cmc forex account

[andrewmooton]

Hi there,

I just enquired about opening a fx account with cmc and they told me that you need 6 months forex experience to open one.

Does anyone know why this is?

Cheers,
Andrew

 

[ChowClown]

...some FSA reg or other. Have a look at FXCM and the like as a comparison. I opened an FXCM account recently and they required trading experience (6 mnths+), but not FX experience per se.

 

[andrewmooton]

Do you think that you would need to show that you are 'good' at it or just that you have experience?

 

[Dan-Man]

try www.capitalspreads.com I'm with these guy's same spreads as cmc but better imr example cable 40 times so £5 bet £200 needed in account. cmc is 150:1

 

[JonnyT]

You would have to be a stark raving lunatic to Spreadbet Forex at £5 per pip with a £200 account.
You would have to be a stark raving lunatic to Spreadbet Forex at £5 per pip with a £2,000 account.

JonnyT

 

[TRADERguy]

Do you think that you would need to show that you are 'good' at it or just that you have experience?

I opened a CMC account a while back, just tell them what they want to hear, there is no documentation of any trading experience required.

 

[Dan-Man]

lol..true but just given an example, I trade 2 quid per point...

last of the big spenders

 

[andrewmooton]

thats not what they told me.

they said i'd need to show my statements if I wanted to open an account with them.

 

[TRADERguy]

thats not what they told me.

they said i'd need to show my statements if I wanted to open an account with them.

Then maybe things have changed. They conducted a telephone interview with me and recorded it.

 

[andrewmooton]

hmm i c.

 

[Newtron Bomb]

Have a look at "bet on markets" a good way to get into the trading arena without throwing your shirt in. Fixed odds betting with fixed risk reward

HTH
NB

 

[robber]

andrew, make sure you apply for the spreadbet account NOT the CFD one, that way Im sure you will get the go ahead.

Neil

 

[SvenFoster]

thats not what they told me.

they said i'd need to show my statements if I wanted to open an account with them.

And did they by any chance suggest openning a spreadbetting account Because its just the same according to them...

 

[andrewmooton]

yes they did suggest opening a sb account.

they did not say its just the same but they did say that the spreads are the same.

why do you ask?

 

[SvenFoster]

yes they did suggest opening a sb account.

they did not say its just the same but they did say that the spreads are the same.

why do you ask?

I had the same thing sometime ago. I got the feeling the rules for them are a little fuzzier from the point of view of Regulation if your a "spreadbetter".