CMC Markets experiences?

[Zedodia]

Hi all. So looking into an online broker I can use from my phone for BO. High low seems ok as it's asic regulated. Then was told bout CMC.

Anyone use these guys? Pros cons? Anyone use em for BO? Which I worked out they call countdowns. $20 min bet isn't as nice as highlow $10 min for a newbie.

CMC seems a little better as I can trade 4x and stocks as well.

 

[Indoril]

I was the one who recommended CMC to you in the other thread. I used CMC for a couple of years for stocks and CFD's and yes they are legit and I generally have no complaints about them. The only reason I moved on to Interactive Brokers was for the cheap brokerage. I wouldn't call CMC's brokerage a con though as it's actually cheaper than most other Australian brokers.

I have not used their countdowns or binary options however (only in a demo). I don't like them. Feels like gambling.

I would say one of the big pros for CMC is their platform is really nice. If you are into stocks and indices then their regular blogs are nice to read too. The only con I can think of is their CFDs are not DMA and so their prices are synthetic and that would apply to their binaries and countdowns too. Take that as you will.

 

[Zedodia]

Ah cheers mate. CMC does look nice but I'm finding a few things I need to learn. Demo is great. Though I don't see brokerage fees etc in the trades. So I don't know how accurate it is.
So I think I started this morning on the demo and had 20k. I'm up to 27k now. Pretty much only 'countdowns' using only $100 bets. And did 5min up to 1hour. Found 30min to be the best for me so far.
But this is the annoying part... same thing happened with IQ options. On the demo I made profit. As soon as I started with a real money account, I couldn't profit.

 

[Zedodia]

So yeah.... not using real money yet.

 

[Zedodia]

Damn. Can't trade on the weekend.

 

[Indoril]

I don't believe you pay brokerage on countdowns. It's all about payout levels.
https://www.cmcmarkets.com/en-au/countdowns
So for an index, if you risk $100 you can only win $90 and for commodities you only make $80. So it really just favours CMC if you think about it.
When trading equities I would never consider a 1:0.9 or 1:0.8 risk:reward ratio. If the ratio was 1:1 then you would be profitable if your win rate was over 50%. But for a R:R of 1:08 you need to be far more accurate that 50% (whatever that actual number may be). Hope that makes sense.