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Hopeless - Endless Delays to Create an Account
I applied for a stockbroking account on 24 March 2020. It is 20 April 2020 and my account is still not established.
Initially CMC advised that their account creation process usually takes about one week, which is one reason why I decided to establish an account with them. Positive reviews were another reason.
I followed up with CMC ten days after I applied. They explained that due to coronavirus creating high volumes, account creation was taking them two weeks. Fair enough, I thought. Today I followed up for the second time as it is almost one month since I applied and still no account. I wish I had established an account elsewhere.
Beware Hidden Charges
Be warned - they charge 1% of the funds you have in your trading account as an "Adviser/Broker Service Fee - CMC Markets". Just noticed this on my bank statement and rang CMC who told me the fee is part of their service. What other broker charges you a service fee on your account. Last month I earned $620 interest and CMC charged $501 as an Adviser/Broker Fee. Give them a miss.
CMC markets - poor service
Have been using CMC since St George bank transferred to their platform.
Just recently they have stopped settling my sell and buy trades. Told me problem was bank rejected transfers. A lot of crap.
I transferred into my trading account ... no problem. Had a dividend payment come in ....no problem. Bank says everything with account is ok. Speak to people at CMC. No body seems to know anything ...quite hopeless.
They owe me net around 60k overdue going back to a week.
Now I find they have a holding pledge of 6k on the account and yet they owe me 60k..
I have lots of trades between 20k and 100k.
Hope there is no scam here.
pretty simple to use
does everthing I need for the last 5 or so years (share trading).
I like that its the cheapest per trade & the price is discounted further when I trade more often.
It only lost a star because it doesnt have an option to pull up capital gains loss/tax at the end of FY, and most other tax information (like total fees for trading) is difficult to manually calculate off their tax tables. This information is so easy to provide! Its crazy.
To get this information from Sharesight (linked to CMC) for any decent sized portfolio costs $250 (per annum) & with Sharesight I have also needed to manually correct the cost of the price per trade, as it was incorrect (+doesnt add in the GST component)
Slow to place order
On Wednesday the 13.11.2019 I rang CMC to place a sell order . I have a client code number for this purpose. I followed the prompts and was put through to a gentleman to whom I gave my order . This took longer then usual and when I had finished he told me I would have to wait while he put me through to a trader . So I waited and waited and was eventually put through to a trader . I complained about the delay and said I would be lodging a formal complaint . I put my order through again . I was told that the prices would not be the same as was qu...oted previously . I said I have waited long enough and to put through the order anyway .I was then put onto a lady named [name removed] whom I assumed was in the complaints department and lodged my formal complaint . She thanked me took my email address and was told that a response to my complaint would be sent via email in the next few days . it is now 10 days and I've heard nothing . I will give them several more days after which I will give them the sack and take my work elsewhere .
Terrible customer service
This bunch take the title of worst customer service I've received in the last decade. After 5 weeks of frustration trying to resolve an account problem with their customer service team, I asked to speak to the team leader to escalate the issue. Despite specific promises to get back to me by Wednesday afternoon with a solution, here I am 10 days later with still no reply from him. What hope do we have of getting good service when this is the example they are given? The upper management would be well advised to listen to some of the calls and res...ponses to clients, to hear for themselves just how poor the service they are giving is. I should have read the litany of similar reviews before I signed up - it would have saved me stress, plenty of paperwork, and missed trading opportunities. I've now cut my losses and moved on to another broker and am much happier already.
Don't respond, over 2 weeks and still no access
Set up a joint account online, then waited and waited for the account to open, had to contact them. Finally got an email they needed clarification of job title, both myself and my partner responded, waited again for a few days no response. Called them to be advised they needed the same information we had already provided. No idea what happened to the emails. So far I'm not impressed. Don't have a lot of confidence we should even let them near our shares.
Waste of time and effort
Award winning platform I was told, would be good if I was able to use it.
I signed up to CMC online as I wanted them as my main brokerage account, filled in the forms to transfer all my shares to them from another broker, all forms confirmed and now we wait. After 2 weeks I had to contact them for an update to which they replied we were waiting on the other broker to complete things on their end. I contacted my original broker and they confirmed they in fact received a request from CMC and responded that the request was incorrect and to submit...again once they rectified on CMC end. Back to CMC for an update, by now it's been 4 weeks. CMC say they have corrected their request and are waiting on original broker. Back I go to confirm with my original broker who say they have not received a second request. Ask CMC again for another update, no reply, a second email....no reply... 2 month and still no account. They must be making money hand over fist to not want more customers on their platform. I'll take my business and patience elsewhere.
Top Share Trading
Easy and fast account setup.
Very low fees compared to other companies.
Great support. (remember to do it in trading hours!)
Easy setup for withdrawing funds to your bank account.
Adding funds to trade with is also easy.
I have been with CMC for many years after changing from Commsec.
- Verified customer
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
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?
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
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 tradin...
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.
The reviewer stated that an incentive was offered for this review
- Verified customer
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.
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 th...at 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
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