CMC / Deal for free requotes

[peacock1984]

ahhh how refreshing fellow cmc haters......i think if you have been using them a while you really start to feel cheated!
i have had a couple of classic ones recenlty.....canceled a pending order that i had waiting but didnt want any more, logged off and went to bed...woke up the next day went to wrk came hm turned on the platform ready to have a crack at the american markets for a couple of hours before it closed to see my account 150bps down......!! they had filled my canceled order?! ...i thought i was going nuts...there would be no way i would leave a single order wiv no stops or anything left liek that!?......called them up, they said that the order wasnt confirmed that it was canceld so was filled even though my audit files showed that i had canceled it.....read me out some terms and conditions and sent me on my way.... and thats what i call customer service!!!

Also today one of my pending orders took 20mins to fill which caused my account to go into liquidation as the markets moved quite sharply...went from 200bps up, to negative 50bps...yes..they have received another complaint letter from me.

cant believe they can get away with the stuff they do.....!

apologies for the rant......

Anyone know of a decent platform i can use...i trade mainly us stocks and us indices...am considering moving to trading cfds on IG index? anyone got any good advice?

 

[lockstock]

Funny you should say that, I had the very same thing happen to me with a pending order that I cancelled and then was filled, I was at the thick of the action at the time and noticed that it had put me back in the market. I bailed out and then went and did some damage in my favour

Another time it could have been potentially a lot worse.

I spoke to them direct and they asked me to send the client audit files, which I duly did. They then said I had sent the wrong ones! ( You cannot send the wrong ones- if it has the correct date on them, which it did!)

I haven't heard from them since.

Yesterday, got filled first time- every time.

As I said, Monday there was some shennanagins going on, they were requoting and they were off mid future price by about 25 points.

 

[Kap]

Funny you should say that, I had the very same thing happen to me with a pending order that I cancelled and then was filled, I was at the thick of the action at the time and noticed that it had put me back in the market. I bailed out and then went and did some damage in my favour

Another time it could have been potentially a lot worse.

I spoke to them direct and they asked me to send the client audit files, which I duly did. They then said I had sent the wrong ones! ( You cannot send the wrong ones- if it has the correct date on them, which it did!)

I haven't heard from them since.

Yesterday, got filled first time- every time.

As I said, Monday there was some shennanagins going on, they were requoting and they were off mid future price by about 25 points.

well I have absolutely reamed them on mispricing this year, well the first quarter anyway, if it makes any of u guys fell better, they monitor my account now so i have been basically banned now , but bless the aliases woohoo !

 

[peacock1984]

Any one else seen the back of the City AM paper with the cmc markets add....in the add it says, i quote; "voted the best spreadbetting platform of the year for the fourth year running by Trade2win" !!
who was voting!!!

 

[Kap]

Any one else seen the back of the City AM paper with the cmc markets add....in the add it says, i quote; "voted the best spreadbetting platform of the year for the fourth year running by Trade2win" !!
who was voting!!!

I reckon its pretty good compared to the others, are there others with equivalent platforms/fills/spreads ? - and if your lucky enough to have enabled straight through processing your laughing in this volatility - but as a junior "trader /bookie" said whoI spoke to today @ cmc ... if their computers pick up on any "unusual" trading activity - and I can only assume that means actually making moola - then your orders are put on delay for monitoring - or basically ya just wont get filled at the price offered , not before a chunk of a delay and a requote anyhows. This was a managment decision and not made by the desk he remarked.

If I set up a new accouint with them tomorrow, on the same PC, same connection etc etc I can guarantee I will get filled immediately, where as my existing account will experience a nice big chunk of delay and requote, but I wouldnt do that, coz I am a well behaved young man of course. !

So how about this.. you set up a company on the premise that 95% of retail traders fail, you monitor their accounts and quickly identify the gambling baboons from the few who know what they are doing, - you just take on the morons bets, affectively taking the other direction and dont bother hedging , just cash in on there stupidity - so thtas the 95% looked after...caching££..- better still if those 95% are short ... like today .. then whoppee! go long into the real futures with size coz ya know where they all are .. and lets face it its all about shafting the other guy...ooo beautiful, possiblilities are endless...any accounts that make money you hedge and take the spread for your hard work - or better still deter them from trading at all and quietly giv themn the elbow via slow requotes and delays.

Seems like a bloody good business model to me !

 

[fibbinstarchi]

Instead of bitching on here, use your legs and walk and join somewhere else? CMC are not after winners, only losers, as losers pay their wages.

 

[Kap]

Instead of bitching on here, use your legs and walk and join somewhere else? CMC are not after winners, only losers, as losers pay their wages.

can suggest a viable alternative?

 

[fibbinstarchi]

can suggest a viable alternative?

I'm opening an account with GFT, and considering Twoway markets Currenex pro platform Direct access (spreadbet wrapper) for scalps, it should be up and running in a couple of weeks.

 

[fibbinstarchi]

CMC Markets aka Steal4Free are marketing under a different name again, beware!

Pro Financial > Spread Betting

 

[counter_violent]

Today i went to close a long Dow cash position ...in the money...as I hit the button the price jumped up another 6 ticks...I was requoted and then I closed for the extra....

If the price moves out of the spread when you hit the button....they will re-quote ...in or out of the money either way.


go figure people

cv

 

[fibbinstarchi]

Today i went to close a long Dow cash position ...in the money...as I hit the button the price jumped up another 6 ticks...I was requoted and then I closed for the extra....

If the price moves out of the spread when you hit the button....they will re-quote ...in or out of the money either way.


go figure people

cv

If you honestly got quoted in your favour, better hang on to that victory, and it's the first time I have heard of it as CMC make their money by skewing prices, not giving money away, I take it was a small bet.

 

[fibbinstarchi]

Today i went to close a long Dow cash position ...in the money...as I hit the button the price jumped up another 6 ticks...I was requoted and then I closed for the extra....

If the price moves out of the spread when you hit the button....they will re-quote ...in or out of the money either way.


go figure people

cv

If you honestly got quoted in your favour, better hang on to that victory, and it's the first time I have heard of it as CMC make their money by skewing prices, not giving
money away, I take it was a small bet. Do CMC advertise on this site btw?

 

[counter_violent]

If you honestly got quoted in your favour, better hang on to that victory, and it's the first time I have heard of it as CMC make their money by skewing prices, not giving
money away, I take it was a small bet. Do CMC advertise on this site btw?

Re-quotes happen occasionally in my experience both in or out of a position
and similarly when the instrument is in a more volatile condition.

Slippage occurs more frequently but this happens generally inside the spread...so a tick or so to them. If for eg you were slipped outside the spread then I would take it up with them as this is clearly unacceptable.

Do CMC advertise on this site btw?

Yes they do advertise on here along with hundreds of other companies.
Advertising is considered a normal business practice and helps to pay for this wonderful free resource (T2W) where we can all discuss the merits or otherwise of all things trading related.

cv