Reviewer Photos & Videos
Cant use conditional order for US listed Shares
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.
Pros - some useful tools on the platform for analysis etc, and they offer a 'take profit' order function. Ability to hold and view several accounts easily on one login.
Cons - customer service is unhelpful and it is remarkably difficult to do anything, even after you've successfully opened an account. Something as simple as changing a bank account requires endless back and forth submission of evidence that they don't bother to tell you is needed from the start. i.e. you submit the required form, then are told something else is needed, the...n something else, etc. Stop loss order gets cancelled if price gaps past your limit, but then if you place the limit lower they cancel the order anyway on the grounds that your limit is so low you are attempting to "manipulate the market." There are plenty of other online brokers to choose from who respect you more and don't treat you as if you're too small and wasting their time.
The other reviews aren't wrong
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.
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
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 After that, the funds could not be withdrawn, so we contacted customer service who told us we couldn't withdraw our funds because they were frozen and we all needed 25,000 AUD each to unfreeze.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
I have bought shares in a SMSF with CMC since 2012 without a problem. I now need to sell those shares and have discovered what everyone else knows. It has taken almost 2 weeks to change an external bank account, downloading a form, printing it, signing it then sending it as an email attachment. I then had to send copies of our driving licences to verify our signatures. Now the external account is validated, I asked for funds to be transferred at 8.15 this morning. I have received 3 emails notifying me that I’ve asked for a transfer but no ...transfer has taken place. A phone call to CMC a few minutes ago confirmed the request has been received and will be processed in one to two days. Why does a request for transfer of funds need to be processed? It should be automatic and should be in the external bank account the same day it is requested. How can a stockbroking firm justify such outdated practices?
Macquarie cash account takes too long to open- can't trade
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!
Opened the account and even after 20 days, I can't do trading.
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.
The reviewer stated that an incentive was offered for this review
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.
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.
Slow deposit times
Despite the negative reviews here, I thought I would give it a go just in case it wasn't as bad as described. Unfortunately I had to agree with some reviewers here. Transferred $2K from Westpac direct credit before 11am yesterday to fund the CMC ANZ cash account, the money is still not in the account today. In my experience, the money normally would arrive overnight the latest--I was hoping earlier as now that Fast Payment Osko is available amongst all the Big 4 banks. Sadly not the case with CMC cash account.--rather backward with Tech it seem...s. They're investigating why it hasnt arrived after I sent them the payment receipt. I think I will stay with Westpac Share Trading for now. There is a reason why CMC is a bit cheaper=poorer quality in experience, so not worth the trouble. I can't wait to transfer the money back out.
Trading Terms & technology is not competitive at all but UX design gives you that false Bloomberg terminal feeling...
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
Can’t give zeros
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
Useless support, bad service
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.
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
The prices quoted by CMC Markets on their Next Generation platform are not that of the underlying market and instead consist of prices quoted by their counterparty. I just don't understand how it is possible to earn consistent profits when trading against somebody who is allowed to quote whatever prices they want - they can effectively change the rules as they go which to me seems unfair. Different prices quoted for different people? I don't think so. I'll only be trading with a DMA CFD provider from now on.
If you ever lost funds to CMC Marke...
Slowest transaction Methods
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
After deciding to try an online stockbroking platform in March 2020, I decided to give CMC Stockbroking a try. Truly a terrible decision. After 2 1/2 weeks of waiting and multiple queries to their support, and missing out on a sharp recovery following the post pandemic crash, CMC finally had my stockbroking account operational. Towards the end of that time, I could see how hopeless their support and systems were, and just went with CommSec (account up and running in 5 minutes). I'm now having the same issues closing my CMC stockbroking account....Several months of trying and my account still remains open. I just want my account closed and to have nothing more to do with this company. I recommend any one else in my situation avoids CMC like the plague.
Failed again, causing losses on my account.
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!
Are you ready to lose your money?
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.
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.
Questions & Answers
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 commission of $20-40 and then weekend commission of upwards $40
Holding cost upwards of 15 dollars per day
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.
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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