CMC Markets Broker Review
There is no doubting that CMC Markets is one of the big players in the Retail Trading market. They are leaders in Spread Betting and CFD trading and have recently opened a Stock Broking platform for normal share dealing. As far as spread betting goes, they have a very strong spread offering, a uniquely attractive front end and a rich history to keep you sleeping soundly, knowing your money is being looked after by sensible people.
CMC Markets Broker Review - Products and Spreads
Their spreads are pretty much equal to the best on the market, possibly a little shy of being true market leader. You’ll get very competitive spreads on major FX pairs and key indices, but there are anomalies, such as a 7 point spread on the US 500 index. Generally, as far as spreads go, you won’t be going far wrong with CMC.
Regarding available products then they are second only to IG Index in terms of breadth and are probably market leaders in terms of depth. Scoring very well in our basket of random products but falling short on some niche markets such as Bitcoin or thinly-traded AIM listed shares, they more than make up for with the number of options available in key areas. For instance, experienced coffee traders will have a choice of 7 different options, taking in Arabica and Robusta varieties and a mix of cash and forward products. Your hipster barista would be impressed!
CMC Markets Broker Review - Interface and Platforms
This is where CMC Markets really come into their own. In our opinion, and in the opinion of many others, the CMC front end trading platform is the most beautiful, easiest to use and powerful platform on the market. Their multi award-winning spreadbet platform boasts a colourful design that is quickly understood and twins this with a number of tools and charts that are the envy of most other platforms. Beyond looking sexy, CMC have created an experience that is simple and intuitive and the User Interface is best-in-market by quite some way. In addition they have the full gamut of technical tools, automatic pattern recognition software, client sentiment graphs etc - you name it, CMC have probably got it.
Beyond the core spreadbet platform they are let down slightly by the lack of an MT4 offering. The CMC rep explained that this is because they are such strong believers in their own front end, and whilst this is understandable, it would be nice to have the option. Those traders with a reliance on the Expert Advisers that are used on MT4 will be put off by this. A reluctant black mark against one of our favourite brands.
Andrew Saks-Mcleod of Finance Feeds comment: “CMC Markets is at the top of the tree when it comes to sophisticated trading environments. The company is ultra-modern and has recently spent over $100 million on the development of its next-generation proprietary trading platform. Unlike many of its peers, CMC Markets offers an institutional service too.”
CMC Markets Broker Review - Service
All of our calls with CMC Markets have been answered promptly and by well spoken ladies and gents who are keen to help. Beyond the pleasantness of shooting the breeze with their customer service team they also seem knowledgeable, with more than one of them indicating in conversations that they trade themselves.
Very rarely putting me under pressure to trade or deposit they have always been there to help - the call that I received from them following account opening was 38 minutes after I clicked submit. There was no pressure though, it was, quite literally along the lines of ‘is there anything we can help you with?’ and lasted less than two minutes. I deliberately showed reluctance to deposit immediately but no pressure was put on me - a very professional approach!
CMC Markets Broker Review - Safety
FCA regulated of course, but CMC are also a publically traded company so will be held to higher standards of transparency and practice than some. Founder Peter Cruddas is a leading political donor and will presumably be keeping an eye on things to make sure nothing untoward happens! As a venerable institution of note CMC Markets have been around the block and should be here to stay.
CMC Markets Broker Review - Conclusion
CMC Markets comes highly recommended by Two Blokes Trading. They are a safe pair of hands run by experienced financial professionals. With their London base and smart, polite staff you can’t go wrong on the service front. If you do not wish to trade using MT4 then they have what is probably the best broker-specific platform in the business and tight spreads on a good number of products. If you want to scalp major FX pairs then maybe Core Spreads or DF Markets may be a better play due to their very tight spreads, but for regular traders you can’t go wrong with CMC Markets.