CMC Review

Searching for a reputed, reliable and efficient forex broker can be an extremely tedious and arduous task. In fact, things get even more difficult when one has to select from amongst innumerable brokers. Given that almost every broker today offers numerous trading features and options through their websites, finding the best one may not be as simple and easy as it seems. As a trader, you need to access and use a broker’s website, trading platform and features to determine whether they’re worth partnering with or not. This is exactly where you need the opinion of an experienced and knowledgeable trader.

 

A professional trader can provide you with useful information about a forex broker and also help you in analyzing their services and offerings. Here, we’ve analyzed the services and offerings of UK’s leading broker, CMC Markets. The broker provides exciting, advanced and innovative trading services and solutions to forex traders around the world. Established in 1989, CMC Markets has it’s headquarter in London. With more than twenty five years of experience in forex trading, the broker has won several awards and accolades for its platform, customer service and educational offerings.

 

Here, we have reviewed the broker in six different categories. Our team also conducted an in-depth research to figure out whether CMC Markets offers a secure and safe trading platform or not. From opening a demo account with the broker to analyzing their trading account types, spreads and commissions, we’ve reviewed the broker from every possible angle.

 

We understand that as a trader, you may have several queries and concerns around trading. For instance, you may want to find out whether the broker offers decent spreads and leverage or not. You may also want to find out more about the broker’s educational offerings, customer service and deposit as well as withdrawal processes. However, one should not forget that analyzing each and every piece of data and information is not as simple and convenient as it seems. This is precisely where you need a forex trading expert’s views and suggestions.

 

In this review, we’ve presented a very transparent and accurate picture of United Kingdom based CMC Markets. Our team of experienced forex traders also executed a number of transactions through CMC’s trading portal, in order to determine whether the broker lives up to its clients’ expectations or not. During our review, we discovered that CMC Markets offers a simple yet easy to use trading platform. Traders can trade as many as 320 pairs of currency as well as commodities, equities and indices via the broker. Below, discover more about the broker and their trading services and solutions.

Trading Platforms

Trading platform is one of the key aspects of choosing a broker. A broker must create an efficient, easy to use and reliable trading platform for its clients. In the case of CMC Markets, you’ll find each of the above mentioned features. The broker essentially has its very own proprietary trading platform that further offers some of the most useful and exciting features to traders.

Next Generation Platform

CMC Market’s Next Generation trading platform has won appreciation and awards due to its quick execution, innovative features and easy to use charts. CMC has also been recognized by experts for its chart options and overall performance. With more than eighty technical indicators, different types of charts and drawing tools to choose from, traders can easily conduct a detailed analysis before placing their trades through their trading platform. Apart from this, CMC Markets also offers another exciting feature, which is known as the sentiment tool.

 

This tool allows traders to keep a track of the climate as well as the sentiments of other forex traders, which further helps them in determining the market direction. Thus, traders can use the tool for either ascertaining the sentiment of each and every trader or only of those at the top. CMC Markets Next Generation trading platform also allows traders to access forex news as well analysis sources. Through their active YouTube channel as well as Twitter profile, the broker provides its clients with a transparent and accurate picture of the forex markets.

 

Apart from this, clients can also access the broker’s ‘Users Guide’ to better understand their trading platform and features. During our review, we discovered that CMC Markets updates their trading platform on a regular basis, which means you’ll always have access to fresh market news and updates. The broker has also improved their risk management feature by including an entirely new kind of stop loss in their platform, which is better known as Guaranteed Stop Loss Orders.

 

This feature allows traders to exit a trade at a specified price, irrespective of gapping or volatility of the market. In addition to this, CMC Markets Module Linking feature enables traders to put different modules into different groups. Hence, when a product is changed in one particular module, the other modules in the group automatically display the updated product.

Mobile Trading Apps

Mobile trading is another aspect that must be borne in mind at the time of selecting a broker. With CMC Markets, you’ll get plenty of mobile trading apps that can be easily downloaded as well as accessed via your Apple and Android devices. In fact, the broker has been recognized by industry experts, for its innovative and handy mobile trading apps that allow traders to access forex charts in real time. These charts feature as many as thirty five indicators and drawing tools. Additionally, their mobile trading platform also offers a live market calendar that further offers push alerts. CMC Markets iPhone trading app is custom designed for active forex and CFD traders. The app provides traders with live charts and prices, alerts for executing pending orders, news from Reuters, client sentiment indicator as well as a host of other features.

 

On the other hand, the iPad app allows traders to make the most of their iPad’s big screen as it offers an intuitive layout, advanced forex trading charts and tools. With the Android forex trading app, traders can manage their open trading positions and view as well as trade on the basis of live streaming asset prices. It also allows traders to create their own watch lists.

Trading Conditions

Trading conditions cannot be overlooked at the time of choosing a broker. In simple terms, trading conditions are ascertained on the basis of several aspects like leverage, spreads as well as execution speed. In CMC Markets case, the broker provides tight spreads and low leverage i.e. up to 400:1. However, CMC Markets is renowned for offering excellent spread betting options, which is essentially a tax saving method of trading financial products on the basis of their price movements.

 

When it comes to engaging in spread betting, traders don’t sell of purchase the asset. Instead, they place their bets on price movements by suggesting whether the prices of the concerned product would rise or drop in terms of value. Apart from this, the broker also offers CFD trading facility to its traders. Below, learn more about CMC Markets leverage and spreads.

Spreads

The broker aims at offering tight spreads, despite volatile market conditions, thereby delivering reliable and competitive pricing to their traders. For instance, CMC Markets offers spreads in the range of 0.7 for EUR/USD as well as 0.3 points on Gold. Their margin rates for indices and forex starts at 0.2% and they offer 0.5% on commodities as well as 3% on shares.

Leverage

At CMC Markets, the leverage can go as high as 400:1. As a result, the supporting margins of the traders can drop low at around 0.25%. However, traders who intend on trading commodities will notice that they’re incurring high amounts of fee for transacting through the broker.

Execution Speed

The speed of executing orders and transactions is what really differentiates a good broker from an average one. In the case of the CMC Markets, we found that the broker is highly efficient and prompt when it comes to executing transactions and orders on behalf of their clients. Thanks to the broker’s Next Generation platform, traders can enjoy quick as well as 100% automated order execution. In fact traders can execute different types of orders and control them as per their convenience.

Deposits and Withdrawals

It is impertinent for traders to pick a broker that offers a quick and reliable deposit and withdrawal method or procedure. A broker that allows traders to deposit as well as withdraw money quickly and comfortably is definitely worthy of your time and investment. Remember, as a trader, you may require money for meeting your emergency expenses, financial goals or simply for paying your medical and other bills. This, however, is possible only when you’ve partnered with a quick, efficient and trustworthy broker. However, the fact is that a number of brokers today accept money readily but do not release cash easily. In fact, their withdrawal procedures are time consuming and tedious, which can be extremely disappointing for a trader who may need cash on an urgent basis.

 

With CMC Markets, traders won’t have any such issues. The broker offers numerous options for funding their accounts and their withdrawal procedure is quick too. Let’s take a look at the broker’s deposit as well as withdrawal procedure and methods below.

Deposit/Withdrawal Methods

In CMC Markets case, traders are not required to make any deposits for opening their accounts. Traders can use a demo account to test their trading strategies and skills instantly. However, if they intend to engage in serious trading, then they must fund their trading accounts adequately. Thus, traders can deposit money using major debit cards, credit cards or fund their accounts via bank transfer. The broker, however, deducts a 2.3% charge for transferring money via credit cards. Also, CMC Markets does not take cash or cheque deposits from its traders. The trader accepts only MasterCard as well as debit/credit cards that have been issued by UK based banks. Traders also need to ensure that they’re transferring money through a credit card or bank account that bears their name exactly as it appears on their accounts.

 

In addition to this, CMC Markets does not require its traders to deposit any fixed or pre-ascertained deposit amount for operating their accounts. However, traders who create fresh accounts with the broker need to deposit a minimum of one thousand pounds to operate their accounts without any interruption.

 

When it comes to withdrawal of funds, traders need to click on their ‘Payments’ option and then select the ‘Withdrawals’ tab. Apart from this, they can also utilize chat feature or Call the broker’s support team for any assistance. Also, the broker requires traders to provide identity proof and additional details or information for processing any withdrawals. The broker has no minimum or maximum limits for withdrawals. However, traders must ensure that name of the beneficiary included in the withdrawal request matches with the name mentioned in the identity documents. Additionally, traders must verify their requests for withdrawals via phone.

Speed of Deposits/Withdrawals

The speed of deposits and withdrawals is what one really needs to take into account when it comes to opening a trading account with any broker. CMC Markets offers quick and efficient deposit methods and procedures and their withdrawal procedures are fast and reliable too. As far as withdrawals are concerned, the broker processes withdrawal requests on the same day, only if the request has been placed before 2 p.m. (for UK traders) and 11 a.m. (for non-UK traders).

Regulations

When it comes to trading CFDs, forex, commodities and other assets, traders must always rely on a regulated broker. A broker that is duly regulated complies with the requisite trading standards and regulations and also ensures that all trader disputes are resolved legally. Traders need to realize that no broker can guarantee the safety of their funds. However, choosing a regulated broker provides them with some peace of mind. Regulated brokers are duly monitored and supported by a reputed regulatory body, which further enables them to offer a safe and reliable trading platform.

 

CMC Markets is authorized and regulated by the FCA (Financial Conduct Activity), which further ensures that the broker meets requisite guidelines and also complies with internal procedures like risk management, staff training, accounting and audits.

FCA, CFTC and ASIC

As the leading CFD, forex and spread betting broker based in London, CMC Markets is duly regulated and monitored by the FCA. The broker has won several awards for its Spread Betting services as well as their trading platform and online charts. CMC Markets also has its branches in the United States and Australia, which are duly regulated by the CFTC (Commodities and Futures Trading Commission) as well as the ASIC Australian Securities and Investment Commission (ASIC).

Segregated Accounts

As an FCA regulated broker, CMC Markets needs to comply with CASS i.e. client assets regulation. As a result, when a trader opens a trading account with the broker, he/she is categorized as a retail client and their fund is held in separate accounts. CMC Markets in no way utilizes the trader’s funds. Hence, every client’s fund is fully protected and not available or accessible by the firm’s creditors.  Also, funds collected from the European traders are combined and held in segregated bank accounts with the United Kingdom based banks such as Barclays, Natwest, HSBC and Llyods. Apart from this, funds are also deposited into Ireland based Ulster Bank and Germany’s Deutsche Bank as well as with HSBC bank in Spain and Poland.

Customer Support

The customer support team plays a crucial role in resolving issues and providing appropriate answers to the queries and concerns of all the traders. With CMC Markets, you’ll never have any issues in getting in touch with their customer support team. The broker can be easily approached via live chat, phone, email and fax.

 

Remember, as a trader, you may have a number of queries and concerns around forex trading and therefore it is important that you pick a broker that is capable of providing you with instant support and relevant answers to all your queries. CMC Markets has an excellent custom support team in place, which is bilingual and can be easily accessed or contacted during the trading hours. Below, find out more about the broker’s customer support services and features.

Live Chat

CMC Markets offers quick and hassle-free live chat option to its traders. While, reviewing and analyzing their live chat feature, we found that their customer support team responded quickly and also provided us with satisfactory answers to our trading related queries and issues. As a forex trader, you need this kind of support and assistance from your broker and CMC Markets definitely does a good job here.

Contact Mediums

Apart from its Live Chat feature, the broker also offers other contact mediums to its traders including phone, email and fax. This is an excellent feature for traders who require immediate support and assistance from their broker.

Trading Education

Although not that crucial but trading education does play an important role in providing traders with adequate knowledge, information and support around trading. This is one of the biggest reasons why more and more forex brokers are providing a host of trading materials, data and information to their traders on a consistent basis.

 

Traders are constantly searching for views, news and updates around forex market trading and trends. This further helps them in placing profitable and accurate trades and earning quick and assured money on a regular basis. With CMC Markets, traders won’t have to worry around gathering or acquiring trading knowledge elsewhere. The broker offers excellent trading education and materials to its new and existing traders, allowing them to remain updated and informed around the latest forex trading trends, news and updates.

 

When we reviewed CMC Markets trading educational offerings, we found that the broker does an excellent job of educating its traders and further providing them with ample trading information and updates.  For instance, CMC Markets provides educational materials and resources around topics such as forex trading platform, technical indicators, day trading, support & resistance, trading patterns and more. Additionally, traders can also find ample information and details around CFDs, benefits of CFD trading, forex trading indicators, introduction to financial markets etc.

Market Analysis

Apart from its featured charts and economic calendars, the broker also offers in-depth market analysis as well as views and opinions of the leading and professional brokers. This makes them an excellent option for traders who wish to tread carefully and place profitable trades on a regular basis. CMC Markets trading materials are excellent for novice traders, who have limited knowledge around trading and intend to gather enough information around forex trading strategies and methods. It must be noted that the broker also offers trading videos, webinars, trading guides and a comprehensive glossary of different forex terms. In fact, if you’re one of those traders who is fond of social trading, then you can easily connect with the broker’s London Trader Network and seek suggestions from other expert traders. From engaging in live trading to learning more about forex trading, you’ll have plenty to do and learn through this network.

 

To conclude, CMC Markets is a highly reputed and reliable broker that offers competitive spreads and a strong and efficient trading platform. The broker mainly offers CFD as well as spread betting features and options. Additionally, their Next Generation platform is extremely innovative and user-friendly and appropriate for both experienced and novice traders. The broker basically offers two different account options to its traders, allowing them to trade with ease and convenience. Also, CMC Markets offers more than 5700 products including 5000 shares, 329 currency pairs, 79 indices as well as treasuries and commodities for trading.

 

This makes them an excellent option for traders who’re looking to trade a wide variety of assets. The broker also offers an excellent platform to traders who’re interested in spread betting and CFD trading, as both these trading options provide them with desired profits and investment opportunities. In addition to this, the broker offers 100% automated trading and execution, one click trading, customized tools and layouts for trading, low spreads and cash rebates for traders who engage in high volume trading. As a trader, you’ll get increased opportunities for trading with CMC Markets, which offers a highly intuitive platform and appropriate risk management features to its clients from around the world.