CMC Markets Review: Is cmcmarkets.com A Legit Broker?

CMC Markets Review: this is a broker that claims to be based in London, United Kingdom. Should you invest your funds in cmcmarkets.com?

The brokerage opens its page with a disclaimer stating that “75% of retail investor accounts lose money” when trading with it. It seems like a show of honesty as this broker does not try to give false assurances. Though it claims to have won many trading awards.

CMC Markets dedicates some sections of its website to explaining forex, currency pairs and offering news and insights. The address of this broker is:

133, Houndsditch, London, EC3A 7BX, United Kingdom.

It runs a 24/6 trading between Sun 21:00 to fi 22:00. Trading instruments of CMC Markets are said to number into a sum of 10,000 derivatives including currency pairs, commodities, cryptocurrencies and lots more.

CMC Markets Trading Platform.

The broker offers traders a new trading platform known as “the Next Generation Platform” along with MetaTrader 4.

These platforms are very good signs along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

It has an impressive trading portfolio that contains: 330+ currency pairs, 110+ commodities, 90 cash and forward indices, 5 cryptocurrencies, 9,400+ shares and 50+ treasuries and bonds.

The leverage offered to clients within the UK is 1:30 and those outside the UK can have leverage as high as 1:200. Spreads on accounts are fixed at 0.7 pips for EUR/USD pairs.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on CMC Markets

Payments are allowed for deposit and withdrawal via credit/debit cards, bank transfer, POLi, BPAY, PayPal (Australian clients).

Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. It is so for CMC Markets and this is a good sign.

Minimum deposits depend on the type of account being used but it is tagged at $200. It must be made if by cards, by one registered to the client’s name, otherwise, it would be returned.

Withdrawal can be processed within a day if requested by (2 pm for UK residents) and (11 am for non-UK residents). 10 GBP is charged every month on inactive or dormant accounts on CMC Markets.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is CMC Markets Licensed?

Yes. CMC Markets is licensed and regulated by the FCA.

Researching the CMC Markets, we found that it has a star rating of 1.7/5 on FPA. There are lots of negative reviews on it by clients. Reports also reveal that the mobile app it offers is faulty.

Some spreads are also found to reach up to an unfavorable 2.5 pips.

Support

For general assistance and help, call: 0207 170 8200 or use the email link to send a message. There are also categorized sections for specific assistance on the website and a FAQ that may be of help.

Conclusion

The fact that CMC Markets is licensed is a big advantage. Information on the website is also useful and professional. It has an average minimum deposit requirement.

However, on FPA, the reviews are not encouraging and traders may not want to try this broker out. CMC Markets also seem like it only favors UK residents who are the target audience.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website

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