I remember way back in the Deal4Free days, sitting in CMC’s reception eager to pick up a CD-Rom of the Market Maker trading platform so I could trade PA when I was a stock broker in the opposite building on Mansell Street.
My point being that back then it was a excellent trading platform, and it still is today…
Since then (and indeed 1989 when Peter Cruddas founded Currency Management Corporation) forex broker CMC has lead the way in online trading platform innovation.
With the recent addition of DMA equity trading through CMC’s Prime Derivatives offering, we hear from Peter Cruddas on what makes CMC appealing to larger traders, what keeps him involved on a day to day basis, his top resources for traders and what’s in store for CMC’s future.
You’re one of the only pioneers of the spread betting and CFD industry still at the helm. What’s the major draw to remain invovled?
I believe that it is partly my own involvement in CMC which really sets us apart from the competition. I have a huge amount of experience within the industry, and over the years have seen what works and what doesn’t work.
I’m still very much involved in the day-to-day running of the business and I am passionate about what I do, and feel this is reflected to both the company’s clients and workforce.
The industry relies heavily on technology, and I appreciate the need for us to constantly develop that technology. It’s exciting for me to see where things began, how far they have come, and how they continue to develop.
CMC Markets has always been one of the most innovative brokers in online trading. Where do you see the next major developments in online trading happening?
One of our top priorities at the moment is to improve the user experience for our customers.
We appreciate that our clients are exposed to so many different aspects of technology, and that trading is not always going to be their sole focus. For example, they are likely to compare our app with other apps they use to make their daily lives easier.
We believe that the experience we offer our clients should be seamless and professional, and we constantly strive to improve it.
Many big traders are drawn to CMC by its balance sheet, plc status, and tech. What else do you think keeps larger customers trading with CMC?
We have invested a lot in our platform over the years and are well known for our technology, and this is a key part of our appeal to customers. I believe our strong focus on excellent customer service is also something our clients appreciate.
While it is important to have excellent technology, our clients sometimes want to speak to someone at the end of a phone.
We’ve really focused on providing a personal service to our customers, and this is reflected in the fact that many of our clients have been with us for years.
In the near 30 years that CMC has been going, what would you say sets the good traders apart from the bad?
Firstly, I would say that you can’t simply divide traders into those who are ‘good’ and those who are ‘bad’.
There are always going to be traders who have plenty of experience, and traders who are relatively new to the industry. Some traders will have invested huge amounts of time in developing their skills and others less so.
Lots of people have the potential ability to trade, although as with many things, how successful you are at it comes down to the amount of time you spend developing your skills.
Traders all make mistakes at some point, but the key is to learn from them. We offer a wealth of educational material to our clients, including free webinars, articles and videos which they can use to progress their skills.
And finally, what top three resources can’t you live without on a day-to-day basis that you could recommend to traders?
The financial markets are now more accessible than ever before. I can trade on the go, virtually anywhere, all from my phone. And of course, market conditions can change in a matter of seconds, so it is important to have relevant market data and related news to hand.
- Social media platforms like Twitter can be a great resource for traders. Not only can you get instant news updates, it is also a good source of information for what’s happening in the markets.
- Similarly, instant price notifications can be extremely useful. You can use our mobile trading app to keep you informed on any price changes for a specific instrument, meaning you are never going to miss a potential market opportunity.
- Bloomberg is also a great resource for traders, as they deliver a huge amount of information (business and market news, plus financial data and analysis) all in one place. As a trader, it is a great way to keep an eye on what is happening in the world, and how this affects the markets.
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