CMC Markets undercuts with online brokerage fee

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.

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.

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.