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Cmcmarkets.com Review Visit site

Updated: Jul 20, 2018
1.697 · 109 REVIEWS
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1.697 · 109 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

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Auckland, New Zealand,
Jun 13, 2018,
Registered user

Bad Customer Service & Platform Errors

I am done using CMC. The system kept logging me out and customer service would take days to respond.
Chile, Chile,
May 12, 2018,
Registered user

I need help. I am having a tax issue in my country derived from trading activity on CMC Markets Market Maker trading activity dated December 2015 derived from the CFD VIX index instrument.

The difference relates to the number of CFD traded for a value amount traded of USD $ 1,293 for a VIX instrument index price in the market at $12,93 the unit but for purposes of the online MM platform, it seems it was priced at 1293. The issue resulted in a discrepancy in the amount of CFD behind the trade; if it is 1 or if it is 100.

It seems the MM for Chile -my country- the platform was set in a unique way as opposed to other international markets.
What I need is a Clients Daily Statement report showing a Vix instrument traded during December 2015. I do not need names or any confidential info, just how CMC priced the VIX index in your country to define the amount of CFD behind a trade.

Thank you very much for any help.
Please send same if possible

ARIBERNI
Singapore, Singapore,
Mar 26, 2018,
Registered user

Illegal, Unjust and Unfair Practices by CMC Markets

We are a group of CMC Markets Singapore customers who have lost a total of $7,500,000 SGD from illegal, unjust and unfair practices by CMC Markets. If you had experienced such practices on your account with CMC Markets, please contact me immediately. We are taking a class action suit against CMC Markets and your input will greatly benefit in helping youself and each and everyone of us in getting back monies which have been illegally, unjustly and unfair stolen away from us.
london, United Kingdom,
Nov 2, 2017,
Registered user

left identity check foot print on my credit history

left the identity check foot print on my credit history. be careful guys and 2ndly spread is very wide
Susses, United Kingdom,
Sep 1, 2017,
Guest

What's wrong with CMC?

What is happening with CMC? Service recently has gone out the window ... pricing at times doesn't reflect underlying market conditions ... complaints are being ignored - WTF is wrong with them. If I was to hazard a guess, I fear they are practising the dark arts on their retail traders - ahead of the FCA's clampdown on margins. They now are only a provider for the big boys so maybe it's time to get out... Anyone else out there know what I'm talking about?
Australia,
May 1, 2017,
Registered user

Stay away from Aussie regulations. You'll be burnt anyway.

I have not opened an account with CMC Markets and never will.
Typically for an Australian Professional Company, their highly decorated members display nothing but arrogance, that, if they say anything or reply to your inquiry after weeks.

Having said this, I do not give a dime whether an Aussie broker is regulated or not. Australia's entire "system" is a scam and I don't trust any of these people. All this "regulation" things in downunder is nothing but a money making scheme. Least they do is showing any interest in protecting a "commoner".

Old English Royal system, speaks for itself. Id rather chose a Russian or Chinese regulated body, to be honest. Try to complain in Australia and see for yourself how you'll end up.
United Kingdom,
Apr 28, 2017,
Registered user

CMC (Deal4Free): same old tricks.

Most of CMC's entire business practice is based on dishonestly fleecing the retail trader. This has been the case since their 'Deal4Free' days back in the early year 2000 days.

CMC's practices will make it difficult for you to ever be a profitable trader even after you move to another broker. CMC's exploits occur at the most emotionally damaging times for traders and most traders will have a very difficult time freeing themselves of that CMC footprint after they move to a reputable, professional and honest broker. If you want to be a professional trader, look else where; if you want the Blackpool arcade experience then go for it.
United Kingdom,
Mar 11, 2017,
Registered user

READ CMC's LEGAL DOCUMENTS FOR THE TRUTH -- summary here

everyone reading these reviews should first keep in mind the following: some 'traders' are not trading significant enough volume, meaning they trade so small, meaning, less than 10M notional, meaning, less than 100 standard lots (not mini, not micro, not, ****ing nano--standard lot = 100K notional), that execution with a 'broker' (read on to find out why i used quote marks here) will appear outstanding, and yet it means nothing when you reach a level where you can start making serious money, as in, making serious money like a pro institutional trader does.

when you do reach the kind of volume pros trade, typically >= 10M per ticket, your oh-so-great 'broker' suddenly doesn't seem to give oh-so-great execution anymore.

so let's look at the legal document (the PDS, aka Product Disclosure Statement) CMC is required by Australian law to issue publicly (and just because CMC also operates in other jurisdictions, don't think for a second that it means they only operate like this in Australia; the business model is profitable whether in the UK or Australia, so why should they change it in the UK? the law does not require them to do so.)

so, without further ado, let's delve into the PDS document, where we find the following sections:

section 2.2 Trading with CMC Markets is your red flag right there.

10.5 Risks associated with OTC derivatives

in section 10.5, we read that they do not guarantee that a client can close his/her open position(s). the doc is full of legal loopholes like this gem: 'in certain circumstances'. and so since they control everything, they can always claim that there were 'special' circumstances that prevented their platform from allowing clients to get out of losing positions. how convenient when they are on the other side of your trade. and there is nothing you can do about it because you agreed to the terms in this and other documents when finalizing your account opening.

they even stated in section 2.11 that the platform may freeze due to the tried-and-true legal loophole of 'Circumstances Outside Our Control'.

section 4.3 Prices generated by the Platform clearly tells you that they make the prices they want and you should not expect that CMC prices match the prices in the real market. is there any possible way they could make it more clear to you that you are going to be a nice revenue stream for them, not you?

section 4.4: 'Whilst these rates will take into account market data from various sources, you should note that THEY ARE NOT TAKEN DIRECTLY FROM ANY SOURCE, AND THEREFORE MAY NOT MATCH CURRENCY CONVERSION RATES THAT YOU SEE ELSEWHERE.' [emphasis mine]

section 10.6 speaks for itself: "10.6 We act as a market maker".

section 10.8 talks about conflict of interest where they state that they or associates might be have a material interest in any position the clients enters with CMC, etc. the usual 'we trade against you, or front run you (go in the same direction) if it suits their bottom line)'.

further, section 10.8 states: 'CMC Markets is a Product issuer, NOT A BROKER.' [emphasis mine]

THEREFORE, clearly, CMC is NOT a broker.

you can find CMC's PDS here--read it: http://www.cmcmarkets.com.au/sites/default/files/CMC_AUS_PDS_NextGen%2029032016.pdf?_ga=1.27723196.1682065883.1489187115


it is the greatest mystery in the universe that people keep opening accounts to them and giving them their hard-earned money. is this or is this not the height of human stupidity??

i got 1 last word of advice for you all: if you are gonna trade, at least trade in a real market. SPOT Forex on an institutional ECN or currency Futures and other Futures on the CME. 
Auckland, New Zealand,
Aug 22, 2016,
Registered user

Why I use CMC Markets.

I have found CMC markets in to be a great broker. Sheldon, Sales Traders at CMC is incredibly helpful in terms of advice, instituting information evenings, platform support and tutorial.

Every year, CMC invites an influential trader, (e.g 2015, John Bollinger) to give a presentation, followed by a Q & A session, at no cost to it's clients. How good is that?!

For the serious trader, there is better analysis software for trading but in terms of a broker, I would highly recommend CMC.

London, United Kingdom,
Jul 15, 2016,
Guest

They look sophisticated but their service is rubbish. Also Trading times are limited! that's the other silly thing, while most platforms have extended trading hours you will heavily loose a competitive edge with them. Especially if your a day trader.