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CMC Markets

CMC Markets (page 2 of 3)

1.5 from 52 reviews

Reviews

1.5

52 reviews
5
(3)
4
(2)
3
(3)
2
(1)
1
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    1.5 (24)
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Unhappy Acct Applicant

Unhappy Acct ApplicantHunter Region, NSW

Hopeless - Endless Delays to Create an Account

published

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.

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happy valley

happy valleyGreater Melbourne (Metropolitan), VIC

  • 7 reviews
  • 16 likes

Beware Hidden Charges

published

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.

garbow

garbowSouth East Queensland, QLD

CMC markets - poor service

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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.

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genXreviewer

genXreviewerSydney, NSW

  • 23 reviews
  • 7 likes

pretty simple to use

published

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)

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Bart

Bart

  • 10 reviews
  • 10 likes

Slow to place order

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Daniel

DanielCairns

  • 3 reviews
  • 5 likes

Terrible customer service

published
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Michael

MichaelGreater Melbourne (Inner), VIC

Don't respond, over 2 weeks and still no access

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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.

Way6000

Way6000Perth, WA

  • 7 reviews
  • 3 likes

Waste of time and effort

published
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NevT

NevTNew South Wales

Top Share Trading

published

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.

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rygar22

rygar22Sydney Surrounds, NSW

  • 18 reviews
  • 18 likes
  • Verified customer

trying now for a month to get an account

published

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

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doh

dohSydney, NSW

They simply do not respond....at all

published

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?

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Andrew margan

Andrew marganHunter Region, NSW

Hard to believe they exist

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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

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MM V

MM VGreater Melbourne (Outer), VIC

  • 3 reviews
  • 4 likes

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

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Grandpa.Ears

Grandpa.Ears

  • 9 reviews
  • 4 likes

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

published

… 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

published

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.

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The reviewer stated that an incentive was offered for this review

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Michelle

MichelleSouth East Queensland, QLD

  • 13 reviews
  • 21 likes
  • Verified customer

Scammers

published

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.

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can trade with them any more

published
Lemme

LemmeWimmera, VIC

Dog crap thieves

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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.

Vish

VishMelbourne

  • 4 reviews
  • 6 likes

Beware of their misleading practice

published

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.

Peter King

Peter KingAdelaide

'Pro' Platform is NOT dynamic - total disgrace.

published
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Questions & Answers

vernon

vernonasked

what are the fees to hold a broking account?

1 answer
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 .

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.

1 answer
happy valley
happy valley

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

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