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CMCMarkets "5 Days to Profit While We Take The Losses" CFD Trading from 5th-9th July

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CMCMarkets "5 Days to Profit While We Take The Losses" CFD Trading from 5th-9th July
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arthurbach4 on 27/06/2010 - 15:33 cmcmarkets.com.au (334 clicks)

So it appears as though CMCMarkets are offering to absorb any losses new clients might create whilst they fumble around the buying and selling of CFDs on the TIQ AUSSIE200 instrument.

I am very new to the trading of CFDs so I will leave it to those in the know to evalute the relative merits of this offer.

I have emailed them to ask whether there is any penalty attached to withdrawing your money after the 5 days and I will keep you posted as to their response.

All the FAQS can be located here (e.g. a minimum deposit of $1000 and no more than 2 contracts at a time, etc):

http://www.cmcmarkets.com.au/education/tiq-trade-week-faq

Good luck.

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closed Comments

  • wazza23 on 27/06/2010 - 15:45

    lol minimum deposit of $1000

    • [Deactivated] on 27/06/2010 - 16:14
      +4

      What's so lol-worthy about that? Who'd bother to trade with less than $1000, anyway? :)

  • Levi on 27/06/2010 - 16:26
    +2

    The minimum is fair.

    Just be wary guys, sonray markets system recently collapsed - cmcmarkets deal in the same area and operate in a similar way.

    • SomeGuyOnOzB on 27/06/2010 - 17:57
      +1

      They are saying some of the problems with sonray include that, all money was pooled in a single fund.

      If any single customer were to face difficulty with their account, all customers in the pooled fund were potentially in trouble.

      This was in the terms and conditions but I think they said it was many pages in.

      Oh, also, that these customers are unsecured creditors. ie Other people involved with the business may get to sort out how much they are owed, 100% of what they are owed, before these customers get a shot at anything.

      That in addition to, CFDs expose a person to potentially unlimited losses.

      I mention that because I've been asked about CFDs by a few different people who didn't understand this. People who thought options were risky, wanted to put their money in CFDs!

      $1000 "invested" today, they could turn around and ask for $10,000 more tomorrow. Not likely, but it can happen.

  • wkbi on 27/06/2010 - 16:39
    -1

    I would advise anyone to avoid cmcmarket in anyway possible, don't ask me why.

  • bitcoinorbust on 27/06/2010 - 16:56
    +3

    max 2 contracts at $1 per contract so hardly worth it
    better off not handing any money over and opening a trial account..
    or better still..avoid market makers altogether

    • delfredo on 27/06/2010 - 20:22

      would it mean that say if the price is $5, you are only allowed to trade at total value of $5 instead of buying 1000 contracts at value of $5,000?

  • CyberMurning on 27/06/2010 - 18:26
    +1

    yes many people dont understand CMC is a market makers, not using live prices.
    well any1 who wants to take this offer should learn 1st what is CFD and CMC

    • viper8548 on 27/06/2010 - 20:16

      What's a better alternative?

  • intune on 27/06/2010 - 19:37
    -1

    i use cmc…its great…they had this a while back to….cant make too much unless you sit and play around with it for the whole day!!

  • Cluster on 27/06/2010 - 23:57
    -1

    CMCMarkets covers your losses for 5 days? I wish I could get a share broker with that deal. Hey, Comsec, how about covering my bets? :-)

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