In this CMEG review we will be talking directly to you day and swing traders who are looking for brokers with no PDT rule! CMEG is our off shore broker of choice because of its solid performance and it comes with options of using Sterling or a customized version of DAS trader. Also the commissions and speed of executions are good enough to be taken seriously.
We wanted to make this review for our members so they are aware of the alternative brokers that are available to traders who are not just looking for a way around the PDT rule, but fast executions as well as a powerful trading platform with a clean and simple user interface. PS you get a discount! The team reached out to CMEG in an effort to get our community even better commission rates. Anyone reading this review just needs to use the code “cmegbullishbears” (case sensitive - all lowercase) when you sign up! Make sure you're signing up for CMEG and not a different company with a similar name.
CMEG is located offshore, which means they're not under the restriction of the PDT rule. The rule that defines a “pattern day trader” is any customer who executes four or more “day trades” within five business days, provided that the number of day trades represents more than six percent of the persons total trades in the margin account for that same five business day period.
CMEG is Capital Elite Markets Group. They're registered with the IRS and insured by Loyds of London, which has been in business for over 330 years. This is important to know when asking yourself "should I stick my money here and trade, is it safe??"
We are telling you yes, it is! CMEG is a lesser known entity and a hidden gem in the trading world. We think a lot of people may confuse them with CME Group - which is one of the world's largest trading exchanges. Don't confuse the two! A lot of people get confused. The logo is below, so you'll know.
Capital Elite Markets Group itself has been around since 2013 and it is so much more than a "trading platform". However, in fairness, we haven't tried its other offerings such as portfolio management or banking. We've only used them for trading. Chances are, that's all you want them for (learn how to invest in stocks for beginners).
You may of come here strictly because you wanted to find a list of no PDT brokers. Well here at the Bullish Bears, we have tested CMEG and found it to be a great choice for us as well as our members. Below we will cover some of the facts of CMEG.
A really great about them, compared to other offshore brokers, is that they offer $2.95 trades. This is cheap when compared to the competition! To open your account, you'll need at least $500 minimum for 4:1 margin and anything above $2500 gets you 6:1 margin.
This doesn't mean you should trade volatile stocks on margin with a small account, unless you are experienced and aware of the risks! If you are just getting started in the stock market, please take our free courses first. We have thousands of dollars in resources that other companies are charging you and arm and a leg for. So take advantage.
If you are an active trader looking to take this very seriously, you are going to select active trader during sign up. This gets you access to a customized version of DAS Trader which they have branded Traders Elite Pro.
Their software fee/Nasdaq data fee is 150.00 a month. You may find this a little expensive. While its more expensive than say TD Ameritrade, if you are trading actively and looking for the fastest executions speeds then this is a small price to pay. Also you can paper trade with this platform which you know we highly recommend!
CMEG is lightening fast with their trade executions. You are also getting editable hotkeys which are extremely important when trading volatile penny stocks.
If you are trying to day trade penny stocks without hotkeys or without a streamdeck then you're asking for trouble. We've found that when using Traders Elite Pro, our orders fill more quickly then with some of the other leading trade platforms. Speed is super important when I day trade. Sometimes I'm only in a setup for a few seconds or a few minutes.
As far as opening the account it takes some time; 5-7 days to get your application approved, account setup and account funded. You need a mainstream big bank that supports overseas wires. I used bank of america (please don't hate on me for using them, they're conveniently close lol)
We actually found out that one of our members local credit union would not send wires internationally. When you send your wire, it takes 3-5 days to clear and as far as withdrawing money, there are no problems, other than it takes a couple days to clear.
Also there is no limit for monthly withdrawals from your account! So you can move your money around freely. Check out a list of the top trading companies.
We reached out to CMEG on behalf of our members in an effort to get our community even better commission rates. PLEASE make sure you're signing up for CMEG and not some other company. We've had a few people get confused. If you have questions...ask!
If there is no spot to enter the code, please email email@example.com and let them know your account info and the discount code above to make sure they give you the discount.
You can also email with any questions to the Bullish Bears team firstname.lastname@example.org or come join us in our trade room/YouTube channel were we will be talking more about CMEG and its benefits. Also you can email email@example.com for broker specific questions. Here is a direct link to CMEG traders elite pro.
Here are some of the common questions and answers directly from CMEG that may help you with opening your CMEG account.
1. Q: I live in the U.S. Can I open an account with your brokerage
A: You may be eligible to open an account with us if you have not been solicited by us, neither directly or indirectly as indicated on our website.
2. Q: Would I be subject to the Pattern Day-Trading Rule if I trade with your brokerage?
A: No. Since we are regulated outside the United States, that rule would not apply.
3. Q: What do I need to open an account?
A: To meet CMEG’s jurisdictional account opening requirements, clients are require to submit two (2) forms of government issuedphoto identification, one (1) document to represent proof of address and one (1) document to represent proof of income.
4. Q: What is the difference between the standard and active trader accounts?
A: The Standard Accounts are designed for persons who wish to hold positions overnight or trade long term. The Active Accounts are designed specifically for day trading.
5. Q: I completed the online application, when will I receive my account information?
A: Application processing takes 3-5 business days once all the documents submitted meet CMEG’s requirements
6. Q: When I sign up for the live day-trading platform, will I also have access to a demo?
A: Yes. A fully functional simulator account is included with your subscription for the live trading platform (Traders Elite Pro).
7. Q: What is my username and password?
A: Your username, password and all other relevant account details will be provided in your Account Approval confirmation which will be sent via email. Be sure to keep the email for reference.
8. Q: When will I receive access to the trading platform?
A: Your account must be activated in order to receive market data and to trade. Accounts are automatically activated upon funding, an email will be sent to notify you.
1. Q: What are the main charges associated with the Active Trading Account?
A: The Active Trading Account is subscription based; it includes a monthly subscription of $115 for software access and $35 for market data. These charges are not pro-rated.
2. Q: When will I be charged software and market data fees?
A: Your account will be billed from activation date and will be charged on the last day of the calendar month. Fees are not pro-rated.
3. Q: What if I do not want to start trading immediately or wish to take a break from trading?
A: You can request to have your account suspended, suspended accounts do not have access to the platform and do not incur software and market data fees. However, inactivity fees will still apply.
4. Q: What leverage is available to traders?
A: Available leverage is based on the account balance at the start of the trading day:
$500 or less 1:1
$500 to $2499 4:1
$2500 and over 6:1
Overnight margin is 2:1 (not applicable to accounts under $500)
5. Q: How do you define an active trader?
A: An Active Trader is one with a trade volume of at least 750,000 shares per month.
6. Q: What are your commissions for active traders?
A: Currently, our commissions are $2.95 for orders of less than 1000 shares. For orders of 1001 shares and over, commissions would be $0.007 per share. (sign up with our discount code cmegbullishbears to get a cheaper rate per share! .005!!)
7. Q: What is the percentage of margin interest for overnight trades?
A: The following interest rates are based on the position value:
$0 to $100,000 - 7.5% APR
$100,000.01 to $1,000,000 - 6.5% APR
$1,000,000.01 to $3,000,000 - 5.0% APR
$3,000,000.01 and above - 4.5% APR
8. Q: Do you use Interactive Brokers as your clearing firm?
A: Yes, Interactive Brokers is currently one of our clearing firms.
9. Q: Is there a number of trades that I can place to have my platform fee waived?
A: If your monthly commissions are over $650, your platform fee will be waived for that month. Please note that you will be required to pay the applicable data fees.
10. Q: What is the minimum amount needed to open an Active Trader Account?
A: The minimum amount needed to open an Active Trader Account is $500.
11. Q: Are your ECN fees comparable to other clearing firms in the industry?
A: Yes. ECN fees would not be much different from what clearing firms generally charge. You may contact us if you would like more detailed information.
12. Q: What are your Maintenance Margin Requirements?
A: Stocks priced at $4.00 or more would require a 16% Maintenance Margin. For stocks priced below $2.00, the Maintenance Margin would be 100%. A detailed margin schedule is available in our Client Resource Centre.
13. Q: Can I fund my account in any currency?
A: The base currency for all accounts is USD; accounts can only be funded with US dollars.
14. Q: How do I withdraw funds from my account?
A: To withdraw funds from your trading account, you would need to submit the Wire Transfer Request Form, located in the Account Management Portal under Resources. Verification and approval generally takes three (3) business days. Please also allow an additional 3-7 business days for wire to arrive in your account.
1. Q: I currently use DAS Trader. Is your Traders Elite Pro comparable to DAS?
A: Yes. Our Traders Elite Pro is a customized version of the DAS Trader.
2. Q: Does your platform allow the following?
1) Risk management, including maximum loss per account (if the maximum loss is reached, the account would be disabled),
2) Limitation of additional orders once maximum position size has been reached.
A: Yes. All of the account management functionality provided by the DAS Trader would be available.
3. Q: How do I trade in my simulator account?
A: In the Montage, there is a drop-down to the bottom right; here you can switch between both your live and simulator accounts.
4. Q: Is there a way to check shortable stocks through the platform?
A: To check shortable stocks on the platform, you can go to the "Trade" menu and select "Short List". You can enter the stock symbol to search for stocks you want to short.
5. Q: Does CMEG wind-up shares at market close?
A: To ensure that accounts remain within overnight margin limits, CMEG notifies clients who may be in breach and liquidates as necessary from 3:50pm EST.
6. Q: Does CMEG issue a list of restricted stocks before market open?
A: Currently, CMEG does not issue a restricted stock list.
7. Q: Does CMEG cover/recover any loss/gain from a technical issue on the platform?
A: CMEG does not share in clients' profits or losses that occur as a result of the software provided by third-party suppliers. Please view disclaimers in the Legal section of our website for more information.
8. Q: How can I access a record of my trade history?
A: In the Report section of the Account Management Portal you can run various trade performance reports.
9. Q: How can I reach CMEG in a trade emergency?
A: For urgent trade requests, you can email firstname.lastname@example.org. If you require a broker-assisted trade please provide clear instructions. We can also be reached directly at (868) 222 579 or (868) 225 6155 or (212) 203 4237.
In conclusion, CMEG is great if you need low fees, fast speed, a customized DAS, no PDT, and the best hot keys. Thanks for reading this review and if you have any additional questions be sure to reach out to our team! We'll see you in the trade rooms! PS don't forget about our new stock alerts system!
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