DD
Darryl D
1 reviews | Active since May 2020
28 May 2020, 08:38
Be careful.
I find that the deposit and withdrawal process are too long, for no reason other than them collecting interest on your money overnight They do not support all South African banks. Also, the overnight swap fees are very inconsistent which always end up costing the customer more than competitors.
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Replies (5)
CM Trading's replyOfficial
28 May 2020, 10:21Good day Darryl,
Thank you for writing this review, we will try to address your concerns as best we can.
Depending on the deposit method that you choose, the process can take anywhere between a few seconds to a few days.
You used a number of different deposit methods over time, so you must have noticed the different processing times.
When multiple financial organizations are involved in a transaction, it can take more time. Bank wires especially can be a bit lengthy as they do not only involve your bank but also ours and funds must be cleared by both institutions before being credited in your trading account.
This usually takes up to 1 business day, depending on the time of the transfer, however, we have been experiencing some small delays at times these past few months, which can only be attributed to the current global situation and lockdown.
We may also request a proof of payment to establish that the funds you are about to use are yours. We are after all a regulated company and we comply with all rules and regulations as well as anti money laundering international laws.
Our withdrawal process takes 3 business days, after which the funds is sent back to you via the method you used to fund your trading account.
During this time, you may be asked to provide some additional documents or to confirm your request over the phone. You may also decide to not withdraw after all and continue taking advantage of opportunities on the market.
If all documents are provided, and you don't ask to cancel your request, the funds are processed without issues. Once the funds leave our accounts, we have no control over how long it takes your bank to process the incoming transaction on their side.
It is unclear what you mean by " collecting interest on your money overnight". We are not collecting interest on your money.
When you make a request to withdraw, the funds are immediately deducted from your account balance and put on hold to ensure that no matter what happens on the market, they will be available to be processed back to you.
Regarding the overnight swaps, we are not sure what you mean by inconsistent. The information can be found on the website ( https://www.cmtrading.com/en-US/table-forex/ ) as well as the calculation of the swaps. If you have examples of such inconsistencies you are welcome to share them with our support team.
On another note, we welcome all reviews and criticism as they help us grow and do better as a company, however one with a subject such as "be careful" can be a bit misleading.
We remain at your disposal for further information.
***
CM Trading Support Team
Thank you for writing this review, we will try to address your concerns as best we can.
Depending on the deposit method that you choose, the process can take anywhere between a few seconds to a few days.
You used a number of different deposit methods over time, so you must have noticed the different processing times.
When multiple financial organizations are involved in a transaction, it can take more time. Bank wires especially can be a bit lengthy as they do not only involve your bank but also ours and funds must be cleared by both institutions before being credited in your trading account.
This usually takes up to 1 business day, depending on the time of the transfer, however, we have been experiencing some small delays at times these past few months, which can only be attributed to the current global situation and lockdown.
We may also request a proof of payment to establish that the funds you are about to use are yours. We are after all a regulated company and we comply with all rules and regulations as well as anti money laundering international laws.
Our withdrawal process takes 3 business days, after which the funds is sent back to you via the method you used to fund your trading account.
During this time, you may be asked to provide some additional documents or to confirm your request over the phone. You may also decide to not withdraw after all and continue taking advantage of opportunities on the market.
If all documents are provided, and you don't ask to cancel your request, the funds are processed without issues. Once the funds leave our accounts, we have no control over how long it takes your bank to process the incoming transaction on their side.
It is unclear what you mean by " collecting interest on your money overnight". We are not collecting interest on your money.
When you make a request to withdraw, the funds are immediately deducted from your account balance and put on hold to ensure that no matter what happens on the market, they will be available to be processed back to you.
Regarding the overnight swaps, we are not sure what you mean by inconsistent. The information can be found on the website ( https://www.cmtrading.com/en-US/table-forex/ ) as well as the calculation of the swaps. If you have examples of such inconsistencies you are welcome to share them with our support team.
On another note, we welcome all reviews and criticism as they help us grow and do better as a company, however one with a subject such as "be careful" can be a bit misleading.
We remain at your disposal for further information.
***
CM Trading Support Team
CM Trading's reply28 May 2020, 10:21
Official
Good day Darryl,
Thank you for writing this review, we will try to address your concerns as best we can.
Depending on the deposit method that you choose, the process can take anywhere between a few seconds to a few days.
You used a number of different deposit methods over time, so you must have noticed the different processing times.
When multiple financial organizations are involved in a transaction, it can take more time. Bank wires especially can be a bit lengthy as they do not only involve your bank but also ours and funds must be cleared by both institutions before being credited in your trading account.
This usually takes up to 1 business day, depending on the time of the transfer, however, we have been experiencing some small delays at times these past few months, which can only be attributed to the current global situation and lockdown.
We may also request a proof of payment to establish that the funds you are about to use are yours. We are after all a regulated company and we comply with all rules and regulations as well as anti money laundering international laws.
Our withdrawal process takes 3 business days, after which the funds is sent back to you via the method you used to fund your trading account.
During this time, you may be asked to provide some additional documents or to confirm your request over the phone. You may also decide to not withdraw after all and continue taking advantage of opportunities on the market.
If all documents are provided, and you don't ask to cancel your request, the funds are processed without issues. Once the funds leave our accounts, we have no control over how long it takes your bank to process the incoming transaction on their side.
It is unclear what you mean by " collecting interest on your money overnight". We are not collecting interest on your money.
When you make a request to withdraw, the funds are immediately deducted from your account balance and put on hold to ensure that no matter what happens on the market, they will be available to be processed back to you.
Regarding the overnight swaps, we are not sure what you mean by inconsistent. The information can be found on the website ( https://www.cmtrading.com/en-US/table-forex/ ) as well as the calculation of the swaps. If you have examples of such inconsistencies you are welcome to share them with our support team.
On another note, we welcome all reviews and criticism as they help us grow and do better as a company, however one with a subject such as "be careful" can be a bit misleading.
We remain at your disposal for further information.
***
CM Trading Support Team
Thank you for writing this review, we will try to address your concerns as best we can.
Depending on the deposit method that you choose, the process can take anywhere between a few seconds to a few days.
You used a number of different deposit methods over time, so you must have noticed the different processing times.
When multiple financial organizations are involved in a transaction, it can take more time. Bank wires especially can be a bit lengthy as they do not only involve your bank but also ours and funds must be cleared by both institutions before being credited in your trading account.
This usually takes up to 1 business day, depending on the time of the transfer, however, we have been experiencing some small delays at times these past few months, which can only be attributed to the current global situation and lockdown.
We may also request a proof of payment to establish that the funds you are about to use are yours. We are after all a regulated company and we comply with all rules and regulations as well as anti money laundering international laws.
Our withdrawal process takes 3 business days, after which the funds is sent back to you via the method you used to fund your trading account.
During this time, you may be asked to provide some additional documents or to confirm your request over the phone. You may also decide to not withdraw after all and continue taking advantage of opportunities on the market.
If all documents are provided, and you don't ask to cancel your request, the funds are processed without issues. Once the funds leave our accounts, we have no control over how long it takes your bank to process the incoming transaction on their side.
It is unclear what you mean by " collecting interest on your money overnight". We are not collecting interest on your money.
When you make a request to withdraw, the funds are immediately deducted from your account balance and put on hold to ensure that no matter what happens on the market, they will be available to be processed back to you.
Regarding the overnight swaps, we are not sure what you mean by inconsistent. The information can be found on the website ( https://www.cmtrading.com/en-US/table-forex/ ) as well as the calculation of the swaps. If you have examples of such inconsistencies you are welcome to share them with our support team.
On another note, we welcome all reviews and criticism as they help us grow and do better as a company, however one with a subject such as "be careful" can be a bit misleading.
We remain at your disposal for further information.
***
CM Trading Support Team
DD
Darryl D's updateReviewer Update
28 May 2020, 11:39Hi and thank you for your reply. Regarding long deposit and withdrawal times...
Whenever I make "an immediate transfer/ payment" from my bank to CM Tradings account ( which takes "up to" 1 hour max, my funds are never credited for at least 24 hrs. Not sure why, but it's the case the every time.
Withdrawals are always held for 3 days before I receive the funds, even in this age of digital transfers (almost immediate). If one makes a request to withdraw, you are saying that it is held in an escrow account "in case I change my mind" ?? And then on top of that you need to wait for your broker to call to verify. Delay tactic, in my opinion.
Roll-over fees appear to vary by the day, even though rates have not changed. I asked my account manager to explain why, but never did a response.
Just my experiences with CM Trading, that's all.
Darryl.
Whenever I make "an immediate transfer/ payment" from my bank to CM Tradings account ( which takes "up to" 1 hour max, my funds are never credited for at least 24 hrs. Not sure why, but it's the case the every time.
Withdrawals are always held for 3 days before I receive the funds, even in this age of digital transfers (almost immediate). If one makes a request to withdraw, you are saying that it is held in an escrow account "in case I change my mind" ?? And then on top of that you need to wait for your broker to call to verify. Delay tactic, in my opinion.
Roll-over fees appear to vary by the day, even though rates have not changed. I asked my account manager to explain why, but never did a response.
Just my experiences with CM Trading, that's all.
Darryl.
DD
Darryl D's update28 May 2020, 11:39
Reviewer Update
Hi and thank you for your reply. Regarding long deposit and withdrawal times...
Whenever I make "an immediate transfer/ payment" from my bank to CM Tradings account ( which takes "up to" 1 hour max, my funds are never credited for at least 24 hrs. Not sure why, but it's the case the every time.
Withdrawals are always held for 3 days before I receive the funds, even in this age of digital transfers (almost immediate). If one makes a request to withdraw, you are saying that it is held in an escrow account "in case I change my mind" ?? And then on top of that you need to wait for your broker to call to verify. Delay tactic, in my opinion.
Roll-over fees appear to vary by the day, even though rates have not changed. I asked my account manager to explain why, but never did a response.
Just my experiences with CM Trading, that's all.
Darryl.
Whenever I make "an immediate transfer/ payment" from my bank to CM Tradings account ( which takes "up to" 1 hour max, my funds are never credited for at least 24 hrs. Not sure why, but it's the case the every time.
Withdrawals are always held for 3 days before I receive the funds, even in this age of digital transfers (almost immediate). If one makes a request to withdraw, you are saying that it is held in an escrow account "in case I change my mind" ?? And then on top of that you need to wait for your broker to call to verify. Delay tactic, in my opinion.
Roll-over fees appear to vary by the day, even though rates have not changed. I asked my account manager to explain why, but never did a response.
Just my experiences with CM Trading, that's all.
Darryl.
CM Trading's replyOfficial
28 May 2020, 12:12Dear Darryl,
Thank you for clarifying.
The wire transfers require manual intervention, therefore they do take more time, even in this day of digital transfers. If the funds are not credited into our bank account, we cannot credit them into your trading account.
You can always use a credit/debit card or Crypto currency as you had done before. Those are fastest options.
By the way, we do support all South African banks in wire transfers so it is not clear how you came to that conclusion.
As explained before, the withdrawal process takes 3 business days for the reasons that were stated. This is very clearly outlined on the website when you make a request.
Those are not "delay tactics".
A lot of times, clients change their minds and want to continue to trade as trading opportunities arise.
The funds are not held in an "escrow account", that was never said. They are just taken out of your balance so that they can be processed and sent to you.
Have you ever made a request for withdrawal and it was not processed or delayed beyond the 3 business days for absolutely no reason?
As mentioned before, we appreciate the remarks and will use them to better our service.
Regards,
CM Trading Support
Thank you for clarifying.
The wire transfers require manual intervention, therefore they do take more time, even in this day of digital transfers. If the funds are not credited into our bank account, we cannot credit them into your trading account.
You can always use a credit/debit card or Crypto currency as you had done before. Those are fastest options.
By the way, we do support all South African banks in wire transfers so it is not clear how you came to that conclusion.
As explained before, the withdrawal process takes 3 business days for the reasons that were stated. This is very clearly outlined on the website when you make a request.
Those are not "delay tactics".
A lot of times, clients change their minds and want to continue to trade as trading opportunities arise.
The funds are not held in an "escrow account", that was never said. They are just taken out of your balance so that they can be processed and sent to you.
Have you ever made a request for withdrawal and it was not processed or delayed beyond the 3 business days for absolutely no reason?
As mentioned before, we appreciate the remarks and will use them to better our service.
Regards,
CM Trading Support
CM Trading's reply28 May 2020, 12:12
Official
Dear Darryl,
Thank you for clarifying.
The wire transfers require manual intervention, therefore they do take more time, even in this day of digital transfers. If the funds are not credited into our bank account, we cannot credit them into your trading account.
You can always use a credit/debit card or Crypto currency as you had done before. Those are fastest options.
By the way, we do support all South African banks in wire transfers so it is not clear how you came to that conclusion.
As explained before, the withdrawal process takes 3 business days for the reasons that were stated. This is very clearly outlined on the website when you make a request.
Those are not "delay tactics".
A lot of times, clients change their minds and want to continue to trade as trading opportunities arise.
The funds are not held in an "escrow account", that was never said. They are just taken out of your balance so that they can be processed and sent to you.
Have you ever made a request for withdrawal and it was not processed or delayed beyond the 3 business days for absolutely no reason?
As mentioned before, we appreciate the remarks and will use them to better our service.
Regards,
CM Trading Support
Thank you for clarifying.
The wire transfers require manual intervention, therefore they do take more time, even in this day of digital transfers. If the funds are not credited into our bank account, we cannot credit them into your trading account.
You can always use a credit/debit card or Crypto currency as you had done before. Those are fastest options.
By the way, we do support all South African banks in wire transfers so it is not clear how you came to that conclusion.
As explained before, the withdrawal process takes 3 business days for the reasons that were stated. This is very clearly outlined on the website when you make a request.
Those are not "delay tactics".
A lot of times, clients change their minds and want to continue to trade as trading opportunities arise.
The funds are not held in an "escrow account", that was never said. They are just taken out of your balance so that they can be processed and sent to you.
Have you ever made a request for withdrawal and it was not processed or delayed beyond the 3 business days for absolutely no reason?
As mentioned before, we appreciate the remarks and will use them to better our service.
Regards,
CM Trading Support
DD
Darryl D's updateReviewer Update
04 Jun 2020, 09:59Case in point.... Yesterday morning I made a crypto deposit to cover my positions. As of now, 23 hours later, it is still NOT credited to my account. ??? Can't wait for your long winded explanation.
DD
Darryl D's update04 Jun 2020, 09:59
Reviewer Update
Case in point.... Yesterday morning I made a crypto deposit to cover my positions. As of now, 23 hours later, it is still NOT credited to my account. ??? Can't wait for your long winded explanation.
CM Trading's replyOfficial
04 Jun 2020, 10:41Good day Darryl,
No long winded explanation, we simply didn't receive anything.
Please contact our Finance department with the confirmation of your transfer and we will investigate.
Thank you,
CM Trading Support
No long winded explanation, we simply didn't receive anything.
Please contact our Finance department with the confirmation of your transfer and we will investigate.
Thank you,
CM Trading Support
CM Trading's reply04 Jun 2020, 10:41
Official
Good day Darryl,
No long winded explanation, we simply didn't receive anything.
Please contact our Finance department with the confirmation of your transfer and we will investigate.
Thank you,
CM Trading Support
No long winded explanation, we simply didn't receive anything.
Please contact our Finance department with the confirmation of your transfer and we will investigate.
Thank you,
CM Trading Support