In this CMC markets review, we want to bring a particular focus upon the platforms crypto trading options, and it’s fair to say we were pretty pleased with what we found. To start off on a small negative point, their selection of cryptocurrencies is low, as with CMC Markets, bitcoin and just 3 other types of cryptocurrencies are available; ethereum, litecoin and ripple.
However, when testing the platform further to create our review, we found that their range of crypto indices makes up for it. The crypto indices allow trades to group cryptocurrencies to trade them against the US dollar, meaning traders don’t have to rely on one single crypto currency coin’s market value for their trade to be profitable.
With CMC Markets, clients can trade crypto currencies against the $USD via either spread bets or CFDs. With spread bets, you buy crypto at a certain price per point with the belief that its value will increase against the USD. Let’s say you buy it at $0.5 per point, this means you’ll make $0.5 profit on every $1 increase in value, however you also stand to lose $0.5 for every $1 drop in value, making it a risky investment.
This CMC Markets review is primarily focussed upon crypto trading, however the platform’s other trading options are most certainly not to be overlooked. As well as cryptocurrencies, traders can operate on 6 other markets; forex, indices, commodities, shares, share baskets and treasuries.
The ways to trade, however, are limited to just CFDs (contracts for difference) and spread bets. This is a bit restrictive, but in this CMC Markets review we found them to excel in both trading types. Their Next Generation platform, their research materials and customer service professionals who help both new and professional traders almost every step of the way.
When it comes to Forex, CMC Markets’ selection of pairs is fairly extensive, with 180 major and minor FX pairs to trade with competitive spreads and margins. The total number of CFDs offered by CMC is 9,848, which is almost double that of Forex.com.
An aspect that we’ve rated very highly in this CMC Markets review is their trading hours, which run from 21.00 Sunday to 22.00 Friday GMT. While it’s standard for trading brokers to operate 24/5, starting on Sunday night and finishing later on a Friday gives clients trading with CMC an extra few hours advantage.
We’ll start off this section of our CMC Markets review talking about the deposit and withdrawal fees, because there are none of their – and the good news is that most other fees are low.
One of the highlights we found when creating this CMC Markets review, was the trading fees, as their spread offers are low and available to all customer tiers – not just professionals and VIPs. The fees here are built into the spread, with the average spread cost on EUR/USD coming in at 0.7-0.81 pips. Active traders and VIP account holders can enjoy a range of discounts and rebates depending on volume.
The only notable non trading fee we managed to find was the £10 monthly inactivity fee for accounts that go 12 months without use. The one big negative that we found in our CMC Markets review is the high Stock CFD fees.
CMC Markets is headquartered in London and is available in most countries in Europe and throughout the rest of the world, however capabilities may vary depending on the country’s laws. As is the case with most brokers that offer CFD trading, our CMC Markets review must note that the broker is not available in the USA.
While CFD trading is available to clients in all of the countries where CMC Markets operate, spread betting is only available to account holders in the UK and Ireland. This is due to the fact that the laws surrounding spread betting are more complicated in different countries than CFD trades. In the UK and Ireland spread bets are regulated by the FSA, however profits are not subjected to capital gains tax, similar to winnings from gambling.
CMD Markets has hubs in Singapore and Sydney, giving customers in Australasia and SouthEast Asia customer service to suit their time zones.
With CMC Markets, you can learn how to trade before you create your account. As well as having an array of educational materials available to non account holders, CMC also offers free webinars and even in person seminars. With these you can learn everything from basic trading to advanced strategies. CMC Markets also has a demo account option where you can practice with virtual money before trading for real. We strongly recommend that those new to trading make full use of these materials before investing real money, as trading cryptocurrencies as CFDs is extremely volatile and risky.
Below, this CMC Markets review has provided a simple step-by-step guide to trading on the platform.
1. Choose your account type
For users from most countries, there is only the CFD option, however users in the UK and Ireland will be able to choose spread bets as well.
2. Create and verify your account
The account creating process is fairly straightforward, but it can take 1-3 days for your account to be fully verified. Make sure to register with 2 forms of ID, as this is required but isn’t made especially clear.
3. Make your first deposit
Before you start trading, you’ll need to deposit some money to trade with. See the Payments section above for more details.
4. Start trading
Now it’s time to start trading in CFDs. What’s important to remember here is that you’re trading on the price movement of whatever you choose to trade, and don’t ever own the underlying asset. With cryptocurrencies you can trade them in pairs or against the $USD, this differs greatly from buying crypto on an exchange.