My CFD broker lied/misquoted me - Is this legal? - Aussie Stock Forums

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  1. #1

    Default My CFD broker lied/misquoted me - Is this legal?

    I recently opened an account with CMC Markets and was quoted on a stock @ 4,877. I sold 1 contract short assuming I would now be in control of $4,877.

    Today to my shock I discovered that my actual position size is $43!!! I'm only controlling $43 of this stock!!! I need to make around %50 just to break even from the CMC Market commissions!

    The stock(Rio Tinto on the LSE) is quoted in the thousands but is actually trading in the 40's so when I bought 4,877 I must've bought it at 48.77. However, none of their other stocks are quoted in this fashion. I've tried contacting them numerous times but they completely ignore me. Is this even legal?

    Attached is a pic of my platform with the misleading quote...
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    Last edited by RobinHood; 21st-January-2008 at 10:15 PM. Reason: Added picture

  2. #2
    E/W Learner Kauri's Avatar
    Join Date
    Sep 2005

    Default Re: My CFD broker lied/misquoted me - Is this legal?

    find out what units they use to quote in... is it pence???
    The above post is personal opinion only, for investment advice consult a licensed professional who fully understands the value of trailing commissions.

  3. #3

    Default Re: My CFD broker lied/misquoted me - Is this legal?

    It must be... dammit lol oh well I can break even if I make %50.

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