The United Kingdom seems to be the European leader in terms of the Forex market. Most globally known Forex broker companies opened their first offices in the city of London and started from there. UK citizens are very active traders, and they were one of the pioneers when Forex trading became available to the mass population. New companies are being added to the FCA register almost on a daily basis, but today we are going to review a Forex broker that has existed far before the Internet revolution. CMC Markets is one of the oldest Forex brokers and seems to be without competition since otherwise, it would not be around anymore. What the experienced broker has to offer will be discussed in this CMC review, and all information you need about this broker can be found below.
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Background Information of CMC Markets
The CMC Markets has been with us since 1989 which means that their experience and time spent in the industry enabled them to optimize their service package to match the needs of the many generations of traders they have been working with. This broker also won many awards for its platform, educational approach, and its overall service. Besides Forex, the broker is known for CDFs, spread betting, and just last year, they introduced a kind of binary options trading called Countdown. CMC Markets customers enjoy a variety of 10,000 tradable products. The broker is regulated by the FCA, even if it came under its regulation when the FCA was called FSA (Financial Services Authority) and had less power back then. The 2012 Law on financial services renamed the FSA into the Financial Conduct Authority and granted them more power, but that did not affect CMC Markets significantly who continued to flourish under the new regulation. One of the new rules is to insure each customer on additional $50,000 in the case of bankruptcy, which the broker also did. The broker, who started out before the Forex market was turned upside down, managed to adapt to new market conditions and proved to be a true market and business expert.
CMC Markets Platform
As opposed to the 90% of the brokers who cannot imagine the Forex business without the mighty Meta Trader 4 platform, MCM Markets still resists the MT4 trend and offers a self-developed in-house platform. This comes as no surprise since the broker has been around before the MT4 and had the time to customize its own platform. The CMC Markets platform comes with multiple features like different charts and technical analysis tools which do not differ much from the MT platforms. Still, according to MCM Markets traders, the platform could use an upgrade since the software sometimes freezes which can be annoying if you have just placed a trade. Considering other aspects, the traders are more than satisfied with the payout policy and overall fair treatment. The broker could not but notice the mobile mania and recognized the importance of mobile trading, which resulted in the CMC Markets mobile app for Android devices, iPhones, and iPads.
CMC Markets offers two types of account to their customers which are the Fixed Risk Account and Regular Account. The spreads start from 0.7 pips, and there is no minimum deposit. However, a $2,000 deposit is required to start trading. Compared to the regular account, traders with a fixed risk account pay an extra premium for guaranteed stops, which means that they cannot lose more than a fixed amount. The broker also enables a joint account for all those who want to pool their investments together to optimize their winning odds. Also, a company account is offered for fund and investment managers who have been entrusted with their clients’ investments. The leverage is 1:200. When it comes to CDF trading, traders are required to pay a small commission for every trade that the broker executed. It usually amounts to 0.09% of the total trade volume for the majority of countries.Besides the two live accounts, a demo account is also available which lets you get a taste of trading and the CMC Markets platform with no strings attached.
CMC Markets Bonus
The CMC Markets broker shows appreciation for its loyal and active clients by offering spread betting rebates. The traders have to spread bets for every calendar month in the amount of 50 GBP to qualify for this bonus type. There is no standard CMC Markets bonus with this broker and they only stick to the rebate cash bonus. One more surprising thing is that CMC Markets do not advertise the 200 GBP welcome bonus for which every newcomer can apply. The requirements can be a little bit high so maybe the majority of traders have a hard time to book 600 GBP in profits and that is why they let the bonus slip past them.
If we consider the broker as someone who comes from a previous millennium, we could say that CMC Markets offers a variety of payment methods, but if we consider toady’s day and age, then, we can freely say that this broker could add one or two more funding options. Currently, the broker offers credit card (Visa, Master Card, and only UK issued credit cards) and wire transfer transactions. They also do not accept cheques or e-wallets. The good thing is that there is no minimum or maximum withdrawal limit, which means that customers can withdraw as little as 20 GBP if they want to.
The customer support offers everything that is expected from a modern support system. You may contact the bilingual customer support 24-hours a day via phone, live chat, and e-mail. Also, extensive educational materials and webinars can be accessed by customers who want to enter the market well-prepared.