach 1,3749 at the time noted in my blotter. I do not accept this trade and wish this issue to go to compliance and then on to the FSA if not resolved in my favour. According to your manager this trade was dumped on my account to "correct a position previously which you somehow cocked up. This is not my fault, and you should not be seeking to dump in this manner to correct a previously accepted trade which I presume you did not act on in good time, also not my fault. You accepted the previous sell eurusd trade which was a winning trade, and now you seek to reverse it which I find unacceptable. Please assure me that this issue has passed to compliance level.
Sincerely
4505***
ms sally ******
Sent: Tuesday, March 30, 2010 12:50 PM
Subject: attatchments for proof
Rula
I am sending you proof that the market did not make 1.3749 EURUSD at 8.30am this morning the 30th march 2010. I did not place this trade, but it has appeared on my blotter for the 30th march 2010, There is something not right going on with my account.
Please inform your manager and ask him to call me on 011790*****
Thank you
sally ******
account number 4505***
ms sally ******
HERE IS ANOTHER LITTLE TRICK USED WHICH IS TO WIDEN THE SPREAD SO MUCH IN OFF PEAK HOURS THAT YOU ARE FORCED OUT OF YOUR POSITION!
further complaint
If your ticket turns green and informs me that there is now an open position then I do not expect that situation to be reversed as was the case in my last complaint.
Today's complaint is regarding the spread which does not seem to be priced in anything like the market offered at other firms with similar services.
In my market maker software the bid - ask price on the EURUSD ticket is 3569-3585 a difference of 16points?????. Is this because I have an open position on that pair? Is this the price only showing in my particular market maker software? The time of writing is 19th march 18.25pm By what margin can I expect the spread to differ during an open position? Where do I stand legally on this? why not 35 pts? If you do this you would certainly throw me out of the position. I must know the deviance to be expected in the length of my held position.
I note that you are quoting the market for EURUSD about 30 pts up from where other firms are quoting it?
Please advise me concerning all of the points above.
----- Original Message -----
From: CMC Markets Helpdesk
To: admin.sally
Sent: Friday, September 25, 2009 2:43 AM
Subject: Re: Fw: complaint- trading and your software - correction - order number 36880584
As you can see from the following the entire issue of having a position verified open with the green acceptance ticket is totally ignored! Look how they squirm out of it using their terms and conditions. Ha ha- highwaymen wear bowler hats and briefcases. They know how to use the law to steal to their advantage.
Dear Ms ******,
I am writing you in response to the complaint that you logged regarding order 36880854 not executing.
I have checked the order and i can see that it was cancelled as the trade price was no longer available. 'Client order sent' is not a trade confirmation message and an assumption of a filled order should not be taken. This order was not filled and hence did not receive 'executed' status. (funny that because the ticket turned green and used the word executed)
Therefore in this case, we can not offer to replace the trade at this price or offer any compensation in the matter, because as stated in our Terms of Business Section 4.9, an order is not deemed valid unless confirmed and executed by us.
I hope this provides some understanding in the matter, if you require further assistance, please contact us.
If you feel that your complaint is still not fully resolved, please contact us as soon as possible for further assistance.
Should all internal avenues be exhausted and you remain dissatisfied, you are able to escalate it to the Financial Ombudsman Service (FOS).
If you do not respond within 8 weeks your complaint will be automatically closed.
Regards,
Vadim Tchassov
Senior Client Services Executive
CMC Markets (London)
Helpdesk (London)
___________________________________________
___________________________________________
"admin.sally" ---25/09/2009 00:08:12---correction - order number 36880584 ----- Original Message -----
correction - order number 36880584
----- Original Message -----
From: admin.sally
To:
Sent: Thursday, September 24, 2009 11:56 PM
Subject: complaint- trading and your software
account number 4505***
ms sally ******
Bristol
HERE THEY OPEN A TICKET AND SO YOU THINK YOU HAVE AN OPEN POSITION AND THEN THEY CANCELL IT LEAVING YOU WONDERING WHAT THE HELL IS GOING ON!
011790*****
24th September
Dear complaints department
This is not the first time that I have found myself left out of a trade when receiving a message live that it is executed. At roughly 3.05pm I placed an order number 36880854 on the US30 at £3.00 per point and struck at 9744 short . The reading at the time of this complaint on the same US30 instrument is 4705 clearly a winning trade.
I am not satisfied with any more excuses about a fast moving market etc as I plainly saw on the docket the words "client order sent" and so I assumed this order to be taken.
On at least three other occasions I have found it nigh on impossible to trade at all as there are so many people accessing your server at certain times (busy) that it is quite obvious that no effort is made on your part is made to accommodate those who might be on the wrong side of a trade and wishing to exit which is impossible, even by phone at those times! or to enter a trade because the software suffers badly with DOS (denial of service) or "too much traffic"!
Because of this problem I am constantly unable to trade with any hope of accuracy regarding correct entries and exits to trades and I am considering the intervention of the FSA with a possible view to a court case to test whether or not the judges would consider that I have been unfairly dealt with resulting in unfair financial loss.
Yours sincerely
ms sally ******
_________________________________________________
brad, england
Rating:
Date of Post: 2011-02-09
Review: its a con i lost 1000 pound .the charts aren't correct doesnt show actual price.They cut you off even if you not reached stop loss.They said i needed update funds although i had £135, so i tried but i couldnt because there system was down.i still had 135 pound but they cut me off losing £665. i all i needed was £20 then it went back up to the to my stake,how can you invest with charts that aren't accurate at all and your money you put in is not used its a con
Patel, Vancouver
Rating:
Date of Post: 2010-12-24
Review: Their system sucks.
AJ, Western Europe
Rating:
Date of Post: 2010-11-23
Review: CMC is BS, I was making money trading, the system started to freeze, failing many times, then it took several seconds to execute, and at the end they stoped me out wiping my entire account. Now the account is negative, red... I owe CMC money, can you believe this shyt
Paul, Australia
Rating:
Date of Post: 2010-11-03
Review: If only I had found out about FPA before I signed up with this broker!
The multitude of terrible reviews are true. I've been trading with CMC markets for close to 3 years now using real money in a live account.
Don't get taken in by their sales pitch and free educational courses. There are one level above a scam...
Here are the list of negatives with CMC Markets:
1) High likelihood of making mistakes during trades - Numbers and options switch back to default when you cycle through their trade options. If you're not careful, you'll end up buying 100 lots.
- You can trade both ends of the currency. This is a stupid option. It's only here to steal your money.
For example EUR/GBP. You can Buy EUR or Buy GBP. If you click on the wrong option, you end up going the opposite direction of your trade.
2) Huge Spreads - Their normal spreads are high to begin with. Furthermore, I've seen their AUD/USD spread jump to 8pips, which is 4 times their normal spread.
3) Horrible Position Keeping - Executed Trades and Closed trades sometimes hang around before the system cleans them up and you don't know how much free margin you have.
4) Huge Slippage - Prices sometimes just jump magically and you don't have a chance to enter your trade.
If there is a class action against this broker, I'll be first in the line.. Stay away from these guys.
2007-05-10 01:04 2 Stars I'm only starting out and haven't really been trading with real money in any serious way, so I'm reserving judgement until I get serious. However, in my novice forays with CMC, I've been more impressed with their marketing and charting than execution - I've already experienced slippage around news time (but then, maybe that's to be expected with a market maker). We'll see...
2009-01-11 04:11 1 Star Absolute scam. There system is that of a bucket shop / boiler room. I cannot say enough about how bad this company is.
They seem to be in bed with ASIC (Australian financial regulatory body) to get away with what they do. The Aussie money magazines give them glowing reviews as well. All I can assure you is that they scam on stops, not executing limit orders, re-quotes, numerous other scams and they hate profitable traders.
I know of 4 other traders personally that have used CMC and all have had the same experience as I, not one of these traders use CMC any longer.
As to the positive reviews on here, all I can say is that must be representatives of CMC Markets. Either that or they are so green on trading they have no idea and should not be commenting.
