CMC Markets Review 2023
- Daytrading Review Team
CMC Markets is a great option for active traders with thousands of instruments, spreads from 0.0 pips and an award-winning trading platform.
CMC Markets is a trustworthy brand authorized by tier-one regulators including the FCA and ASIC. Advanced trading tools, excellent market research and low fees help the broker stand out from rivals. The no minimum deposit, free demo account and social trading service have also made CMC Markets popular with aspiring traders.
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CMC Markets offers a superb list of 330+ forex pairs with tight spreads and ultra-fast executions. The selection of currencies is significantly wider than rivals.
CMC Markets offers opportunities on 10,000+ shares with no hidden fees and support when the markets are open. You also get access to analysis from Morningstar at no charge.
CMC Markets offers leveraged CFDs on an extensive list of 12,000+ instruments with transparent pricing, powerful trading software and ultra-fast execution speeds. Out-of-hours trading on CFD indices is also available, plus 24/5 award-winning customer support.
CMC Markets offers trading on popular digital tokens and crypto indices for broader exposure to the market. There is minimal slippage and an excellent 99.9% fill rate.
CMC Markets offers spread betting on popular financial markets via its award-winning platform. Profits from spread bets are tax-free in the UK. There are no conversion fees when speculating on US stocks.
- Best Trading App 2023 - DayTrading.com
- No.1 Platform Technology 2022
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- No.1 Most Currency Pairs 2022
- Best Trade Execution 2021
- Best Forex Broker For Beginners 2021
- Most Transparent Forex Broker Europe 2020
- Best Trading Platform 2020
- Best Trading App 2019
- Best Customer Service 2018
- Easy to use proprietary platform with intuitive features including a pattern recognition scanner and 40+ indicators and drawing tools
- Transparent pricing model with lower spreads than alternatives and no deposit or withdrawal fees
- Comprehensive suite of market research tools and analyst insights to help make informed trading decisions
- CMC Alpha loyalty scheme with great perks for high-volume traders including premium support and 5% to 28.6% discounts on spreads
- A hugely respected broker listed on the London Stock Exchange with 300,000+ clients
- Responsive and knowledgeable support team available 24/5 to help new traders get started quickly
- A $10 monthly inactivity fee that kicks in after 12 months of no activity
- Spread betting is only available in the UK
- US clients are not accepted
CMC Markets is a multi-asset brokerage with thousands of instruments. The top-rated brand offers an extensive asset list, excellent regulatory oversight, diverse trading platform support and competitive pricing. This review will examine all of these features in detail and explain everything else traders need to know to weigh up the pros and cons of trading with CMC Markets.
Assets & Markets
We were impressed by CMC Markets’ wide market access with over 12,000 products available, including CFDs and spread betting in the UK and Ireland.
This is one of the largest product mixes offered by a global broker and we particularly rated the ‘share baskets’, which provide diversified exposure to a theme, such as autonomous driving.
Supported instruments include:
- 80+ global indices
- 10,000+ company shares
- 120+ commodity assets
- 1000+ exchange-traded funds
- 330+ major, minor and exotic currency pairs
- 18 major and altcoins/cryptocurrencies
- 50+ government bonds and interest-rate products
- 10+ proprietary share baskets categorized by industry theme
Note that the CMC Markets brand operates under various entities in different regulatory jurisdictions and product access will vary between entities. Binary options trading, cryptocurrency, and spread betting are restricted in some countries.
CMC Markets offers three account types. These are CFD Trading, Spread Betting (UK only), or FX Active (country restrictions).
We were pleased to see relatively limited differences in access to the number of instruments and no minimum deposit requirements on any, which is a huge plus for newer traders. All accounts also support fractional trade sizes, netting and telephone trading, and offer negative balance protection.
However, we did find some limitations based on the trading vehicle. If you are opening a Spread Betting account, you will not be able to trade on the MT4 terminal. Our review also found that this account only offers GBP or EUR base currencies, which may be a disadvantage for some clients. 10 currencies are accepted for the other two profiles including USD, AUD, GBP, EUR, and CAD.
How To Open A CMC Markets Account
I found the account registration process relatively straightforward, though there are quite a few steps and a fair amount of information needed. Nonetheless, I was able to complete the sign-up in around 15 minutes.
- Open the account application form
- Add your email address and create a password
- Choose either the CMC Markets platform or MetaTrader 4 and select ‘Continue’
- Select an account type; Spread Betting, CFD Trading, or FX Active and press ‘Continue’
- Verify your profile by adding the six-digit code sent to your registered email address. Select ‘Verify’ once added and then ‘Continue’ on the following page
- You will be redirected to the client dashboard. To finalize your account registration, select the blue ‘Open A Live Account’ icon from the top menu
- Complete your name and country of residency, confirm the account type and choose an account base currency. Select ‘Next’ once complete
- Add your personal details (DOB, phone number, and nationality). You will need to provide identity verification details depending on your country of residency (e.g. passport number or national insurance number)
- Confirm your US citizenship status and tax residency. Select ‘Next’ to continue
- Add your address, employment details, and financial background information, and declare your investment experience and knowledge
- Review and confirm acknowledgment of the risks and declarations
- Select ‘Submit’
When we used CMC Markets, we found the funding methods somewhat disappointing for a brand of this size, as it only accepts bank wire transfer, credit/debit card, or PayPal. We liked that there are no applicable charges, but it would be good to see more e-wallets introduced such as Neteller, Skrill, or Apple Pay.
On a lighter note, it is one of the few brokers to partner with open banking provider, TrueLayer, to facilitate fast, secure and straightforward payments between accounts. This is a good option if you want a smoother payment experience than traditional bank cards and manual wire transfers.
Deposit processing times are industry standard, with credit/debit card and PayPal transactions often processed instantly whereas wire transfers received after 6 PM will be processed the following working day.
How To Fund Your CMC Markets Account With A Bank Card
- Log in to the CMC Markets trading platform or mobile app
- Click on the ‘Funding’ icon from the menu on the left and then ‘Add Funds’
- Choose ‘Card’ from the menu
- Add the value to deposit and add card details
- Review the payment details and select ‘Submit’ to confirm the payment
Our experts found that withdrawal processing times vary between methods, the longest being international wire transfers with an up to five-day wait. Fees may also be applied for international wire transfers, but there are no charges to withdraw via alternative methods.
We found maximum limits for card and PayPal withdrawals, but these are not significant enough to cause any issues or delays to fund access.
We are reassured to see that CMC Markets is transparent when it comes to trading fees, which are very competitive with commission charges only applicable to shares. We found these very reasonable, with an average commission of 0.10% for EU and UK company stocks. US shares work slightly differently with a $0.02 fee per trade, as well as an additional spread for US share spread bets. These vary by share price, with products with a price of $35 or more, liable for a $0.04 fee per side.
All other products incur a very tight spread, and we ultimately found that pricing is a significant advantage for traders at CMC Markets. Regardless of the account type, spreads are offered as low as 0.3 pips.
While using CMC Markets, we were offered a spread of 1 to trade the FTSE 100, 2.5 on Brent Crude Oil, 0.7 on the EUR/USD, and 1 pip on the ARK Innovation ETF. These all stack up very well against competitors considering the lack of commissions.
Non Trading Fees
Another bonus for us is that CMC Markets offers a guaranteed stop-loss order (GSLO) on some trades. There is a fee for this service, but this is refunded if the GSLO is not triggered.
A GSLO can ultimately be a great way to protect against market volatility and slippage. The fee varies based on the asset’s current market price but is displayed at the bottom of the order window.
If you want to use the brand’s market share data for CFD positions, you will also be liable for a fee. This cost varies depending on the exchange though when we tested CMC Markets, all information was free except for Australian shares data with a $24 charge.
We were not so happy to see the $10 inactivity fee after 12 months of no trading, though this is a small disadvantage considering CMC the excellent pricing structure, and is also fairly common among brokers.
Finally, rollover costs will apply for positions held overnight.
CMC Markets offers two trading platform options; Next Generation or MetaTrader 4.
I thought both provided a wealth of advanced functions, though the broker’s bespoke service tops it for me. I like how flexible yet intuitive the Next Generation platform is, which makes it a powerful terminal with an easy-to-use feel. There are plenty of analytical features and integrated services such as pattern indicators, platform video tours and live news streams.
My favorite features of the Next Generation platform are:
- 115 in-built technical indicators and drawing tools
- Module linking function for automated dashboard updates
- 12 chart types including bar, line, spread, candlestick, and Heiken-Ashi
- Integrated Reuters news stream with commentary from expert analysts
- Advanced order types such as guaranteed stop loss, partial order, and boundary
- In-built strategy backtesting with maximum and minimum price action forecasts
- Personalized performance data to identify your most profitable patterns and risks
- Intuitive pattern recognition scanner with emerging trend feature and existing formations
I do think a minor disadvantage of the Next Generation solution is the lack of desktop software, though we found the web-based platform stable with no glitches so long as your internet connection is good.
The MT4 platform, on the other hand, is available to download to desktop devices or to be used as a web terminal, and I recommend this market-leading platform for dedicated forex traders. To enhance the experience on the third-party platform, I was offered 12 custom add-ons and 15 additional sophisticated indicators.
Standout features of MetaTrader 4 for me include:
- Three chart types with nine timeframe views
- Access to automated and algorithmic trading using Expert Advisors (EAs)
- Export real-time data from the MetaTrader terminal with Excel via the Excel RTD plugin
- Limited trade restrictions such as scalping, hedging, and large take-profit distances permitted
- 12 custom add-ons including a price movement alert manager, correlation matrix, and mini terminal trendlines
- 15 additional technical indicators such as Renko overlay, Pivot points, Keltner channel, and Candle countdown
How To Place A Trade
I found it fast and simple to place a trade on the Next Generation platform, with various intuitive ways to start the process.
You can use the main search bar, watchlist, or product library icons to find an instrument to trade. These can be found in the top left of the platform interface. To initiate a trade, I found the easiest method was to select the ‘Buy’ or ‘Sell’ pricing to the right of the instrument name. An order screen will pop out. You will need to add:
- The volume/value to trade
- Choose an order type from the dropdown menu by selecting ‘Market’
- Add a Stop Loss or Take Profit risk parameter by selecting the icons to expand the section (optional)
- Review the estimated margin and potential costs
- Choose ‘Place Buy Market Order’ or ‘Sell Market Order’ to confirm the position
Regulation & Security
We are confident the CMC Group is a safe brokerage for online trading. Whether you are day trading from Canada, Dubai, or the UK, you can be assured of reputable regulatory oversight.
Our expert review found the brand to be regulated by many top-tier authorizations including the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Canadian Investment Regulatory Organization (CIRO), and the Monetary Authority of Singapore (MAS). This all adds to the credibility of CMC Markets.
We also did not uncover any historical scams or security breaches. Online trading is not without risks, but ensuring that you register with a reputable broker can help prevent financial losses from scams.
Customers also have access to negative balance protection and funds are held segregated from business money.
In addition, traders will have access to compensation schemes, though this varies between countries. UK traders, for instance, can claim via the Financial Services Compensation Scheme (FSCS) in the case of business insolvency.
CMC Markets App
We rated the slick and user-friendly mobile app that is available to download for free to iOS and Android (APK) devices.
Our team found the app to have excellent functionality, supporting trading on all instruments and offering mobile-optimized charting with scroll and zoom, a choice of notification types, and clear order tracking. We found the best charting view to be accessed by turning your phone horizontally.
We also appreciated that the in-app navigation was easy to follow from the menu at the bottom, and we liked the wide range of trade ideas and insights available on the app. These include a ‘Hot Products’ function and the largest ‘Price Movers’, which highlights trending products with significant activity.
We are comfortable that mobile phone trading with the brand is relatively secure, with two-factor authentication (2FA) available.
In addition, the MetaTrader 4 platform offers a mobile app, with an iOS and Android download. Again, you can access all the features and functions of the desktop software including watchlist creation, account management, technical analysis features, and customizable charts.
Compared to the CMC Markets mobile app, the MT4 platform does feel more outdated, with a less modern design but a similar bottom menu to switch between windows.
You can use leverage when trading CFDs and spread betting with CMC Markets.
The maximum leverage varies by instrument and global jurisdiction. Our review found typical margin rates of 1:30 for major forex pairs, 1:20 for indices, 1:5 for commodities, 1:20 for shares, and 1:30 for treasuries. When we traded indices, we were offered 1:5 leverage on the US 30 and a 1:10 ratio to trade the Hong Kong 50.
These leverage limits are typical of entities based in the UK or EU as they are the maximum allowed by regional regulators.
Remember, magnifying position sizes can lead to amplified profits but also losses. We always recommend applying risk management parameters to protect against significant capital loss.
A free demo account is available for prospective clients and we were pleased to see that it works on both the MT4 and CMC Markets proprietary platform. This is ideal, particularly for the bespoke trading software which users will not be familiar with before signing up.
The simulator account comes loaded with $10,000 in virtual funds though this can be topped up at any time. We also like that there is no maximum time limit on the paper trading profile, and you can switch between live and demo modes as often as needed.
Finally, you can trade all instruments, which is great, though we found a minor downside that shares will not display live pricing.
Our team also rate that CMC Markets offers occasional trading competitions in their demo mode, though this has been limited to the Singapore entity in the past. We would recommend keeping an eye on the broker’s website and social media channels for upcoming contests.
How To Open A Demo Account
I found demo account registration simple, with just a valid email address, name, phone number, and password required.
- Click the ‘Start Trading’ icon from the top-right of the broker’s website
- Add your email address and create a password
- Choose the CMC Platform or MetaTrader 4 and select ‘Continue’
- Add the six-digit verification code sent to your registered email address
- Click ‘Submit’
Bonuses, Promotions & Loyalty Schemes
We were pleased to see CMC Markets offer a premium account for active users, which is a great way to recognize loyal and high-volume traders.
To be eligible, you must deposit at least $25,000, which may be high for many retail investors. However, the perks are good, with spread discounts of up to 28%, CFD trading rebates, priority customer service, up to 3% interest on your account equity, and a subscription to the Financial Times. We also rate that entry to the program is automatic once the deposit threshold is met.
Beginners would be better off maximizing trades via the CMC Price+ scheme outlined below.
The broker has a loyalty scheme available to all retail traders and which is another excellent advantage for traders. The program is a tiered-based discount scheme, in which you will earn points every time you trade. The rewards are reduced spreads.
We did feel that the requirements to reach even the lowest tier are quite high, as you will need to execute a substantial number of trades. The lowest tier offers up to a 6.7% spread discount once you reach 100 ‘trading points’, and to earn just two ‘trading points’ you will need to trade $100,000 in forex or $10,000 in commodities.
Overall, it’s an excellent program for active traders, and you will be automatically enrolled rather than needing to hit a minimum deposit threshold as with the Alpha scheme.
We were very impressed with the educational content offered by CMC Markets. This is particularly important for new traders, who will be well served with the choice of learning material including trading guides specific to CFDs, spread betting, forex, or stocks.
We also like that the range of generic and specific product information relevant to trading with CMC Markets. You won’t find a simple filtering system by experience level which is a shame, but courses are clearly labelled.
Other data sources available to CMC Markets customers include up-to-date news streams, online webinars, and in-person events.
The company has also partnered with OPTO, an online trading and investment magazine brand, to offer trading podcasts, newsletters, and magazine snippets from well-respected financial firms such as Benzinga, Morgan Creek, and MyWallSt.
One standout resource that we found particularly useful is the ‘Theme Screener’ tool, which can be used to determine the performance of the global stock market and aid investment decisions.
The CMC Markets trading platform tutorials are also top-tier, covering everything from login to international share trading to common issues. Platform forum topics include how to open a position, set up automated trading with robots, set price signals and apply technical tools.
CMC Markets does not offer a proprietary copy trading solution, but we were satisfied with the Next Generation social trading area, where you can interact with peers and share insights and market analysis.
This is similar vs the Trading 212 social feed, and enables users the opportunity to post ideas in the live forum, which can be filtered by specific categories.
Alternatively, copy trading software can be downloaded as add-ons and installed on the MetaTrader 4 platform.
We rate CMC Markets’ customer service as one of the best in the industry. The brand provides localized phone and email contacts, available 24/5.
We were disappointed that there is no live chat for prospective clients, only those with an existing profile via the client dashboard. However, we did use the email address and received a reply within four minutes, which is a decent response time.
CMC Markets also has a comprehensive online help section, which we were impressed with. We were able to easily navigate through clearly labelled FAQs, a vast range of platform user guides with integrated trading videos, instrument-specific e-books, a glossary of key terms, and strategy-based trading guides.
CMC Markets was established in 1989 under the brand Currency Management Corporation. The brand launched the world’s first online forex platform for retail investors in 1996, before rolling out CFDs and spread betting services in the early 2000s.
The global brokerage is listed on the London Stock Exchange under the ticker symbol CMCX and is a constituent of the FTSE 250 index.
Today, CMC Markets has gained a solid reputation for itself with a wealth of industry awards including the Best CFD Provider at the 2022 Online Money Award and the Online Securities Trading Excellence Award from the McMillian Woods Global Awards 2022.
CMC Markets has over 300,000 registered clients worldwide, and a hefty net operating income of £281 million in 2022.
The company operates from 13 offices across the globe including in London, Sydney, Ontario, Frankfurt and Oslo.
CMC Markets’ trading hours will vary depending on the instrument you are trading. FX trading sessions for instance are 24 hours a day, from Sunday evening to Friday night.
Trading hours for shares and indices, on the other hand, will vary depending on the listed stock exchange. The UK stock market is open from 8 AM to 4:30 PM (GMT) Monday to Friday vs the Australian Securities Exchange from 12 AM to 6 AM (GMT).
We found it easy to find trading hours information via the CMC Markets proprietary dashboard. To view, click on the three dots icon next to the instrument name and choose ‘Product Overview’ from the dropdown menu. Scroll to the bottom of the window to view the market opening times.
You can use the integrated economic calendar to find details of upcoming holiday trading hours such as Easter or Ramadan. Choose the fourth icon from the top menu of the dashboard and then select ‘Market Calendar’ from the dropdown. Here you can view country-specific market hours and filter by significant impact.
Should You Trade With CMC Markets?
CMC Markets is an excellent broker and both beginners and experienced traders will enjoy trading with this reliable, user-friendly and flexible brand. The proprietary platform is powerful, yet intuitive, with plenty of educational content and insights available, and traders who prefer MT4 will also be able to access markets with this classic terminal.
With a vast instrument catalog and no minimum deposit requirement, you won’t struggle to find something to include in your portfolio and get started.
Is CMC Markets Good For Beginners?
Yes, CMC Markets is a great choice for novice traders. There is plenty of educational content, plus detailed platform video tutorials with step-by-step guidance to help you get started.
The demo account has no maximum time limit so it is ideal for getting to grips with online trading. There is also no minimum deposit to get started.
Is CMC Markets Safe?
We are confident CMC Markets is a secure online broker. The company is authorized and regulated by top financial watchdogs including the FCA and ASIC. All customers benefit from negative balance protection and segregated client funds. Other customer reviews are also generally positive praising the large product list and responsive customer support.
Does CMC Markets Have A Mobile App?
Yes, CMC Markets offers a proprietary mobile app which is an excellent way to trade while on the move. The application is easy to use, with clear navigation and a user-friendly design. You can trade all instruments while on the go and access all the news and analysis available on the PC solution.
Can I Create A Diverse Portfolio With CMC Markets?
CMC Markets’ instrument list is vast, with over 12,000 products available. Whether you are looking for shares, Bitcoin, gold, forex, or more, the brand’s live account is suitable. You can trade these instruments via contracts for difference (CFDs) or spread betting (UK only). You can also spend time in demo mode to explore all the assets available.
When Can I Trade With CMC Markets?
CMC Markets’ opening hours will vary by instrument and market. Forex, for instance, is available to trade 24 hours a day, from Sunday evening to Friday night. For shares and indices, you will find differences in the underlying exchange. UK trading hours, for example, are 8 AM to 4:30 PM (GMT) whereas Singapore trading hours are 9 AM to 5 PM (SGT) with an hour’s lunch close.
CMC Markets only accepts traders from United Kingdom, Ireland, France, Spain, Italy, Norway, Sweden, Germany, Austria, Canada, Australia, New Zealand, Singapore, Denmark.
CMC Markets Details
|Minimum Trade||0.01 Lots|
|Regulated By||FCA, ASIC, MAS, CIRO|
|Mobile Apps||iOS & Android|
|AI / Machine Learning||No|
|Negative Balance Protection||Yes|
|Auto Trading||Expert Advisors (EAs) on MetaTrader|
|Guaranteed Stop Loss||Yes|
CFD Trading Details
|FTSE Spread||1 pt|
|Leverage||1:30 (Retail), 1:500 (Pro)|
Forex Trading Details
Cryptocurrency Trading Details
|Crypto Spread||from 1.3|
|Crypto Auto Market Maker||No|
Top 3 Alternatives to CMC Markets
Compare CMC Markets with the top 3 similar brokers that accept traders from your location.
IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
Go to IG Group
Just2Trade – Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
Go to Just2Trade
Interactive Brokers – Interactive Brokers is a leading global brokerage that provides access to a comprehensive offering of stocks as well as forex, futures, metals, bonds and cryptos. The firm has over 40 years experience in the online trading industry and is heavily regulated by SEC, FCA, IIROC, and SFC. Day traders can use the proprietary Trader Workstation and can access powerful tools and data feeds as well as comprehensive educational resources.
Go to Interactive Brokers
CMC Markets Comparison Table
|CMC Markets||IG Group||Just2Trade||Interactive Brokers|
|Markets||CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting||CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting||Stocks, ADRs, ETFs, Futures, Options, Commodities, Bonds||Forex, Stocks, Commodities, Crypto|
|Minimum Trade||0.01 Lots||0.01 Lots||0.01 Lots||$100|
|Regulators||FCA, ASIC, MAS, CIRO||FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA||CySEC, NFA, FINRA, Bank of Russia||SEC, FCA, IIROC, SFC|
|Bonus||–||–||Up to $2,000 for professional accounts||–|
|Platforms||MT4||MT4, AutoChartist, TradingCentral||MT4, MT5, TradingCentral||AlgoTrader, OmniTrader, eSignal, TradingCentral|
|Leverage||1:30 (Retail), 1:500 (Pro)||1:30 (Retail), 1:250 (Pro)||1:20||1:50|
Compare Trading Instruments
Compare the markets and instruments offered by CMC Markets and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
|CMC Markets||IG Group||Just2Trade||Interactive Brokers|
CMC Markets vs Other Brokers
Compare CMC Markets with any other broker by selecting the other broker below.
Customer Reviews4.5 / 5
This average customer rating is based on 2 CMC Markets customer reviews submitted by our visitors.
If you have traded with CMC Markets we would really like to know about your experience - please submit your own review. Thank you.
|CMC Markets is a trustworthy brand authorized by tier-one regulators including the FCA and ASIC. Advanced trading tools, excellent market research and low fees help the broker stand out from rivals. The no minimum deposit, free demo account and social trading service have also made CMC Markets popular with aspiring traders.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
- CMC Markets Website
- CMC Markets FCA License
- CMC Markets MAS License
- CMC Markets ASIC License
- CMC Markets FMA License
- CMC Markets IIROC License
- CMC Markets BaFin License
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