I think CMC Markets is an excellent platform for forex traders. CMC was originally called Currency Management Corporation so its roots are deeply embedded in forex trading.
CMC Markets Forex Trading Platform Review
Product Name: CMC Markets Forex Trading
Product Description: CMC Markets is suitable for forex traders who want tight pricing with robust technology, but also the options to trade peripheral markets should opportunities occur. CMC Markets won three awards in 2020 for its FX product, including our own Good Money Guide Best Forex Broker award in 2023, and it remains one of the best services out there.
68% of retail investor accounts lose money when trading CFDs with this provider
Is CMC Markets a good CFD broker?
Yes, based on our broker matrix CMC Markets offers the most currency pairs of all the forex brokers we compare. 338 at last count. This is made up of both cash markets, but also CFDs and spread bets based on future prices (not DMA futures, but OTC derivatives based on the cost of carry). The Fx platform lets you rank all 388 fx pairs based on change and market so you can see what is most volatile and what are the cheapest and most expensive crosses to trade. They are also split into developed markets, which will traditionally have more liquidity and emerging markets, where prices may be more volatile.
Prime Forex Services
However, as well as being a client-facing forex broker, CMC Markets also provide liquidity to a wide range of smaller brokers. This means that there should always be good FX liquidity capable of filling large and high-frequency orders from even the most active traders.
And of course, you can see what other traders on the CMC platform think of specific forex markets with the “market pulse” tools. The client sentiment indicator shows how many clients are long or short an FX market, and the Chart forum gives analyst views from a technical perspective.
Forex Trading Platform:
There are a few things that are unique to CMC’s forex trading platform, which are quite handy, for example, the web version is modular so you can set it to update all windows (news, pricing, sentiment, charts etc.) when you click on a new pair, or you can keep them separate. Which can give you either a good market overview, or let you focus on an individual asset.
They also have 12 “Forex Indices” which are baskets of currency pairs that track the same base currency. So instead of speculating on the USD versus a specific currency, you can speculate on how the USD will perform against a broad range of economies, like a sector position in stock trading.
There are a couple of FX ETFs to trade that track GBP, EUR and USD, but there are no OTC options markets, nor can you trade on exchange futures with DMA.
Pros
- Tech-heavy FX trading platform
- Wide range of forex pairs to trade
- Good forex sentiment indicators
Cons
- No DMA forex trading for retail clients
- Limited forex options
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Pricing
(5)
-
Market Access
(4.5)
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App & Platform
(5)
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Customer Service
(4)
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Research & Analysis
(4.5)
Overall
4.6
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
You can contact Richard at richard@goodmoneyguide.com
