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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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On 12/12/2018 at 4:11 PM, Daniel Thomas said:

I assume you figured this out?  If not, just re-post, and I'll follow up...  I actually use Bank of America to wire (and receive wires) from CME, so I figure I may be of help (I do it all electronically).  

@Daniel Thomas. I actually figured out with a rep at Bank of America. I had to stop by Bank of America branch office at two different locations because the first rep that I talked to at the first location did not know how to. 

 

Thanks for your support though : )

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I am about to sign up with CMEG. In the meantime I am looking them up in various sites just to get an overall gut feel about the broker since it is an off-shore one.

I checked another chat room: www.bullishbears.com; and they recommend CMEG to their members. Since it is a fairly new broker there is not much review history about it; but some raised a couple issues:

they named themselves: CMEG. There is another CME Group company which is an American financial market Co. based out of Chicago, but they are not related. I did send an email to CMEG -Trinidad regarding this mixup in names. still waiting for an answer.

Also, some asked whether CMEG -Trinidad is a member of SIPC ( the securities investor protection corporation). in case the broker goes bust.

 

Sami

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5 minutes ago, dchababe said:

I am about to sign up with CMEG. In the meantime I am looking them up in various sites just to get an overall gut feel about the broker since it is an off-shore one.

I checked another chat room: www.bullishbears.com; and they recommend CMEG to their members. Since it is a fairly new broker there is not much review history about it; but some raised a couple issues:

they named themselves: CMEG. There is another CME Group company which is an American financial market Co. based out of Chicago, but they are not related. I did send an email to CMEG -Trinidad regarding this mixup in names. still waiting for an answer.

Also, some asked whether CMEG -Trinidad is a member of SIPC ( the securities investor protection corporation). in case the broker goes bust.

 

Sami

Until last week I had a YouTube channel...  Within that YouTube channel, I created about 100 videos.  More than 90% of the videos I created were recording various trades/considerations while using CMEG.

I started off 2018 with a "small account challenge" using SureTrader as my broker.  One issue led to another...which led to another...which led to another.  I discussed my issues with SureTrader within the aforementioned channel, but since it's no longer available, I'll just summarize by saying that SureTrader was a HORRIBLE experience.  I was literally about to throw in the towel on the small account challenge...., and then CMEG came along..  I signed up, reluctantly, for an account with them.  I didn't expect much... 

I ended up growing the small account (roughly $700 US) to a little over $20k, then I blew it up while in a bad mood during a trip to Vegas (mixed with a little bit of cockiness/arrogance). 

I started another "small" account around June, 2018 (with CMEG), due to a relocation from the west coast (US) to the east coast; I didn't want to trade in my larger Interactive Brokers account while traveling.  Yet again -- I grew the account to over $20k (this time I started with around $4k US, and grew it to over $20k in four weeks worth of travel).  I documented the entire journey via a YouTube channel, which again --  I've since deleted.  I even put together a video discussing the FAQ's of this broker, in addition to another showing proof that they payout (I withdrew funds, and recorded the process via YouTube). 

Eventually I started a group with them...where my viewers would receive a discount on commissions if they used my name.  Andrew also has a code, of which you can use to receive discounts on commissions.  I don't know his code, but it's on the website under "resources" (I believe); just go to the home page, and navigate accordingly, and you'll find it...  

Long story short:  I HIGHLY recommend this broker for anyone trying to avoid the curse of PDT.  I could argue points both for, and against PDT, but at the end of the day --- I lost over $60k due to PDT, so I'm definitely NOT an advocate for that dumb ass rule...  Frankly, though they say it's "supposed to protect newbie traders," the reality is (at least for me) -- it's more of a tool to keep "newbies" away from the markets altogether.  If PDT wasn't in my way, I would have accelerated my learning curve, and lost A LOT less money in the process...

Anyways...  I am an advocate of CMEG.  They always lived up to my expectations (I still have a small account with them), and NEVER did anything unethical like their counterparts (SureTrader) do.  My recommendation would be to: 1) never trade with money you can't afford to lose in the first place, and 2) make sure you take withdrawals on a consistent basis (if you're profitable), just in case they do go under (bankrupt).  Though I trust them with "little money" (anything under $20k, or so), there's no way in the world I'd trust ANY offshore broker with large sums of money. 

If you're looking for a way to start, and potentially grow, and "small" account (likely due to PDT), you cannot go wrong with CMEG.  If a "small" account is NOT your issue, go with Interactive Brokers instead (much better short list, and much better commissions).  

Finally...  Make sure you use the discount code so you get reduced commissions...

Good luck...  STAY GREEN!   

 

Daniel  

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Thanks Daniel. I tried IB, but they declined my application due to my day job's income is >40k. So, that's why I am looking at CMEG. 

 

Sami

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Posted (edited)

How long does it take to get a new account approved with CMEG?  Their website says 3-5 working days and so far I've been waiting 10 working days.  I don't mean funding an account, just getting it approved.

Edited by Mark

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18 hours ago, Mark said:

How long does it take to get a new account approved with CMEG?  Their website says 3-5 working days and so far I've been waiting 10 working days.  I don't mean funding an account, just getting it approved.

I just got off the phone with them and they said it might take an additional 2-3 days from today, they still need to review my documents and application.  I had to resubmit documents in the very beginning, but that was now 11 working days ago.  The representative put me on hold to talk to brokerage about the documents.  Coming back from hold they said they have a lot of new applications and approvals coming through.  So I'm not entirely sure if the documents had something to do with it, but hopefully I'll get approved.

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Is it possible to use the DAS risk control page with CMEG?

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On 1/8/2019 at 10:55 AM, Mark said:
On 1/7/2019 at 3:52 PM, Mark said:

How long does it take to get a new account approved with CMEG?  Their website says 3-5 working days and so far I've been waiting 10 working days.  I don't mean funding an account, just getting it approved.

I just got off the phone with them and they said it might take an additional 2-3 days from today, they still need to review my documents and application.  I had to resubmit documents in the very beginning, but that was now 11 working days ago.  The representative put me on hold to talk to brokerage about the documents.  Coming back from hold they said they have a lot of new applications and approvals coming through.  So I'm not entirely sure if the documents had something to do with it, but hopefully I'll get approved.

As a follow-up, I got approved yesterday.  When I called them yesterday before I got approved, they said again that they have a lot of new applications coming in.  They have been pleasant to speak with on the phone when I have called.

I suggest that if someone is going with CME that they apply ahead of their anticipated live date to allow for any delays.  Based on the feedback and track record CME has so far, it seems like they would be worth the wait.

Edited by Mark

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5 hours ago, Mark said:

As a follow-up, I got approved yesterday.  When I called them yesterday before I got approved, they said again that they have a lot of new applications coming in.  They have been pleasant to speak with on the phone when I have called.

I suggest that if someone is going with CME that they apply ahead of their anticipated live date to allow for any delays.  Based on the feedback and track record CME has so far, it seems like they would be worth the wait.

I’m having a horrible time with them and their email communication. I applied 12/4 and today just received a request for more documentation as I’m self employed. I initially provided the bank stuff they asked for, they lost that and waited a month to request it again. Then I sent the same docs again 10 days ago, called Monday and was told it’s in final stages and today I get another different document request, this time proving I own my company. Beyond annoying that it’s 10 days or more between communication. 

Im self employed so I don’t know if that’s more challenging but I’m kind of over it at this point. i definitely have reservations based on this experience so far. I would like to use them below PDT with DAS and I don’t think there were any other options. I have an IB account that’s was approved super fast but I don’t want to start with a big amount again. 

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Quick update on CMEG, to fund my account the first wire I sent was incorrect and they were quick to respond to point out the problem.  That one ended up getting returned so it never made it, so I sent a second wire:

Jan 19th 2019, Saturday - second wire was sent with correct information

Jan 21st 2019, Monday - United States National holiday, Martin Luther King day

Jan 22nd 2019, Tuesday - first stage was successful, bank held the funds and wire didn't get returned, it was on its way

Jan 23rd 2019, Wednesday - funds arrived in CMEG account

Jan 24th 2019, Thursday - account activation e-mail from CMEG, before the market opened

----

I was surprised how quick my account got funded.  I ended up getting CMEG's DAS Pro installed and caught two good trades in the morning of the account activation e-mail.  And I was able to use the same DAS Pro desktop layout file from the simulator in CMEG's DAS Pro platform, with the only changes being some minor background color adjustments that didn't carry over.  So, my experience funding my account with CMEG was very good.

Edited by Mark

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Is trading stocks that are on SSR still an issue with CMEG for anyone?  I didn't have a problem today with VALE, it was on SSR and I was able to short 1000 shares using limit orders to get in and out of the trade without any problems.  Then a few minutes later I took VALE long with 1000 shares using limit orders to get in and out while it was still on SSR, again no problems.  I wasn't using hotkeys, I used the order entry area in DAS Pro to place the orders.

Edited by Mark

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On 1/28/2019 at 1:43 PM, Mark said:

Is trading stocks that are on SSR still an issue with CMEG for anyone?  I didn't have a problem today with VALE, it was on SSR and I was able to short 1000 shares using limit orders to get in and out of the trade without any problems.  Then a few minutes later I took VALE long with 1000 shares using limit orders to get in and out while it was still on SSR, again no problems.  I wasn't using hotkeys, I used the order entry area in DAS Pro to place the orders.

I have not had an issue with them on SSR. I know they are aware of the SSR issue that was brought to their attention. No official word from them if it has been completely fixed. I also traded SSR this week and have not had an issue getting in or out. 

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hi all,

Just wanted to share about my first month with CME. I have found their fees to be incredibly high for how i trade, I paid close to 40% of my profits in fees in 20 days of trading. I also had sent additional funds to my account to increase my share size which were never received and returned to my bank minus $920 and now am dealing with my US bank to try to figure out why CME's intermediary bank Wells Fargo took $920 out of the funds I sent which is a PITA. 

CME's response was generic and when I called 5 times and finally got someone to pick up the phone, the response was we don't have any records of it but will have our banking department look into it. I'm not optimistic that they will be helpful. 

I will be closing the account as soon as I get the missing funds issue resolved and not taking any further trades with them. I understand that everyone has had different experiences but I don't think they are professional and if it's growing pains because they are getting more clients, the service will need to drastically improve. I know that many folks need an option for less than PDT trading but for me, i'd rather have the security and service of IB and have to fund a larger account than deal with this terrible customer service and really expensive fees. I would encourage anyone going with them to think carefully about share sizes and how you like to trade, on paper they may seem like a good option but if you like lower priced, lower float stocks their fees are exorbitant and really cost prohibitive to trading a lot of shares. 

I'm taking a month off to get my IB set up and work on a great day job project so the timing is good. 

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3 hours ago, QiRa said:

hi all,

Just wanted to share about my first month with CME. I have found their fees to be incredibly high for how i trade, I paid close to 40% of my profits in fees in 20 days of trading. I also had sent additional funds to my account to increase my share size which were never received and returned to my bank minus $920 and now am dealing with my US bank to try to figure out why CME's intermediary bank Wells Fargo took $920 out of the funds I sent which is a PITA. 

CME's response was generic and when I called 5 times and finally got someone to pick up the phone, the response was we don't have any records of it but will have our banking department look into it. I'm not optimistic that they will be helpful. 

I will be closing the account as soon as I get the missing funds issue resolved and not taking any further trades with them. I understand that everyone has had different experiences but I don't think they are professional and if it's growing pains because they are getting more clients, the service will need to drastically improve. I know that many folks need an option for less than PDT trading but for me, i'd rather have the security and service of IB and have to fund a larger account than deal with this terrible customer service and really expensive fees. I would encourage anyone going with them to think carefully about share sizes and how you like to trade, on paper they may seem like a good option but if you like lower priced, lower float stocks their fees are exorbitant and really cost prohibitive to trading a lot of shares. 

I'm taking a month off to get my IB set up and work on a great day job project so the timing is good. 

Thanks for sharing your experience Qira. Your post really confirms my suspicious about CME. When I was pondering having an account with them, I sent them a few questions, and the answers were vague and utterly unproffesional. That put a red flag, so I decided to open a bigger account with IB. I was a bit pissed off with IB impossing the PDT rule on me, even that I don't live in the US, but peace of mind is priceless.

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15 hours ago, QiRa said:

hi all,

Just wanted to share about my first month with CME. I have found their fees to be incredibly high for how i trade, I paid close to 40% of my profits in fees in 20 days of trading. I also had sent additional funds to my account to increase my share size which were never received and returned to my bank minus $920 and now am dealing with my US bank to try to figure out why CME's intermediary bank Wells Fargo took $920 out of the funds I sent which is a PITA. 

CME's response was generic and when I called 5 times and finally got someone to pick up the phone, the response was we don't have any records of it but will have our banking department look into it. I'm not optimistic that they will be helpful. 

I will be closing the account as soon as I get the missing funds issue resolved and not taking any further trades with them. I understand that everyone has had different experiences but I don't think they are professional and if it's growing pains because they are getting more clients, the service will need to drastically improve. I know that many folks need an option for less than PDT trading but for me, i'd rather have the security and service of IB and have to fund a larger account than deal with this terrible customer service and really expensive fees. I would encourage anyone going with them to think carefully about share sizes and how you like to trade, on paper they may seem like a good option but if you like lower priced, lower float stocks their fees are exorbitant and really cost prohibitive to trading a lot of shares. 

I'm taking a month off to get my IB set up and work on a great day job project so the timing is good. 

Hi QiRa,

Thanks from me too. As a Dutch person, I was also looking for an non-PDT broker, and had sent an email last week to CME.

First it took almost a week to receive an answer (well, not thát long, but still...) and indeed - like the experience of Keen246 - the answers were vague and not satisfying. I want to start live trading in April, so I want to take the action to open an account soon. And this all confirms for me that I won't do that with CME.

It will probably be IB and yes, then just wiring at least $ 25.000 and taking care that I keep my risks low!! The good thing is the much lower commissions, so it's probably the best choice. 

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