CMS Forex

Hey everybody.

I have a demo account from CMS (VTTrader) and I love the system. I have tried numerous charting programs such as Meta Trader (The thnig thtat attracted me was the PDA platform), Refco FX Market Scope, GTS by FXSOL. I also have TradeStation and MetaStock installed on my system. I've used Forexite Real Time Data Feed for these, but was not impressed. I favor MetaStock over Tradestation simply because of the interface. It is less cluttered and more pleasant to look at.

Does any one use CMS Forex for their live account? One caveat I have so far is the year they were established (1999) as opposed to Refco (1982). How are they when it comes to Customer Service, Tech Support and phone trading in case my DSL gets knocked out?

Any responses will be appreciated.

Thanks,

Roman

I use CMS, although I technically went through an Introducing Broker called Top Forex Trader. I have placed orders several times over the phone, and everything went smoothly each time. I have also utilized their online tech support, and always received answers without a wait. They are not perfect of course as no broker is, but for me the charting was what sold me. I just can't find free charting through another broker that is as good. Also, I was given a free "system" through Top Forex Trader which was helpful. It is basically just a combination of indicators put together, but it has been quite useful to me, and I like it better than any of the trading systems that come built into CMS. As I stated in another recent post, no trading system will provide all the answers, but combine one with common sense, money management, and a few trading skills and you'll be on your way to being profitable. Hope that helps.

I have used the CMS demo for a long time and just went real a week ago. Still have FXCM but I like trading on the charts.

If FXCM gets an A for customer service on real accounts then CMS gets a D on their demo customer service. I believe the real server account will be much better.

Lou

I use CMS live and have been for about 2 years now. Over 1500 live trades with a few minor problems along the way. Having said that though, all problems were resolved quickly and efficiently, either through their online live help or over the phone. No complaints here. I have made several withdrawals without a hitch where funds have been deposited into my Australian bank account in a timely manner. My only minor complaint would be the language problem when I ring them. When I ring the USA, I guess I just expected to get a person that had English as their first language - this is not the case. I have always achieved the result I wanted when ringing but it just takes a little longer at times. Maybe it is my Aussie twang that throws them. Overall though, CMS is a pretty good service and their pricing seems a lot fairer than some of the other brokers I have had accounts with. Cheers.

Thanks for all your replies guys!

Happy Trading!

I am trading with them for 1.5 year from eastern europe and I never had major problems with them

I'm now using their demo account and I haven't gone live yet, (I'm in the middle of choosing-a-broker process)... The only thing that put me off deciding on CMS directly was a thread I read on this forum about brokers where there were alot of complaints about slippage with CMS...

Anybody has any comments about this issue???

Hmm...they promise no slippage on their site...but then again so does everyone.

I would like to know about this issue too....

Another thing I am not excited about is that on their platform, VTTrader, I cannot make tight stops and limits...they have to be a certain amount. Maybe I just need to RTFM

Yeah, that really pisses me off every time I try to place a stop, but I think it's always 6 pips off the current price, although sometimes it's more than 10 pips, and I don't know why ... Maybe, I should RTFM too ...

Hi Roman,
To start, I am fairly new to the Forex trading game and, consequently, not very experienced.
I am trading live, with a small account with CMS Forex and, I must say, their charts are superb.
However, I have not had cause to check on their Customer Service, Tech Support or Telephone Trading (I religiously use stops, just in case 'things' go down)!
My one grouse with CMS is the restriction with the stop size around news time, news time from anywhere in the World, at any time - restricted to at least 35 pips. It appears, and I think I am right in saying, one doesn't know until after the trade is in place if the stop restriction is on or not.
My concern is if the anticipated (small gain) of let's say 10, 15 or so pips, a 35 pip stop, in my opinion, is unreasonable and I would be interested to hear how other members' Brokers handle news time trading.
Should I just shut-up and get on with it, but with my finger poised over the 'out' key?
I look forward to your comments, Roman and other members and thank you all in advance.
Alan5

I was very interested to work with the CMS VT Trading Station and I tried twice to establish to work on their demo, unfortunately lack of their customer service both thru their live IM and telephone service really sucks. They might have a good trading station those who have talent to figure it out and I agree with Lou that they do not have good supporting service. There is so much interruption on their video tutorial system, plus it seems like they do not have any interest to add another client to their system. This is my honest opinion and experience with CMS VTTrader.

With regards to slippage at CMS, that has never been a problem for me. If a stop or a limit is already in place, then it has always been filled at that price. I have had the odd requote when trying to open or close a position at very busy times, but these have been pretty rare.

The stops allowed may not suit certain types of traders. During normal trading, normally the closest you can get a stop is 6pts from current price as already stated. Around major news time, you can't get stops or limits within 35pts of current price. This is fine for most position/swing traders but would not be suitable for scalpers.

I don't think there are any perfect platforms out there unless you are an exceptionally wealthy customer with your own dedicated broker acting on your behalf, so it is just a matter of finding something that you are comfortable with and that you can rely on, and take it from there. Me personally, I have no problems with CMS, Oanda or Saxo, but I wouldn't do business with either FXCM or CMC for my own reasons, where as others would swear by those two platforms. Everyone to their own I guess. Cheers.

Hey Roman!,

Is CMS a "direct dealer" with the international banking system or could they be termed as "market maker" ??... For those of us who like to scalp!.

Pipbull