Written on: 24/11/2010
I have been using CMC for 5 years. Their Market Maker platform is one of the best in the Spread betting world. It has real value for money considering professional prop traders have to pay desk fees if their independent traders of around £1,500 per month.
I managed to turn £2,500 into £110,000 in six weeks - verifiable - and then hand back £90,000 in the next six days! The more winning days I had the harder it became to trade, the fills were horrific! Some times up to 1 min then you were given a requote 5 ticks out of the bid\offer price!
It got to the stage where i had to take a longer view on positions as I knew CMC would not fill me unless the price moved significantly against my position. These bad fills cost me dearly, although most of the money I handed back to them was down to having other distractions at home.
I had no problems getting my money out when I choose to, especially if I paid for CHAPS. If they would stop their sharp practices of bad fills or constant requotes they would be a great out fit. Their new platform is a big step backwards. if they kept the old platform got rid of the Dealers then used automated trading they would be head and shoulders (pun included) about the rest.
1. It's web based.
2. you have to refresh it after 30 mins
3. The margins have increased by 70% !!!!
4. Clicking to trade is more time consuming.
5. The Graphic User Interface is too dramatic unlike the old platform which as nice and simple.
6. No one click trade, always have to type in the same price.
7. Less products to trade.
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