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CMC Markets
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Amazingly Poor
It's been 7 weeks from initial application and I'm still unable to trade, even though CMC have my money! Their customer service continue to pass the buck and do nothing. For a business that works in the fast paced stock market, they are not only incredibly slow but incompetent with a careless attitude.
DO NOT USE CMC Markets. BEWARE: CMC Markets is also ANZ Share Trading and St George Share Trading.
CMC Markets was not capable of following my simplest of instructions. Their Customer Service and Complaints team are grossly incompetent.
We sent detailed written instructions to CMC to do a simple transaction and they failed. We incurred losses as a result.
They were also unable to process a deceased estate application, and are still writing to my dead mother to this day. Note this is despite receiving numerous documents from our estate's solicitor.
We had to complain to the Ombudsmen.
What did CMC do?.... They arrogantly terminated the...
Abysmal
This is a very poor online brokerage. Their UX is plain bad, They take ages to fill orders and then it gets purged from system because they can't fulfil the order ( yeah right I know this doesn't happen on other platforms) They have $1000 dollar limit on USA shares and Their customer service is uncooperative. Lastly, when you inevitably decide to use another they charge $100 per holding to transfer! AVOID AT ALL COSTS
Terrible platform - Avoid at all cost for newbies !!!
I will never use this platform again. Even when you unsubscribe from the pro platform, you will still be charge for so called "market data subscription". Their poor customer service does not help to resolve issues on time.
Don't waste your time on this platform , you will loose your money, because it is not designed to suite beginner traders.
Find out how CMC Markets compares to other Forex & Share Trading Platforms
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not a real trading platform, big scam, don't waste your money on this
Price does not reflect the real market, they could give you an excuse to adjust your position and you will lose all your money with no way to report them. No regulation control those type of market at all.
- 16 reviews
- 11 likes
Great broker
I have no idea how CMC managed to get such bad reviews. All I can possibly think of is the people reviewing are actually the opposition or trolls because I love the platform! Simple and easy. What's not to like? It does everything anyone could ever want. Seriously, about the only thing I feel could be improved upon is transferring funds to and from made faster (currently takes a day or so to transfer to a bank account) and add live after hours market price updates to the app but that's it.
- 2 reviews
Incompetent - Zero Customer Service
Despite an email stating I was ready to trade, I transferred money over and received an error message on my first trade. Phoned and was told I needed to answer whether I hold a senior government position. I emailed back No. A few follow up emails as I watched my desired position make money. I called and the agent asked the same question again. I responded and he said it should be quick. Nothing. Called again, agent said he would chase the team responsible. Nothing. Few days pass, I email. No response. Email again. No response. Tell...
Read more them I want to close the account. No response. Tried to withdraw my deposit. The account could not link to my bank account, please call. I call and explain to the operator that I want to close this disaster of a trading account and I just want my money back that I had deposited. He asks me if he could ask just one question...do I hold a senior government position. I lost it (3rd time asked the same question). I told him to fix the account so I could withdraw and close. Never again. IG Markets by comparison was simple, online and immediately let me trade. Money went in same day using BPay. Easy online form instantaneous for access to US Markets. CMC Markets is a disaster. Never use them. If I could give them a zero star rating, I would.Related Articles
- Verified
beware of the rate charged - always check
We bought FNCL ETF through CMC stock brokers on 1 Sep 2021 (US time) and we were charged a rate higher than the day's high. On 1 Sep 2021 the day's high was US$54.86 and we were charged US$55.00. I have been trying to resolve this for over 5 months now but there has been no proper response.
Unfortunately, I cannot comment on forex rates they charge as I do not have access to current exchange rates.
Zero transparency in their rates.
Scam SIte
I've had orders placed for over 48 hours and none have been processed The week before I placed orders and they took 3 hours to be proccessed by which time the prices had dropped. Very annoyed I put everthing I have in it because I thought how banks don't make much intrest on things and I've lost everything
Find out how CMC Markets compares to other Forex & Share Trading Platforms
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- 6 reviews
- 8 likes
try not no use this platform, you lose money if you do
Yes the transaction fees are low, but you end up losing money because you are not able to place orders. And the phone service is slow as well. I've been on the phone for 15 minutes and no one answers the call.
- 15 reviews
- 28 likes
Chronic Dysfunctional Options Platform. False Narrative for Customer Service.
The CMC Markets options trading platform is chronically dysfunctional. This makes professional options trading highly problematic with intermittent but regular, diverse and significant problems with the trading platform. This creates additional risk associated with options trades.
CMC Markets do not provide anything at all meaningful to troubleshoot the chronic dysfunction of their options trading platform. They do not even operate under a customer service function. With all technical problems or associated complaints, my experience with CMC ...
Read moreMarkets is they operate under the false narrative of a deceitful, manipulative communications strategy systematically designed to defer any and all responsibility away from themselves and onto the user of their options trading platform. Their representatives tell you the technical dysfunction is at your end and provide totally inadequate, useless rectification advice demanding you deal with the problem which lies at their end. You NEVER get to speak with their technical people at any time and always have to converse through a middle man gateway that never gets to the root of technical problems. Their representatives persistently deny there is dysfunction with their options trading platform. Only highly persistent, strong persuasion over numerous attempts will get them to raise anything with their technical people. The false narrative does not change and persists regardless of any previous identified problems or complaints. In many cases, when a technical problem does get raised as an issue and then eventually resolved the damage to your trading has already been done and can be expensive. When you follow through with their representatives telling them their rectification advice is useless they repeat the same useless narrative. This false narrative systematically ENABLES very major, chronic, technical dysfunction of the options trading platform to prevail unabated. To complain with CMC Markets receives exactly the same dishonest, deceitful, manipulative response. My experience of the whole entire process of dealing with CMC Markets with options related complaints is criminal. From start to finish. There is complete deferral of all responsibility by CMC Markets of everything related to their trading platform. This is because CMC Markets adopts lies, deception and manipulation of the truth via a chronic, systematic false narrative in how they deal with anything that goes wrong with their options trading platform. The false narrative is designed to work in tandem with their Terms and Conditions to defer and dissolve CMC Markets of any and all responsibility associated with their trading platform.Deceptive platform
I have used CMC for several years and have be stopped out in dubious situation several times. CMC have several sets of data and ticks allowing them to sweep the edges of the spread to clean up unlucky customers. We all know that platforms like this take the other side and don't lay off your trade in the real market, that's how they can offer CFDs in fractional amounts. Use another platform even though they have lots of hassle to set up they won't cheat you like CMC and other invest bank suppliers. HGo and watch Anton Kriel on youtube rip apart ...
Read morehow these guys work 80% of traders lose 80% of their money in 80 days....then the platforms just go and find some more suckers. Best platforms like Sierrachart etc are hard to get used to but will save you a fortune in time and money in the long runFind out how CMC Markets compares to other Forex & Share Trading Platforms
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- 10 reviews
- 11 likes
Would like to try it if they ever process my application
Easy to use website to sign up but their forms and customer service is so poor that I have to remain on hold for >10 minutes and then find they have done nothing with my application for >15 days.
The best thing about this experience is that they will not get access to my shares and funds
Market Manipulation
These guys trade against you and will never let you profit from CFD products - I'm pretty sure they do market manipulation, as the info they have on the app differs from info from Yahoo Finance and they will close you out and liquidate you with a 20-second warning, not enough time for you to take action to top up your account, close some trades, action any manual stop-losses, or short against your current positions. Straight up thieves - leave this platform guys for real!
- 15 reviews
- 10 likes
Way too slow
I have waited 10 minutes plus to place a simple trade . I was told that it was unusually busy. I was referred to an online broking service amongst other treats.
Give them a miss if they can’t provide a prompt service for share trading they should not be in the business
Questions & Answers
I'm a newbie to shares market and has googled to find the share trading site that is suitable for me. Unbelievable to me that I chose CMC and registered 2 weeks ago. I've found this review, and seems CMC is a bad choice. As I'm not in the CFD, I could not say the same thing. I'm just buying shares for long term and bought a couple shares. I do find the 24hrs wait for transferring fund from CBA to ANZ is annoying. Bank is making money when holding up fund, even 24 hours is enough to give them profit. I doubt the issue is at CBA. Will ANZ dare to say their technology is better than CBA? I transferred fund from Westpac to CBA with no issue, instantly. OI might try to transfer some fund back to my CBA account to test how easy or not transferring fund back and forward. This ANZ account is automatically created for me when I registered at CMC website. Therefore, I have not proven that the account is behaving like normal bank account. Once I finish all my fund to buy shares, should I just get out from CMC and register to other trading site like Commsec when it is time to sell?
what are the fees to hold a broking account?
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 .
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...
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 ...
Read morethe 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.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.
Not sure what you mean. You are trading in the real stock exchange(s).
CfD's you are trading against CMC. Equities, you are holding the stock for real.
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