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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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Hi everyone,

has anyone seen this article? Not sure how factual it is but it does raise concerns for me. It is money that I’m able to lose and I currently have an account with them. 

Assuming CMEG does go under hopefully they would notify clients prior to allow withdrawals like Suretrader did. 

I would like others opinions on this! 
 

https://www.tradingschools.org/capital-markets-elite-group/

 

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On 6/21/2020 at 9:30 PM, Hitrader25 said:

Hi everyone,

has anyone seen this article? Not sure how factual it is but it does raise concerns for me. It is money that I’m able to lose and I currently have an account with them. 

Assuming CMEG does go under hopefully they would notify clients prior to allow withdrawals like Suretrader did. 

I would like others opinions on this! 
 

https://www.tradingschools.org/capital-markets-elite-group/

 

Wow thanks for sharing this. I was about to wire my money to them. After reading this I realize that I need to do a LOT more research. 

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@Chris Blechschmidt I've been using CMEG all year, no problems (I haven't tried a withdrawal yet though) There are many members here that use CMEG. I don't know anything about tradingschools.org where that article was written.


If you don’t have a mountain to climb, find one.

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I’ve been using them for over a year as well with no issues. Just a red flag that came to my attention. I withdrew my money and surprisingly it only took 2 business days. 

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14 minutes ago, Hitrader25 said:

I’ve been using them for over a year as well with no issues. Just a red flag that came to my attention. I withdrew my money and surprisingly it only took 2 business days. 

Have you found a different broker to use and still avoid PDT?


If you don’t have a mountain to climb, find one.

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No I haven’t. I believe CMEG is the best off shore brokerage to avoid PDT. 
 

After reading the article, I just wanted to be safe with my funds. I have notice that sometimes the trade execution does not appear on the tape. I remember Suretrader doing the same thing before getting shut down. Taking out funds was a risk management thing for me 

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Uh-oh, I didn't realize that Suretrader was closed down. Is this a game of whack-a-mole with off-shore brokerages? Being that they are not in the US, can the SEC actually do anything?

The tone of the article was definitely not unbiased/reporting the facts. That doesn't mean the things they wrote weren't valid but it definitely seemed like they were grinding an ax.

FWIW - I have been with them for over a year and have had no problems. Haven't pulled money out though.

On their About Us page it says this:

Capital Markets Elite Group Limited is an independent asset management firm that is customer centric and results-driven. Established in 2013, Capital Markets Elite Group Limited, is a registered Broker Dealer with the Trinidad and Tobago Securities and Exchange Commission. The company aspires to be a leading global investment banking, securities, and investment management firm that is designed to provide a wide range of financial services to a substantial and diversified client base. The company through its subsidiaries Global Financial Traders (Caribbean) Limited and GFT (International) LLC, are financial educational companies, which empowers individuals with the knowledge and skills to trade and manage their own portfolios through global financial markets.

and at the bottom:

1089113016_Screenshotfrom2020-07-0212-37-59.png.a9ed142ae41f9f95591adbdcba0fe55c.png

Nowhere do they make a big deal about being registered with the Trinidad & Tobago Securities exchange commission as the article indicates, nor do they say anything about being registered with the SEC. In fact, at the bottom of the page they say they don't solicit people from the US or Canada:

The article appears to be a smear piece.


---------------------------------------------------------------------------------------------------------------------------------------------------------------------
People that spend their time telling others what can't be done only annoy those of us out there doing it.

 

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I have a few questions regarding commissions for CMEG. To get the discount for BBT my TIF has always to be DAY, is that correct? Also, the route has to be "limit" or "market" for the reduced commissions, is that right?

Can I use this hotkey for Breakeven Stop Loss: ";CXL ALLSYMB;Route=Stop;Price=AvgCost;StopType=MARKET;STOPPRICE=AvgCost;StopPrice=Round2;Share=Pos;TIF=DAY;Send=Reverse;" ,or has the bold marked code to be "Route=Limit" or "Route=Market"?

Thanks for the help

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the DAY has no effect on commission price. it is the order validity period only.

limit and market is not the route but order type but there is a route which is called LIMIT as well. not to mix those two terms

that hotkey is correct. what you want to achieve is the Market Stop order. Stop defining the trigger and Market defining the price- market price- any current price

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@peterB thanks for your help.

 

1. I know that DAY or DAY+ is the validation period, but someone mentioned that CMEG only offers the reduced comissions during normal market hours (not pre- and post market) and some member had problems with DAY+.

2. thanks for clarify the difference between order and route type. So if I want to get the reduced CMEG Comissions the route type is crucial for that, am I right about that? Should the route type for CMEG always be "LIMIT"?

 

Cheers

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On 8/11/2020 at 6:17 AM, Joerg said:

@peterB thanks for your help.

 

1. I know that DAY or DAY+ is the validation period, but someone mentioned that CMEG only offers the reduced comissions during normal market hours (not pre- and post market) and some member had problems with DAY+.

2. thanks for clarify the difference between order and route type. So if I want to get the reduced CMEG Comissions the route type is crucial for that, am I right about that? Should the route type for CMEG always be "LIMIT"?

 

Cheers

Hi Joerg,

I heard similar when it comes to the difference between DAY and DAY+. I've only been using DAY, even in the pre-market. I was very surprised to find I'm still getting charged the reduced commissions even in Pre and Post markets (maybe it's allowed within certain timeframes like after 8am, etc ???).

My Route in my SETUP > ORDER TEMPLATE is like this:  (Set to LAMP)

lamp.PNG.e6e01b4797b40c5d048c0ff303f6e424.PNG

All my hotkeys mention either MARKET or LIMIT as the ROUTE (NOT LAMP), but I still get the reduced commissions. 

I was like you, very uneasy at first and I was also terrified of making a mistake. In the end, I remember taking a couple of small trades (no more) once I had my account, and waiting until the next day when I can see my account statement to confirm what commissions I'm paying.

Hope that helps.

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Hey guys,

I don't know if this ever happened to anyone else who uses CMEG, but I think they are taking more commissions than the standard 0.004 x share (and I am only referring to the commission value, not any other fees like ECN fees). It is also worth mentioning that they have applied the Bear Bull Traders discount ages ago.

If you see the screenshot bellow, and have in mind the quantity of shares, it is impossible they are taking only $0.004 per share.

In fact, the entire statement looks very dodgy. Let me give you an example. If you look at the symbol $RKT, I bought 111 shares of this stock and went long and then took several partials. So you would assume it would say 222 shares for quantity, instead of 444. Now, let's make some calculations...

Even using their quantity of 444:

444 x 0.004 = 1.776

Other example: Look at symbol $AAL. I went long with 500 shares, then took partials when I exited my position. So, total of 1000 shares for a round trip (this time the quantity showed is right). But the calculations of the commission make no sense again:

1000 shares (round trip) x 0.004 = - They charged me $7 for this trade! non sense! 

Again, keep in mind that I am only talking about the proper commission, not any other fees like ECN fees - those seem to be correctly calculated. 

Please, can anyone help or check this for me?

Thank you a lot

comi.png

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@TiagoPereira1998 did you calculated the minimum fee of 0.5$ per action you take? So if you go long, make 6 partials and go all out its a minimum of 4$ for the whole trade. 

Your statistic seems okay and traceable for me. You have 34 orders (which leads to a minimum of 17$ commission) and you paid 22$ which should be because some orders had been higher than 0.5$

Edited by Joerg
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3 minutes ago, Joerg said:

@TiagoPereira1998 did you calculated the minimum fee of 0.5$ per action you take? So if you go long, make 6 partials and go all out its a minimum of 4$ for the whole trade. 

oh no, I thought they only charged you the minimum fee of $0.5 once per side - let's say they charge you it when I go long and then once when I exit... I had no idea they charged it every time I took partials.... That might explain it, anyway I will make the new calculations to confirm this!

Thank you a lot for you comment, I might have to rethink my trading strategy to take less partials because with an account with less than 5k, these added commissions eat easily the profits! 

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