CMC Markets is a CFD broker
Just a quick heads up: CMC Markets focuses mainly on CFDs. Usually we dont recommend CFD products for beginners. For beginners looking to trade mostly stocks, we recommend choosing a stockbroker where you can buy the actual shares of a company instead of a CFD contract for the stock.
Some CFD brokers offer you the opportunity to place orders on the price movements of some popular stocks; some might even offer company shares as a so-called stock CFD (contract for difference). While this might be a good idea for some short-term traders, there are many drawbacks to it: for starters, youll need to pay the broker a so-called financing charge as long as you hold the CFD. This could add up to a significant amount if you hold the CFD for more than a few weeks.
Is CMC Markets good for beginners？
Based on our scoring methodology, CMC Markets is not considered good for beginners. If you'd like to see alternatives, check out our picks for the best brokers for beginners.
Let's take a look at its services one by one, following the criteria we set above, to get the whole picture.
-
???? When it comes to its web platform, CMC Markets might suit the needs of beginners: Two-step (safer) login. Good customizability (for charts, workspace). Modern design. Overall, this platform may be an optimal choice for beginners.
-
???? The mobile platform of CMC Markets is reasonably well-designed: User-friendly. Good search function. Good variety of order types. This may be helpful for the first steps in your trading journey.
-
???? Fees are one of the most important aspects when it comes to trading and CMC Markets does well in some areas: Low forex fees. No withdrawal fee. However, charges may be higher compared to some competitors. Areas of improvement: High stock CFD fees.
-
???? An account opening process is great when it is seamless from the get-go. CMC Markets does an excellent job in this area: Fully digital. No minimum deposit.
-
???? CMC Markets's education materials are a great place to start: Demo account. Trading platform tutorial. Educational videos. This makes CMC Markets's material worthy reading.
-
???? When you need help, one thing you should have immediate access to is customer service. CMC Markets's customer service generally scored well on these points: Phone support. Live chat. Fast response time.
-
???? Low minimum deposits and low-cost transactions are attractive for new traders. CMC Markets's deposit and withdrawal processes have some good things to offer: Credit/Debit card available. No deposit fee. Several account base currencies
Overview of CMC Markets's services
Lets take an overall look at how CMC Markets compares to its peers when it comes to platforms, fees, account opening and education tools. Our scores are on a scale of 1.0 to 5.0, from worst to best.
CMC Markets pros and cons
CMC Markets has low forex fees, and there is no charge for most deposit and withdrawals options. The web and mobile trading platforms are well-designed, highly customizable and rich with features such as an advanced order panel. Research and educational tools are also wide-ranging and sophisticated.
On the downside, stock CFD fees are high, and the product portfolio limited, covering only CFDs and forex products. Customer service, while helpful, is available only 24/5.