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CMS ceasing operations for retail traders

  • #41
  • Oct 13, 2010 12:03pm Oct 13, 2010 12:03pm
Quoting nahman
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!!!
Yep, agreed. I demoed forex.com a few weeks ago, and I thought the same. They still offer an alternative. Also I am using PT for Dukascopy and any MT4 broker too. PT just gives us more options and we dont have to rely on their(Brokers) platform.
  • #42
  • Oct 13, 2010 12:03pm Oct 13, 2010 12:03pm
Quoting fxvector#1


2) Use VT with CMS Bermuda, or UK, but with different citizenship and a foreign address if you have one.
This is answer from CMS:
"CMS is going to cease retail service for all of the operations worldwide. You will not be able to trade with any CMS office."

Regards,
ChartRunner
Regards, ChartRunner
  • #43
  • Oct 13, 2010 1:34pm Oct 13, 2010 1:34pm
Quoting fxvector#1

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.
After small research I found this info:

http://www.fxasec.com/ehtml/profile_company.html

Company is regulated by:
Quote
Affiliation Securities Dealers Association:
Japan Securities Dealers Association(JSDA)
The Financial Futures Association of Japan(FFAJ)
The commodity Futures Association of Japan
Japan Investor Protection Fund(JIPF)
National Futures Protection Fund

Paid in Capital:533,760,000 JPY
Company Shareholders:MF Global HOLDINGS OVERSEAS LIMITED100% ownership (NYSE:Symbol= MF)

http://www.fxasec.com/ehtml/profile_company.html

Financial data for owner MF Global:
http://www.cftc.gov/ucm/groups/publi...cmdata0810.pdf

Quote
Below is the list of required initial deposits for OVERSEAS RESIDENTS.

JPYUSDEURAUDNZDCHFGBP
50,000MUST be equivalent to 50,000 JPY in these currencies

*All customers must pay all transfer charges on top of the initial deposit

We are not liable for fund transfers.

I think the Chart Trader ver. 1.7 is product of previous version 1.9 VT Trader API but is usable with some limitation and without many new features from VT Trader 2.0.

Regards,
ChartRunner
Regards, ChartRunner
  • #44
  • Oct 13, 2010 3:38pm Oct 13, 2010 3:38pm
Goood news!

Quote
This is on the CMS Forex main website!!

"CMS FOREX AND GAIN CAPITAL ARE CURRENTLY DISCUSSING THE INTEGRATION OF VT TRADER FOR OUR CLIENTS!"

PLEASE PLEASE GO TO FOREX .COM AND CLICK ON LIVE CHAT AND LET THEIR CUSTOMER SUPPORT DEPT KNOW HOW MUCH YOU NEED TO HAVE VTTRADER.

Sorry for getting so excited but I know that if we all go over there and let them know how we feel then they will integrate VTTrader to Forex.com and we will be able to continue to work with this GREAT software that we have put SOOO much effort into.

Please guys I am begging!


Regards,
ChartRunner
Regards, ChartRunner
  • #45
  • Oct 13, 2010 4:00pm Oct 13, 2010 4:00pm
Here is link to original text:

http://www.cmsfx.com/en/trading-soft...ader/charting/


and here is link to chat with supp. on Forex.com

https://server.iad.liveperson.net/hc...chat_enable=on

Let's go ... to chat with Forex.com.

Regards,
ChartRunner
Regards, ChartRunner
  • #46
  • Oct 13, 2010 5:04pm Oct 13, 2010 5:04pm
Quoting fxvector#1
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.
I grew up in a blue city. This is how it for some people all their lives. There are no opportunities in such places. Hence I tried to warn everyone.

As far as Gain being in negotiations, and I hope they read this. Are you kidding me? Is this a union contract? What did you buy? Did CMS give the cheapest option possible, just off the accounts. What did everyone get paid. At least a merger, spin-off, or buyout gets the back off systems.

I had looked at Gain as a second broker recently. One of only two I was considering. But if they're going to drag their feet for eons pretending to be in heavy negotiations, that's it. If you want to acquire a deal as big as this, you should bring everything for a seamless transition. This doesn't sound good.

As for CMS. I've had an account for over 5 years, I have not gotten any notice from anyone or any instructions. I wonder what account number they give the new people, because mine is UNDER 40000, and this is what I get?

Then my bank is consolidating branches. I'm in a low tax bracket and my taxes are going up and doubling. 15% here, 40% there. And a whole slew of other bills passed I won't even get into.

I know we are getting collectively shafted, but come on guys, you have built a very loyal base. Get rid of us on a high note.
  • #47
  • Oct 13, 2010 5:51pm Oct 13, 2010 5:51pm
I talked to the live chat for Gain. Customer Service isn't usually the way to go for any high level issues to be resolved.
The guy was telling me that there isn't any VTrader, just their 3 things. Meanwhile the CMS site mentions "negotiations".
I don't know how much hope there is. If it was a normal merger or buy-out you'd think they'd get the IT. This feels like a firesale of liquidating accounts.

I've demo'd with these guys before and I always liked the commentary. I don't know how they would do it. Unless 100% of us all left I don't know what to say. If I didn't already use CMS's software I'd probably really like forextraderpro, but you know..

Hopefully by the time I need to open a second broker for my charts, the requirement won't be 10,000 dollars.
  • #48
  • Oct 13, 2010 10:55pm Oct 13, 2010 10:55pm
fwiw, this ECN Broker site I keep getting bad links when I want to look at the open live account stuff. One link is dead and another option sent me to CMS's website I think. I'm confused at this.
  • #49
  • Oct 14, 2010 12:51am Oct 14, 2010 12:51am
Quoting techno79
fwiw, this ECN Broker site I keep getting bad links when I want to look at the open live account stuff. One link is dead and another option sent me to CMS's website I think. I'm confused at this.
I think this broker is "dead". I was ordered demo few days ago and until today I not received even simple replay. This is not an option for us.

Regards,
ChartRunner
Regards, ChartRunner
  • #50
  • Oct 14, 2010 1:12am Oct 14, 2010 1:12am
Quoting techno79
fwiw, this ECN Broker site I keep getting bad links when I want to look at the open live account stuff. One link is dead and another option sent me to CMS's website I think. I'm confused at this.
If you look at that site the last time it was updated was 2004, I think it's a dead site.
  • #51
  • Oct 14, 2010 1:46am Oct 14, 2010 1:46am
Can somebody with member status open o new thread for voting regarding CMS (because I am a new member- BTW How long will be?)

Question is:

Do you go from CMS to Forex.com without VT Trader platform?

Yes
No
I don’t know


Regards,
ChartRunner
Regards, ChartRunner
  • #52
  • Oct 14, 2010 3:04am Oct 14, 2010 3:04am
http://www.forexfactory.com/showthread.php?t=260968

Regards,
ChartRunner

Quoting ChartRunner
Can somebody with member status open o new thread for voting regarding CMS (because I am a new member- BTW How long will be?)

Question is:

Do you go from CMS to Forex.com without VT Trader platform?

Yes
No
I don’t know


Regards,
ChartRunner
Regards, ChartRunner
  • #53
  • Oct 14, 2010 6:37am Oct 14, 2010 6:37am
sad new, but finally they disappear and no more 30' disconnection on news
  • #54
  • Oct 14, 2010 8:39am Oct 14, 2010 8:39am
Just starting to use their demo platform to get ready for Monday and it really is so much less convenient and easy to use than VT! Obviously some of it is due to what one is used to, but most actions are more cumbersome and it is a lot less easy to arrange the workspace according to personal preferences. So I am looking forward to having to work with 2 platforms simultaneously from now on... better not get flustered and confused or mistakes could be costly.
Consistency and patience is everything
  • #55
  • Oct 14, 2010 11:12am Oct 14, 2010 11:12am
Quoting forexstrah
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.
Yeah CMS told me the same thing...but I am waiting for Forex.com to confirm it. So far all they're telling me is that they're looking into it.
  • #56
  • Edited 9:33am Oct 15, 2010 8:55am | Edited 9:33am
Apparently somehow they had the wrong email on file.

Compared to other brokers it is the only one that I get customer service with. But I still haven't been able to ascertain what discussions there are. I haven't a clue if forex.com will be licensed to use the platform will be given it, etc. And of course software integegration and testing. But I don't know how long they've done that. If that was just in the last few weeks or months.

Unless if gain is cheap and figures they'll stay in business anyway instead of trying to get the market via platforms, I don't know why they'd say no.

Apparently I'm told besides the 3 platforms they offer, you can use esignal and ninjatrader and something else. I haven't researched this. So if Gain already gives the option of NUMEROUS platforms then it would make sense and I would be more optimistic that they will at least attempt to get the platform and not just brush it off after next week.
But the service reps(who i suspect were offshored) for Gain didn't tell me any of this, CMS told me the platforms Gain offered.
So if they don't have decent service the next time, and no platform, and any other problems, not sure why anyone would keep it. I'm sure they're getting thousands of traders with more money than I, and for this, a lot pickier with what they will accept. I hope I might just be a bellweather.

I hope someone for retail trading gets this software. I think some charges a fee, so I hope it's not overpriced at that point, a lot of people still trade with mini's and micro's.
  • #57
  • Oct 15, 2010 9:30am Oct 15, 2010 9:30am
I just want to say that the people at CMS are horribly useless. They have not answered any of my emails for the last 2 days.

Basically I am taking a hit on my long term positions that I have been building the last 2-3 weeks to carry out over the next few months....if I had known with a proper amount of time that CMS was changing I would have not opened these positions. I try to follow the market maker principle where you open your position in thirds or quarters to allow for it to go against you a little bit...in the end it works well...or it has in the past for me. Anyways...sorry for rambling....but I was talking to CMS and basically they do not reopen the trades at the price you originally opened them at so you take a loss on your negative trades (or profit on your profitable trades)...so i am losing the positions I have been building...I know I can make it back...but why should I have to take this hit??...what I want to know is how is this legal? It is not like it was a margin call or anything...but how can they just do this...why not just transfer everything over as is? Is this some sort of scam or what?

I so want to curse them!

Also, it seems they have only 3 people working in their customer service, sales and tech support as I always get the same person who is never helpful and takes forever to answer things.

I am just so frustrated at how they only gave us a few days before this change...I mean, seriously, they would have known ages ago that they were going to close. Such rubbish!

I would hate to be standing near them when karma catches up with them.
  • #58
  • Oct 15, 2010 9:32am Oct 15, 2010 9:32am
One more thing....

the bonus thing...it would not surprise me if it turns out it is not being honoured...CMS has not given me my bonus money from trades this week...so i would not be surprised if they were lying to us!

URGH!
  • #59
  • Oct 15, 2010 10:55am Oct 15, 2010 10:55am
I funded my account last week after being seduced by the "Holiday Bonus" they had running. Truly an ingenius, and devious, marketing scheme to lure people in, knowing full well that they're closing up shop soon after. BTW, still no response from Forex.com regarding this promotion!!
  • #60
  • Oct 15, 2010 11:00am Oct 15, 2010 11:00am
Been with CMS for 5+ years

Cms is/was NOT a scam. Legitimate broker, which I used for 5+ years, along with others. Usual withdrawal time is/was 2-3 days.

Reason I am writing that it is/was, that, after some stated CMS US will be ceasing operations for retail traders, I talked to support, and they confirmed that ALL CMS branches, in Bermuda, US, UK, ... will be ceasing operations, and accounts getting transferred to GAIN starting business day close today, and presumably continuing next week.
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