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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 10/19/2018 at 10:54 PM, zwoomin15 said:

I know this is very "newbie" question, but I need your help on "funding my account" subject. 

 

I got approved for an active account yesterday and was going to do wire transfer today, but I'm confused during the wire transfer process. I have Bank of America, and when I was adding a new recipient, they were several info that I had to specify that I'm not so familiar. (sorry. I have never done an international wire transfer, especially for offshore brokerage firm) Am I sending the fund to "Capital Markets Elite Group Ltd." and the destination bank account number that CMEG provided, and they will know which CME account they should link the funds to? With Bank of America, there was no section to include "for further benefit to" that would state my name and CMEG account number. (I attached a screenshot of page during adding a recipient)

 

Has anyone done this funding process with Bank of America? Anything will be deeply appreciated. 

305965892_ScreenShot2018-10-19at7_45_58PM.png.362a98d8df7c01cb48bb87b678a0be73.png

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).  

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On 10/22/2018 at 11:57 AM, tardi44 said:

Hello

Thanks for all previous information.

Do  you know if it's possible to draw horizontal lines on charts with Traders Elite Pro? On their video I don't see drawing tools and as I can see everyday since I joined the room, Andrew is using a lot support and resistance lines on DAS.

Yes...  You can... You can 'right-click' on any chart, then select "trend lines," then "horizontal lines."  You can also program a hotkey to make the task simpler via the use of your preferred hotkey.  Lemme' know if this is detail enough, or if you need a little more guidance... STAY GREEN!  

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On 10/31/2018 at 9:00 AM, nostalgiaguru said:

I've now read everything on the boards about CMEG, and am ready to open an account.  For those of you with them, what would you say is CMEG's greatest strength and their greatest negative issue?   Any dealbreakers?

The reality that PDT isn't an issue is their biggest strength.  The reality that they take a few days to accept wires, and/or send money to my account via wires, is the biggest negative (and you have to use an actual form, scan and email, to receive wires)...  Other than that...they are the BEST option for people looking to trade without dealing with PDT... 

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No...  The cost is NOT $6/ticket... 

This is how it works:  If you use a group code (Andrew probably has a code, and if not, you can use mine), the trades are $2.95/trade.  In/around September they started passing through ECN fees (prior to that it was literally $2.95/trade).  It's important to realize that ECN fees are NOT a brokerage fee, and rather an "exchange" fee...  So if you add liquidity to the markets, you may actually receive rebates, rather than incur a charge...  Either way, I find it impossible to believe that (with a group code) you'll pay $6/trade...  My average, with ECN fees, is around $3.10...  I would prefer it to be the $2.95 we agreed to, but I can completely understand their rational for passing through ECN fees...  After-all, my primary broker is Interactive Brokers, and they too pass through ECN fees....  

If PDT is an issue for you, based on personal experience --- I see no better option than CME...  You can try SureTrader, but I had horrible issues with them...  TradeNet is another option, but again --- the consensus is that they are not the best choice.  In all honesty -- your best choice (if PDT is an issue) is CME...  If PDT is not an issue, IBKR, SpeedTrader, and a few other options may be worth a look...  

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25 minutes ago, Daniel Thomas said:

No...  The cost is NOT $6/ticket... 

This is how it works:  If you use a group code (Andrew probably has a code, and if not, you can use mine), the trades are $2.95/trade.  In/around September they started passing through ECN fees (prior to that it was literally $2.95/trade).  It's important to realize that ECN fees are NOT a brokerage fee, and rather an "exchange" fee...  So if you add liquidity to the markets, you may actually receive rebates, rather than incur a charge...  Either way, I find it impossible to believe that (with a group code) you'll pay $6/trade...  My average, with ECN fees, is around $3.10...  I would prefer it to be the $2.95 we agreed to, but I can completely understand their rational for passing through ECN fees...  After-all, my primary broker is Interactive Brokers, and they too pass through ECN fees....  

If PDT is an issue for you, based on personal experience --- I see no better option than CME...  You can try SureTrader, but I had horrible issues with them...  TradeNet is another option, but again --- the consensus is that they are not the best choice.  In all honesty -- your best choice (if PDT is an issue) is CME...  If PDT is not an issue, IBKR, SpeedTrader, and a few other options may be worth a look...  

Thanks Daniel for clarifying this question. After a couple of weeks of reading and pondering where to open my live account, I decided to go with IBKR.

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3 minutes ago, keen246 said:

Thanks Daniel for clarifying this question. After a couple of weeks of reading and pondering where to open my live account, I decided to go with IBKR.

IBKR is an excellent choice..  I use them, but I subscribe to DAS for the trading platform.  If pattern-day-trader is not an issue -- you cannot go wrong with IBKR...  Good luck...  Keep us posted on your progress!  I'm not a BearBulls moderator, but I've been with Andrew since "Vancouver Traders," so feel free to reach out anytime!  GL...STAY GREEN!  

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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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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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