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CMC Markets

CMC Markets

1.4 from 105 reviews · View Statistics

Reviews

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    1.7 (64)
  • Rates and Fees
    4.0 (1)
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Cant use conditional order for US listed Shares

published

Pretty shocked that they won't allow stop loss orders for trading of US Securites. Only limit orders are allowed. Not sure how they can get away with this its irresponsible to their clients. Every other broker on the market your can place stop loss orders on your stocks.

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sydnat

sydnatSouth East Queensland, QLD

  • 11 reviews
  • 6 likes

Unhelpful

published
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Lockie

LockieSouth East Queensland, QLD

The other reviews aren't wrong

published

I have waited 7 weeks for account to be set up and connected to existing Macquarie bank account. I'm still waiting and cannot believe how bad this service is. Avoid.

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James C.

James C.Greater Melbourne (Inner), VIC

  • 6 reviews
  • 4 likes

cheated

published

I have not trade shares for a long time and when I tried to log in, I cannot do so unless I upgraded to the service. Then they hit me with a $43 or so charge. I tried to close the account a few times but for whatever reason they fail to do so. Unless I pay this unfair charge, they will not close my account. Disgusting, they are desperate for money. Other brokers are recommended even if they charge more for their services

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Aldridge Ella

Aldridge EllaCentral, TAS

  • 3 reviews
  • 4 likes
  • Verified

fraudulent platform

published

First, i was added to a group where a lot of people were talking about how good the broker on CMC market is, they thanked the teacher in various ways, and then said how much money they have invested and how much they made afterwards. Others followed the investment including myself and even some people borrowed money everywhere to invest. After that, the funds could not be withdrawn, so we contacted customer service who told us we couldn't withdraw our funds because they were frozen and we all needed 25,000 AUD each to unfreeze. Some of us went ahead to pay this fee but still couldn't withdraw while the customer service gradually became unresponsive

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Bendigo girl

Bendigo girlBendigo

  • 3 reviews
  • 1 like

Outdated systems

published
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Stu B

Stu B

  • 5 reviews
  • 5 likes

Macquarie cash account takes too long to open- can't trade

published

Have a CMC account and added a new individual account.

Can't trade until Macquarie open a cash account. This process takes a couple of weeks.

In this day, that seems far too long!

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Chetan

ChetanGreater Melbourne (Metropolitan), VIC

  • 2 reviews

Opened the account and even after 20 days, I can't do trading.

published

I am giving 1 start because that's the minimum. I have opened the account through their website after done some online research like checking the best trading platform in Australia. But the reality is different. Even after submitting all the required documents, they are saying it will take more days and the Cash account opening process is talking longer from the Macquarie group.

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Nick

NickMetropolitan Adelaide, SA

Disappointed

published

I have been attempting to open an account for almost three months. I sent my application and corresponding documents. I was told they didn't receive them. I provided tracking details and was told they found them. After regular communication and internal escalation they never made it to the team responsible for my account opening. I was then informed that my account application has been abandoned due to not receiving the documents. Disgraceful waste of everyone's time.

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Incompetence

published

I have tried unsuccessfully to open a CMC trust account for my grandson for several months from them losing authentication document then asking for more documentation to the time taken by CMC to set up a bank acct. Still not done. My daughter was able to set up both trading and bank acct with Commsec for my grandson in less than a day. I would not recommend CMC to anyone.

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Rhys

RhysSydney, NSW

  • 7 reviews
  • 5 likes

Slow deposit times

published
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Cosmic K.

Cosmic K.Sydney, NSW

Trading Terms & technology is not competitive at all but UX design gives you that false Bloomberg terminal feeling...

published

Incompetent client service across banking and the brokerage team as well as help desk...

Dealers have no clue about technical terms and need to ask the God father, help desk answer ur call at 5 am and terminate the call after cause they too sleep on night shift...

Happy am out

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Sean G.

Sean G.Sydney, NSW

Can’t give zeros

published

Still waiting for my account to be verified 3 weeks after applying online. Said it would be 2-4 business days. Countless calls, have money in the account but can’t withdraw until account is verified which they are unsure how much longer it will take

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Marcus

MarcusMelbourne

Useless support, bad service

published

Support ignored multiple forms of support (chat and email).
They take longer than bpay regulations say is the maximum.
Buying is a terrible experience, won't buy even when you buy well above market.

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Lily Camden

Lily CamdenSydney, NSW

CMC Markets is a based on House rules, So you are likely to always lose to them and they make money from you... Not cool

published
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Slowest transaction Methods

published

I just sold my Stock and I have to wait 3 days so the money goes into my cash account and then another 3 days to go into my bank account. How is this app still running. Atleast have a look at your reviews and work on your company to make it better for the user. Unbelievable

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Brigid

BrigidSouth East Queensland, QLD

Shockingly bad

published
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Jas

JasSydney Surrounds, NSW

  • 2 reviews
  • 1 like

Failed again, causing losses on my account.

published

Today a STOP LOSS conditional order was triggered then it was "cancelled by system" without explanation.
Cannot ever get through on the phone due to "unusually high volume of calls".

Last week they had system delays, preventing me from trading US positions, causing losses.

International trades have $0 commission but charge commission on the exchange rate (very underhanded)

International positions cannot hold conditional take profit or stop loss orders, rendering their platform useless for most short term trading systems.

Avoid this broker!

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sam

samGreater Melbourne (Outer), VIC

  • 3 reviews
  • 2 likes

Are you ready to lose your money?

published

Worse customer services and worse platform. They offer US, Canada, UK, Japan markets for $0 broker fee. Be aware there is a fee included in it. Also you can not buy and sell a stock even though the stock is siting on your price for hours. You can lose everything. Worse customer service.

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Jaroslav S.

Jaroslav S.Sydney, NSW

Sloooooow

published

I am waiting more than two weeks to get my account approved. I sent about 4 emails, had a call (after waiting 40 minutes to get connected) but still waiting. After reading this reviews I see I am not only one. This is absolutely terrible stockbroker at least on customer service base.

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Page 1 of 6

Questions & Answers

vernon

vernonasked

what are the fees to hold a broking account?

3 answers
Rob
Rob

I wouldn’t even set up an account with them. They make up there own prices when it suits them . They will force you to loose money . Customer service is disgusting to say the least . I wish I never heard of them .

SiN K.
SiN K.

The fees are so hurtful you will be paying more in fees then any profits you'll make. $15 per transaction sell or buy anything vs 0 fee on etorro,stake,tastytrade
$6 to transfer money in and out
Daily commission of $20-40 and then weekend commission of upwards $40
Holding cost upwards of 15 dollars per day

Anthony M.
Anthony M.

I was with cmc markets at first I was doing well made 5k and then it seams like they were trading against me. I lost 30 trades in a row. Whenever I put a stop loss it goes to stop loss then goes back the other way again. Everytine I make a trade the graph starts moving faster. Then when get stopped out it returns back to moving like a snail again I dont understand this I am not the only person trading in the world. It makes no sense. I strongly believe these people are ripping off their own customers. It is not possible to lose that many trades in a row when the market should be 50/50 either up or down.

Ernest W.

Ernest W.asked

Hi guys, just wonder if anyone could tell me that if we are trading against CMC markets, or trading against the real markets via CMC? thanks.

3 answers
happy valley
happy valley

Not sure what you mean. You are trading in the real stock exchange(s).

Darryl P.
Darryl P.

CfD's you are trading against CMC. Equities, you are holding the stock for real.

Elizabeth Ruth
Elizabeth Ruth

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