written by on 06/04/2014
Hello ladies/gents, I have recently opened account with CMC after seeing there gd spreads and margin req required for my mixed strategy. I felt the stops being triggered but still closed account with 38% profit. I couldn't find a better broker with that much leverage and spreads and went to open account again. but before i made that decision i read this and thought everyone should be aware of what are you getting into. We act as a market-maker. 4.1 Although the prices generated by our platform or provided by our client management team will take into account current exchange and market data from various sources, they are not taken directly from any source. This means that our price may be different to any current exchange or market price, or another betting provider's price, for the relevant underlying instrument. The profits or losses that you make from bets made with us will be in relation to our prices solely, and not to prices prevailing or shown anywhere else. This statement is expressing what they can do. they can quote made up prices to trigger stops and we have to honour that i guess. and second point i found is that they cant guarantee the safety of our clients money in their accounts. 14.1 If you are categorised as a retail client, money that we hold on your behalf will be held in a segregated client money bank account separate from our own money, although this may not provide complete protection (for example, if the bank that we use becomes insolvent). at least they should mention the banks name for better transparency and to see if that banks is going to get insolvent or not. and lastly this point is fair but loosing confidence that if they are treating traders fairly even though odds are on their side with 90% of traders blowing their accounts up. 14.2 Money that may be owed by you to us under our Financial Betting Sales Trader Terms of Business and agreement therein (for example, net unrealised losses and holding costs) will be transferred from the segregated client money bank account to our own account and will then be treated as our own money (which is not subject to the FCA's rules on client money). I am still looking for broker for sb with forex( expiring in 1 or 2 months), index and few comods providing about 400:1 leverage with low spreads. Regards
written by obts on 25/10/2012
CMC markets are bad news. They have forced all onto a new trading platform. The graphical package is weird. Saved charts default without warning. The system logs off by itself just when you want to bet. . There are no fractional bets on the spread bet side so some minimum exposures are £20K , other £200. Worse of all they have no arrangement for technical people to call to sort out problems. . just customer service who shrug their shoulder at techncial issues.
written by 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.
written by Actinidia on 06/02/2008
Unlike others I had plenty of time to respond to margin calls, so perhaps they have sorted that one. The sales desk is chaotic and doesn't sort out problems quickly enough. For instance they have "lost" £20,000 of my money and don't seem understand my concern. When I phone the person I need to speak to is always "in a meeting".
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Ello1949's Comment
Written on: 28/08/2014
They are still at it triggering stops miles away from the action.
If this was run as a straight business they would still make
money. Maybe not the 10 billion quid the owner is reported
as having trousered in the last couple of years but surely
enough to manage or perhaps it's never enough. With an
unending supply of mugs and a never give a sucker an even
break philosophy CMC will be going from strength to strenght
until the law changes.