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Robert H

New Broker Announcement: CME Group

Robert H

Guys, thanks for all the useful information posted here about CME Group. Just a favor, we beg you not to post verbatim CMEG emails, just share their relevant communications in your own words. While we can discuss whether disclaimers in email signatures are legally meaningless or legally binding, we at BBT want to be respectful of those disclaimers.

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Per Andrew's announcement in the chat today, he is testing out a new broker called Capital Markets Elite Group (CME Group).

I am testing CME Group (https://www.cmelitegroup.com/) as off shore broker (no PDT rule) with 1:6 margin. They use DAS and IB as clearing firm. Use code "bearbullcmeg2018" and email [email protected] to get access to a discounted commission: 2.95/trade up to 1000 shares.
 
 

UPDATE JUN 04 2019

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New CMEG Contact Information

Phone 1 833 445 9086 (Toll Free) / 1 833 445 9087 (Toll Free)

Client Services – [email protected]

New Accounts – [email protected]

Technical Support – [email protected]

 

===JUMP TO BRENDON'S REVIEW OF CMEG HERE===

 

Guys, thanks for all the useful information posted here about CME Group. Just a favor, we beg you not to post verbatim CMEG emails. While we can discuss whether disclaimers in email signatures are legally meaningless or legally binding, we at BBT want to be respectful of those disclaimers. But we agree that they can be annoying ?

 

===FAQ===

As discussed in our telephone conversation, CMEG is fairly young, however we can assure you that you and your funds will be safe. We are registered with the Trinidad and Tobago Securities and Exchange Commission and we are an approved Foreign Financial Institution with the IRS, you can find our information on the websites of both organizations. Also, because the safety of our clients’ assets is of utmost importance at CMEG, we are insured with Lloyd’s of London for your protection.
The minimum deposit for this account type is $500
For 6:1 margin your account must have a minimum value of $2500. A minimum of $500 – $2499 will get you 4:1 margin, anything less would be a cash account.
What the Bear Bull Traders promotion does is get you the $2.95/trade Active Trader rate without having to trade 750k shares a month
 
Maintenance Requirements
A 16% maintenance requirement for stocks that are priced at more than $4 per share – When trading stocks over $4, equity needs to be at least 16% of the trade value. e.g. If you buy 100 shares of XYZ @ $10 you will need at least $160 to enter this position
 
A maintenance requirement of $2 per share applies to marginable stock valued from $2 to $4 per share. – For any stock priced between $2 – $4, $2 of equity is needed per share. e.g. If you buy 100 shares of XYZ @ $3 you will need at least $200 or that amount will be needed to enter this position
 
A maintenance requirement of 100% is needed for all long stocks trading at $2 and below. – No margin is offered on stocks priced below $2. These will have to be bought on cash.
 
A maintenance requirement of 100% is needed for all short stocks trading from $2.50 to $5 per share. – No margin is offered to short stocks priced below $5. These will have to be bought on cash.
Our Traders Elite Pro is a customized version of DAS, see question 3’s response for the software and market data fees.
Traders Elite Pro platform comes with a DEMO account for free. The Demo account is linked to your live account and will remain open once your live account is open.
Nasdaq Total View and Nasdaq Regional Quotes are included with the platform at $35, so the Software fee is $115 and Market data is $35, your total subscription cost is $150. If you wish to request other data feeds, feel free to send us an email. Our website is currently being updated to reflect various data feeds and rates.
the Software fee is $115 and accounts that generate over $650 in commissions per month will have the software fee waived. The Software fee is deducted on the last day of the calendar month.
Commission – $2.95 per ticket up to 1000 shares, trades over 1000 shares will be charged a per share rate of $0.005
Our processing time for incoming/outgoing wires is 3-5 business days.
There is no limit for monthly withdrawals
They have also stated to me that Andrew’s promotion of 2.99 for equities is for the life of the account.

Please use this thread to discuss and update pertinent information.

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I watched pricing plan but did not understand, is there monthly fees or margin using fees or is just commissions?

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Be aware that the monthly fees for the platform is $115 USD plus market data. The fees can be waived if you generate $650 USD in monthly commissions

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Can Traders based in the USA trade here?

 

Yes, U.S. residents can open accounts with CME Group.

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Perfect timing, I was looking at tradezero and TC2000. I have hot keys and like the DAS platform so this will be a great transition from my Sim account

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I found out that the minimum funding is $1000 USD and they are checking if you can fund using PayPal, which would be insanely amazing.

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Two questions here:

1- Do they offer simulator when you open a live account with them?

2- How much is the maintenance fee (monthly) if you don't trade for a while?

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Some answers to a few questions I emailed to the CME Group -- just general information

 

Traders Elite Pro platform comes with a DEMO account for free, how long is that demo account active for? I think this will help retain clients as we are not 'forced' the trade live all the time and possibly wipe our accounts out.

The Demo account is linked to your live account and will remain open once your live account is open.

 

What data packages comes with Trader Elite Pro (how can i compare that to the DAS Trader data package subscriptions on their website, like NASDAQ Total View and ARCA book)? Is all that included with Traders Elite Pro?

Nasdaq Total View and Nasdaq Regional Quotes are included with the platform at $35, so the Software fee is $115 and Market data is $35, your total subscription cost is $150. If you wish to request other data feeds, feel free to send us an email. Our website is currently being updated to reflect various data feeds and rates.

 

How does margin work for holding positions overnight?

Overnight margin is 2:1, however we do usually not encourage clients to hold positions overnight as Traders Elite Pro was designed for day trading.

 

Is there a cut-off time during the day where you need to reduce your margin ratio?

There is no cut-off time.

 

I think I heard from Andrew Aziz that if you pay a certain amount in fees per month..CME waives the platform fee...is this true? Also what is the platform fee and is that deducted from your account monthly?

Yes, the Software fee is $115 and accounts that generate over $650 in commissions per month will have the software fee waived. The Software fee is deducted on the last day of the calendar month.

 

About how long does it take your team to process a wire incoming/outgoing?

Processing time for incoming/outgoing wires is 3-5 business days.

 

For 6:1 margin your account must have a minimum value of $2500. A minimum of $500 - $2499 will get you 4:1 margin, anything less would be a cash account.

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I spoke to someone on the phone today. They are based in Trinidad. Incidentally I am from Trinidad so I called my friend and asked here to stop by the place. Take pictures etc. They are real. They seem legit from the extended conversations Ive had with them. I feel confident now. Started the sign up process today.

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I've read that CMEG uses DAS Pro as their trading platform and mention of them using Traders Elite Platform as well. Am I correct in assuming CMEG is just renaming DAS Pro in their system as Traders Elite Platform?

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I spoke to someone on the phone today. They are based in Trinidad. Incidentally I am from Trinidad so I called my friend and asked here to stop by the place. Take pictures etc. They are real. They seem legit from the extended conversations Ive had with them. I feel confident now. Started the sign up process today.

 

Thank you for doing the due diligence on behalf of every body!

 

 

 

I’ve read that CMEG uses DAS Pro as their trading platform and mention of them using Traders Elite Platform as well. Am I correct in assuming CMEG is just renaming DAS Pro in their system as Traders Elite Platform?

 

I believe so. You will find similar re-branding for other brokers that use DAS: SpeedTrader Pro, SureTrader Pro, etc.

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CMEG responses to my questions below.

 

What is my account number?

You will receive your account number and login details upon approval of you application. Application processing takes 3-5 business days.

 

How do I wire in money?

Account funding information is also provided upon approval, you will be able to download our wire instructions.

 

Is it OK if I have a friend of mine come by and check you guys out?

They said ther is no problem, their office is located at 1 Murray Street, Woodbrook, Trinidad

 

The real issue we are having in the chatroom is we know nothing about you guys, and some offshore brokerages have a tendency when they shut down to disappear with their clients money. So i want to have my friend come by take pics etc, just to make sure you guys are real.

 

They said ther is no problem. They said CMEG is fairly young, however they can assure us that our funds will be safe. they are registered with the Trinidad and Tobago Securities and Exchange Commission and they are an approved Foreign Financial Institution with the IRS. Also, because the safety of their clients' assets is of utmost importance at CMEG, they are insured with Lloyd's of London for our protection.

 

 

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