Regulated by FCA, CMC Markets is one of the first forex brokers to provide trading services for anyone and everyone interested. There are over 330 currency pairs available including all major pairs. At the moment of the review, the broker didn’t offer any bonuses or promotions for new or exciting traders.
Shares Magazine has awarded CMC Markets with “UK Financial Service Provider of the Year 2014” and “Best Online Trading Platform 2014. There are other awards listed on their website, received over the years from various trading resources and magazines. The broker’s website, however, is rather confusing to navigate through.
CMC Markets is using its in-house web-based platform called Next Generation. The platform is well suitable for professional traders and offers wide range of innovative features. In 2013, Money AM has voted the platform as “Best Online Charts”.
New Generation offers customizable settings such as multiple timeframes, auto save, pattern recognition scanner and very advanced analytical charting capabilities. There is also, of course, mobile version of the platform accessible via your iPhone and iPad.
The broker reviews its account types, differences and advantages of each. You have to choices “Fixed Risk Account” and “Regular Account”. With fixed account traders have access to guaranteed stops. The feature is not free and you have to pay an extra for it.
Payment methods are very scarce with just credit card and wire transfers accepted. Minimum deposit requirement is $1 at CMC Markets, however the broker suggests depositing $2,000 for better results. What do we say about it? Newbies, don’t even think about depositing so much! As for professionals, try the broker with couple of hundreds first; see if there is a good chemistry between you two.
Minimum spreads start from 0.7 pips for major currency pairs. For CFDs, there is a commission charge for every trade executed. The commission fee depends which country you are from and starts from 0.09% of the volume traded.
Margin starts from 0.20%. You have to maintain the minimum account balance in order to continue using this broker’s services. Leverage is up to 500:1.
When seeking help, you can get in touch with the broker’s representatives via email, fax, online chat or phone. There are some local phone numbers listed on the CMC Markets website.
There is quite a collection of educational materials on the site, which is useful for both beginners and expert traders.
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