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CMS ceasing operations for retail traders

  • #21
  • Edited Oct 11, 2010 12:07am Oct 10, 2010 11:36pm | Edited Oct 11, 2010 12:07am
Quoting forexstrah
Is it right that if my margin was 200:1 and now will be 50:1 I have to come up with 4x times the margin I had with my open positions? So for example, say I had one standard lot opened my margin was $200 but now it will be $1000 for that standard lot?
You will need $800 not $1,000 just to meet margin at 50:1 if you only paid $200 before, depending on your pair of course. For example: If you went long on, say, USD/CAD at 50:1 you would need $2,000 just to meet margin.
  • #22
  • Oct 11, 2010 7:37am Oct 11, 2010 7:37am
Just heard from them that VT will still be around for us for demo trading and charting, but to place a trade we need to use forex.com's platform.
  • #23
  • Oct 11, 2010 8:52am Oct 11, 2010 8:52am
Quoting ForexSooth
Just heard from them that VT will still be around for us for demo trading and charting, but to place a trade we need to use forex.com's platform.
Yes, I heard the same thing from them too. Not too bad then, forex.com is a great broker and with VT still around, the transition won't be too much.
  • #24
  • Oct 11, 2010 9:12am Oct 11, 2010 9:12am
Quoting ForexSooth
Just heard from them that VT will still be around for us for demo trading and charting, but to place a trade we need to use forex.com's platform.
Forex.com's charting is f*******ng ugly and horrible, worse than metatrader.

Where did you find out about VT trader still being available as demo trade? Also how long will that demo trade be available for?
So many questions!!!
  • #25
  • Oct 11, 2010 2:20pm Oct 11, 2010 2:20pm
A CMS rep told me that they are talking with GAIN about getting the VT Trader integrated into their feed, but that it's a work in process. Maybe eventually we'll be able to use it there.
  • #26
  • Edited 7:17pm Oct 11, 2010 4:36pm | Edited 7:17pm
I read something in another thread so be carefull if you open account on forex.com

http://www.ninjatrader-support2.com/...nouncement.php
  • #27
  • Edited 9:39pm Oct 11, 2010 9:39pm | Edited 9:39pm
Hi Everyone,

I have spoken to CMS at length about this problem and how angry I was and it turns out that if you have a UK CMS account it will be transferred to the UK affiliate of Forex.com so we do not get stung by the new margin rules in the US.

Also, according to CMS, Forex.com will be honouring the bonuses that are left to pay from those bonus promotions they had earlier this year. So this has made me feel a little better but I hope it is what will happen and that next week Forex.com does not turn around and say they will not do this.

I have talked to Forex.com and they were very helpful...so hopefully they have good customer service once our accounts are opened and we are trading live.

I have read heaps of reviews online about Forex.com and they are pretty mixed...but let's face it most people with good experiences do not take the time to write reviews but when people are angry they tend to want everyone to know. So take it all with a grain of salt I guess....look at the scathing reviews of CMS....I did not realise there were so many unhappy customers before...I only joined to take advantage of the bonus offer.

So for now I guess it is a matter of wait and see what happens next week. I am feeling a little better...but I also still am apprehensive....but for now there is nothing I can do but be patient.
  • #28
  • Oct 11, 2010 11:08pm Oct 11, 2010 11:08pm
Looks like CMS Bermuda branch is still in operation. They've just changed the www.cmsfx.com website to CMS international.
  • #29
  • Oct 12, 2010 1:19am Oct 12, 2010 1:19am
Quoting posterx
Looks like CMS Bermuda branch is still in operation. They've just changed the www.cmsfx.com website to CMS international.
Does that mean we can transfer our CMS UK or US to bermuda?

Anyway, wouldnt it be better if they transferred our accounts into the bermuda one? Eugh, this is really annoying.
  • #30
  • Oct 12, 2010 2:32am Oct 12, 2010 2:32am
Both charting servers CMS US and CMS UK are now down...cant login to watch charts


.....I heard http://www.fxasec.com use VTtrader but I haven't checked it yet.
  • #31
  • Oct 12, 2010 6:12am Oct 12, 2010 6:12am
Quoting Fxpg
Both charting servers CMS US and CMS UK are now down...cant login to watch charts


.....I heard http://www.fxasec.com use VTtrader but I haven't checked it yet.

Yea...with the amount of times VT trader has been down in the last month or two maybe we are better off with another company.
  • #32
  • Oct 12, 2010 9:23am Oct 12, 2010 9:23am
Quoting Fxpg
Both charting servers CMS US and CMS UK are now down...cant login to watch charts


.....I heard http://www.fxasec.com use VTtrader but I haven't checked it yet.
The photos look like an older version.

How come I can't find any info on this and I didn't get an email?!

Are they not accepting new clients, or are they transferring everyone? I'm seeing different things being passed around here.

For all the facist rules, they should really make it easier for me to go on welfare, I keep getting kicked in the gut every week with every 2500 page law.
  • #33
  • Oct 12, 2010 10:20am Oct 12, 2010 10:20am
If any of you have problems transitioning to another software from VT Trader in case it's not integrated with Gain's feed, you can try to find a software that offers the same indicator(s) or gives you the capabilities to program the same indicator(s) as in VT Trader.

I had to go through the same pain of transferring my trading system over from VT Trader to a new charting software several months ago when I closed my account with CMS FX after being totally fed up with VT Trader being down every few weeks. It was a pain in the a** but it's doable. Now I just use VT Trader for demo and it is up right now btw.

Good luck!
Make your losses in demo. Earn your profits live.
  • #34
  • Oct 12, 2010 10:23am Oct 12, 2010 10:23am
Yea it's up now.

This is the only broker I've used for years. Only traded off and on, well

it's nice that we have such geniouses people elect who know better than us. We should send thank you letters to congress.

If they keep it open for demo that's nice of them and all, but what a hassle.

They got rid of hedging when they were forced to. The charting people got rid of stoplosses when they were supposed to(yea what a great gov't, banning rule #1 in safe trading). FIFO. Lowering leverage.
I am an American citizen, though I understand there's a waiting list to get out now. So I don't know what fuss there is to shut down, except that the perverts authoring a bill(it's not a slur when they ARE), made it hard to make a profit. Lowering leverage for most people probably lowered the comission. There's a big difference making 1.6 pips on 200 dollars at 400:1 as it is 50:1.
  • #35
  • Oct 12, 2010 12:37pm Oct 12, 2010 12:37pm
Hi :
I have to find a charting program that is comparable to VT which is not a small task because it is good ! I have decided to go to charting that is independent from a broker so if they quit like CMS did I won't be left with the time consuming task of re-programing my own indicators and strategies .
I am trying out eSignal for $1 trial with the option to continue for 44.95/month . I don't know if I'll go with Forex.com or not because I am not aware of a better alternative . I would appreciate any comments or suggestions the membership might have .
  • #36
  • Edited Oct 13, 2010 8:02am Oct 12, 2010 1:58pm | Edited Oct 13, 2010 8:02am
Quoting BobA
Hi :
I have to find a charting program that is comparable to VT which is not a small task because it is good ! I have decided to go to charting that is independent from a broker so if they quit like CMS did I won't be left with the time consuming task of re-programing my own indicators and strategies .
I am trying out eSignal for $1 trial with the option to continue for 44.95/month . I don't know if I'll go with Forex.com or not because I am not aware of a better alternative . I would appreciate any comments or suggestions the membership might...
When I left CMS FX, I took up Ninja Trader. I was able to re-program all of my indicators in Ninja Trader. They use C# as the programming language and it's not too hard to learn. Took me some time but I did it. Their software is even compatible with Microsoft Visual Studio for debugging.

The best thing about Ninja is that it's free to use provided that you use your own broker for the feed and execution and your broker is on their list of compatible brokers. You can get the list from their website.

Hope this helps.
Make your losses in demo. Earn your profits live.
  • #37
  • Edited 2:57am Oct 13, 2010 2:28am | Edited 2:57am
Quoting Fxpg
Both charting servers CMS US and CMS UK are now down...cant login to watch charts


.....I heard http://www.fxasec.com use VTtrader but I haven't checked it yet.
Thank you so much for this tip. Valuable information. It mus be an old version of VT trader, not as good but as 2.0 version but still great. Thank you again.

ecnbroker.com also offer VT Trader, I will request a demo account.
  • #38
  • Oct 13, 2010 5:11am Oct 13, 2010 5:11am
Hi all

I only received 'the notification' (dated 12th) this morning, so that's just 3 days notice which is absolutely outrageous and especially for traders with long term positions. HOWEVER, speaking with CMS UK just now, I was reassured that no open positions will be lost, but at accounts transfer positions will be closed and then reopened at same market prices.

That leaves the issue of loosing VT, but at least it will be available through the new provider as a charting platform. So there will be the inconvience of not being able to chart and trade on same platform, but IMHO the entire situation is not as terrible as first appeared to me - I nearly got a heart attack when I (mis)read that all open positions will have to be closed by this Friday)

So I will go along with this for now and see how it goes.

Cheers
Consistency and patience is everything
  • #39
  • Oct 13, 2010 6:18am Oct 13, 2010 6:18am
Quoting Geldmeister
Hi all

I only received 'the notification' (dated 12th) this morning, so that's just 3 days notice which is absolutely outrageous and especially for traders with long term positions.
They probably gave short notice so that traders wouldn't leave before being moved. Forex.com wants to make sure they get the accounts they're paying for.
  • #40
  • Oct 13, 2010 10:23am Oct 13, 2010 10:23am
As I said in my previous message, these changes are as to be expected from the Washington air heads and Co..

The only options are limited but viable:

1) Trade with forex.com US. You wil have to use MT4. Most probably they will not offer VT live, according to my phone call.
2) Use VT with CMS Bermuda, or UK, but with different citizenship and a foreign address if you have one.
3) As per Fxpg, MF GlobalFXA offers VT, but they call it "Chart Trader". They are in Japan, and I don't know the japanes laws affecting americans, and I don't know this broker.

As a note, CitiFx offers FDIC insurance up to 250K USD... But they use Boston Technology MT4, and this has been a hindrance.

If you look in MetaQuotes and other sites, you have hundreds of options to update MT4 with the same indicators in VT, and more.

I have traded for 15 years, and I never saw a Washington professional mob like this. They steal right and left, and they block any one else to make a decent buck, as much as they can.

May God help us all in these times

Trade carefully, quiet and silent, as focused and centered as you can be.
As a vector shooting in the field.
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