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CMC and Cityindex

  • #21
  • Mar 18, 2011 8:08am Mar 18, 2011 8:08am
Quoting tar
for the dow it is one point when the stock market is open ...
You must be kidding, i am trading now! its 4 pips.
  • #22
  • Mar 18, 2011 8:15am Mar 18, 2011 8:15am
Quoting ronaldksmmg
You must be kidding, i am trading now! its 4 pips.
look at the prices on the right of the screen

http://www.cityindex.co.uk/
  • #23
  • Mar 22, 2011 7:54am Mar 22, 2011 7:54am
Quoting tar
look at the prices on the right of the screen

http://www.cityindex.co.uk/
Now i know, you are in UK and i am in singapore.
  • #24
  • Apr 19, 2011 9:48pm Apr 19, 2011 9:48pm
I've been using City Index for the last 5 months. Their famous advertising is their lowest commission for Singapore stocks and smallest spread for other CFDs e.g. Wall Street and Forex CFDs.

I now realised that cheap goods equals low quality services. I list down a few in case there are newbies looking for reviews. The caveat is that I haven't used other CFD houses live (only demo) so I can't compare directly.

1. Slow start up time - they use Flash as their platform. It takes at least a min to load the platform even on a fast computer and fast internet connection. On bad days, it can even take 3 or 4 mins. Compared to IGMarkets, IGMarkets takes barely 15 secs to go live (please note demo mode).

2. The tools they provide with the charts are extremely basic. IGMarkets and OANDA provide so much more with back testing tools as well.

3. The chart updates lags by a second. When you are looking at fast moving market charts and see it move, the quotes have already gone way past the what is indicated on the chart. E.g. the chart may say buy 2.00 but that was one second ago quote. Even if I clicked buy immediately, I would get 2.02.

4. Fake spikes - I was hit by this when during a Japan CFD short, I placed a stop loss 50 pips away and went to sleep after the market closed. When I woke up after the market opened, I saw a pip (just a pip on the chart) stating the last done over my stop loss. My order, of course, got filled. In actual fact, the open of the market was no where close to my stop loss. I've seen many other fake spikes that did not appear with other CFD brokers.

5. Limit orders (and even market orders) don't get filled when the prices are choppy. I placed a limit buy order on the EURUSD. When the price started shooting up, the order was not filled (an alert icon showed that it can't be filled). The best part was it got filled coming back down. Even with market orders, there would be an error message stating there was a overlap in quotes and it can't be filled.

6. The platform is slow. You click and nothing happens for 3 secs.

7. The documentation is way bad. It is not updated and clicking on some links will bring you nowhere. E.g. the trading hours are wrong in some cases; the Help - Technical Guide is blank.

8. Many times the connection is down and only 'phone' icon appears - meaning that you can't trade online but have to call in. I tried calling in and it takes 2 mins to get to the dealer after all the phone options. By then, I was watching my profit evaporate.

9. They don't have trailing stop loss and trailing take profit.

I am not sure how the other CFD brokers fair. I am planning to use OANDA. Has anyone used them before? IGMarkets FX spreads are wider than OANDA.

In fairness, they transfer money to my account very fast. Within the hour (during office hours) after the email is sent.

Any other comments with this or other brokers are welcomed; preferably Singapore based.
  • #25
  • Apr 20, 2011 7:42am Apr 20, 2011 7:42am
Ice9dry, Nice review - one of the best, listing facts and drawing fair conclusions.

Yes, there should be a law against using flash as the 'interpretive language' for a mission critical application like this. Not sure if it's the same front-end as FXCM's active trader (ATC white label?), and Alpari using one like it too.

Not sure if there's Oanda beyond North America, but here, remember there is no hedging, and if you have say a $10K account, once you've gone in $2K (ie., 2 lots of EURUSD), you can't transact anymore - their margin/leverage usage is terrible.
  • #26
  • Apr 20, 2011 10:53am Apr 20, 2011 10:53am
Quoting ice9dry
I've been using City Index for the last 5 months. Their famous advertising is their lowest commission for Singapore stocks and smallest spread for other CFDs e.g. Wall Street and Forex CFDs.

I now realised that cheap goods equals low quality services. I list down a few in case there are newbies looking for reviews. The caveat is that I haven't used other CFD houses live (only demo) so I can't compare directly.

1. Slow start up time - they use Flash as their platform. It takes at least a min to load the platform even on a fast computer and...
I started using City Index recently only 2 weeks now , so i cant give real full review like yours , but until now i didnt face any of the stuff you've mentioned . I use chrome as my browser ( dont use IE ) and the platform is not slow and loads in a good time , unless i want to open a long list of markets , like for example shares starting with A then it becomes a little bit slow . And regarding fake spikes u should contact them and ask for a refund things like this happens with every broker .
  • #27
  • Apr 20, 2011 11:08pm Apr 20, 2011 11:08pm
Quoting tar
I started using City Index recently only 2 weeks now , so i cant give real full review like yours , but until now i didnt face any of the stuff you've mentioned . I use chrome as my browser ( dont use IE ) and the platform is not slow and loads in a good time , unless i want to open a long list of markets , like for example shares starting with A then it becomes a little bit slow . And regarding fake spikes u should contact them and ask for a refund things like this happens with every broker .
Thanks Tar. I will try Chrome. I usually use Firefox.

Will also reduce the number of quotes on the list at one time and see what happens. Did you use any other broker?

Noted on the the fake spikes with other brokers.
  • #28
  • Apr 20, 2011 11:14pm Apr 20, 2011 11:14pm
Quoting Beljevina
Ice9dry, Nice review - one of the best, listing facts and drawing fair conclusions.

Yes, there should be a law against using flash as the 'interpretive language' for a mission critical application like this. Not sure if it's the same front-end as FXCM's active trader (ATC white label?), and Alpari using one like it too.

Not sure if there's Oanda beyond North America, but here, remember there is no hedging, and if you have say a $10K account, once you've gone in $2K (ie., 2 lots of EURUSD), you can't transact anymore - their margin/leverage usage...
Maybe Flash is cheaper...

In Singapore, there's an office. Their Singapore website is www.oanda.sg. They are registered with Monetary Authority of Singapore; as with City Index. Disclaimer is that registered need not mean protected.

If you liquidate and say start off with $8K as the 'new' capital, can you continue to trade?
  • #29
  • Apr 21, 2011 1:16am Apr 21, 2011 1:16am
Quoting ice9dry
Thanks Tar. I will try Chrome. I usually use Firefox.

Will also reduce the number of quotes on the list at one time and see what happens. Did you use any other broker?

Noted on the the fake spikes with other brokers.
I use IGmarkets , Fxcm , Oanda and others . Try the demo .
  • #30
  • Apr 21, 2011 1:17am Apr 21, 2011 1:17am
Quoting ice9dry
Maybe Flash is cheaper...

In Singapore, there's an office. Their Singapore website is www.oanda.sg. They are registered with Monetary Authority of Singapore; as with City Index. Disclaimer is that registered need not mean protected.

If you liquidate and say start off with $8K as the 'new' capital, can you continue to trade?
with Oanda you can trade as little as 1 Euro/USD .
  • #31
  • May 7, 2011 3:52pm May 7, 2011 3:52pm
Been using CityIndex and CMC for a about a year. I haven't face any problems yet, maybe because I'm not making money out of it yet.

One thing I like though about CityIndex is the minimum bet is small, 0.35gbp for GBPUSD and 0.40GBP for EURUSD pairs and you can take out profits in stages. However the charting is of absolute bare minimum, if you don't rely on too many indicators then it's ok. Lately they have quotes in 1/10th of pip which is verygood for reading short time frame signals.

As for CMC I really don't like the fact that the stops have to be minimum of 7 pips away, which can be extremely frustrating.
  • #32
  • May 8, 2011 4:19am May 8, 2011 4:19am
City Index are the perfect broker if you are someone who wants no frills trading, no support whatsoever, a platform created for dummies and spreads and executions that mean you will never make money off any kind of short term trading. Enjoy!
  • #33
  • May 8, 2011 10:40am May 8, 2011 10:40am
Quoting CoolJL
Been using CityIndex and CMC for a about a year....
you say you didn't face any problems,
thats just because you don't even realise there is a problem
but there is a big problem.
CMC is the worst bucketshop out there,
don't expect to make any money with them
I don't have any experience with CityIndex
but it sound like another bucket
Bulls are stupid Animals!especially when Im short!
  • #34
  • May 8, 2011 11:33am May 8, 2011 11:33am
CMC Markets are rip off cunts, don't open an account with them, please do yourself a favor. My first FX 20K was washed down the toilet with CMC.
  • #35
  • May 8, 2011 11:34am May 8, 2011 11:34am
Quote
Been using CityIndex and CMC for a about a year....

very reputable review.
  • #36
  • May 9, 2011 10:28pm May 9, 2011 10:28pm
Quoting ruffryders
CMC Markets are rip off cunts, don't open an account with them, please do yourself a favor. My first FX 20K was washed down the toilet with CMC.
you are not the only one
these guys should be locked up!
Bulls are stupid Animals!especially when Im short!
  • #37
  • May 11, 2011 3:36am May 11, 2011 3:36am
Quoting ruffryders
CMC Markets are rip off cunts, don't open an account with them, please do yourself a favor. My first FX 20K was washed down the toilet with CMC.
What happened? Because of spread?
  • #38
  • May 14, 2011 11:50am May 14, 2011 11:50am
Quote
What happened? Because of spread?

constant requoting, dealing desk, fcuked up support, failing to close your orders at SL/TP levels, serious slippage, you name it, those guys got it for sure!

not recommended at all.
  • #39
  • May 15, 2011 9:53am May 15, 2011 9:53am
Quoting ruffryders
constant requoting, dealing desk, fcuked up support, failing to close your orders at SL/TP levels, serious slippage, you name it, those guys got it for sure!

not recommended at all.
CMC UK has now the new platform "next gen" no requotes , no dealing desk ....
  • #40
  • May 15, 2011 10:34am May 15, 2011 10:34am
Quoting tar
CMC UK has now the new platform "next gen" no requotes , no dealing desk ....
http://www.forexpeacearmy.com/public...cmcmarkets.com

Sure thing, that's prolly the reason people are still complaining about it, no way mate that CMC will come clean, it's an average chop shop.
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