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CMC Markets

CMC Markets

1.5 from 23 reviews

See the Best Online Forex / Share Trading in 2019 as rated by Australians on ProductReview.com.au.


trying now for a month to get an account

beside two separate applications (the first one had a spelling error in my name, and I snail mailed all requested additional information) The second application was then put in as telephone support suggested it may be quicker to do it again with the online verification. 6 weeks later and despite several phone call still not a step further. Pathetic company stay away

Transparency

They simply do not respond....at all

Applied for an account for a trust so had to submit paperwork. Paperwork submitted. Followed up again to see why the non-response. Guess what? No response. Why do you bother advertising for new customers when those that come directly to you, you ignore?

Transparency

Hard to believe they exist

They advised me to change the shares of my mothers estate to my fathers name but failed to tell me that they all needed to be transferred within 5 days of them informing the ASX. They didn’t tell me they informed the ASX. All the shares are locked up now and I miss the FY CGT advantages from selling the shares. And they refuse to help still or ring me

Transparency

No way to withdraw anything, stay away from these guys.

It will seem, after our 3 yrs involvement with CMC Markets - no way that CMC Markets will let you to withdraw anything, ever.
Their 'reasons' will be from "documentation" not updated or "not sent" or "not recent enough" to - anything else.
We have put them on the test, and gave them our trust with some money, and submitted 5 times; 100% valid and timely recent documents,
it was either no answer to countless email inquiries from our side to them, or shoddy and questionable extra requests (you get the picture).
Australians - stay only with trading companies that are ASIC regulated, domestic based - and can be called to responsibility by Australian law.
If any trading company of this type has any other regulator registrations - aside from Australia - I advise not to go with them, as well, or think twice, for Australians.
Test all of them for withdrawal transparency, once you signup, and every few weeks again, constantly. It's only way they can prove to you they are genuine trading company. They should by regular also send you the summaries, with .pdf's of your every transaction and your tax displayed clearly inside as well. Any other practices or behavior from their sides are: scam.
Report these guys to ASIC and other regulators they are with, for your case, do that every time you are either (time or money) damaged, with detailed info for what wrong has been done to you, so it will affect their regulation licenses or they will lose them for particular country, for repeated offenses against your customer rights, or withdrawals and any other similar issues. It's only fair. Our experience and vote here, currently with CMC Markets is (for about 3 years now of our account experience with them): not recommended, stay away from these guys,
they have still a long way to go, to get regulated properly, and operate transparent enough to be on everyone's benefit.

Transparency

They run what used to be ANZ e*Trade, but ...

… they run it waaaaay worse than ANZ e*Trade ever did. Three weeks now trying to change the mailing address they have for my SMSF on their system. Response is that 'the back office has been very busy'. I don't think they have a back office. The people I speak to on the phone are pleasant enough, just that nothing seems to happen. If you want to know what their customers really think of them, just look up 'ANZ share investing' on this very website (www.productreview.com.au). Nearly 350 reviews, of which about 95% give a one star rating.


its not ideal

The blazer is useless and I don't see any point in having to wear it. people say they have to wear it to school but they have the option to take it off, no one wears it, everyone wears the water proof jackets.

Transparency

Scammers

Beware of their hidden fees when making a deposit. Also, you cannot withdraw any winnings out, not even after I have provided them my card and bank statement, both have my name on it. Had enough of these scammers I have decided to close my accounts. Can't believe they came back asking for details of my saving account, trying to scam more money from me. Sick business.

Transparency

can trade with them any more

I did lost about AUD86,000 to a PLUS500+ broker with there website. and all the way mistakes are made,but it was not easy on me i have been passing through a lot of pain because i put all my savings in there and they took it all i could not cash out a cent from there trade, i am just trying to let new traders to be enlighten so they will not fall on any cheap lies this people we put in for no reason

well i was lucky and i had contact with a recovery company /Financial Management Recovery Expert, who guide me all the way and recover every cent i lost to PLUS500+, i have to share my experience with primerecoveryteam , com who help me recover every single cent, i want to give them a well done job and i will recommend to any one that have lost to those cheap liars

Dog crap thieves

CFD platform is slow and doesn't match real time conditions.

"Support" staff are rude and arrogant

Made making withdrawals slow, and refused to give me my money unless I justified why I wanted it.
Upon requesting to close my account and get my money back, made that as painful as possible.

Beware, this bucket shop is here only to take your money.

Beware of their misleading practice

Anyone using CMC, note that they charge on interest earned when your money sitting in their cash account waiting for an opportunity. Their platform does integrate well with Chess registries and they don’t automatically update your TFN. Zero customer service. I probably lost thousands in interest, tax withholdings, loss of dividends and had to follow individually with Chess registries.


'Pro' Platform is NOT dynamic - total disgrace.

For well over a week they could not get the platform to be 'dynamic' i.e live pricing. They used all excuses under the sun. Today both ANZ and CMC reps conceded that there were problems with the live feed and has nothing to do with browsers, cookies, Donald or The Russians!! - ANZ dumped the much used and very solid E*trade platform for this CMC disaster over a year ago. 400,000+ E*trade subscribers were literally left in the dark during the atrociously handles changeover. If you ever have an option ot take up a new trading broker, make sure that CMC Markets is the last on the list. Hopefully you'll get one significantly better than this train wreck broking crowd. The attached screenshot shows time difference 8+mins with no change in value of stock - top listed was BHP


Customer service department couldn't care less

Received an email requesting clarification on my trade. Heard nothing a week and a half later so followed it up. Still heard nothing so called them 5 days later and they had been sitting on it and had done nothing. It shouldn't be a month long process to sell your shares. Don't use these guys if you're looking for a quick turnaround.


Be careful.

Trying to move US shares from old ANZ Global Shares to a US based Australian stock broker. ANZ Share Investing does not recognise the WBEN-8 form, costing me a fortune.
Three months now. CMC can't do it. Now the shares have vanished from my CMC account. Still waiting to hear where CMC might have put them.

Heard back from the new broker. Apparently the old ANZ Share Trading customers have swamped the CMC service seeking better service elsewhere, and are moving to other brokers in such numbers CMC cannot cope. I have this in writing.

Update 18/01/2019. Finally after 4 months they made the effort to transfer my holdings. The person did not know how to do it, and had to be hand held through the process.

Note, I still go looking for basic features present on Etrade but missing on CMC, like basic portfolio and comprehensive research. I am considering closing the account, after 14 years.


Rude and arrogant customer service.

Similar experience to others here. Call up for assistance and only get very unfriendly, somewhat arrogant customer service using catch phrases like "anything else I can help with?" when they havent finished sorting out my problem. This is giving me the impression they just want to hang up asap. I'm still trying to get my account going after a full week. I think Monday I'll just shut it down and move on. The kids they get to man the phones are just rude and unhelpful.

Prepare to wait agonising minutes for orders to execute

Several times I have placed an order and nothing has happened for a good 5-10 minutes. Ridiculous. Customer service response was something like 'we can't see any problem at our end, did you try f5 (refresh)'. In fact I was watching through another platform as well as CMC - so, no, I'm not a complete idiot, thanks, CMC.

Also, if one of the shares in your portfolio hasn't traded THAT DAY, then the value is, apparently, $0. Software gore.

Interface is usable but very budget/no frills. Depth is only available next to the order ticket. Use this provider if you want to save a few dollars per trade, but lose thousands as your order executes a good many heartbeats after you actually click the button.

Great platform for trading shares

I haven't used CMC's CFD platform (which is separate). I've used the share-trading platform for about 2 years, and made ~100 trades. I've also used CommSec, OptionsExpress (now Charles Schwab) and BoomEx (overseas platform). I much prefer CMC to any of these. The layout is clear, charting facility is good and the fees are reasonable ($11 per trade, or $9.90 if you trade more than 5(?) times/month (and lower for more frequent traders).

I don't pay the extra for live data, and can therefore only see the first 5 bids and asks in the OB.

I've only needed help from Support twice, and each time was quick and easy.

And I don't use the platform for crypto trading--a dedicated crypto platform is better for most people.


Gave up after 3 weeks of trying to open an account

I opened an account online, 3 weeks ago, however submitted all the required documentation, however after 3 weeks of email follow ups asking on progress updates I have given up and emailed today to withdraw my application. They did reply advising that their back office was very busy, however I find this unacceptable. I have chosen to use Bell and my account is up and running already.


Be very careful if you value privacy

I had a similar experience to Phil's, and wasted no time in transferring to another service provider. It was not possible to login to the ex-ANZ, now CMC Markets, platform without agreeing to their Terms and Conditions. These were arrogant and open-ended. That is, even if I could cop them as written now, CMC Markets reserved the right to change them at any time without my approval. Who would, or should, agree to that?


CMC Markets - You're being played!

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!


Customer Service

The ANZ Banking Corporation has recently transferred their ANZ Share Investing business to CMC Markets Ltd. Before I was able to access and operate my account I was required to accept the terms and conditions for this new platform. On reading the T&C statement I found it difficult to agree to the following:
"8. You hereby authorize CMC Markets to share data in respect of your Account and/or your ANZ Cash Investment Account with any third party service provider of CMC Markets." and
"9. CMC Markets will collect, use and disclose information about you in relation to your Account and/or in the course of your relationship with CMC Markets."
I contacted the ANZ and was transferred to a CMC Customer Service officer, to discuss my concern about this use of data and personal information. I was hoping to hear that these conditions could be explained and shown not as draconian as they appeared in print. I was told they are the conditions and I could accept them and commence trading or move my account elsewhere. When I tried to seek a solution I could accept to the situation,the response was "Can I help you with anything else?"
Clearly I will seek an alternative trading platform despite the inconvenience and I am sure that the ANZ Banking Corporation will regret the change if this is the standard of customer service that is provided by CMC Markets.


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