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|Subject: misleading & "known" software bug led||Date: 10/22/2007 2:48 PM|
|Author: eddybaby2520||Number: 2 of 2|
Dear fellow investors
Thought I'd share with you my experience of the CFD level 2 platform of CMC markets;
I have had over the period of a few months 2 major issues with this platform, both of which cost me serious money, and both as a direct result of software bugs / flaws that CMC don't tell you about (until its too late that is!) I took these issues up with CMC directly, and in a nutshell their responses where that its pretty much up to you to "second guess" these flaws (which by the way, they know about but haven't at this time fixed) and not to trust what you see! Confused? so was I.
firstly, the data you see in the "hub" of the platform called the "client positions" window cannot be trusted to be correct (mine has gone for longer than 24 hours (24 hours!! on a day trading platform!!) before showing the correct, updated info, this can mean that what you think you own, you may not own and vice versa, so the "profits" showing aren't really there, and because you don't know any better, you miss opportunites to make appropriate trades based on sound info.
This is a "known" flaw, and they are pretty unapologetic about it. (I've got the corespondence to back all this up by the way) Its seriously & dangerously misleading, and unless you are clairvoyant, typically you won't know if there is a problem (remember, this could mean losses of many thousands of pounds!)
Secondly when pre-arranged trades do go through, they are often not flagged as having been processed (say on a limit value) from minutes to literally hours in my experience. again, highly misleading, highly risky for the trader. Again CMC response was because technically a trade was executed as instructed we did our job, but as for not telling you it went through, well thats just too bad!
Don't get me wrong there are some good points about this platform, but do I TRUST it? No. Do I TRUST CMC to deal with me fairly? again no.
when operating in such a time & information sensitive environment to not be able to trust the platform 100% is a serious risk to your finances.
I'm sure somewhere deep in their terms of trade there are lots of caveats around all these types of issues, but for the average user, operating in a typical way, serious flaws resulting in potentially serious financial risk can lurk, and that is just not fair or reasonable, as I have found out to my cost.
Hopefully you won't learn about these things the hard way as I did!
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