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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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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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I have had an account with CME for about 9 months and haven't had any problems with them. Opening the account took a little time and they asked for additional/clarifying documents, but there was really no problem. Money transfers have been fine, and they recently worked efficiently with me to resolve an issue with reports not displaying properly on their website.

Obviously different people are having different experiences. Having said all that above, I think it comes down to the choices you have. It should be obvious that IB is a better choice (for fees if nothing else) if you have the money to fund an account. For the rest of us it comes down to the best choice of the offshore brokers. From everything I've read CME appears to be a much better choice than Suretrader.


---------------------------------------------------------------------------------------------------------------------------------------------------------------------
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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Hey guys! I saw that in 2018 as bearbull traders we  had a discounted commission ($2.95 per ticket) with CMEG . Is there similar deal for 2019? If yes  how do I get it? Is there a new promo code or a new way for applying the discount? 

Thank you

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On 3/21/2019 at 12:04 PM, Daur said:

Hey guys! I saw that in 2018 as bearbull traders we  had a discounted commission ($2.95 per ticket) with CMEG . Is there similar deal for 2019? If yes  how do I get it? Is there a new promo code or a new way for applying the discount? 

Thank you

Did you try to email last years code?

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Hi,  that same code works. I just got my account setup w/ CMEG last week. Once they approved me, I emailed them the discount code BearBullCMEG2018 and they went ahead and honored it and added it to my account.  Hope this helps!

Edited by Ed
Misspelling

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Ed,

I am also in process of wetting up with CMEG. Can I ask if they sent you an email about funding before they approved your application? BTW I thought that was the most instrusive questioning ever for an account. I suppose they could experience a lot of fraud.

 

 

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Yes they did and once I provide a recent bank statement they went ahead and approved it within a few day. 

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I applied for an account here recently, was approved within 1 business day.  Had an issue with wiring the funds and they actually just straight up called me to try and resolve the issue within 1 business day.

 

Hopefully everything works out with them, but it does seem like they have gotten it together since the initial surge of applications. 

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Hey Guys

 

I got this email from CMEG this morning: 

" We have been working on providing you the best trading experience and to ensure that you have the best and latest technology for trading. As such, we have introduced theLAMPOST route to help you execute trades in record time and at the best price possible. LAMPOST offers unmatched commission rates at $0.004/share, with an ECN fee of$0.0025/trade. This powerful performance and configuration give traders complete control over their trading!

 

"

 

Not sure how this route works and how efficient it is. Alliance is still a better option though as the rate is constant without the route restrictions?

Can anyone of you guys who already has an account with CMEG try this route and let us know how the execution is?

 

Thanks!!

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Hey,

Yes I will be trying this tomorrow. Looking forward to the great rates and checking how great the execution is. 

Thanks. 

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