CMC Markets undercuts with online brokerage fee

[ajaoz]

Don't bother emailing CMC as they just will not respond to emails.


They have lost my bank details which were successfully added to the cmc markets cfd tracker platform after a great amount of difficulty (they lost twice the paper application I sent them: successful after the 3rd go).

Now the account remains unfunded and I refuse to trade with them until the problem is fixed: I now trade with IG markets and interactive brokers who do respond fast and with detailed responses.

I recommend to anyone do not fund the account until you know that your bank details have been securely added.

A cynical person may say that they intentionally try to trap money in these no interest paying accounts so that they can get your interest; I believe however that their customer service is just quite literally useless.

I don't understand these organisations that make it very difficult for you to pay them?


ps. Nabtrade offers a high interest account which is linked to your trade account (you can transfer money instantly from one account to another): the rate is 4% currently on every dollar. A better place to put your money while you are waiting to trade.

 

[Gringotts Bank]

New brokerage starting Oct 1 makes CMC very competitive with IB.

Pretty impressive how much cheaper they are than their competitors here in Aus. They will steal market share.

 

[DocK]

It's actually an increase in brokerage for those that place less than 11 trades per month - new minimum is $11 + gst. I use both IB and CMC, but generally use IB for what I expect to be short-term holdings and CMC for those that I expect to hold a little longer. If IB don't sort out their margin issues I may need to consider switching to CMC entirely in order to take advantage of the frequent trader discount, as the benefits of CHESS ownership will make it worth paying just a little more than IB's brokerage if the ease of ordering and margin issues are more or less equalised between the two.