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CMC Markets Review

CMC Markets is considered secure and can be summarised as dependable and trustworthy. CMC Markets is regulated by the elite FCA and the ASIC. CMC Markets is currently one of the most prestigious platforms, ranked with an overall trust score of 99% out of 100.

Updated : September 1, 2022

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005 regulations book

Regulation and Safety of Funds

005 feature selection

Account Types and Features

006 add user

Account Registration

002 candlestick

Range of Markets

007 fees

Fees

001 cash withdrawal

Deposits and Withdrawals

003 research

Education and Research

002 affiliate marketing

Affiliate Program

008 auction

Final Verdict

004 review

Pros and Cons

001 question

FAQ

Overall Rating

Min Deposit

Regulators

Trading Desk

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

CMC Markets Overview

👉 Overall, CMC Markets is considered low risk, with an overall Trust Score of 99 out of 100. CMC Markets is licensed by five Tier-1 Regulators (high trust), two Tier-2 Regulators (average trust), and zero Tier-3 Regulators (low trust). CMC Markets offers one CFD Trading Account, a Spread Betting Account, and a Corporate Account.

 

👉 CMC Markets (CMC), formed in 1989, is a well-established, publicly listed, and well rated U.K. forex broker that has effectively adapted to the ever-changing environment of online brokerage. “Next Generation” is a feature-rich, web-based platform that serves as CMC’s flagship product.

 

👉 CMC’s whole web offering to customers consists of this, the ubiquitous MT4 (downloadable) platform, and a viable mobile application.

 

👉 CMC’s increased focus on expert traders is seen by its separate sites for professionals and institutions, yet the rebates and free API access it provides to those who qualify as “professionals” remain unavailable to the average trader.

 

👉 CMC Markets accepts Nigerian clients and has an average spread from 0.3 pips with 0.1% commission on shares. CMC Markets has a maximum leverage ratio up to 1:30 and there is a demo account offered, but no Islamic Option.

 

👉 MT4, Next Generation, and CMC Markets App are supported. CMC Markets is headquartered in the United Kingdom and regulated by BaFin, FCA, ASIC, MAS, FMA, and IIROC.

 

CMC Markets Distribution of Traders

CMC Markets Distribution of Traders

👉 CMC Markets currently has the largest market share in these countries:

➡️ Australia – 22%

➡️ United Kingdom – 14.1%

➡️ Canada – 9.05%

➡️ Germany – 6.9%

➡️ Singapore – 5.8%

 

Popularity among Nigerian traders who choose CMC Markets

👉 CMC Markets does not have a significant presence in Nigeria, but because it is a well-regulated broker with comprehensive trading options, it is among the Top 50 brokers for the region.

CMC Markets At a Glance

🏛️ HeadquarteredUnited Kingdom
🏙 Global OfficesAustralia, United Kingdom, Singapore
👍 Local Market Regulator in NigeriaCentral Bank of Nigeria (CBN)
💰 Foreign Direct Investment in Nigeria39.16 billion USD (as of June 30)
💵 Foreign Exchange Reserves in Nigeria41.96 million USD (March 31)
🏢 Local office in LagosNo
🗣 Governor of SEC in NigeriaOlufemi Lijadu (Chairperson)
✔️ Accepts Nigerian Traders?Yes
🗓 Year Founded1989
📞 Nigerian Office Contact NumberNone
📱 Social Media Platforms• Twitter
• Facebook
• LinkedIn
• YouTube
⚖️ RegulationBaFin, FCA, ASIC, MAS, FMA, IIROC, DFSA
1️⃣ Tier-1 LicensesFinancial Conduct Authority (FCA)
• Australian Securities and Investment Commission (ASIC)
• Monetary Authority of Singapore (MAS)
• Financial Markets Authority (FMA)
• Investment Industry Regulatory Organisation of Canada (IIROC)
2️⃣ Tier-2 Licenses• Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
• Dubai Financial Services Authority (DFSA)
3️⃣ Tier-3 LicensesNone
🪪 License Number• United Kingdom – 173730
• Australia – 238054
• Singapore – UEN 200605050E
• New Zealand – FSP41187
• Canada – 2448409
• Germany – 154814
• Dubai – F002740
⚖️ CBN RegulationNone
💵 Regional RestrictionsUnited States, Belgium, and others
☪️ Islamic AccountNone
💻 Demo AccountYes
🛍 Retail Investor Accounts1
💻 PAMM AccountsPAMM Accounts
💧 Liquidity ProvidersUnknown
✔️ Affiliate ProgramYes
📈 Order ExecutionMarket
📊 Starting spread0.3 pips EUR/USD
💰 Minimum Commission per Trade0.1% per share
💵 Decimal Pricing5th decimal pricing
📞 Margin Call50%
🛑 Stop-Out25%
📊 Minimum Trade Size0.01 lots
📈 Maximum Trade SizeNumber of units/notional value
Crypto trading offered?Yes
✔️ Offers an NGN Account?No
🤝 Dedicated Nigerian Account Manager?No
📈 Maximum Leverage1:30
📊 Leverage Restrictions for Nigeria?No
💵 Minimum Deposit (NGN)0 NGN / 0 USD
✔️ Nigerian Naira Deposits Allowed?No
💰 Active Nigerian Trader Stats200,000+
👤 Active Nigerian-based CMC Markets customersUnknown
🔄 Nigeria Daily Forex Turnover2.13 billion USD (March 31)
💰 Deposit and Withdrawal Options• Credit/Debit Card
• Bank Transfers
• PayPal
👤 Minimum Withdrawal Time1 working day
⏰ Maximum Estimated Withdrawal Time5 working days
💵 Instant Deposits and Instant Withdrawals?No
✔️ Segregated Accounts with Nigerian Banks?No
💻 Trading Platforms• MetaTrader 4
• Next Generation
• CMC Markets App
📊 Tradable Assets• Forex
• Indices
• Cryptocurrencies
• Shares
• Share Baskets
• Treasuries
💰 Offers USD/NGN currency pair?No
💵 USD/NGN Average SpreadNo
✔️ Offers Nigerian Stocks and CFDsNo
🗣 Languages supported on the WebsiteEnglish, French, German, Italian, Norwegian, Polish, Spanish, etc.
✅ Customer Support LanguagesEnglish
👥 Copy Trading SupportYes, Next Generation
🗣 Customer Service Hours24/5
📞 Nigerian-based customer support?No
💵 Bonuses and Promotions for NigeriansNo
📚 Education for Nigerian beginnersYes
💻 Proprietary trading softwareYes, App
👤 Most Successful Nigerian TraderUche Paragon ($16 million+ Net Worth)
💵 Is CMC Markets a safe broker for Nigerians?Yes
✅ Rating for CMC Markets Nigeria9/10
✔️ Trust score for CMC Markets Nigeria99
👉 Open AccountOpen Account

CMC Markets Regulation and Safety of Funds

CMC Markets Regulation and Safety of Funds

CMC Markets Regulation in Nigeria

👉 The local market regulators in Nigeria are as follows:

➡️ Central Bank of Nigeria (CBN)

 

👉 While CMC Markets is regulated globally, the broker does not yet have local regulations or licenses in Nigeria. However, despite this, CMC Markets is a popular and trustworthy broker that accommodates Nigerian traders.

 

CMC Markets Global Regulations

👉 CMC Markets is well-regulated by five Tier-1 market regulators and two Tier-2 regulators as follows:

➡️ CMC Markets Asia Pacific Pty Ltd and CMC Markets Stockbroking Limited are both regulated and authorized in Australia by the Australian Securities and Investment Commission (ASIC) under ABN 111 000 582 13 and AFSL 238054.

➡️ In the United Kingdom, CMC Markets UK Plc is regulated and overseen by the Financial Conduct Authority (FCA) under registration number 173730.

➡️ In Singapore, CMC Markets Singapore Pte. Ltd. is overseen by the Monetary Authority of Singapore (MAS) under registration number UEN 200605050E.

➡️ In Canada, CMC Markets Canada, Inc. is overseen and regulated by the Investment Industry Regulatory Organisation of Canada (IIROC) under registration number 2448409.

➡️ CMC Markets NZ Limited is a New Zealand entity that is overseen and regulated by the Financial Markets Authority (FMA) under registration number 1705324.

➡️ In Germany, CMC Markets Germany GmbH is well-regulated and licensed by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) with registration number 154814.

➡️ In Dubai, CMC Markets Middle East Limited is overseen and regulated by the Dubai Financial Services Authority (DFSA) with license number F002740.

 

CMC Markets Client Fund Security and Safety Features

👉 Firstly, as a well-regulated broker, CMC Markets keeps all client funds in segregated accounts away from the broker account.

 

👉 The funds are stored in several renowned financial institutions throughout Europe, including NatWest, Barclays & Lloyds, Ulster Bank & Deutsche Bank in Ireland, Germany & Germany, and Barclays & Lloyds in France. Barclays & Lloyds also hold the funds in France.

 

👉 In-house auditors at CMC Markets do regular checks to ensure the accuracy of the company’s financial data. PricewaterhouseCoopers is responsible for carrying out yearly audits and providing the relevant authorities with the findings of the audits.

 

👉 Customers located in the United Kingdom and Europe who engage in trading with CMC Markets are covered by the Financial Services Compensation Scheme (FSCS).

 

👉 Those individuals who are eligible for compensation under the terms of the scheme might receive up to 85,000 British pounds if their broker declares bankruptcy.

 

👉 The Canadian Investor Protection Fund (CIPF) offers clients in Canada insurance coverage of up to one million dollars in Canadian currency. MAS-regulated nations are eligible to get insurance coverage of up to 50,000 Singapore dollars.

 

👉 Encryption protocols known as Secure Sockets Layer (SSL) are used to protect CMC’s trading platforms and websites from the likes of identity thieves and hackers.

CMC Markets Awards and Recognition

CMC Markets Awards and Recognition

👉 CMC Markets does not provide any details on its full list of awards, but the CMC Markets website indicates that the broker has won over 50 awards in the past 2 years.

 

👉 Some of these awards include:

➡️ 1 Platform Technology and No.1 Web-based platform in 2021, awarded by ForexBrokers.com.

➡️ Best Telephonic Customer Service in 2021.

➡️ Best Email Customer Service and Best Educational Materials and Programmes.

➡️ Best Overall Satisfaction.

➡️ Best Platform Features.

➡️ Best Mobile/Tablet App, and more.

CMC Markets Account Types and Features

👉 CMC Markets offers a dedicated CFD Trading account for most retail and professional traders. In addition to this, CMC Markets also offers a Corporate and Spread Betting Account (only for UK traders).

💻 Live Account💰 Minimum Dep.📊 Average Spread💵 Commissions💸 Average Trading Cost
CFD0 NGN / 0 USD0.3 pips10 USD13 USD

 

CMC Markets Live Trading Account Details

CFD Trading Account

👉 This is the retail account offered by CMC Markets that allows Nigerians to trade the price movements of financial instruments without owning the underlying asset.

Account FeatureInformation
💻 Take a position on rising + falling marketsYes
✔️ Stamp Duty AppliedNo
✅ Capital Gains Tax ApplicableNo
🔧 Tradable Instruments• Forex – 330+
• Indices – 80+
• Commodities – 100+
• Shares – 9,000+
• Treasuries – 50+
📈 Maximum Leverage Ratio1:30
📊 Trade SizeGBP per point
📱 Access to fractional trading positionsYes
📈 Average Spreads0.3 pips EUR/USD
💸 Commissions ChargedYes, shares only (from $10)
💰 Minimum CommissionsYes, shares only (from $10)
🌙 Overnight FeesYes
📱 Fees for Market DataNo
🛑 Guaranteed Stop-Loss Order PremiumYes, refundable if not triggered
✔️ Account Inactivity FeesYes
💻 Demo AccountYes
☪️ Islamic AccountNo
❌ Negative Balance ProtectionYes
💵 Order BoundariesYes
💰 Account NettingYes
✔️ Hedging Allowed?Yes
💸 Account Base CurrencyGBP or EUR
📞 Telephonic TradingYes
📚 EducationYes
✅ Market Analyst Insights Offered?Yes
🗓 Thomson Reuters CalendarYes
🗞 News from ReutersYes
💰 Quantitative Equity Research (Morningstar)Yes
🗣 Client SentimentYes
👤 Client SentimentYes
📊 Pattern RecognitionYes
💰 Market DataYes

 

Spread Betting Account

👉 Spread betting is a type of speculating on the price movement of hundreds of different financial instruments throughout the world that could be done in a tax-efficient method.

Account FeatureInformation
💻 Take a position on rising + falling marketsYes
✔️ Stamp Duty AppliedNo
✅ Capital Gains Tax ApplicableYes
🔧 Tradable Instruments• Forex – 330+
• Indices – 80+
• Commodities – 100+
• Shares – 9,500+
• Treasuries – 50+
📈 Maximum Leverage Ratio1:30
📊 Trade SizeNumber of units/notional value
📱 Access to fractional trading positionsYes
📈 Average Spreads0.3 pips EUR/USD
💸 Commissions ChargedYes, shares only (from $10)
💰 Minimum CommissionsYes, shares only (from $10)
🌙 Overnight FeesYes
📱 Fees for Market DataNo
🛑 Guaranteed Stop-Loss Order PremiumYes, refundable if not triggered
✔️ Account Inactivity FeesYes
💻 Demo AccountYes
☪️ Islamic AccountNo
❌ Negative Balance ProtectionYes
💵 Order BoundariesYes
💰 Account NettingYes
✔️ Hedging Allowed?Yes
💸 Account Base CurrencyGBP, EUR, USD, AUS, CAD, NOK, NZD, PLN, SEK, SGD
📞 Telephonic TradingYes
📚 EducationYes
✅ Market Analyst Insights Offered?Yes
🗓 Thomson Reuters CalendarYes
🗞 News from ReutersYes
💰 Quantitative Equity Research (Morningstar)Yes
🗣 Client SentimentYes
👤 Client SentimentYes
📊 Pattern RecognitionYes
💰 Market DataYes

 

Corporate Account

👉 The Corporate Account has similar features to the Retail CFD Account that caters for professional traders and institutions.

Account FeatureInformation
💻 Take a position on rising + falling marketsYes
✔️ Stamp Duty AppliedNo
✅ Capital Gains Tax ApplicableYes
🔧 Tradable Instruments• Forex – 330+
• Indices – 80+
• Commodities – 100+
• Shares – 9,500+
• Treasuries – 50+
📈 Maximum Leverage Ratio1:30
📊 Trade SizeNumber of units/notional value
📱 Access to fractional trading positionsYes
📈 Average Spreads0.3 pips EUR/USD
💸 Commissions ChargedYes, shares only (from $10)
💰 Minimum CommissionsYes, shares only (from $10)
🌙 Overnight FeesYes
📱 Fees for Market DataNo
🛑 Guaranteed Stop-Loss Order PremiumYes, refundable if not triggered
✔️ Account Inactivity FeesYes
💻 Demo AccountYes
☪️ Islamic AccountNo
❌ Negative Balance ProtectionYes
💵 Order BoundariesYes
💰 Account NettingYes
✔️ Hedging Allowed?Yes
💸 Account Base CurrencyGBP, EUR, USD, AUS, CAD, NOK, NZD, PLN, SEK, SGD
📞 Telephonic TradingYes
📚 EducationYes
✅ Market Analyst Insights Offered?Yes
🗓 Thomson Reuters CalendarYes
🗞 News from ReutersYes
💰 Quantitative Equity Research (Morningstar)Yes
🗣 Client SentimentYes
👤 Client SentimentYes
📊 Pattern RecognitionYes
💰 Market DataYes

 

CMC Markets Base Account Currencies

👉 CMC Markets provides ten base currencies, which is much more than other brokerages.

 

👉 CMC Markets offers the following base currencies: AUD, USD, GBP, EUR, CAD, PLN, SGD, NOK, NZD, and SEK.

 

👉 CMC Markets provides an extensive selection of base currencies. However, CMC Markets will apply a Currency Conversion Fee on any transactions involving instruments denominated in a currency other than the trader’s account currency.

 

👉 The Currency Conversion Fee is up to 0.5% of the trade’s realized net profit or loss, which is more than other brokerages charge.

 

CMC Markets Demo Account

👉 Demo accounts are accessible on all supported platforms. A $10,000 virtual sum will be pre-loaded onto the demo account for Nigerian traders, which could be reset at any time.

 

👉 This will assist Nigerians in becoming comfortable with the platforms, practising trading methods, and evaluating the broker’s service.

 

CMC Markets Islamic Account

👉 CMC Markets is a CFD broker that does not offer the option of an Islamic or Swap-Free Account. All trading accounts incur overnight swaps when they are held for longer than 24 hours.

How to Open a CMC Markets Account – Step by Step Guide

 

1.  Step 1:  Start Process

👉 In order to Start the account application process, the applicant can simply click on the blue “Create Account” Button located at the top right of the CMC Markets webpage.

CMC Account 1

 

2.  Step 2:  Select Region

👉 The Applicant must select their country of residence before they can continue with the registration process.

CMC Account 2

 

3.  Step 3:  Select Option

👉 The next step is to create a unique password and select a trading option.

CMC Account 3

 

4.  Step 4:  Verification

👉 The applicant will be prompted to check their email for a verification code.

CMC Account 4

 

5.  Step 5:  Email Verified

👉 Once the code has been entered, a Demo account has been created.  The applicant can now decide if they want to continue to live account registration. The applicant can now click on Continue to complete the process.

CMC Account 5

 

6.  Step 6: Live Account Registration

👉 The first step in the six-step process will be completing general information, including account type and account base currency.

CMC Account 6

 

7.  Step 7: Personal Details

👉 The applicant will need to complete personal details including their date of birth, Nationality, and Tax status.

CMC Account 7

 

8.  Step 8:  Address Details

👉 The applicant will now be prompted to complete details about their address, including their city of residence and postcode.

CMC Account 8

 

9.  Step 9:  Employment.

👉 Following the Address details, employment details will be required.

CMC Account 9

 

10.  Step 10: Finacial Background

👉 The tenth step is for the account applicant to complete their financial background.

CMC Account 10

 

11. Step 11:  Knowledge and Experience

👉 The final step is for the applicant to complete a short section in regards to market Knowledge and Experience.

CMC Account 11

Broker Comparison

ExnessFP MarketsGO MarketsCMC MarketsLiteFinance
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCAASIC, CySECASIC, FSA Seychelles, FSC Mauritius, CySECBaFin, FCA, ASIC, MAS, FMA, IIROC, DFSACySEC
💻 Trading Platform• MetaTrader 4
• MetaTrader 5
• Exness App
• Exness Terminal
• MetaTrader 4
• MetaTrader 5
• Myfxbook AutoTrade
• FP Markets App
• MetaTrader 4
• MetaTrader 5
• MetaTrader 4
• Next Generation
• CMC Markets App
• MetaTrader 4
• MetaTrader 5
• LiteFinance Social Trading Platform
• LiteFinance Trading App
💰 Withdrawal FeeNoYesNoYesNo
📱 Demo AccountYesYesYesYesYes
💵 Min Deposit4,100 NGN ($10)41,000 NGN59,700 NGN (AU$200)0 NGN20,900 NGN
📊 LeverageUnlimited• 1:500• Up to 1:5001:30• 1:500
📈 SpreadVariable, from 0.0 pips0.0 pips0.0 pips0.3 pips0.0 pips
💸 CommissionsFrom $0.1 per side, per lotFrom US$3From US$2.50$10 on shares$0.25 per share on Stock Indices
📞 Margin Call/Stop-Out60%/0%• 100%/50%• 80%/50%50%/25%• 100%/20%
➡️ Order ExecutionMarketMarketInstantMarketMarket
✔️ No-Deposit BonusNoNoNoNoneNo
Cent AccountsNoNoNoNoneNo
💻 Account Types• Standard Account
• Standard Cent Account
• Raw Spread Account
• Zero Account
• Pro Account
• Standard Account
• Raw Account
• Islamic Standard Account
• Islamic Raw Account
• Standard Account
• GO+ Account
• CFD AccountECN Account
• Classic Account
⚖️ CBN RegulationNoNoneNoNoNone
✔️ NGN DepositsYesYesNoNoYes
✅ NGN AccountNoNoNoNoNo
👥 Customer Service Hours24/724/724/524/524/5
🛍 Retail Investor Accounts54212
☪️ Islamic AccountYesYesNoNoYes

CMC Markets Trading Platforms

CMC Markets Trading Platforms

👉 CMC Markets offers Nigerian Traders a choice between these trading platforms:

➡️ MetaTrader 4

➡️ Next Generation

➡️ CMC Markets App

 

Desktop Platforms

➡️ MetaTrader 4

👉 In the world of CFD and FX trading, MT4 is a household name. Traders’ accounts with CMC Markets will give them access to the MT4 trading platform and its tens of thousands of instruments. Installing MT4 on a Windows PC requires downloading it from the CMC Markets website.

 

👉 Some features of the Desktop MT4 include:

➡️ Available in more than twenty

➡️ Multiple kinds and timescales of charts

➡️ A comprehensive array of analytical instruments, including technical indicators and drawing tools

➡️ Expert Advisors (EAs) for automated trading MetaEditor for building custom indicators and EAs

➡️ Access to the MetaTrader market, where signals, custom indicators, EAs, and other tools may be obtained for free or for a fee.

 

WebTrader Platforms

➡️ MetaTrader 4

➡️ Next Generation

 

MetaTrader 4

👉 The MetaTrader 4 Web platform makes it possible for you to begin trading with just a few mouse clicks from inside the browser of your choice. You are free to use any web browser and computer operating system.

 

👉 A connection to the Internet is all that is required of you. You can easily perform trading operations and do currency quotation analysis using the web-based edition of MetaTrader 4.

 

👉 Trading on the online platform is risk-free since all the information that is transferred is encrypted and protected.

 

Next Generation

👉 CMC Markets’ proprietary platform, which won a major industry award, is this. Since it exists only in the cloud, there is no need to install anything on your computer. Furthermore, you may access it from your mobile device.

 

👉 It is extremely convenient because it can be used with any up-to-date web browser. Multiple tabs, views, and layouts are available on the Next Generation platform.

 

Trading App

➡️ MetaTrader 4

➡️ CMC App

 

MetaTrader 4

👉 The Forex trading application with the most users is known as MetaTrader 4 or MT4. Nigerians can pick from the dozens of instruments offered by CMC Markets and have access to the perks of trading remotely from MT4 by downloading this innovative software for iOS and Android devices.

 

👉 Nigerians have easy access to their trading accounts, can quickly trade and monitor the foreign exchange market with the use of technical indicators and graphical objects, and have access to other features.

 

CMC App

👉 This proprietary trading software from CMC Markets is a mobile version of the “Next Generation” trading platform. It is compatible with iOS and Android smartphones. It is available for download from the appropriate app stores.

 

👉 With the mobile app, Nigerians can trade tens of thousands of instruments in real-time while on the road and from any location. Here are some of the app’s features:

➡️ Customizable watchlist for seeing instrument data and organizing them according to the trader’s preferences.

➡️ More than thirty technical indicators, and different charting, and diagramming tools.

➡️ The Insights instrument provides insights from CMC Markets analysts.

➡️ The app provides a live economic calendar with warnings.

➡️ Push notification alerts

➡️ On the app, sentiment analysis charts are accessible for each instrument.

CMC Markets Range of Markets

👉 Nigerian Traders can expect the following range of markets from CMC Markets:

➡️ Forex

➡️ Indices

➡️ Cryptocurrencies

➡️ Shares

➡️ Share Baskets

➡️ Treasuries

 

Financial Instruments and Leverage offered by CMC Markets

🔧 Instrument1️⃣ Number of Assets Offered📈 Max Leverage Offered
Forex3301:30
Cryptocurrencies121:2
Indices801:20
Commodities1001:10
Treasuries501:30
Share CFDs9,5001:5
ETFs1,0001:5

Broker Comparison for Range of Markets

CMC MarketsExnessGO Markets
➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsYesNoNo
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksYesNoYes
➡️️​ CryptocurrencyYesNoNo
➡️️​ OptionsNoYesNo
➡️️​ EnergiesYesYesYes
➡️️​ BondsNoNoNo

CMC Markets Trading and Non-Trading Fees

CMC Markets Trading and Non-Trading Fees

Spreads

👉 CMC Markets is a Dealing Desk (DD) broker and a Market Maker. However, while there is a lot of negativity that surrounds these types of brokers, CMC Markets is reputable and guarantees that they would never aim to profit from the losses of Nigerian clients.

 

👉 The income of CMC Markets originates from the spreads that are charged, which are already included in the buy/sell prices of financial instruments.

 

👉 CMC Markets charges some of the following spreads on financial instruments:

➡️ EUR/USD – 0.3 pips

➡️ EUR/GBP – 1.1 pips

➡️ USD/GBP – 0.7 pips

➡️ US 30 – 2 pips

➡️ UK 100 – 1 pip

➡️ Crude Oil Brent – 2.5 pips

➡️ Gold – 0.3 pips

➡️ Euro Bund (Treasury) – 2 pips

➡️ UK Gilt (Treasury) – 2 pips

➡️ JK FinTech (Share Basket) – 3 pips

➡️ UK Banks (Share Basket) – 3 pips

➡️ ETFs – iShares Nasdaq Biotechnology ETF – 1 pip

 

Commissions

👉 CMC Markets charges commissions on shares as follows:

➡️ UK Shares – 0.10% or a 9 GBP minimum

➡️ US Shares – 0.02 USD with a minimum of $10

➡️ Germany – 0.10% or a 9 EUR minimum

➡️ Spain – 0.10 % or a 9 EUR minimum

➡️ France – 0.10% or a 9 EUR minimum

Overnight Fees, Rollovers, or Swaps

👉 The ‘holding cost’ is a fee that may be assessed on positions that are still open in your account after the trading day ends at 5 pm New York time. The holding cost may either be positive or negative, depending on the direction your transaction is going in and the holding rate that is now in effect.

 

👉 Nigerian traders can expect some of the following overnight fees:

➡️ EUR/USD – a long swap of 3.4845% and a short swap of 1.3351%.

➡️ GBP/USD – a long swap of 1.913% and a short swap of 0.6264%.

➡️ UK 100 – a long swap of 4.689% and a short swap of 1.3102%.

➡️ Gold – a long swap of 3.639% and a short swap of 1.1721%.

➡️ Share CFDs – a long swap of 5.28% and a short swap of 1.12%.

➡️ Euro Bund (Treasury) – a long swap of 27.5893% and a short swap of 21.5803%.

➡️ UK Banks (Share Basket) – a long swap of 3.1898% and a short swap of 0.1102%.

➡️ iShares Nasdaq Biotechnology ETF – a long swap of 5.28% and a short swap of 2.075%.

 

Deposit and Withdrawal Fees

Deposit and Withdrawal Fees

👉 CMC Markets does not charge any deposit fees but charges a 15 GBP fee for international bank transfers.

 

Inactivity Fees

👉 Inactivity fees are charged after a year when a trading account has become, and remained, dormant. There is a 10 GBP fee, depending on the currency of the account.

 

Currency Conversion Fees

👉 If Nigerians deposit or withdraw funds in any currency other than AUD, USD, GBP, EUR, CAD, PLN, SGD, NOK, NZD, and SEK, they are charged a currency conversion fee of up to 0.5% on the trader’s profit or loss.

 

Other Fees

👉 Additional fees that CMC Markets charges include:

➡️ Market Data Fees

➡️ Guaranteed Stop-Loss Order Fees (refundable if not triggered)

CMC Markets Deposits and Withdrawals

👉 CMC Markets offers the following deposit and withdrawal methods:

➡️ Credit/Debit Card

➡️ Bank Transfers

➡️ PayPal

 

Broker Comparison: Deposit and Withdrawals

🥇 CMC Markets🥈 Exness🥉 GO Markets
Minimum Withdrawal Time1 working dayInstantInstant
Maximum Estimated Withdrawal Time5 working daysUp to 72 hours1 to 3 business days
Instant Deposits and Instant Withdrawals?NoYesYes

 

CMC Markets Payment Method, Deposit and Withdrawal Processing, Withdrawal Fees

💰 Payment Method💸 Deposit Processing💳 Withdrawal Processing💲 Withdrawal Fees
Credit/Debit Card1 – 5 working days1 – 5 working daysFree
Bank Transfers1 – 2 working days1 – 2 working days15 GBP for international withdrawal
PayPal1 – 2 working days1 – 2 working daysFree

How to Deposit Funds with CMC Markets

👉 To deposit funds to an account with CMC Markets, Nigerian Traders can follow these steps:

➡️ Traders can navigate to the Web-based platform or the app and select “Funding.”

➡️ Next, select “Add Funds” and choose between the available payment options.

➡️ From here, Nigerians will be prompted to enter their desired deposit amount and any additional details.

➡️ Once traders have completed the necessary fields, they can review the information they entered before confirming the deposit.

➡️ If Nigerian traders use a debit/credit card to deposit funds, they will be automatically redirected to complete the 3D Secure, which is the verification page for the trader’s bank where they must confirm their deposit.

➡️ Traders must note that there is a limited deposit amount of 50,000 GBP in a single transaction when they use credit/debit cards to fund the account.

 

CMC Markets Fund Withdrawal Process

👉 To withdraw funds from an account with CMC Markets, Nigerian Traders can follow these steps:

➡️ To withdraw money from the platform or app, go to the tab labelled “Funding” and then pick the “Withdrawal” option.

➡️ From this screen, you should be able to choose the method of withdrawal that best suits your needs from the following three options namely Credit/Debit Card, Bank Transfer, or PayPal.

➡️ A withdrawal request will typically be processed before 2 pm (GMT+1) for local withdrawals, while international withdrawals are processed before 11 am (GMT+1) on the same business day that the request is received.

CMC Markets Education and Research

Education

👉 CMC Markets offers the following Educational Materials:

➡️ Webinars and Events

➡️ Educational Videos

➡️ Educational Articles

➡️ Demo Account

➡️ Glossary

 

Research and Trading Tool Comparison

🥇 CMC Markets🥈 Exness🥉 GO Markets
Economic CalendarYesYesYes
VPSNoYesYes
AutoChartist NoNoYes
Trading ViewNoYesYes
Trading CentralNoYesYes
Market AnalysisYesYesYes
News FeedYesYesYes
BlogYesYesYes

 

👉 CMC Markets also offers Nigerian traders the following additional Research and Trading Tools:

➡️ Client Sentiment

➡️ Pattern Recognition Scanner

➡️ Guaranteed Stop-Loss Order (GSLO)

➡️ Module Linking

CMC Markets Bonuses and Promotions

CMC Markets Bonuses and Promotions

👉 CMC Markets currently offers a Refer a Friend bonus of $150 through its Singapore, Canadian, and New Zealand entities.

 

👉 Traders can get a unique code from CMC Markets that they send to their friend or family member. Using this code, the referral must register a live account, validate their identity and residential address, and deposit at least $1,000 to qualify.

 

👉 Next, the referral must use their new CFD Account to make a minimum of ten trades within a calendar month for both the referral and referring trader to qualify.

How to open an Affiliate Account with CMC Markets

👉 To register an Affiliate Account, Nigerian Traders can follow these steps:

➡️ Nigerians can register on the CMC Markets Connect site and register an account.

➡️ A member of the CMC Markets’ business development team will contact prospective affiliates to discuss their unique requirements.

➡️ Once CMC Markets understands the prospective affiliate’s business objectives, the broker will integrate it with their in-house technology teams and asset class experts to create a suitable solution.

➡️ The next step will include legal and due diligence requirements such as the NDA, compliance review of the organisation, legal agreements, and others.

➡️ The next stage includes testing and integration through the prospective affiliate’s technology provider. Once all steps are completed, the affiliate will have continued support to ensure that CMC Markets’ solutions meet the affiliate’s needs.

CMC Markets Affiliate Program Features

CMC Markets Affiliate Program Features

👉 If you often have concerns about compensation, dependability, and development while joining an affiliate program, we can assist you to make an informed selection regarding the CMC markets Partner program.

 

👉 Not only is CMC Markets the leading option for traders, but it also reserves a prominent place for marketers. CMC Markets is regarded as the most dependable trading platform in the market, supported by top-tier authorities and decades of customer devotion.

 

👉 This worldwide renowned trading platform was introduced in 1989 and continues to actively serve modern-day traders. In addition to its trading services, the broker provides you with the opportunity to become a CMC Markets Sub Broker.

 

👉 You may form a partnership with CMC markets and have access to a plethora of amazing rewards. From lucrative payments to additional perks, the broker’s partner program has everything.

 

👉 You can consider joining CMC Markets’ affiliate program if:

➡️ You can earn commissions by informing your co-workers, friends, and classmates about the prospects offered by trading and investing in Forex with CMC Markets.

➡️ If you have prominent social media groups, trading-related blogs, or a YouTube channel, you could earn by sharing information about CMC Markets’ unique offers.

➡️ By displaying a banner promoting CMC Markets’ services, you could get compensation for each customer you recommend.

CMC Markets Customer Support

CMC Markets Customer Support

👉 CMC Markets provides email and phone service 24/5, and attributable to the global nature of its operations, telephone help is offered in several languages.

 

👉 A significant omission is the absence of a live chat option. This lengthens response times and discourages traders from contacting CMC Markets, particularly when calling an international number.

 

Customer SupportCMC Markets Customer Support
⏰ Operating Hours24/5
🗣 Support LanguagesEnglish
💬 Live ChatNone
📧 Email AddressYes
📞 Telephonic SupportYes
✔️ Local Support in Nigeria?No
🥇 The overall quality of CMC Markets’ Support3/5

CMC Markets Corporate Social Responsibility

CMC Markets Corporate Social Responsibility

👉 CMC Markets has been involved in several CSR projects and initiatives that are detailed in the sections below.

 

Charitable Donations

Peter Cruddas Foundation

👉 Throughout March 2016, CMC Markets contributed $540,000 to charitable organizations, including £450,000 to The Peter Cruddas Foundation.

 

👉 The slogan of the Peter Cruddas Foundation is “Helping Young People Achieve More.” Its goals and objectives are to aid poor and disconnected youth in our society by ensuring financing reach those with the greatest need.

 

👉 To attain these goals and objectives, funds are awarded to charities registered with the Charity Commission of England and Wales and operating in their respective field of interest.

 

Great Ormond Street Children’s Hospital Charitable Trust

👉 A Post-Anaesthetic Care Unit was sponsored with money from the Tick Tock Club. After undergoing surgery, adolescents are sent to a first-stage recovery facility next to the operating room.

 

👉 As patients begin to regain consciousness, they are transferred to the Post-Anaesthetic Care Unit. These chambers are enclosed and equipped with ensuite amenities and a comfy chair for parents to wait for their child’s awakening.

 

University College London Horizons Programme

👉 This initiative allows up to one hundred talented students from London schools to participate. It seeks to explore their potential and encourage them to pursue a university education after completing their A-levels.

 

👉 Participating students have, typically, improved their A-level scores, therefore gaining access to more educational and job opportunities. Observing their child’s talents is a source of motivation for parents/guardians/caregivers.

 

👉 In addition to the contributions made to The Peter Cruddas Foundation, CMC Markets encourages its employees to support charity via a “pound for pound” matching program, wherein the company matches every pound earned through sponsorship.

Verdict on

CMC Markets

👉 CMC Markets is a large, multinational, well-regulated broker with a single live account that offers attractive spreads and no minimum deposit on the industry’s broadest selection of financial assets.

 

👉 Trading is available on both MT4 and the firm’s unique, innovative platform, which includes several technical and fundamental analytical tools.

 

👉 CMC Markets also provides good education and market research tools to help novice traders get started. Although customer service is available 24 hours a day, 5 days a week, this broker’s lack of a live chat function is a severe error.

 

👉 CMC Markets is a fantastic match for all sorts of traders due to its extensive product offering, user-friendly, feature-rich platform (Next Generation), a multitude of research facilities, a wealth of instructional materials, and focus on customer support.

 

👉 Regulation from 5 Tier-1 regulators and the degree to which CMC Markets promotes account security offer credibility.

 

👉 Negative balance protection provides customers with peace of mind, and the fee for assured stop loss execution is appropriate considering the account-saving risk management it offers under turbulent market circumstances.

CMC Markets Pros and Cons

✔️ Pros❌ Cons
CMC Markets is a well-regulated and globally renowned online forex broker with a minimal risk profileAccount security additions are limited and there is no VPS offered
Pricing and fees are competitive according to that of the current market and competitorsThere is a limited range of account funding and withdrawal options
The Next Generation web-based trading platform has received several prestigious awardsInactivity and currency conversion fees are charged
Designed to assist both novice and skilled traders at the professional and institutional levelsThere is no NGN-denominated account offered
Initial account minimums are set at $0
Excellent assortment of products and securities, including less accessible items such as foreign exchange and cryptocurrencies
Spread betting is tax-exempt (for UK traders)
Professional trading accounts qualify for volume-based cash rebates.
Three account tiers make CMC Markets accessible to traders of all experience levels

FAQ

Is CMC Markets regulated?

Yes, CMC Markets is regulated by both Tier-1 and Tier-2 regulators including BaFin, FCA, ASIC, MAS, FMA, IIROC, and DFSA.

Does CMC Markets have Nasdaq?

Yes, CMC Markets offers Nasdaq under US NDAQ 100 as a Cash Index.

Does CMC Markets have Volatility 75?

No, CMC Markets does not offer VIX 75.

Who owns CMC Markets?

CMC Markets is owned by Peter Cruddas, who is also the founder.

Can I trust CMC Markets?

Yes, CMC Markets is one of the most well-regulated, reputable forex and CFD brokers in the world that has the regulations and awards to back its over 30-year reputation.

Conclusion

👉 Now it is your turn to participate:

➡️ Do you have any prior experience with CMC Markets?

➡️ What was the determining factor in your decision to engage with CMC Markets?

➡️ Was it because of the minimum deposit, regulation, retail trading accounts, or any other factors?

➡️ Have you experienced any issues with CMC Markets such as difficulty withdrawing funds, inability to verify regulations, irresponsive customer support, etc.?

9.5/10 - (15 votes)

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