This is not really a beginner question ... how safe is CMC Markets? I'm trying to find information on CMC Markets Plc, I know they are based in the UK but I can't find a listing on the Footsie. Are they unlisted?
I'm trying to find CMC Markets' position on this online. But I'm having a hard time coming up with anything. Not sure if this is because I'm not digging hard enough or simply because I'm not looking in the right places (I seem to come across discussions about the CMC's trading platforms morethan anything else).
From CMC Markets New Zealand website I get this from the FAQ:
"What happens if CMC Markets New Zealand ceases trading?
Client money is held in a segregated client trust account with ANZ bank in New Zealand and these funds are not available to CMC Markets creditors and cannot be used by CMC Markets to pay any debts. This means that even in unlikely event that CMC Markets should stop trading, because all clients funds are kept separate they will remain safe and clients will be able to get their funds returned to them.
CMC Markets New Zealand is a wholly owned subsidiary of CMC Markets plc, a large global financial company based in the UK. CMC Markets has a strong balance sheet and has no debt so is very unlikely to be in this situation."
I don't even know how solid such a guarantee is but I note this does NOT even appear in the Australian website.
So... how safe are the monies in CMC accounts? If, God forbid, for whatever reason, CMC goes under, are our accounts safe? No doubt, I will pursue this question elsewhere more reliable, but I thought I'd post this question here and see what you all think.