- Online Brokers
- Forex Trading
CMC Markets is an award winning forex and CFD broker. With almost 30 years experience, they have established themselves as a market leading force in the trading world. Founded in 1989, the company operates primarily from London, but have offices all over the world including Sydney and Singapore
With a successful listing on the London Stock Exchange in 2016 (CMCX) - the UK based broker seem to be going from strength to strength. Currently, they serve over 60,000 clients across the world from no less than 14 offices. Regulated in the UK and Australia, they currently offer 10,000 instruments to trade on across major assets such as commodities and Indices. In terms of forex, the company currently offers spreads on over 300 currency pairs.
In this CMC Market review, we take a closer look at their offering, including the account types, platform tools and how competitive the spreads are.
Spreads and Fees
CMC offer tight spreads on the major FX pairings; you can take advantage of spreads as low as 0.7 pips on the EUR/USD for example. Unlike other brokers that restrict the tighter spreads to premium account types - this broker offers the most competitive spreads to all traders as standard. In fact, there are only three account types available - none of which fall into the VIP category account type.
But there is a special bonus available for high volume traders in the form of cash rebates. If you speculate on forex, indices or commodities and trade in bulk you will be eligible. All of the accounts offered require no initial deposit to start up and there are no extra fees tacked on when trading forex pairs. Accounts trading in shares however will be eligible to pay commision. All accounts allow you to choose a maximum leverage of 1:500, which is exceptionally high. There is also a forex demo account available.
CMC Markets offers a web platform available from flash enabled browsers; there are currently no downloadable versions of the platform available. This means that traders can reach the service from multiple devices and locations. One of the notable aspects of the platform is how versatile and easy it is to use. If you like your dashboard filled with charts or something a little more easy to use, then you can simply use the drag and drop interface to customise your ideal environment.
To analyse your data, there are plenty of resources available. For example: over 80 technical indicators, charts types and drawing tools are baked in to optimise your technical analysis. In addition, there’s also an advanced price projection tool available which will help you to identify visible patterns to pinpoint those future trading opportunities.
The Client Sentiment tool is another powerful resource available via the platform; this will allow you to see how many clients hold a position on the instrument and their position value. With this data, you can see how sentiment has changed historically - this becomes valuable information during volatile market conditions.
For mobile traders, the Android and iOS apps offer all the tools and support of the web platform in a far more portable package. You can take advantage of live streamed mobile charts, data syncing from the web platform, access to over 40 technical indicators and instant notifications to help you stay ahead of trading opportunities. For all around security, there is also a fingerprint login function if you have a fingerprint reader.
Looking for a wider screen experience? The app is also optimised for tablet devices, particularly the Apple iPad, where you can build and create your perfect trading dashboard. Once again, you can benefit from all the mobile app features including the ability to trade directly from charts, multiple chart types and smart watchlists which sync with your watchlists from the web platform.
With a CMC forex account, you have access to a range of deluxe research tools - in fact, this broker really sets the standard when it comes to market news. For starters, you get access to insights from a global team of analysts, who share their thoughts and trading ideas through text posts and even videos. Stock trading and shares news is handled by Morningstar while Reuters live stream more market related news; both of these resources are available to live accounts only. And if you require even more knowledge, CMC have their own Youtube channel and Twitter feed with constant market updates.
Education wise, this UK broker sets a high standard for others to follow; new traders can benefit from a treasure trove of information including a trading library and various webinars. There are also a number of help pages and various how to guides if you are really fresh to the world of forex trading.
CMC only accept payments from you debit/credit card or via your bank account. To activate your forex account, you won’t need to deposit a minimum funding amount to get started. Withdrawals wise, all payments will be processed on the same day if you already have payment details on file - but there may be a delay in your withdrawal if CMC require extra information in order to process your payment.
Support is another area in which this particular broker excels in; click the support option and you will be presented with quite possibly the most detailed help section we have ever seen. If you can’t find the topic you are looking for - there is a search box in which you can search for further information. If this fails, you can access the CMC markets live chat or reach the customer services team by telephone.
In July 2015, CMC Markets expanded into binary options, complimenting their existing CFD trading and forex offering. Their Countdowns product gives traders an exciting alternative to traditional trades.
CMC is a great choice for new and experienced traders alike. If you’re a veteran, your trades will surely benefit from the customisation options and the powerful tools at your disposal. And if you’re new to the game, get ready to improve your skills with a range of educational and research tools. Low spreads, rebates back on high volume trades and unparalleled customer service - this forex broker is an all around great package.