CMC Markets - Trading Standards & Alleged Fraud

alan5616 said:
I can only speak of my own experience from having been one of their clients. I got requoted once in 2 years and, rarely, had a fill that might be considered dubious. I've had other SB accounts over the past few years and, after being on the receiving end of some of the strokes these people pull, trading with GFT was like a breath of fresh air.
Click to expand...

Alan

you have to trade larger size, but they offer DMA and certainly no time issues or re-quotes that i have witnessed why not have a look at prospreads.?
 
alan5616 said:
I won't make any further derogatory comments about CMC as, I've made several in the past.

If you want to trade with a reputable spread bettor, I would suggest GFT. Their spreads are better than most SBs and their customer service is excellent. I had an account with them for 2 years and only recently closed it as I now trade DMA.
Click to expand...

cheers I will check them out.
 
Here I outline two issues that led to the fsa completely sanctioning the practice of being able to dump a “made-up” LOSING bet in to your spreadbetting account. This really happened to me between the 28th March 2010 and the 30th March 2010 AT CMCMARKETS!! I Lost the previous £298.00 which was already credited to my account on a winning trade when a spurious trade that lasted 16 seconds was dumped in to my account by cmcmarkets. This is all true!


Rola

I take issue with this trade 3) EURUSD 1 Sell position at 1.3479 and bought back at 1.3749 with £270 Loss as it does not represent the true market rates by a long long way, At no point in the 16 seconds between these trades that I did not place reach 1,3749 at the time noted in my blotter. I do not accept this trade and wish this issue to go to compliance and then on to the FSA if not resolved in my favour. According to your manager this trade was dumped on my account to "correct a position previously which you somehow cocked up. This is not my fault, and you should not be seeking to dump in this manner to correct a previously accepted trade which I presume you did not act on in good time, also not my fault. You accepted the previous sell eurusd trade which was a winning trade, and now you seek to reverse it which I find unacceptable. Please assure me that this issue has passed to compliance level.

Sincerely

4505***
ms sally ******

Sent: Tuesday, March 30, 2010 12:50 PM
Subject: attatchments for proof

Rula

I am sending you proof that the market did not make 1.3749 EURUSD at 8.30am this morning the 30th march 2010. I did not place this trade, but it has appeared on my blotter for the 30th march 2010, There is something not right going on with my account.

Please inform your manager and ask him to call me on 011790*****

Thank you
sally ******



account number 4505***

ms sally ******


HERE IS ANOTHER LITTLE TRICK USED WHICH IS TO WIDEN THE SPREAD SO MUCH IN OFF PEAK HOURS THAT YOU ARE FORCED OUT OF YOUR POSITION!

further complaint

If your ticket turns green and informs me that there is now an open position then I do not expect that situation to be reversed as was the case in my last complaint.

Today’s complaint is regarding the spread which does not seem to be priced in anything like the market offered at other firms with similar services.
In my market maker software the bid - ask price on the EURUSD ticket is 3569-3585 a difference of 16points?????. Is this because I have an open position on that pair? Is this the price only showing in my particular market maker software? The time of writing is 19th march 18.25pm By what margin can I expect the spread to differ during an open position? Where do I stand legally on this? why not 35 pts? If you do this you would certainly throw me out of the position. I must know the deviance to be expected in the length of my held position.
I note that you are quoting the market for EURUSD about 30 pts up from where other firms are quoting it?

Please advise me concerning all of the points above.


----- Original Message -----
From: CMC Markets Helpdesk
To: admin.sally
Sent: Friday, September 25, 2009 2:43 AM
Subject: Re: Fw: complaint- trading and your software - correction - order number 36880584

As you can see from the following the entire issue of having a position verified open with the green acceptance ticket is totally ignored! Look how they squirm out of it using their terms and conditions. Ha ha… highwaymen wear bowler hats and briefcases. They know how to use the law to steal to their advantage.

Dear Ms ******,

I am writing you in response to the complaint that you logged regarding order 36880854 not executing.

I have checked the order and i can see that it was cancelled as the trade price was no longer available. 'Client order sent' is not a trade confirmation message and an assumption of a filled order should not be taken. This order was not filled and hence did not receive 'executed' status. (funny that because the ticket turned green and used the word executed)
Therefore in this case, we can not offer to replace the trade at this price or offer any compensation in the matter, because as stated in our Terms of Business Section 4.9, an order is not deemed valid unless confirmed and executed by us.

I hope this provides some understanding in the matter, if you require further assistance, please contact us.

If you feel that your complaint is still not fully resolved, please contact us as soon as possible for further assistance.

Should all internal avenues be exhausted and you remain dissatisfied, you are able to escalate it to the Financial Ombudsman Service (FOS).

If you do not respond within 8 weeks your complaint will be automatically closed.
Regards,
Vadim Tchassov
Senior Client Services Executive
CMC Markets (London)
Helpdesk (London)
___________________________________________

___________________________________________


"admin.sally" ---25/09/2009 00:08:12---correction - order number 36880584 ----- Original Message -----


correction - order number 36880584
----- Original Message -----
From: admin.sally
To:
Sent: Thursday, September 24, 2009 11:56 PM
Subject: complaint- trading and your software

account number 4505***

ms sally ******
Bristol

HERE THEY OPEN A TICKET AND SO YOU THINK YOU HAVE AN OPEN POSITION AND THEN THEY CANCELL IT LEAVING YOU WONDERING WHAT THE HELL IS GOING ON!

011790*****

24th September

Dear complaints department

This is not the first time that I have found myself left out of a trade when receiving a message live that it is executed. At roughly 3.05pm I placed an order number 36880854 on the US30 at £3.00 per point and struck at 9744 short . The reading at the time of this complaint on the same US30 instrument is 4705 clearly a winning trade.

I am not satisfied with any more excuses about a fast moving market etc as I plainly saw on the docket the words "client order sent" and so I assumed this order to be taken.

On at least three other occasions I have found it nigh on impossible to trade at all as there are so many people accessing your server at certain times (busy) that it is quite obvious that no effort is made on your part is made to accommodate those who might be on the wrong side of a trade and wishing to exit which is impossible, even by phone at those times! or to enter a trade because the software suffers badly with DOS (denial of service) or "too much traffic"!
Because of this problem I am constantly unable to trade with any hope of accuracy regarding correct entries and exits to trades and I am considering the intervention of the FSA with a possible view to a court case to test whether or not the judges would consider that I have been unfairly dealt with resulting in unfair financial loss.

Yours sincerely

ms sally ******

_________________________________________________

DO NOT USE CMCMARKETS!!
 
What many traders hope is that one day, in the not too distant future, the FSA grows a pair of spherical objects and takes these cowboys to the cleaners. I have the feeling that, unfortunately, this will still be on my "wish list" in 2021.

The FSA's American counterpart (CFTC) come down very hard on brokers who rip their clients off. I'd hazard a guess that Spread Betting Companies would find it much harder to operate in the USA and would be under constant scrutiny by the CFTC.
 
alan5616 said:
I'd hazard a guess that Spread Betting Companies would find it much harder to operate in the USA and would be under constant scrutiny by the CFTC.
Click to expand...

Spread Betting is ILLEGAL in the USA :-0

Trader's you need to find a broker that is ECN execution and NOT a Market Maker Dealer
 
alan5616 said:
What many traders hope is that one day, in the not too distant future, the FSA grows a pair of spherical objects and takes these cowboys to the cleaners. I have the feeling that, unfortunately, this will still be on my "wish list" in 2021.

The FSA's American counterpart (CFTC) come down very hard on brokers who rip their clients off. I'd hazard a guess that Spread Betting Companies would find it much harder to operate in the USA and would be under constant scrutiny by the CFTC.
Click to expand...

The English FSA should join the list of cuts! They are in with them and get taken to lunch and holidays, wouldn't surprise me to find a few hidden Swiss bank accounts full of... eh hum - inducements, using the great word allegedly of course. About time they themselves were investigated or replaced by their American counterpart. Bunch of bloody yes artists!!
 
JDTRADER said:
Spread Betting is ILLEGAL in the USA :-0

Trader's you need to find a broker that is ECN execution and NOT a Market Maker Dealer
Click to expand...

I know Spread Betting is illegal the USA. What I was trying to get across was the fact that, if any Spread Betting company ever got a licence to operate, they would not be allowed, by the CFTC, to get away with cheating their clients like they do here.

The following is the sort of news that any retail forex trader loves to read. Well done everybody involved in bringing cheating brokers to book.

http://forexmagnates.com/fxdd-slapped-with-class-action-suit-as-well-full-details/
 
alan5616 said:
I know Spread Betting is illegal the USA. What I was trying to get across was the fact that, if any Spread Betting company ever got a licence to operate, they would not be allowed, by the CFTC, to get away with cheating their clients like they do here.

The following is the sort of news that any retail forex trader loves to read. Well done everybody involved in bringing cheating brokers to book.

http://forexmagnates.com/fxdd-slapped-with-class-action-suit-as-well-full-details/
Click to expand...

Class action suit against FXDD is dropped

http://forexmagnates.com/class-action-suit-against-fxdd-is-dropped/
 
alan5616 said:
I know there was,also, an action against FXCM. To be honest, I don't know the outcome of either case but, it is good to see some of these crooks getting the adverse publicity that they deserve.
Click to expand...

Crooks? That sounds a bit libellous.
 
I was trading with capital spreads and i was 400 points up on a trade I tried 4 times to close the position through the computer and it wouldn't have it. I phoned them up in order to close it and the female on the other end just said no. I closed my account with them there and then. It wasn't the first time i was sitting on a decent points profit and they refused to close. Put a complaint in with with the authorities. Capital Spreads does seem to move there spreads around a lot. I remember once i was going to put a trade in on an FX position only to find it was 60 points more expensive than everyone else on the planet. It's all just legalised theft and it's no wonder people call this country rip-off Britain .....
 
Well, unfortunately , you can't call CMC up and ask them to close your position with Capital Spreads. It just doesn't work that way.

You have a lot to learn.
 
You know you are right. But thats all in the past now isn't it !? I've never used CMC but i did have a lot of problems with Capital Spreads at that time - Don't know what there like now. Maybe things have improved with them. Lots more competion about now. Thank goodness.
 
Mate, you are posting about your problems with Capital Spreads in the CMC thread....
 
jRasco said:
From what I've read on these forums stay away from CMC. Don't even bother suing a Spread Betting company, you're just going to throw away more money and most importantly, time.
Click to expand...

Wise words. You are so damn right.
 
Hello,

I just started using cmcmarkets. Yesterday I took a position on 10k $ on EURCHF long at 1.2165, but now I see that I have been handed over the loss of around 100 $ and my total equity has decreased by 100 $ too. The market price shown now is 1.2063(see below), where as the closing price is 1.2163.

Instrument Quantity Market Reval
EUR/CHF 10,000.00/-12,190.82 1.20663 0.93932

I mean, I did not close the position. I am new to CMC Markets and I am more accustomed to Oanda. I understand that they do explicit rollover, but now I am totally confused. Why is price 1.2063 and why this loss?

Can any one of you please tell me what exactly has happened?
Thanks a lot.
 
You must log in or register to reply here.

Similar threads

T
Investigating CMC Markets Plc
Replies
0
Views
2K
tradernew
T
B
Two held over alleged £50m fraud scheme
Replies
2
Views
1K
Andrej Germanus
A
N
CMC Markets
Replies
0
Views
1K
nico2009
N
O
CMC Markets - slippage policy
2
Replies
20
Views
10K
CFD Killer
C
M
Total joke. CMC
Replies
17
Views
4K
Ross Spur
R
Top