cmc markets - disgraceful customer service

  1. 1,143 Posts.
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    Gals/Guys,
    Just wanted you all to be aware of CMC and its pathetic customer service culture.
    Last Friday I was caught in the DOW crash. At the time I was long 65 AUSSIE200 (I was awake and on-line). My margin kept getting called and I was loading my account up with credit as quickly as the pathetically slow CMC system would allow me. Their system was working so slowly that they could not process the credit cards paymnent quick enough and I was liquidated at 4365. 52 seconds later my credit card margin adjustments were finally approved but alas too late - I had already been liquidated.
    So, I then spent the next few hours recovering my position by buying/selling the index etc and at the end of a scary and draining evening I was only down about $2,500.
    Yes - I should have set stop/losses etc - lets not go there as this is not the issue.
    For the want of 52 seconds (due to CMC slowly slowly slowly processing the credit card payment), I had been liquidated. I then sent a couple of very courteous emails asking for some compensation - I was not looking for the restoration of my liquidated position, but rather some contribution to the 2,500 loss or some other means of assistance. I have been a long term customer of CMC for well over 4 years.
    Their response was diabolical. I had no response to my initial email to the Client Services Inbox. I then approached the Sales Trader in charge of my account - no joy. I then approached the Customer Care Manager. He did respond and quoted the PDS etc etc - all the things I was aware of BUT not once was there any suggestion of any type of compensation (or even free brokerage for a month.)
    I politely suggested that the NPV of my $2,500 loss would be more than covered by having me as a continued cutomer of CMC - still nothing.
    SO - I today withdrew my money and now trade CFD's exclusively with IG - whilst I don't like their browser system as much as MarketMaker - they are quick, fast and efficient.
    So note to all - CMC Customer Care is disgraceful. They do not value their customers at all and I can confidently give CMC forever a zero out of 10. I would not recommend them to anyone.
    I know each of you who read this have your own experiences with your broker/CFD provider and I am sure that some are good/bad.
    My point here is that I was a long term customer of CMC - their system response time is too slow to process credit card payments. Their customer service ethics are terrible.
    I would not recommend them to anyone.

 
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