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...