Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare CMC Markets vs FXOpen.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. CMC Markets's score is 5 stars versus FXOpen's 3.5 stars.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. CMC Markets alongside FXOpen are regulated in a major hub. CMC Markets is a publicly traded company while FXOpen is not. How many currency pairs are available to trade? CMC Markets offers its clients access to 183 different currency pairs while FXOpen has 95 available pairs, a difference of 88.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. FXOpen has Meta Trader, CMC Markets doesn't. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. FXOpen boasts an offering of 31 charting tools compared to CMC Markets's 24 available charting tools. CMC Markets boasts an offering of 81 different indicators (for example, moving averages) compared to FXOpen's 51 available indicators.
Overall, CMC Markets takes the upper hand with 4.5 stars over FXOpen's 3 stars. And, when it comes to individual category awards, both CMC Markets and FXOpen found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Customer Service, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education in 2018.