CMC Markets Review
By Steven Hatzakis
February 18th, 2019
Last Updated: March 21st, 2019
The ForexBrokers.com Annual Review (3 years running) is among the most cited in the industry. Our Head of Research, Steven Hatzakis, is frequently referenced as a leading analyst covering forex brokers and cryptocurrency. Learn more.
Founded in 1989, CMC Markets (LSE: CMCX) has grown to become one of the leading retail forex and CFD brokerages, offering nearly 10,000 CFD instruments across major asset classes including forex, commodities, and securities markets.
CMC Markets serves over 60,000 clients worldwide through its 15 offices globally and across its entities regulated in the UK, Canada, and Australia.
Through its offices regulated in major global financial centers, CMC Markets offers traders a wide range of offerings with excellent pricing and its Next Generation trading platform, which is packed with innovative trading tools and charting.
- Competitive spreads for all customer segments.
- Largest selection of currency pairs in the industry (over 180).
- Regulated in major financial centers and listed publicly in the UK.
- Powerful charts and pattern recognition tools.
- Lack of support for automated trading strategies and no MT4 platform support (expected to launch later in 2019).
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|Publicly-Traded Company (Listed)||Yes|
|Regulated in Major Hub||Yes|
|Regulated in Emerging Hub||Yes|
|Authorised in the European Union||Yes|
Commissions & Fees
CMC Markets is our top pick in 2019, thanks to its low spread offering, which is available to all its customer segments and account types.
- CMC Markets offers highly competitive pricing, with average spreads on the EUR/USD as low as 0.7 pips and typical spreads of 0.744 pips, according to CMC Markets price data for the 30 days ending September, 2018.
- CMC Markets also offers liquidity rebates to active traders that surpass at least £50 million in notional trading volumes per month, with rebate levels ranging from £5 to as much as £10 per million for those that trade even higher volumes.
- Up to certain position thresholds which vary depending on the instrument you trade, CMC Markets offers a Guaranteed Stop-Loss Order (GSLO), which, as its name implies, guarantees the stop-loss order rate clients choose when setting risk thresholds on their positions. There is a premium for using the GSLO – for example, $8 per 100,000 units using the EUR/USD, and the GSLO also affects the prime margin, which is the amount at risk specified in the GLSO based on the rate chosen.
|Minimum Initial Deposit||$0.00|
|Average Spread EUR/USD - Standard||0.744|
|All-in Cost EUR/USD - Active||0.744|
|Active Trader or Premium/VIP||Yes|
Platforms & Tools
The CMC Markets Next Generation trading platform is fast, reliable, and comes packed with several unique tools and numerous features to support traders of all skill levels.
- The Next Generation platform is built entirely using HTML5, making it fast, flexible, and reliable. For example, the trade ticket design is simple, yet it can be easily expanded to add stops and limits as well as to see the depth of book (level 2) pricing.
- When it comes to charting, the experience is quite powerful as there are plenty of tools and a long list of 81 technical indicators and studies that can be added to each chart.
- Another feature that stands out from the charting experience is the pattern-recognition tool, which offers traders numerous options for trading and analyzing price action. Patterns auto-adjust when the chart time-scale is changed, enabling traders to scan from a one-minute chart all the way to a monthly chart, and see any respective patterns identified.
- The sentiment tool, available to live account holders, provides a clean experience to quickly gauge the sentiment of all traders as well as only the top traders.
- While CMC Markets doesn’t currently offer MT4 or MT5, the broker announced in 2018 that it will be releasing MT4 in the third quarter of 2019.
- The current version of the Next Generation platform doesn’t feature the ability to run automated trading strategies – even though pattern recognition and social-trading tools are available.
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|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||No|
|Social Trading / Copy-Trading||No|
|Charting - Indicators / Studies (Total)||81|
|Charting - Drawing Tools (Total)||24|
|Charting - Trade From Chart||No|
|Watchlists - Total Fields||8|
|Order Type - Trailing Stop||Yes|
To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2019 Review, 229 customer service tests were conducted over six weeks.
- Average Connection Time: <1 minute
- Average Net Promoter Score: 7.0 / 10
- Average Professionalism Score: 5.0 / 10
- Overall Score: 6.8 / 10
- Ranking: 6th (23 brokers)
- View Infographic
CMC Markets’ research offering is rich with content, including its Insights News, CMC Markets Blog, CMC TV, and even its own print magazine called Opto.
- Alongside a large selection of in-house market commentary, external content is streamed within the platform from Reuters.
- Traders can also access additional tools within the platform, including pattern recognition software and client sentiment tools – both of which are available to live account holders.
- The market calendar window provides a countdown to the time when each economic news event is expected to be released – a very neat feature to help traders prepare in advance.
- The company also launched a magazine in 2018.
|Daily Market Commentary||Yes|
|Forex News (Top-Tier Sources)||Yes|
|Trading Central (Recognia)||Yes|
|Social Trading / Copy-Trading||No|
|Social Sentiment - Currency Pairs||Yes|
The CMC Markets’ mobile app provides traders a positive experience as the app is cleanly designed and comes packed with research tools, powerful charts, and filters to scan products by asset class.
- The overall look and feel of the CMC Markets mobile app closely resembles the web-based version of the Next Generation platform, while the user interface does well in dealing with the challenge of organizing so much information with limited screen space. What CMC Markets has accomplished is impressive and it shows the broker has taken its time during development.
- Like much of the rest of the app, charting was just as impressive as the platform’s web version. Although only 23 of the 81 technical indicators are available on the mobile app, it’s still a good offering compared to many of CMC Markets’ competitors, which often lack variety or have no technical indicators on their mobile apps at all.
- In terms of choosing from the nearly 10,000 products available, CMC Markets manages to keep the process simple, as users can search the product library where products are grouped by asset class, or they can start off with a blank search by product name.
- For research purposes, another useful feature in the app is the economic calendar where you can subscribe to an event. Doing so automatically creates an alert so you can be notified when the news release time approaches. There is also CMC TV, CMC Insights, the broker’s blog, Reuters News, educational content for trading strategies, and the Trading Smart series.
- While the charting experience was impressive, one minor drawback is that zooming in and out across different time frames was not always fluid.
|Apple iOS App||Yes|
|Trading - Forex||Yes|
|Trading - CFDs||Yes|
|Alerts - Basic Fields||Yes|
|Watch List Syncing||Yes|
|Charting - Indicators / Studies||23|
|Charting - Draw Trend Lines||Yes|
|Charting - Trend Lines Moveable||Yes|
|Charting - Multiple Time Frames||Yes|
|Charting - Drawings Autosave||Yes|
Offering of Investments
The following table summarizes the different investment products available to CMC Markets clients.
|Currency Pairs (Total Forex pairs)||183|
|CFDs - Total Offered||9959|
|Cryptocurrency traded as actual||No|
|Cryptocurrency traded as CFD||Yes|
CMC Markets is a great choice for Forex and CFD traders as the company’s Next Generation platform is powerful and versatile with plenty of configuration options and tools for traders to customize the platform to meet their needs.
With nearly 10,000 instruments to choose from across nearly every asset class and global market, CMC Markets is a great choice for traders looking for a multi-asset solution and broad range CFDs and forex pairs at competitive prices.
Forex Risk Disclaimer
"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.