Best Thread CMC Markets owner answers your questions
- Thread starter PC at CMC Markets
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PC at CMC Markets
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Hi Tim,
anything that gets the uk economy moving has got to be a good thing.
regards peter
anything that gets the uk economy moving has got to be a good thing.
regards peter
That's what happens when you spend too much time with helicopters.
PC at CMC Markets
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Re: CMC Markets will change your bet at will!
The corrected bet ( two seperate trades - 1st one made and credited to my account, second one dropped in to the account miles away from the market to "correct" the previous bet made, the winning one and already credited to my account!) - your ref 8935694/LC/W101
Dear Laura Colman
I do not accept your findings, though I am not surprised that you totally side with cmc markets! and that you twist what was claimed in to the bargain.
I struck a contract with cmc markets to exercise an instruction at an amount which was quoted to me, and a bet which won. cmcmarkets then reneged on their original contract with me with a loss to myself of £298.00.
In anybody's book to say that the market was at a certain rate whilst it clearly was not at any time (proofs to you) anywhere near this point in order to "correct" a previous profit making trade is an unacceptable practice. It is not very far away from blatant robbery! They literally dropped in a trade I did not make in order that they should claw back money from a previous winning trade already credited in the sum of £278.00. There are two trades to consider, the one I won with and the one dropped in to the account in order to correct it at a later time. You are confusing the winning trade with the corrected one and you are wrong to presume that they are the same trade - they are not . The trade I object to is not the one I won with but with the one they corrected that trade with which they just made up by saying the market was at a point that it clearly was not ..
If you cannot see what is wrong with that practice then I suggest that you should not hold the position you hold as being able to pronounce judgment on complicated financial transactions at the FSA and I would like the matter passed to a superior. I am far from happy with your assessment.
Yours sincerely
Miss Sally Farmer
The corrected bet ( two seperate trades - 1st one made and credited to my account, second one dropped in to the account miles away from the market to "correct" the previous bet made, the winning one and already credited to my account!) - your ref 8935694/LC/W101
Dear Laura Colman
I do not accept your findings, though I am not surprised that you totally side with cmc markets! and that you twist what was claimed in to the bargain.
I struck a contract with cmc markets to exercise an instruction at an amount which was quoted to me, and a bet which won. cmcmarkets then reneged on their original contract with me with a loss to myself of £298.00.
In anybody's book to say that the market was at a certain rate whilst it clearly was not at any time (proofs to you) anywhere near this point in order to "correct" a previous profit making trade is an unacceptable practice. It is not very far away from blatant robbery! They literally dropped in a trade I did not make in order that they should claw back money from a previous winning trade already credited in the sum of £278.00. There are two trades to consider, the one I won with and the one dropped in to the account in order to correct it at a later time. You are confusing the winning trade with the corrected one and you are wrong to presume that they are the same trade - they are not . The trade I object to is not the one I won with but with the one they corrected that trade with which they just made up by saying the market was at a point that it clearly was not ..
If you cannot see what is wrong with that practice then I suggest that you should not hold the position you hold as being able to pronounce judgment on complicated financial transactions at the FSA and I would like the matter passed to a superior. I am far from happy with your assessment.
Yours sincerely
Miss Sally Farmer
Wow, thank you sfarmer for sharing your story. These are serious allegations.
I also would like to know how the correction to account balance was made. Did the trader "invented" a nonexistant trade to make a correction or not? If he did then imho this is very close to fraud. The trader should be sucked for a gross misconduct.
What is wrong with simply adjusting account balance without "inventing" the trade?
I also would like to know how the correction to account balance was made. Did the trader "invented" a nonexistant trade to make a correction or not? If he did then imho this is very close to fraud. The trader should be sucked for a gross misconduct.
What is wrong with simply adjusting account balance without "inventing" the trade?
Mark212312
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My advice would be to change broker and move on...
B
Black Swan
This supposed small loss/issue happened years ago, as such my advice would be for her to seek out some congnitive behaviour therapy from her local NHS..
Yes, this story is true, and yesy the dealer did dump a losing trade in to my account that I did not make myself, and the money that I made on my previous winning bet was taken off my account. When I complained as you would I was informed that the bet placed was a corrective bet and that the dealer had given the wrong price for the bet that was previously struck and paid out on. I must agree with you the whole practice stinks and I can no longer trade knowing that anything I do can be "corrected" whenever they feel like it! I can prove all as I have kept the print outs took.
What is to stop a small loss being a BIG loss in a similar way? There is no way of being sure.
How do I know that other "brokers" are not involved with the same unfair practice?
Does it make it less valid?
The whole system for resolving complaints is a mess. I spent several months trying to get my money from Natwest/Barclays when they lost my ISA transfer. I know some people spent years trying to force RBS (One Account) to stick to mortgage conditions and not increase rates and complaints are not resolved yet. I am not surprised that it takes so long to resolve issues. Sorry for offtopic.
Your issue should be solvable. Have you tried http://www.advicenow.org.uk/how-to/seven-steps-to-solving-a-problem/ or http://www.moneysavingexpert.com/banking/. They have some good forums with a few useful links to other sites.
I agree the whole system is a sad joke full of fat cats making it easier amongst themselves to divert your hard earned cash in to their own bank accounts.
I work at CMC Markets full time, I am executive Chairman and I wanted to create this thread so you could have direct access to me to ask me questions about the Company.
I will answer all the threads personally, I type them myself and I will answer your questions as best and as honestly as I can. So if you have any questions fire away.
regards Peter Cruddas.
Hello Peter,
My questions to you are what percentage of your clients are profitable? What do the majority of your profitable clients trade and how long do they keep their trades open for?
Jason
jason
My advice would be do not trade with this company. This man stays silent about the fact that his company can and does "correct" your bets on the market. I won £298.00 with them which was credited to my account, on the monday morning I awoke to find that they had "corrected my winnings by taking the money I had won back out of my account by dumping a losing bet in to my account which bore no relation to where the market was at the time the bet was dumped. They can and will deplete your account. This might be why peter is a billionaire and to date has said and done nothing about the situation. I have proof of everything I am saying.
My advice would be do not trade with this company. This man stays silent about the fact that his company can and does "correct" your bets on the market. I won £298.00 with them which was credited to my account, on the monday morning I awoke to find that they had "corrected my winnings by taking the money I had won back out of my account by dumping a losing bet in to my account which bore no relation to where the market was at the time the bet was dumped. They can and will deplete your account. This might be why peter is a billionaire and to date has said and done nothing about the situation. I have proof of everything I am saying.
Its interesting that no one else has claimed similar experiences with CMC and common sense indicates that no broker would get away with routinely stealing back profits from clients - there would be so much bad publicity they would loose out. The amount you quote of £298 is significant to you as an individual, but absolutely insignificant to any broker. Generally there will always be a means by which a broker will fix errors, even if the initial error was in the clients favour. BTW I'm not taking sides.
Note the crash of the NASDAQ in May 2010. If I recall correctly at some point subsequent trades were cancelled so I can imagine a lot of people being disgruntled or relieved.
I never liked the idea of spreadbetting, ie betting against the broker rather than trading the underlying markets. There appears to be a conflict of interests with the broker in spreadbetting. The only advantage seems be that it is free of CGT, but that shouldn't be an advantage as tax is already paid via the spread, and personal allowances apply to CGT as with income tax. So I trade using CFD as I doubt there is much, if any, Tax incentive to spreadbet. That way CMC only take commission rather than taking the other side of the trade.
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