Fair warning regarding CMEG lack of customer service

[Ercilia182 4]

Getting tax statement from CME was a hassle.  I called they would put me on hold,  they would tell me they will call or email me information.  It took two weeks of constant calling (direct calling), emailing and finally, when I said i need a contact name for my attorney to contact, they sent me the information.  I closed my account months ago with them, but I am considering U.S. based broker.  Not worth the frustration.  not happy at all!

[Brendon 146]

On 2/8/2020 at 11:27 AM, Ercilia182 said:

Getting tax statement from CME was a hassle.  I called they would put me on hold,  they would tell me they will call or email me information.  It took two weeks of constant calling (direct calling), emailing and finally, when I said i need a contact name for my attorney to contact, they sent me the information.  I closed my account months ago with them, but I am considering U.S. based broker.  Not worth the frustration.  not happy at all!

Well done, smart. I was able to get some pitiful excel extract that was quite confusing (did not show the buy/sell prices of the position) but at least it showed the gain/loss and quantity for tax purposes, but by day, so a lot of manual work to add up tickers...And this was after several phone call/emails/ and voicemails left. Kind of unbelievable they close your access to your account with notifying you. Never again opening an offshore account, not worth the hassle. CMEG was once good when they opened up but they got flooded with accounts and couldn't keep up. Oh SureTrader is dead btw. Just bad news all around for these offshores, sadly. Maybe they will get a more streamlined process down the road but not with my money.  

[Ercilia182 4]

On 2/10/2020 at 12:18 PM, Brendon said:

Well done, smart. I was able to get some pitiful excel extract that was quite confusing (did not show the buy/sell prices of the position) but at least it showed the gain/loss and quantity for tax purposes, but by day, so a lot of manual work to add up tickers...And this was after several phone call/emails/ and voicemails left. Kind of unbelievable they close your access to your account with notifying you. Never again opening an offshore account, not worth the hassle. CMEG was once good when they opened up but they got flooded with accounts and couldn't keepup. Oh SureTrader is dead btw. Just bad news all around for these offshores, sadly. Maybe they will get a more streamlined process down the road but not with my money.  

Hi Brendon, I agree.  it sucks though because not everyone has the 25K for U.S. based broker.  quick question, what did you enter as the Tax ID number for CMEG.  I had losses, and would like to somehow include this on my taxes.

thanks!

[Brendon 146]

Hi Ercilia, hmm I dont recall that I entered a tax ID number, I forget, I may have, this was a couple of years ago. I just made sure I had a statement from them and excel extracts showing my trades for my records. I was lucky enough to get both of those. Not sure if international brokers have TIN numbers, sorry! But if you dont have 25k, the best approach is to day trade under PTD and when you save up enough, go with IB. 

Edited February 18, 2020 by Brendon