CMC Markets Down

When looking for CFD dealers and stock brokers you want them to be perfect: here was a glitch that occurred with CMC Markets

Posted in Trading Services, Submitted by Marco on Sat, 2006-09-16 10:36.
When looking for CFD dealers and stock brokers you want them to be perfect: here was a glitch that occurred with CMC Markets

Yesterday (Friday), I was looking on opening a new forex position using CMC Markets as my dealer. I was using their CMC Markets Mobile Marketmaker platform when every order I put through got rejected. I had the perfect entry, the perfect setup. Then after 10 minutes, the forex markets had already moved too much out of my entry zone so I got a little irritated. I had the right trading margins and everything. So I gave CMC Markets a call. It was all due to a glitch. This multi-million dollar CFD market maker/dealer with a huge amount of volume was stuffed for the day. And I thought this CFD dealer was perfect in every way. I guess, for those traders looking for a bad aspect about CMC Markets, here it is.

So I called CMC Markets at about 2330 hours on Friday night about the problem with putting orders through. The CMC Markets dealer on the phone didn't bring up the glitch the when I asked to open a forex position. I asked if I could put an order though and he simply asked for my account details before telling me about a glitch that hit their systems. He wasn't very forthcoming about the situation so I questioned him further and he simply answered that he couldn’t clarify if the glitch was technical or not. All CFDs were affected, forex and all the other instruments they trade. Traders could not open new positions but could close positions only. He assured me that their systems will return back to normal on Monday.

I guess glitches like these are bound to happen in the markets. Just look what happened earlier this year in Japan. What traders need to do is to determine if this risk is acceptable and to anticipate them by safeguarding themselves from any major losses through stop losses or simply how you structure your trading legally or how you fund your trading financially.

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