Your opinion on City Index and CMC

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kef2138

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I want to open a spread betting account and have first chosen IG. I've applied for a new account but, since I'm not an UK resident, had to send them some documents to prove my ID and address. It's been two weeks since the process started and every time they find something wrong with my documents, either they want a different document or my address is not presented in full... bla, bla, bla. Not to mention that they can't be bothered to reply to my emails and I have to contact them every time to find out what's wrong with my application this time.

So, as I'm already sick and tired of their lousy customer service, I'd like to explore the possibility of opening an account with another broker. I've noticed several threads about City Index and CMC, so I'd appreciate if you'd share your opinions/experiences with these brokers.

Best,
Andrei
 
kef2138 said:
I want to open a spread betting account and have first chosen IG. I've applied for a new account but, since I'm not an UK resident, had to send them some documents to prove my ID and address. It's been two weeks since the process started and every time they find something wrong with my documents, either they want a different document or my address is not presented in full... bla, bla, bla. Not to mention that they can't be bothered to reply to my emails and I have to contact them every time to find out what's wrong with my application this time.

So, as I'm already sick and tired of their lousy customer service, I'd like to explore the possibility of opening an account with another broker. I've noticed several threads about City Index and CMC, so I'd appreciate if you'd share your opinions/experiences with these brokers.

Best,
Andrei
Click to expand...


I use IG and like them but must agree with you, their customer service can often leave a lot to be desired. They are the market leader and I think a bit of complacency creeps in.

Of the two you mention my preference is CMC. Their interface is fantastic, far better than IG's or City Index's and they seem to be doing pretty well. One thing many people never look at is safety of client assets so check the fine print. I actually don't know between these two who is better. CMC have certainly not been a cash rich company historically but I think are doing a lot better of late.
 
LongTermInvester said:
I use IG and like them but must agree with you, their customer service can often leave a lot to be desired. They are the market leader and I think a bit of complacency creeps in.

Of the two you mention my preference is CMC. Their interface is fantastic, far better than IG's or City Index's and they seem to be doing pretty well. One thing many people never look at is safety of client assets so check the fine print. I actually don't know between these two who is better. CMC have certainly not been a cash rich company historically but I think are doing a lot better of late.
Click to expand...

I've opened a demo account with CMC and must admit their web platform is great. Not sure if its better than IG's, since demo accounts have limited options, but it is at least as good.

In terms of costs, margin, etc., all major spread betting companies are rather similar so it's difficult to choose between them. They are all regulated by the FCA and are imposed tight funds security rules, so all I am left with as a guide is user experience. I am thinking about opening accounts with all of them and see hot it goes and after a while choose only one of them.
 
montmorencyt2w said:
CMC: Hate black backgrounds, but I guess some people like it.
Click to expand...

:D

I don't find that as an important aspect. To me, fast execution, tight spreads, low commissions, not trying to screw clients with T&R loopholes and good customer service are far more important. :)
 
kef2138 said:
:D

I don't find that as an important aspect. To me, fast execution, tight spreads, low commissions, not trying to screw clients with T&R loopholes and good customer service are far more important. :)
Click to expand...

Yeah, guess I need to get my priorities straightened out. :D
 
kef2138 said:
I've opened a demo account with CMC and must admit their web platform is great. Not sure if its better than IG's, since demo accounts have limited options, but it is at least as good.

In terms of costs, margin, etc., all major spread betting companies are rather similar so it's difficult to choose between them. They are all regulated by the FCA and are imposed tight funds security rules, so all I am left with as a guide is user experience. I am thinking about opening accounts with all of them and see hot it goes and after a while choose only one of them.
Click to expand...

I have also opened a few demo accounts recently, looking to get into spread betting, and found CMC's platform by far and away the easiest one to use. Black backgrounds aren't for everyone, but I find it them easy on the eyes.

But I am not sure about opening a live account with them because (GBP/USD) their spreads can go anwhere from 1.0 to 4 to even 7 pips, especially in the evenings when fewer people are trading. Plus I don't see any recommendations on the web for them. No comparison site seems to include them, (likewise finspreads, though I see their stable mate, City Index, is usually there) and all the chat on the web seems to be about how hard it is to get them to pay out from the account, and how they seem to manipulate their currency prices to trigger peoples stop losses, even though, in the underlying market, there doesn't appear to have been any large "blip".

Is there anyone who has got a live account with them who could comment?
 
Opening an account can be one great circus. It took me 3 weeks but I managed to get IG to accept my application. Then they said there might be a problem with my bank and had to check it (for 3 freaking days). After that I was happy to see the welcoming email, only to have my smile wiped from my face by a follow up email, stating that, due to risk measures, my margin is increased to 20%!

In the mean time, I tried to open an account with CMC and found out that, compared to them, IG were pretty reasonable. CMC required a ****load of documents to confirm my identity and address. On top of that all documents have to be certified. How the hell does one certify a national ID card?! This is madness!

By far the easiest and most reasonable application process proved to be at City Index. Completed the application, got the email, sent the documents and got approved. Nice and quick, without lengthy phone calls and unanswered emails. Hopefully my future experience with them will be just as good.

I've also opened an account with Interactive Brokers to trade CFDs. It all went well, but their system is just too complicated. One must make so many choices in terms of news and market data and further settings that it gets annoying before the application is finished. Not to mention that you'd need a PhD in Astrophysics to find out how to place a freaking stop loss on their trading platform.
 
CI are going to new owners, next year, American. I thought that I'd mention that, in case anyone would like to know , before opening an account. I can't see that it will make any difference, though.

I've been with Finspreads for years. No problems as far as I am concerned but can't compare their services with anyone else.
 
Splitlink said:
CI are going to new owners, next year, American. I thought that I'd mention that, in case anyone would like to know , before opening an account. I can't see that it will make any difference, though.

I've been with Finspreads for years. No problems as far as I am concerned but can't compare their services with anyone else.
Click to expand...

What are their overnight / finance charges like?
 
Thanks, Atilla. I very rarely trade after 2200, but, if I ever do, I'll remember to check it.
 
kef2138 said:
I want to open a spread betting account and have first chosen IG. I've applied for a new account but, since I'm not an UK resident, had to send them some documents to prove my ID and address. It's been two weeks since the process started and every time they find something wrong with my documents, either they want a different document or my address is not presented in full... bla, bla, bla. Not to mention that they can't be bothered to reply to my emails and I have to contact them every time to find out what's wrong with my application this time.

So, as I'm already sick and tired of their lousy customer service, I'd like to explore the possibility of opening an account with another broker. I've noticed several threads about City Index and CMC, so I'd appreciate if you'd share your opinions/experiences with these brokers.

Best,
Andrei
Click to expand...

Sorry to hear that. I've never had problems with IG. You could try Accendo markets. CMC I used to use (search forum threads re re-quotes etc - I'll say no more!). Had a look at City Index's platform, wasn't my cup of tea.

I've heard Plus500 are pretty quick to open accounts, but not sure of the quality of platform/service.
 
Big Questions on CMC Markets based on my recent experience

Wonder what CMC Markets is going to do with the swiss franc blowout on 16 Jan 2015 ? My stops were at 1.1995 and trades showed that i was exited at 1.1898 for a total loss of ($288). Next morning got an email that prices will be adjusted and they have done a wonderful price adjustment of an extra ($5,175) so bringing the total loss to ($5,463) with no notification of what price they drew from thin air.

Even when i called the client services they could not tell me the price that was supposedly finally exited. I will fight them all the way since they would have suffered less than Ecms being a market maker.
 
City Index financing, at 50p per point it was 20p a day for my last trade AAL, that's DFT, if your doing a future price there is no charge as the spread is bigger
 
I use & like IG ( amongst others) they are very good and efficient at that they do. Their on line platform is very good ( o it should be with an IT dept of 400 people!) Take a look also at ETX
 
I think it was after 9/11... that they would not accept any one else to Sign up outside the U.K..as at that time I had some associates from the USA who were interested and non of the spread bet companies would allow them to join.

It is good if they have since lifted this ban.

Lately I think IGs customer service has been lacking and I am not sure why.

but often I cannot get thru to them on the Phone as it is many times engaged.
it never used to be like that.

When trading the US indexes
IGs spreads are better.. and Finspreads at times seem very poor to me.
Lately since the large decline both companies pricing has been very well over valued IMO as well as much wider spreads on their options.
some days they made it almost impossible to have chance to make a profit..
unless you had large enough funds and were willing to take much higher risk.

Id say the last 2 or 3 weeks they have Not been good to deal with at all.

kef2138 said:
I want to open a spread betting account and have first chosen IG. I've applied for a new account but, since I'm not an UK resident, had to send them some documents to prove my ID and address.
Best,
Andrei
Click to expand...
 
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