CMC Markets - Trading Standards & Alleged Fraud

[Aston1st]

If anyone has had any experience of standards of Practice that falls below that which the FSA or the Law demands of CMC Markets, Could you please send me a Private Message with the details?

I am currently in the process of preparing a claim against CMC Markets practises, and am in the process of gathering the evidence.

Thank you for your co-operation in this matter.

 

[SuddenDeath]

We would have to know what the standards of practice are before we could determine if the spread bet firm had fallen below it.

 

[Aston1st]

We would have to know what the standards of practice are before we could determine if the spread bet firm had fallen below it.

Stanards in line with the FSA's

"High Level Standards and the Conduct of Business Sourcebook"

If you don't have any problems or experience then that's fine. Like wise if you are happy with the service that's fine also. I am only interested in seeing whether or not any clients from CMC have experienced issued as mentioned above.

Thank you.

 

[CFDplayer]

Calm down, Aston1st,

people gether here for giving a hand to others or share experence from others stories whatsoever win or loss, i would like to discuss any compliance issues,but not obviously offend any firm when business name is make known.

The reason is simple, the person you are fighting may also has an eye here. According the game theory, how can you win a battle when make your beachhead in public?

 

[Aston1st]

CFD Player,

Thank you for your post. Good points.

With the number of complaints within these forums it seems to me that bad practices are occuring across many Spread betting firms.

But yes I take your point.

 

[arabianights]

Can you private message me the complaint you're working on? Worst case scenario is I laugh at it - it'll stay confidential.

 

[£10kLoser]

I never had a problem with CMC trading at up to £100 a point (and yes, I did lose £10k in one day). The reason I never had a problem was because I almost always let the stops and limits close the trade (which they always did spot on).

When I changed my strategy to maually closing trades, I began to have serious problems culminating in having to wait 2 minutes in which time I'd lost another 40 points. When I complained, I got sympathy from the dealer who agreed it was too long to wait but the official decision was that it was unfortunate but just how events pan out sometimes.

I took my money out and used Capital Spreads and then IG, both of whom close trades on a manual mouse click just about instantly and always at the price I click. The only reason I switched to IG was because I misunderstood Capital's margin requirements (they are reduced in line with your stops). They have much higher margin requirements than anyone else...

 

[sfarmer]

cmcmarkets complaints

I have many compalints about cmcmarkets. They refuse to take off cancelled bets preferring then to run untill they are actioned. They have insufficient bandwith in busy periods resulting in frquent losses due to the fact that you can do nothing about open or intended positions. I have svreenshots and compalints sent to them which are just passed off. How come the fsa does not require then to have sufficient server power?

If anyone has had any experience of standards of Practice that falls below that which the FSA or the Law demands of CMC Markets, Could you please send me a Private Message with the details?

I am currently in the process of preparing a claim against CMC Markets practises, and am in the process of gathering the evidence.

Thank you for your co-operation in this matter.

 

[shadowninja]

When will you decide enough is enough and move to a different company?

 

[sfarmer]

when i obtain justice for the many people which must be being ripped off out there and get the fsa to recognise that they must present a response in asking cmcmarkets to at least provide adequate servers in bust periods for the minimum that they say thier software will run on. It does not! I have dual core and 3gb memory and have run through thier troublshooters to ensure that this problem is not at my end. I am sorry, but I suspect foul play.

 

[alan5616]

Steal4Free lives on

I'm sure that many here would like to see the day when a separate division of the FSA, for regulating SB companies, is established.

For too many years, some of them have been defrauding their clients by using tricks such as excessive slippage, bad fills, dubious requotes etc. There's not a lot that this "new division" could do about pre-market quotes on cash indices but, they could, certainly, clamp down on other markets where the data is independently verifiable.

 

[candles]

They've been having a laugh with me today! Im sure they've got me on some sort of 'watchlist' even though im only trading between £1-3 per point. I funded an account with them a month or so ago with about £500 and since it got to about £2000 the constant requotes have been unreal! im talking a dax trade at £1 per point when it is moving very slowly taking about 30 seconds to eventually give me a requote of 10 points away from where i initially placed the trade!...every other trade or so! I rang them today about it.

 

[sfarmer]

yep! It;s time to get serious serious and take screenshots, meticulously detail what is going on and take it collectively as a group to the fsa.! This is downright unjust.

 

[candles]

personally I have accounts elsewhere which are much much better. I only put money with them because of the ease of withdrawing and depositing money with them, as my other brokers take longer and I needed to trade but couldn't waith the 4 days my other broker can take. I also wanted to use CMC just because they 'owe' me money from a long time ago, and i wanted it back from THEM and them only! lol (a nit stupid on my part really...shuldn't matter wher it comes from). Got it back with interest now anyway and will likely just withdraw my money next week....

 

[alan5616]

They've been having a laugh with me today! Im sure they've got me on some sort of 'watchlist' even though im only trading between £1-3 per point. I funded an account with them a month or so ago with about £500 and since it got to about £2000 the constant requotes have been unreal! im talking a dax trade at £1 per point when it is moving very slowly taking about 30 seconds to eventually give me a requote of 10 points away from where i initially placed the trade!...every other trade or so! I rang them today about it.

Hi Candles,

They've been doing it for years. The original company was called Deal4Free and got the unenviable misnomer of Steal4free. They, subsequently, changed their name to escape from this reputation. I have seen all the tricks that they can pull out of the bag and I wouldn't have another account with them if they were the last SB company left in the UK.

 

[sfarmer]

who would you recommend as an alternative ? and what are the difficultys of withdrawing and depositing money with them please? In what way are they better?

 

[candles]

I know Alan. I had an account with them when I was very young when they were still Deal4free. They were actually better then than now from what I remember!

Sfarmer. Spreadbetters in general are all gonna have their issues. You need to trade direct if you want all the games to stop i guess. However, As far as spreadbet firms go, personally I like RBSmarketindex. You cant trade stocks(CFD's) with them like you can CMC, but can trade FX pairs and the FTSE, Dax, oil, sugar etc. I've never had any silly delays with orders with them. Money can take about 5 days to transfer from your bank tho. You cant do it with a credit card like with CMC (hence why i am using CMC at the mo). ETX seem OK from what i've seen so far, but i'd need more time with them to be certain...

 

[jRasco]

From what I've read on these forums stay away from CMC. Don't even bother suing a Spread Betting company, you're just going to throw away more money and most importantly, time.

 

[chris1976]

hi candles, i've had the same problems with them this week also, you close a trade and it goes 1 or 2 points away from where you sell.
orders dont get cancelled unless its about to go against them.
the platfrom has freezed up on me mid trade as well a few times and ive had to log out then back in again
also ive noticed limit orders dont get filled unless it moves past them in their favour ie if you want to sell at 98 it will wait till it gets to 100 then sell for 98.
no im not impressed with them either,mind you i have just sarted and have no one else to compare them too .

 

[alan5616]

who would you recommend as an alternative ? and what are the difficultys of withdrawing and depositing money with them please? In what way are they better?

Hi Sally,

I can thoroughly recommend GFT. I've never been requoted once and make several trades a week. I've used IG Index; they are a good company but, their spreads tend to be wider than GFT. A friend of mine has an account with ODL and he is happy with them. You've got a choice of three very good companies here.