CMC Markets Broker Review
For new traders and existing traders, CMC Markets offers a customer-centric focus, low margins, competitive spreads, and an estimated 4 dozen awards in recent years. The user-friendly platform also offers a series of native apps for tailored trading activity. CMC Markets currently boasts 15 worldwide offices, and Forex traders can access a full suite of features based on their location.
CMC Markets focuses on the online trading experience above all else. It is constantly seeking innovative ways of providing Forex trading, investment services, and access to the financial markets. As a value proposition, CMC Markets offers competitive margin rates starting at just 0.2% for indices and Forex, 0.5% for commodities, and 3% for stocks.
All in all, this established Forex trading enterprise features 330+ currency pairs, 50+ treasuries, 90+ indices, and an estimated 9,400+ shares. CMC Markets provides clients with an array of charts, including 80+ technical indicators designed to enhance your trading success. Thanks to mobile functionality, this trading platform is available on Android and iOS devices too.
The account options available to clients are based on your geographic location. For example, UK/Ireland traders and UK/Europe traders can enjoy spread betting and CFD trading on a wide range of instruments. Professional clients are accepted, and the range of eligible assets includes Forex, commodities, and indices. The sign-up process for all account options is electronic, and documents are required.
With Forex accounts, leverage begins at 30:1, with indices at 20:1, cryptocurrencies 2:1, commodities 20:1, shares 5:1, and treasuries 5:1. Forex spreads begin at 0.7, indices at 0.3, and for cryptocurrencies like Bitcoin 60, and Ethereum 6. Commodity spreads start at 0.3. Treasury spreads start at 1.0.
There are 2 basic account types available: a live account, and a demo trading account. When you open a live trading account, you will be required to complete some biographic information. This includes your country/region of residence, the account type that you’re applying for, the currency you wish to use, and the nature of the account.
The 3-step process requires you to complete the online form (you will have a response within 60 seconds), add funds to your account, and then trade with the user-friendly platform. UK account holders can apply for a spread betting account, or a CFD account. Additionally, you must choose either an individual account, or a joint account.
Trading Platform/ software
CMC Markets recently upgraded its platform with a Next Generation update with powerful new features designed to enhance your online trading activity. The improvements include 40 additional chart types, drawing tools, and technical indicators, customized charting functionality, the ability to view pending orders, modify orders, and perform in-depth analysis with enhanced numbers of data points.
Various other features are available on the trading platform, including attaching charts to watch lists, drag-and-drop functionality with multiple modules, and instant Reuters news updates. Now that the HTML 5 version has been adopted, the web-based platform comes complete with multi-browser support without any plug-ins.
CMC Markets provides Forex traders with a wide range of web-based platforms, and mobile trading platforms. These are tailored to your Android and iOS (iPad and iPhone) devices. You can download the mobile trading platform at the App Store, or the Google Play Store. Among the many benefits of using the trading platform are deeper insights into FX trading, with video content, CMC TV updates, Reuters news streams, market calendars, and MorningStar equity research reports.
Clients also get to enjoy many sophisticated support options including trading videos, platform videos, live chat functionality, and high-quality feedback. The intuitive trading platform is one-of-a-kind. It is ideal for novices and expert-level traders, and it can be tailored to your trading needs. Various tools and resources are now available including technical indicators, price projection analysis, charting functionality, linking modules, trading from charts, and mobile charting functionality. The demo trading accounts offer you full access to the trading platform in a risk-free setting.
Deposit options are available under the ‘Funding and Withdrawals FAQs’ section. There are several ways to add funds to your account, notably bank account transfers, use of a debit card, or a credit card. Be advised that CMC Markets does not currently accept cash deposits, or checks. All payment sources must be in the account holder’s name. Additionally, credit card options like Diners Club Credit Card, and American Express are not accepted. Any funds transfers from outside of the United Kingdom are subject to additional charges. Only 3D Secure payments are accepted.
The range of markets is available under the section ‘Product FAQs’. A wide range of CFDs is available for indices, commodities, stocks, and Forex. There are currently an estimated 330 currency pairs including majors, minors and emerging market pairs. There are scores of indices from the major bourses around the world, commodities, treasuries, and shares. Each of these markets is peppered with plenty of tradable instruments including:
- Currency Pairs – these include EUR/USD, GBP/USD, USD/CAD, EUR/GBP, EUR/CHF, GBP/JPY, CHF/JPY, EUR/CZK, USD/NOK, and USD/HKD. This broker divides currency pairs up into emerging market currency pairs, minor currency pairs, and major currency pairs.
- Indices – indices include DAX 30, UK 100, US30, Australia 200, Canada 60, China A50, Europe 600, India 50, Italy 40, Japan 225, Netherlands 25, Poland 20, South Africa 40, Spain 35, Switzerland 20, and NASDAQ 100 etc.
- Commodities – these include silver, WTI crude oil, Brent crude oil, natural gas, and gold. There are many other commodities such as Coffee Robusta, copper, corn, cotton, wheat, sugar, soybean oil, soybean etc.
- Shares – with 9,400+ shares available, in addition to 1,000 exchange traded funds, clients have plenty of variety available. Shares are listed by country, with 894 in the UK, 4,330 in the US, 392 in Australia, 572 in Canada, 52 in Denmark, 64 in Finland etc. For each of these markets, traders will see the margin rate, commission, minimum commission, and trading hours. Popular options include Facebook, Google, Virgin Airlines, BP, Rio Tinto, and scores of others.
- Treasuries – these include Euro Bond, Euro Bobl, UK Gilt Cash, US T-Bond and others. The minimum spread starts at 2 and goes as high as 4 with a margin rate of 20%.
CMC Markets currently offers traders a $250 bonus or GBP equivalent for trading with the brokerage. This friend-referral offer provides you and your friend with a bonus as soon as a real money account has been opened and T&C have been met.
Forex traders can easily get in touch with customer support at CMC Markets. The support section offers help on 12 topics including: registration, banking options, security, complaints, trading problems, account applications, products, user guides, platform, charges and more. If you still cannot find what you’re looking for, there is a search box for your queries. 98% of calls will be answered in under 20 seconds.
The FAQ section provides stock responses to a host of questions including all the help topics listed above. Plus, you can also access the glossary for extensive coverage of common trading terms. Clients can get in touch with the customer service representatives at the following telephone number +1-800-559-6000. You can also email support with your questions. The customer service professionals are always on the button and ready to assist you.
Security is assured at CMC Markets. This trading platform utilizes 2-factor authentication to protect your account from unauthorized access. Further, this trading broker is 100% regulated by multiple authorities including the Monetary Authority of Singapore, and companies in the UK are fully regulated by the Financial Conduct Authority. All client funds at CMC Markets are maintained in segregated bank accounts, under the Singapore Banking Act. In the event of liquidation, retail client money is safe from any claims against the company.
Ease of Use
Whether you’re looking to trade on the proprietary trading platform, for real money or in demo mode, you can easily do so at this Forex broker. The spreads, market instruments, help & support, and account options available are easy to access.
CMC Markets provides full coverage of the Forex trading arena for novices and expert-level traders. The trading platform is intuitive and packed with multiple features designed to enhance your trading experience. There are over 10,000+ instruments available, including stocks, commodities, indices, and currency pairs. With some 330+ Forex pairs from all over the world, you can easily trade majors, minors, and emerging market currencies at your leisure.