They charge you $10 a month for live market data, and if you subscribe to market data on say, 29 July, you still get charged for the whole month of July. This is just egregious business practice and is designed to rip off its users. I know $10 is not much, but what kind of company charges you for the whole month when you only used 3 days worth?
Yup, made sure by calling them + emailing them, you get charged per calendar month… Sad :(
Same with Netflix, Stan etc
Netflix is my preferred trading platform.
mine is p0rnHub
You pay for pr0nhub?!?! I never..
LOL
Yup, I'm happy that someone can at least get a laugh out of this crappy experience :) but :(
If you can pay for live market data then you need to be confident make that money pretty quickly.
It is clearly stated when you subscribe to live data so why are you complaining? If you don't like it then only subscribe at the start of the calendar month.
LOL
I pay $150USD/year for Tradingview and you're complaining about $10/month for live data? What did you think financial data is free?
You don’t need live market data.
Don't Trade on CMC Markets
So, who should we trade with?
The bikies often have good deals.
Real-time data oracles are expensive. $10 is a reasonable price considering other charge between $20 to $50 for this feed.
Well if they KNEW THE SECRET TO EASY MONEY, why would they sell it 🤦♂️
Why the heck would you pay for live market data anyway. Just open up your free selfwealth/comsec/ib account and you can get live data all the time even if you don't trade with them.
FYI Interactive Brokers is the same.
CMC:
Monthly subscription charges may apply depending on your market data classification and the type of account you hold; details of the charges can be found on the platform in the 'market data' section in 'user preferences'. Subscriptions made mid-month are subject to the full monthly charge (if applicable). The period over which the market data subscription is active runs from the point of activation until midnight, local time to the market you have subscribe to, on the first day of the following month.
Yeah I think it's standard industry practice. I'm not even sure these low cost brokers make any money from data. It could be the exchanges being greedy.
I'm pretty sure it is the exchanges.
Also this information is obviously there when you signup to the market data but most people don't read it.
The bigger problem with CMC is their absolute garbage support.
I had an account with them for years, which they locked without telling me, then kept it locked for months with absolutely no communication. I couldn't even sell my own shares or transfer to another broker, and I could never get any answer why it happened or how long it would take. I think the issue was that I had tried to activate options while overseas, and maybe the IP tripped up a security thing.
But they didn't even tell me anything was wrong. I called for weeks to ask why the options weren't working, and they just said that it'd take 3 days to process.
It was only when I realised a few weeks later that I couldn't buy/sell shares that anyone told me the account was locked.
Then for months I tried to find out when I could access my shares, if I could move them to another broker, if I could do something to fix it, or why it happened.
Every time the response was "please wait for the security team to complete their review, it should be ready soon".
As soon as I had access again I got everything out of there.
Complete dicks, don't keep any money with them.
Complete dicks, don't keep any money with them.
Sounds horrible. But I believe you could have opened an account with a new broker and used your CHESS details to transfer all your shares over without having to deal with CMC. I've never used them and don't think I ever need to ;)
I closed my CMC account last year after trading with it for over a decade. Their new fees for a low volume account were adding up. Fees were for low trade volume plus admin fees if your cash balance was <$10,000. I never recall being told about the fees, I had to search and found them buried in their website.
I might be wrong but
they have a 15$ fee if you dont a single trade for 12months in which you cannot go into negative balance…
https://www.cmcmarkets.com/en-au/support/faqs/charges
Otherwise it is $11 per trade (including GST) - i dare say most people would make at least 1 trade a year - i would probably make 3-4 Max
I've been with CMC for a decade almost prior to that i was Westpac (which i still use for live updates and interface for checking up on stocks i find a lil more user friendly)
Otherwise i think CMC has been great. They have won a number of awards and other then Selfwealth i dont know if you will find a cheaper trader
CMC also has 20-min delayed data. I transferred over to Comsec. Whilst it has more expensive trades, for a low-volume trader it's not too bad. Plus it has live data.
imo you shouldnt buy a stock if your not putting at least >5k into
In the end of the day $10-20 isnt big money in terms of share trading it all comes down to preference of platform i dont mind switching between Westpac and CMC but some people are happy to have it all in one place
Are you sure it's not $10 for 1 month usage (i.e. 29th July to 29th August) just like everything else with billing cycle?
I can't imagine them charging $10 on 29th July then $10 again on 1st August.