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Cmcmarkets.com Review Visit site

Updated: Oct 18, 2018
1.706 · 111 REVIEWS
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1.706 · 111 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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TradingTiger,
Australia,
Oct 16, 2018,
Registered user

CMC Markets - Scam or Con? Trading against You.

CMC Markets platform is based on the market maker principle - that is CMC Markets synthetically creates market prices that is best aligned to their bottom line NOT YOURS.
Pricing for stocks, indices, currency, bonds etc are not precisely correlated to actual market conditions so spreads and offer prices can trade according to CMC discretion (stated in their Terms & Condition) often opposed to your financial interests.
Put simply, CMC Markets trades against you. When (not if - as 80% of CFD traders lose money) you lose say $10,000 CMC directly pockets $10,000 in addition to margin costs, brokerage and other fees.
Your risks are magnified when trading against a market maker model (CMC Markets) because you are subject to market maker pricing risk alongside typical market conditions.
In practice, this can often result in being conveniently stopped out during volatility periods (even though underlying prices never trade near your stops) and receiving poor offers when you try to exit a trade as CMC Markets may be the only significant buyer/seller - what choice do you have on pricing and volume when CMC Market dictates the spread/volume and not natural market forces?
It's simply not worth the risk given trading is difficult already without the actual platform provider actively working against you in the background.
Best to move to DIRECT MARKET ACCESS (DMA) PROVIDERS. With DMA providers you are not operating against an opaque black box matrix algorithm but deal directly with the real marketplace and its individual buyers/sellers.
The DMA providers are simply brokers so it's fair to say the longer you stay in business with your capital intact the better it is for them as they can continue to charge a brokerage commission.
With the Market maker model they achieve maximum profitability when you lose your entire capital similar to the Casino model.
Trading is difficult enough, why enter into an agreement that is already stacked against you from the beginning? YOU HAVE BEEN WARNED!
Daren,
newzealand, New Zealand,
Sep 22, 2018,
Guest

I trade countdowns with cmc. and notice they change the expiry times a lot. i have also noticed that other brokers dont you can trade a 2minute or 5 minute.24/7. . so if other brokers can allow it. why cant cmc markets. and is it legal to change the expiry times when ever there feel the need. any one in NZ trade countdowns and have noticed.
kiwiitrader6,
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.
ARIBERNI,
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
ezekielloy,
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.
samibck,
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
The Real McCoy,
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?
Bitwell,
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.
PrimeN,
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.
outofphase,
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.