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CMC Markets Review ⭐⭐⭐⭐⭐

Our experts have rated CMC Markets as a five star broker because they offer one of the best CFD and spread betting platforms in the UK. CMC Markets operates it's own industry leading proprietary trading platform with unique and innovative features as well as being well established and fully regulated broker for online trading. Our 2020 review explains in detail what makes CMC Markets stand out from other brokers.

Read more about our review methodology

CMC Markets Review Scores: Expert Ratings

Account Types 8/1078.5%
Market Coverage 7/1067.5%
Trading Platforms 10/1095%
Spread Costs & Margin Rates 8/1080%
Ease of Use 9/1093%
History & Reliability 10/1098%
Safety & Regulation 10/10100%
Customer Support & Satisfaction 9/1094%
Account Opening & Funding 8/1082%
Research & Tools 10/1097%
86%
Overall Score

Visit CMC Markets

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

What do clients think of CMC Markets?

The below data is taken from the average weighted scores of over 250 clients who completed our Good Money Guide Trading Awards survey in which brokers asked their clients to rank their services against peers.

CMC Markets 2020 Review Client Satisfaction Levels

67% of clients would RECOMMEND CMC Markets to a friend67%
69% of clients are satisfied with CMC Markets' FEES & COSTS69%
74% of clients are satisfied with CMC Markets' MARKET COVERAGE74%
74% of clients are satisfied with CMC Markets' TRADING PLATFORM?74%
73% of clients are satisfied with CMC Markets MARGIN RATES73%
76% of clients find CMC Markets EASY TO USE76%
78% of clients are satisfied with CMC Markets' RELIABILITY78%
86% of clients trust CMC Markets to safeguard their FUNDS86%
71% of clients are satisfied with CMC Markets' CUSTOMER SUPPORT71%
73% of clients are satisfied with CMC Markets' EDUCATIONAL MATERIAL73%
74% of clients are satisfied with CMC Markets' TRADING TOOLS?74%

CMC Markets Client Reviews

Here's what users have to say about them. If you've used them leave a review to vote in our Awards for a chance to win £1,000 in Amazon Vouchers.

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Good Money Guide
Average rating:  
 7 reviews
Aug 17, 2020
by Eze Kenechukwu Daniel on Good Money Guide
Online Platform (out of 5 stars): 5star
Customer Service (out of 5 stars): 5star
Fees & Pricing (out of 5 stars): 5 star

Is amazingly awasome

Apr 6, 2020
by Faiz on Good Money Guide
Online Platform (out of 5 stars): 5
Customer Service (out of 5 stars): 5
Fees & Pricing (out of 5 stars): 5

With their low costs and wide variety of markets in all asset classes, they suit me the most. Especially for spread betting and trading forward contracts. I have compared spreads and I find those at CMC to be consistently the tightest. Excellent!

Apr 6, 2020
by Mauro on Good Money Guide
Online Platform (out of 5 stars): 4
Customer Service (out of 5 stars): 5
Fees & Pricing (out of 5 stars): 4

A better spread and a platform like tradingview or linked to tradingview or linked to it and that would be perfect but so far amazing customer service and no fees which helps.

Apr 6, 2020
by Marios Seraphim on Good Money Guide
Online Platform (out of 5 stars): 5
Customer Service (out of 5 stars): 5
Fees & Pricing (out of 5 stars): 5

Very good platform very good selection of markets. I’m looking forward to when they add options.

Apr 6, 2020
by Frederic Massey on Good Money Guide
Online Platform (out of 5 stars): 5
Customer Service (out of 5 stars): 5
Fees & Pricing (out of 5 stars): 4

Excellent technology, no outages like I’ve witnessed at other brokers and great personalised customer service

Apr 4, 2020
by Chris Howells on Good Money Guide
Online Platform (out of 5 stars): 5
Customer Service (out of 5 stars): 5
Fees & Pricing (out of 5 stars): 5




Michael's webinar's are a great support and very educational, along with the companies excellent customer service and platform. CMC in my eyes is the best online trading company around.
Mar 28, 2020
by Charlie Cordt on Good Money Guide
Online Platform (out of 5 stars): 5
Customer Service (out of 5 stars): 5
Fees & Pricing (out of 5 stars): 5

The BEST

74%
Client Satisfaction

Visit CMC Markets

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

What's In This CMC Markets Review? show

CMC Markets Account Types

CMC Markets have two core products: financial spread betting and CFD trading. CMC Markets was one of the early adopters of derivatives trading for ordinary investors, but started a little later in 1989, compared to main rival, IG, who started in 1974.

CFDs✔️
Spread Betting✔️
Forex✔️
Futures
Options❌ (but you can trade options as a spread bet or CFD)
Professional Accounts✔️
DMA (Direct Market Access)✔️ (forex and prime services only)
Investing
Institutional✔️
APIs & Algo Trading✔️

Why CMC Markets Scores 79 For Account Types

As well as offering spread betting and CFDs to retail investors, CMC Markets also offers professional accounts with high margins through their pro account, prime brokerage services for forex, and corporate and institutional accounts. In contrast to other derivatives brokers like IG and Saxo Capital Markets, CMC Markets does not offer investment accounts or tax-efficient share dealing accounts (other than spread betting) like SIPPs or investment ISAs.

Spread betting with CMC Markets

You can place financial spread bets on all the markets offered by CMC Markets on any of their online trading platforms. The key advantage of spread betting is that your profits are tax-free. If you want to know why spread betting profits are tax-free, read our anecdote here.

With CMC Markets, you can speculate on the below markets with spread betting:

  • Indices
  • Forex pairs
  • Cryptocurrencies
  • Commodities
  • Shares & ETFs
  • Treasuries

Contracts for difference (CFDs) trading at CMC Markets

CFD trading is one of CMC Markets key focus products. As one of the original CFD brokers, it has always been a priority for them. CFDs are priced slightly differently to spread betting in that commission is charged rather built into the spread. Also, profits are not tax-free. It used to be that traders used CFDs to trade directly on the order book of the LSE for better pricing and was more suitable for larger investors and traders. However, nowadays, CFD accounts can be opened with as little as £100 and are more of a global product.

You can trade the below markets on CFDs with CMC Markets:

  • Indices
  • Forex pairs
  • Cryptocurrencies
  • Commodities
  • Shares & ETFs
  • Treasuries

CMC Pro account for professional traders

If you are an experienced or professional trader, you can apply for a professional account with CMC Markets. Professional accounts came about after the FCA and ESMA introduced regulation to cap the leverage that was offered to inexperienced traders. As such, sophisticated traders who are eligible can still get better margin rates. The CMC Markets Pro Account also comes with personal account executives, access to new products first, and you are still eligible for the FSCS protection of funds.

In order to qualify for a CMC Markets Pro Account, you will need to prove that you have done two of the following. You must have placed 10 relevant trades of a significant size per quarter in the last year, have an investment portfolio over €500,000, or have worked in the financial sector for at least one year.

Corporate and institutional accounts and services from CMC Markets

As CMC Markets is one of the largest brokers in the UK, they are able to offer their services to small brokers for resale to their customers. CMC Markets offers corporate services in the following ways:

  • Grey label - a non-branded version of their trading platform
  • White label - a branded version of their trading platform
  • API Direct - access to CMC Markets’ liquidity major instruments
  • Prime FX - for institutional forex traders
  • Prime Derivatives - for counterparties trading single stock equity CFDs
  • Back office - providing post-trade tools, performance and risk auditing

About The Author

79%
Account Types

Visit CMC Markets

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

CMC Markets Market Coverage

For online trading, CMC Markets have one of the largest range of markets available for trading. As with other major brokers like IG and Saxo Capital Markets, they offer tens of thousands of instruments you can trade through CFDs (contracts for difference) or via financial spread betting. Compared to smaller brokers like ETX Capital or Pepperstone, they offer significantly more markets to trade.

Total Markets9,300
Forex Pairs71
Commodities33
Indices22
UK Stocks629
US Stocks3441
Cryptocurrencies13

Why CMC Markets Scores 68 For Market Coverage

CMC Markets Range of Markets

What can you trade with CMC Markets? Here is a brief rundown of what you can trade through CMC Markets:

Forex

You can trade foreign exchange over 300 forex pairs with CMC Markets, with spreads as low as 0.7 pips on EURUSD, and USDJPY, 1.1 on EURUSD and 0.9 pips on GBPUSD. CMC Markets was founded as Currency Management Corporate in 1989 and forex trading has been at the forefront of the CMC Markets trading offering.

Something fairly unique to CMC Markets is their trade-weighted currency indices, which allow you to trade forex pairs based on the balance of trade between two currency nation-states.

Indices

CMC Markets offers index trading on 90 cash and forward indices with UK 100 (FTSE100), US 30 (DJIA), Germany 30 (DAX30), US SPX (S&P 500) and Australia 200 (ASX200) being the most popular. Spreads are slightly tighter than brokers like IG; for example, the minimum spread for Wall Street trading with IG is 2.4, versus 1.6 with CMC Markets.

Cryptocurrencies

CMC Markets have a relatively cautious approach to cryptocurrency trading. Compared to CFD brokers like Plus 500, CMC only offers the below 10 cryptocurrencies for spread bet and CFD trading:

  • Bitcoin
  • Ethereum
  • Ripple
  • Bitcoin Cash
  • Litecoin
  • EOS
  • Stellar Lumens
  • Cardano
  • TRON
  • Monero
  • Dash
  • NEO

However, what is particularly good about CMC Markets’ cryptocurrency offering is its cryptocurrency indices. We have compared cryptocurrency indices on offer by IG and CMC Markets here. CMC Markets offers the below crypto indices:

  • All Crypto Index - all the cryptocurrencies CMC Markets offer
  • Major Crypto Index - the most liquid cryptocurrencies CMC Markets offer
  • Emerging Crypto Index - the less established cryptocurrencies CMC Markets offer

Commodities

You can trade commodities on over 100 instruments with CMC Markets through spread betting and CFDs. However, you can't trade futures or on-exchange options with CMC. Whilst they do offer some prime DMA trading in forex, you'd need a true Direct Market Access broker to trade futures and options.

Shares

You can trade shares (or stocks or equities or listed companies) as a CFD or spread bet with CMC Markets. At the moment, CMC does not offer investment accounts, such as stocks and shares ISAs or SIPP accounts; for that, you need a stockbroker. CMC Markets does however over 9,000 UK and international shares for trading. Commission is charged on Share CFDs with margins starting around 20%. For spread betting, costs are built into the spread from 0.10% and 2 cents for US stocks.

Here is a brief table of how many local and domestic stocks can be traded with CMC Markets:

CountryNumber of shares
UK700+
US3,800+
Germany200+
Spain80+
France200+

CMC Markets claim minimal slippage and to offer a 99.8% fill rate on stocks, with no dealing desk intervention (which means you deal automatically without a dealer approving your trades). With spread betting, you can also trade in your domestic currency (i.e. you can trade US stocks in GBP). You also get access to professional research provided on the CMC Markets trading platform.

One of the downsides though is that you can't trade very small-cap stocks. CMC Markets has generally always focussed on large-cap stocks and the most liquid indices and forex pairs. So, if you want to speculate on small-cap stocks, take a look at IG or Spreadex or read our guide to investing in the AIM market.

Share baskets

If you want to trade a sector or industry and don't want to invest via an ETF (exchange-traded fund), CMC Markets offers baskets of shares lumped into industries. They initially launched 17 share baskets, then followed up recently with another four share baskets in oil & gas, gold, lux life, and collaborative tech.

CMC Markets have always had sector indices available to trade on their platform, but now you can buy and sell weighted baskets of shares in one go with a clearer understanding of what companies you have exposure to. Here's a rundown of what share baskets are on offer from CMC Markets:

  • Automation & Robotics Share Basket
  • China Tech Share Basket
  • Driverless Cars Share Basket
  • Social Media Share Basket
  • Streaming Share Basket
  • Big Tech Share Basket
  • Cannabis Share Basket
  • UK Banks Share Basket
  • 5G Share Basket
  • Gaming Share Basket
  • Mobile Payments Share Basket
  • Renewable Energy Share Basket
  • European Banks Share Basket
  • US Banks Share Basket
  • Cyber Security Share Basket
  • Software as a Service Share Basket
  • EU Automobiles Share Basket
  • Luxury Lifestyle Share Basket
  • Oil & Gas Share Basket
  • US Gold Share Basket
  • Collaborative Technology Share Basket
  • Remote Lifestyle Share Basket

Treasuries

Trading bonds is one of the most popular ways to trade among sophisticated and professional traders, but they seem to be forgotten for retail CFD and spread betting clients. Nevertheless, CMC Markets offers around 30 government bonds and interest rates on their trading platforms.

Bonds still have market trading times, but with CMC Markets, you can trade treasuries out of hours; for example, you can trade the US T-Bond 23 hours a day. It's important to note that you can't buy bonds for income with CMC Markets, only speculate on them through derivatives trading.

68%
Market Coverage

Visit CMC Markets

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

CMC Markets Trading Platforms

Web Based 10/10100%
Desktop 9/1090%
Indicators 10/10100%
Order Types 9/10100%
Signals 10/10100%
Community 9/10100%
Client Sentiment 10/10100%
Mobile & Tablet Apps 10/10100%
MT4 9/1090%
Voice & Telephone Trading 10/10100%

Why CMC Markets Scores 95 For Their Trading Platforms

CMC Markets have one of the best trading platforms out there. Like IG and Saxo Capital Markets, the trading platform has been developed in-house. It's a much more serious trading platform compared to other propriety trading platforms like Plus 500 or eToro, or outsourced platforms like ETX Capital. However, like Pepperstone and IG, they are also an MT4 broker, as well as offering their own and MT4 mobile and tablet apps.

CMC Markets Trading Platforms

Web trading platform

CMC Markets' web trading platform is one of the best spread betting and CFDs trading platforms around. We talk quite a bit about the platform features in our "what are CFDs", "what is spread betting" and "what is forex trading" video interviews with Ryan O’Doherty, Head of Product at CMC Markets. They are worth a watch if you are interested in seeing the platform in action.

Unique client sentiment trading indicators

One of the best features of the CMC Markets trading platform, and which is unique to CMC Markets, is the sentiment tools. The sentiment tools show what percentage of CMC clients are long or short. But what is particularly helpful is that you can segregate sentiment into top clients (ones that make money), all clients and recent positions added.

Technical indicators and drawing tools

The charting tools on the CMC Markets web trader platform was ranked highest for charting in the 2019 Investment Trends Report. If you don't know what Investment Trends is, it is one of the major independent studies in the industry. Investment Trends is based in Australia and conducts independent research for brokers from their clients on the services brokers in the CFD industry offer. They sell the research to brokers, so they are completely independent.

Price projection with technical analysis

You can use the technical indicators and pattern recognition software in the CMC Markets trading platform to generate price projections. Obviously, these price projections are based on charting patterns and technical analysis, so they are only a guide. Technical analysis is based on what has historically happened when patterns have emerged in the past and what is likely to happen again. Technical analysis can't predict the future, but it's a good place to start if you are looking for trading ideas.

Module linking charts, lists, displays and indicators

This is a nice little feature that other brokers like Plus 500 and Saxo Capital Markets doesn't really have. It allows you to link windows in your trading screen to a single asset. In other words, if you have several charts of different time frames, some technical indicators, a news feed, and some sentiment gauges, you can link them as a single module and when you change the asset you are looking at, they all change with it.

Chart forums & analysis

CMC Markets have thousands of active clients as well as dedicated analysts, who all have opinions. People love to talk about investing and the chart forums mean you can see what other traders and analysts think of the market. Take it with a pinch of salt though because most traders always talk their own book (promote their own ideas) and have completely different risk appetites and investment objectives to the ones you may have. Also, professional analysts are not allowed to give advice, they can only provide market commentary.

So whilst it's an interesting feature and ok for trade discovery, it probably won't actually help your trading. If you want trading ideas, you're better off going with an independent research provider like Investors Intelligence or FuturesTechs.

Trading directly from the charts

Being able to trade from the charts is almost essential now as trading is a very visual thing. CMC Markets was one of the first brokers to enable you to trade from the charts, as well as move your limits and limits at key support and resistance levels without the need to input numbers.

Constantly evolving platform

I remember that when I visited CMC Markets about 15 years ago in their London office, most of it was IT. Now almost all of it is IT. Tech is the cornerstone of CMC Markets’ offering and the trading platform is constantly getting new features. A few of the more recent features have included:

  • Light theme & fixed layouts
  • Improved navigation & simplified menus
  • Enhanced search & charting
  • Multi-interval charts & full-screen mode

Mobile Trading from CMC Markets

The mobile apps from CMC Markets are pretty heavy duty compared to the basic offerings of Plus 500 and City Index, and they have some really nice features for mobile charting.

Charting on mobile:

When you're using the app, you can have multiple charts up at once and also add around 40 technical indicators. Also, to compare to other brokers, you can actually draw lines on the charts, rather than just get basic visuals.

CMC Markets Apps are available on these platforms:

  • iPhone trading app
  • iPad trading app
  • Android trading app

MetaTrader 4 (MT4) from CMC Markets

MT4 (MetaTrader 4) brokers are the most popular in the world for trading online. Mainly because MT4 is such an easy plug and play platform, it makes it very easy to set up a forex broker. However, the MT4 platform has taken on such a following that it's almost impossible not to offer it if you want to compete in the online brokerage world. IG, Saxo Capital Markets, just like CMC Markets, offers trading on MT4 as well as their own propriety trading platform.

Tight spreads with CMC Markets MT4

When using MT4 on CMC Markets, you still get access to the competitive spreads in line with our Next Generation webtrader platform.

Automated trading on MT4

One of the key features that make MT4 so popular among traders is the ability to automate your trading with trading robots, also known as expert advisors. Whether automated trading actually works is another matter, but if you have a strategy based on technical indicators and want to test it in the live markets, MT4 is probably the best place to do it. You can either create your own strategy or buy one in the MT4 marketplace. But beware, the strategies for sale rarely, if ever, work.

Social trading on MT4 with CMC

If you find that developing your own trading strategy is too complicated, but you want to do some form of automated trading, you can view and copy other traders’ strategies with MT4. Social trading is offered by CMC Markets through MT4, as well as more and more social trading brokers. One of the major brokers to offer copy trading is eToro, but the platform is so basic and can only be traded in USD that it hardly attracts quality traders.

Technical analysis on MT4

MT4 does have a very good technical trading offering and in many cases is much better than the analysis tools on CFD brokers' own trading platforms. You can of course buy third party technical analysis platforms, but why bother if you can get them for free on MT4? With MT4, there are lots of technical analysis tools plus a range of advanced chart types, indicators, and drawing tools. You can download these MT4 indicators and add-ons​ for free when you trade on MT4 through CMC Markets.

As CMC Markets is a global broker, MT4 comes in 22 languages as well as with the MetaTrader 4 app for iPhone or Android devices so you can trade on the go, as with their other mobile apps.

94%
Trading Platforms

Visit CMC Markets

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

Why CMC Markets Scores 80 For Spread Costs & Margin Rates

Take a look at the minimum spreads and margin rates on some of CMC Markets' most popular instruments.

Asset ClassNumber of instrumentsMinimum spreadsMargin rates from
Forex330+0.7 points3.3%
Indices90+0.3 points5%
Cryptocurrencies121.4 points50%
Commodities110+0.3 points5%
Shares9,000+0.10%20%
Treasuries50+1 point20%

Wall Street

CMC Markets are not the cheapest for trading Wall Street by a long shot, with only Spreadex and Plus 500 showing wider spreads for CFD trading. However, they still get a decent score because they remain one of the safest places to trade DJIA & SP 50o with decent margin rates.

FTSE 100

With UK 100 spreads of 1 point CMC Markets sit firmly in the middle of the road as a broker for trading the FTSE 100. They can't compete with eToro's 0.15 points, but are on par with their main competitors IG and Saxo Capital Markets for UK traders wanting to speculate on the London markets.

US Stocks

Taking trading Apple stock as an example CMC Markets have a 6 point spreads. It's slightly more complicated comparing spreads on US stocks as brokers tend to charge in different ways, with some doing it on a pence per share basis. However, CMC Markets remains a competitively priced broker for CFD trading and spread betting on US Stocks.

UK Shares

CMC Markets, from the outset, has always been one of the cheapest places to trade CFDs and spread bet on UK shares. Back in the early days when they were called Deal4Free, it was their tight spreads on UK stocks that helped them win business from IG.

Crude Oil

Again here, CMC Markets has slightly wider spreads than it's competitors (other than Spreadex) for trading WTI oil. Plus 500 and ETX Capital offer by far the cheapest spreads for trading oil, however, Plus 500 is a basic broker in comparison to CMC Markets and ETX Capital is much smaller.

Bitcoin

Once of the things that makes CMC Markets buying and selling Bitcoin and cryptocurrency trading offering stand out is the baskets and safety aspects. CMC Markets have created indices of major, minor and emerging cryptocurrencies. Of course other brokers like XTB allow you to do this manually, but IG and CMC Markets have created their own cryptocurrency indices which you can compare here.

Gold

For gold trading is one asset where CMC Markets is very competitive with 3 point spreads inline with competitors, Fineco, City Index and IG. Only Saxo Capital Markets offers better spreads at 0.11.

USDJPY

Currency trading is in CMC Markets DNA, so they should have good spreads on the major forex pairs. CMC Markest USDJPY trading spreads are inline with IG and Spreadex, but not quite as good as Plus 500 and eToro. Although, as CMC Markets is a more established broker than, they are a more secure choice for trading USDJPY.

GBPUSD

Same again for Cable spreads, CMC Markets is not the cheapest. Plus 500 and XTB, have cheaper GBPUSD trading spreads, however, CMC Markets has tighter GBPUSD spreads compared to smaller brokers like ETX Capital and Pepperstone.

EURUSD

IG, eToro and City Index have tighter EURUSD spreads than CMC Markets, however, CMC Markets' EURUSD spreads are cheaper for EURUSD trading compared to Pepperstone, Plus 500 and XTB.

80%
Spread Costs & Margin Rates

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78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

CMC Markets Ease of Use

Clear Website 9/1090%
Display Costs 10/10100%
Simple to use platforms 10/10100%
Well laid out dealing screen 10/10100%
Contacting support 10/10100%
Foreign language options 10/10100%
Personal service 10/10100%
Expert support staff 10/10100%
Published phone number 10/10100%
Complaints procedure 10/10100%

Why CMC Markets Scores 99 For Ease Of Use

CMC Markets has one of the simplest to use trading platforms of all the spread betting and CFD brokers.  Compared to basic brokers like Plus 500, CMC Markets has a more complicated trading platform, however, as it is very intuitive, with excellent search features.

Clear Website

The CMC Markets website is clear, and displays all the relevant information you need easily accessible through the menu system. The key point is that information is quick and easy to find. They thankfully have stayed away from the trend of overly complicated media heavy websites and created more of a factual database.

Display Costs

It's very easy to compare fees, costs and spreads on the CMC Markets website.

Simple to use platforms

CMC Markets trading platforms are very simple to use once you understand the products you are trading. As a forex broker, the platform is intuitive and most aspects simple to use.

Well laid out dealing screen

Compared to other brokers like ETX Capital, and City Index, the CMC Markets trading platform is far superior. In addition to it being easy to use it comes with a few preset dealing screens for forex trading, index trading that can be linked together so all the information you need is in one place in one click or swipe.

Contacting support

Lots of different options for contacting support, phone, email, online chat and a large social media following.

Foreign language options

CMC Markets is a global broker and has offices all over the world and have translated versions of their website in the major regional languages where they operate.

Personal service

You can still visit CMC Markets offices to have a face to face meeting with their staff. CMC Markets offers personal service to professional customers, but as a retail trading if you prefer dealing by phone, you'll most likely get through the same dealers.

Expert support staff

Staff turnover is generally high at brokerages, but when you have a good company culture staff can be retained. Glassdoor rates CMC Markets as a good place to work with 76% approving of the CEO Peter Cruddas. As one of the larger spread betting brokers, CMC Markets does have well-trained expert support staff.

Published phone number

CMC Markets claim that 98% of calls are answered in under 20 seconds. This is pretty impressive seeing as some brokers like Plus 500 and eToro do not provide phone support at all. It's one of the most important things when trading that you can pick up the phone and get issues sorted quickly.

Complaints procedure

As with all FCA regulated business, CMC Markets clearly publishes it's complaints procedure.

99%
Ease of Use

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78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

Why CMC Markets Scores 98 For History & Credibility

Established1989
Corporate VisibilityVery Good - listed on the LSE
Number of clients53,308
UK HQYes
AwardsMany
B-Book/HedgeSome B-book
LiquidityDeep
Employees537
Brand PerceptionExcellent
Brand AwarenessExcellent

Established

CMC Markets is very well established compared to other CFD brokers like eToro and Plus 500. CMC Markets was founded in 1989, 15 years after main rival IG has pioneered the financial spread betting business.

Corporate Visibility

CMC Markets is a public company listed on the London Stock Exchange giving it a very visible corporate structure. Combined with being FCA regulated and listed on the LSE, CMC Markets scores top marks for corporate visibility and transparency.

Number of clients

As one of the largest CFD brokers in the world, CMC Markets has a very active client base. As stated in their result published on 11th June 2020, that have 57,202 active CFD traders, compared to 53,308 in 2019, an increase of 7%.

UK HQ

CMC Markets has always been HQ'd in London and despite some chatter from the CEO peter Cruddas about moving the main business to Germany in the uncertain times before Brexit CMC Markest HQ remains in the City of London at 133 Houndsditch London EC3A 7BX.

Awards

Since 2013 CMC Markets has won over 170 awards from publications including Money AM, Investors Chroincle, The Investment Trends Trading Report, Shares Magazine.

B-Book/Hedge

CMC Markets does run a B-book and they also internalise orders to match buyers and sellers. However, CMC Markets has very publicaly stated that they believe the days of churn and burn clients are over. In comparison to the only broker IG, who as stated by June Felix in our interview does not run a B-book, their hedging policy is not as aggressive as Plus 500 or eToro.

Liquidity

CMC Markets have a large enough client base to generate their own liquidity as well as source it from external liquidity providers. CMC institutional also provides liquidity to smaller brokers such as InterTrader though their corporate solutions.

Employees

CMC Markets employs over 500 staff across the globe. Reviews on the employee satisfaction websites Glassdoor suggests that generally, staff enjoy working for CMC Markets.

Brand perception

CMC Markets does have a good reputation within the financial services industry. They are not quite as vocal on regulatory matters as rival IG, but acquire new customers by offering excellent robust technology and good customer service whilst looking to build long term client relationships.

Brand awareness

CMC Markets scores well on brand awareness. CMC Markets advertises a lot in the financial press, as well as around the City Of London. CMC Markets also sponsors sporting events such as yachting.

98%
History & Reliability

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78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

Why CMC Markets Scores 98 For Safety & Regulation

FCA Authorised✔️
FSCS Protection✔️
Retail Customers✔️
Professional Customers✔️
Eligible Counterparties✔️
Segregated Funds✔️
Funds Ringfenced From Creditors✔️
Other Regional Regulations✔️
Negative Balance Protection✔️
Guaranteed Stop Losses✔️

FCA Authorisation

CMC Markets has been regulated and authorised by the FCA since 1/12/2001. In the past, it has provided regulation and acted as a trading name for many other brands such as RBS, Natwest. You can see CMC Markets entry on the FCA register here and is currency regulated for arranging, acting as agent and principle  the below investment types:

  • Binary Bet
  • Commodity Future
  • Commodity option and option on commodity future
  • Contract for Differences (excluding a spread bet and, a rolling spot forex contract and a binary bet)
  • Future (excluding a commodity future and a rolling spot forex contract)
  • Option (excluding a commodity option and an option on a commodity future)
  • Personal pension scheme
  • Rights to or interests in investments (Contractually Based Investments)
  • Rights to or interests in investments (Security)
  • Rolling spot forex contract
  • Spread Bet

FSCS protection

Retail clients of CMC Markets have their funds protected by the FSCS scheme, up to £85,000. Further information on the FSCS can be obtained from their website, fscs.org.uk or by calling the FSCS Helpline on +44 (0) 20 7741 4100 or 0800 678 1100.

Client Types

CMC Markets are authorised by the FCA to deal with:

  • Retail customers
  • Professional customers
  • Eligible Counterparties

Segregated funds

CMC Markets states that they perform daily client money reconciliations in accordance with FCA requirements and that external audits are conducted by PWC and reported to the FCA.

Other regional regulations

CMC Markets is regulated and operates in the below jurisdictions:

  • United Kingdom as CMC Markets UK plc
  • Germany as CMC Markets Niederlassung Frakfurt am Main der CMC Markets UK Plc
  • Spain as Sucursal en Espana de CMC Markets UK Plc
  • Sweden as CMC Markets UK Plc Filial Stockholm
  • Norway as CMC Markets UK Plc Filial Oslo
  • France as CMC Markets UK Plc (Paris Branch)
  • Italy as CMC Markets UK Plc (Milan Branch)
  • Australia as CMC Markets UK Plc, Zweigniederlassung Österreich
  • China as CMC Markets UK Plc Beijing Representative Office
  • Poland as CMC Markets UK Plc Oddział w Warszawie
  • Australia as CMC Markets UK Plc (Australia Permanent Establishment)

Negative balance protection

For retail clients trading on margin, CMC Markets offer negative balance protection, which means that you should not lose more than the value of your trading account

Guaranteed stop losses

CMC Markets charge a small premium on the spread for Guaranteed stop-loss orders (GSLOs). Guaranteed stop-losses work just like normal stop-loss orders except that they guarantee to close your position at your price with no slippage if the market gaps.

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CMC Markets Customer Satisfaction & Support

Good Money Guide Reviews 10/10100%
Trustpilot Reviews 7/1070%
Other Online Reviews 8/1080%
NPS Score 9/1090%
Phone support 10/10100%
Email support 10/10100%
Chat support 10/10100%
Social media presence 10/10100%
Face to face meetings 10/10100%
Local/regional offices 10/10100%

Why CMC Markets Scores 90 Customer Satisfaction & Support

Good Money Guide Reviews

Reviews posted by CMC Markets clients on Good Money Guide have all been positive receiving mostly 5 star ratings.

Trust Pilot Reviews

CMC Markets has an excellent 4.3 stars on Trust Pilot the independent review platform. This is based on 892 reviews. Filtering the bad reviews, there are some fake reviews still live.

Other Online Reviews

Other review sites such as forexbrokers.com give CMC Markets 5 stars, brokerchooser 4.6 stars, investopedia 4.2 stars, brokernotes 5 stars with only forexpeacearmy giving a lower rating of 1.7 stars from 121 votes.

NPS Score

CMC Markets has consistently received high markets from its NPS (Net Promoter Score), that being the amount of CMC Markets clients that would recommend them to a friend. In 2018, the CMC Markets NPS score was 28 versus an industry average of 21.

Phone support

CMC Markets do offer direct dealing and support via phone with most called being answered in under 20 seconds.

Email support

Clients can also email CMC Markets with support queries and issues.

Chat support

A live chat function is available on the website, the current wait times is stated as around 30 seconds to get through to a live chat agent.

Social media presence

The CMC Markets social feeds are generally full of analysis, news and highlighting trading opportunities and have a fairly large following for a financial institution consisting of:

  • Twitter: 14,600 followers
  • Facebook: 30,130 followers
  • Linkedin: 17,687 followers
  • Youtube: 13,300 followers

Face to face meetings

You are able to arrange a face to face meeting at CMC Markets's offices.

Local/regional offices

CMC Markets has its HQ in London, but also operates regional offices in the following countries:

  • Canada
  • Norway
  • Spain
  • Sweden
  • Poland
  • Germany
  • Austria
  • China
  • Singapore
  • Australia
  • New Zealand
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CMC Markets Account Opening & Funding

Account Creation Speed 9/1090%
Deposit Methods 8/1080%
Withdrawal Methods 8/1080%
Time to Withdraw Funds 10/10100%
Withdrawal Fees 10/10100%
Currency Conversion Fees 7/1070%
Account Base Currencies 9/1090%
Overnight Financing Charges 7/1070%
Inactivity Fees 10/10100%
Refer a Friend 7/1070%

Why CMC Markets Scores 82 For Account Opening & Funding

Account Creation Speed

It's very simple to open an account with CMC Markets. The application process is mainly automated and all supporting documentation can be uploaded or emailed to the system.

Deposit Methods

You can deposit funds to your CMC Markest account via PayPal, up to £50,00 via debit or credit card (expert AMEx & Diners Club) or for large transactions via bank transfers.

Withdrawal Methods

There are no restrictions to bank accounts, but you can only withdraw the amount deposited to a credit or debit card. You will need to register a bank account before you can withdraw funds by transfer. These are all standard AML (anti money laundering) processes. It's a quick process with the Time to Withdraw Funds having no standard delays and there are no Withdrawal Fees.

Currency Conversion Fees

CMC Markets charge a flat 0.5% on as a currency conversion cost. This is fairly inline with other brokers like Saxo Capital Markets. Most currency brokers charge below this for large transactions so if you want to manually do your own currency conversions compare quotes from currency brokers.

Account Base Currencies

If you are based in the UK you can run accounts in GBP and EUR. For clients in Asia you can set your base currency to USD.

Overnight Financing Charges

CMC Markets overnight financing rates or holding costs are what CMC Markets charge you for holding positions overnight. The costs are calculated at 5pm New York time and below is a breakdown of CMC Markets holding costs for different products:

  • Indices: underlying interbank rate of the index (see table) plus 0.0082% on buy positions and minus 0.0082% on sell positions
  • Bitcoin: 0.0685% on long positions, and minus 0.0137% on short positions.
  • Other cryptocurrencies: 0.0753% on long positions, and minus 0.0274% on short positions.
  • Share CFDs: underlying interbank rate for the currency of the relevant share (see table) plus 0.0082% on buy positions and minus 0.0082% on sell positions
  • Forex: tom-next (tomorrow to next day) rate in the underlying market for the currency pair
  • Cash commodities and treasuries: based on the inferred holding costs built into the underlying futures contracts

Inactivity Fees

There is a £10 dormant account charge, however this will not take you below a zero balance.

Refer a Friend

You (and your friend) can earn up to $250 for referring your friends to CMC Markets. Do so you need to go to the refer a friend page and enter your friend's email address to send them a code. To get the bonus your friend needs to open an account and trade on it.

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CMC Markets Research & Tools

Analysis 10/10100%
Data 10/10100%
Signals 10/10100%
Webinars & Podcasts 10/10100%
Events & Seminars 10/10100%
Trading Ideas 7/1070%
Guest Analysis/Special Reports 10/10100%
Press Contributions 10/10100%
Educational Guides 10/10100%
Integrated News 10/10100%

Why CMC Markets Scores 97% For Research & Tools

Added Value & Educational Resources

All brokers are essentially the same really. Most CFD brokers and spread betting firms all offer the same markets at the same cost. The major difference between big brokers like CMC, IG & Saxo Capital Markets (other than the range of market available) is the added value and educational tools they provide to help their traders.

Some brokers like Plus 500 aim to make money when their clients lose, while other more established brokers look to align their interests with their clients.

Learn to trade guides from CMC Markets

CMC Markets provides a range of guides to help their clients make the most of the markets. We've written previously about how Peter Cruddas, the founder of CMC Markets, has said the days of churn and burn clients are over. The cost of getting a new client in the CFD and spread betting world is now higher than ever, and brokers must adhere to some very strict marketing guidelines. If you want to hear more from Peter Cruddas, the CMC Markets CEO, you can read our interview with him here.

CMC Markets provide guides on their core products such as:

  • Learn spread betting
  • Learn to trade CFDs
  • Learn forex trading
  • Learn cryptocurrencies

CMC Markets also provide regular specific tutorials in the form of webinars, dinners at The Ned, which guest analysts and roundtable discussions. There are lots of podcasts, platform and trading guides available to non-clients.

News & analysis

As well as the charting forums, third party research, and news on the trading platform, CMC Markets also have a trading magazine called OPTO. The magazine is actually pretty good compared to the news offerings from other brokers (which are generally light market commentary). OPTO comes with guest analysts and traders talking about their specialty, as well as "Trading Intelligence", which highlights opportunities within the markets.

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