We test the latest trading providers on a daily basis
We test the latest trading providers on a daily basis
Ever since Alexander got his first stock savings account, he’s also taken a keen interest in the financial markets. Now a full time writer and contributor to TradersBest.com, he uses his experience in the world of finance on a range of different topics, from investment strategies to reviews of new brokers.
Crypto Trading CMC Markets Review Canada 2022
Is CMC Markets legit?
CMC Markets is an established crypto, CFD, and Forex broker founded in 1989. The Company is listed under the London Stock Exchange and is also regulated by several tier-1 authorities, including the Financial Conduct Authority, which is one of the stringiest financial regulators across the globe.
What makes CMC Markets stand out is that the broker is ideal for beginners and experts alike, and having been around for over two centuries, the Company has obtained a good reputation. Continue reading our CMC Markets crypto review to determine whether or whether not the online broker is right for you
After our CMC Markets Review Canada, the following are the major pros and cons that we encountered:
CMC Markets: Pros & Cons
Offers users advanced and easy-to-use trading platforms
Low trading fees
Offers users advanced research and educational tools
There are no withdrawal or deposit fees on the platforms
Product offerings are limited to CFD, Forex, and Crypto
Security, Usability, Look & Feel - Two trading platforms available
The broker offers two web trading platforms to its clients; Next Generation and MetaTrader 4. Keeping in mind that Next Generation is the Company’s in-built platform, whereas MetaTrader 4 is a third-party platform, we chose to review Next Generation.
A choice of award-winning trading platforms
A choice of crypto ETFs available
Onsite learning resources and helpful tools
Go to Questrade
At first glance, the platform appears a bit confusing or maybe too advanced, but that’s not the case. CMC Markets provides users with a platform guide to make it easy for them to understand and use. The platform has a dark and modern feel to it and is highly customizable. The customizability is amazing, and the platform allows users to save up to 10 unique custom platform templates.
There’s a search function on the platform’s first page that allows users to search for various assets or product types by country and region. Users can also use several order types, including Market Limit, Stop, Trailing Stop-loss, and Guaranteed Stop-loss. Some order types are available exclusively to premium account holders, though.
A cherry on top was that users could set price alerts and notifications without a hassle, making it easy to remain in touch with ongoing events etc. The platform also provides access to fee reports and portfolios so users can analyze their positions.
Altogether the platform is easy to use, is extremely customizable, has many tool offerings, has a modern outlook, and is suitable for beginners and experts alike.
How To Trade Crypto With CMC Markets Today – CMC Markets cryptocurrency trading guide
Payments - Payment options at CMC Markets
CMC Markets offers clients’ ten base currencies to choose from, including:
New Zealand Dollar
Having so many base currency options helps users trade without paying a conversion fee. The platform suggests users open a dual-currency bank account to avoid any potential conversion fee in case their bank account currency isn’t available on the trading platform.
When compared with other brokers, we noticed the base currency options are much higher on CMC Markets platforms. Furthermore, the broker doesn’t have a deposit fee. Users can use Bank transfers, Debit/credit cards, PayPal, and electronic wallets to process deposits. The fastest option to deposit is through debit/credit card or PayPal because they allow you to deposit money instantly. Bank transfer, on the other hand, may take a few business days.
Similarly, the platform offers users free withdrawals through domestic bank accounts, debit/credit cards, and electronic wallets. However, if you want to process a withdrawal internationally or through bank transfer instantly, you’ll be charged 15 GBP. Depending on the speed, bank transfer is recommended for withdrawals.
Customer Service - Excellent support from CMC Markets
During our CMC Markets Review, we noticed that their customer service is amazing. They offer customer assistance through phone, email, and live chat. The customer service is offered in 9 different languages, including Chinese, English, French, German, Italian and Norwegian.
Through live chat, we were able to get a response within minutes, and surprisingly the responses were pretty relevant as well. Similarly, we received an email response within a day as well, and there wasn’t any issue reaching the customer support team through phone either.
The only drawback we noticed was that the customer service isn’t available over the weekends. Instead, it’s available 24/5, throughout the weekdays. However, to compensate for that, the Company has an elaborate FAQs page that answers nearly all possible queries in an easy-to-understand manner.
License and Security - Is CMC Markets secure?
Determining whether or not a broker is secure depends on a few factors, including whether or not they’re regulated, whether there is balance protection, whether the client’s information is protected, and what the broker’s background is.
For Canadian users, CMC Markets offer protection of $1000’000 under the regulation of the Investment Industry Regulatory Organization of Canada (IIROC). For EU and UK residents, the broker also offers negative balance protection.
During our CMC Market Review Canada, we noticed that you need to provide proof of identity before opening an account with the broker; this ensures there aren’t any minors on the trading platforms. Similarly, the broker users multiple encryption techniques throughout their web pages to ensure all information passed through the websites is absolutely safe and confidential.
Reputation and Customer Feedback – A trusted provider for two centuries
Having been around for over two centuries and surviving several financial crises, it’s safe to say that CMC Markets has developed a good reputation in the market. During our CMC Market review Canada, we came across many other reviews and noticed that customers appreciate CMC markets trading platforms and tools.
The platform is easy to use yet incorporates several advanced features. Similarly, there are many base currencies and product offerings to choose from, and a cherry on top is the excellent customer service.
A huge reason behind CMC Markets’ great reputation is that the broker is regulated in many states across the world, that too by tier-1 financial regulators. Customers don’t have to worry about the broker being unsafe or illegitimate.
CMC Markets Crypto
Trading Cryptocurrencies with CMC Markets - CMC Markets Crypto Canada
As numerous crypto trading platforms emerge, CMC Markets has stepped up their game by introducing crypto trading on their platform alongside CFD and Forex trading. The broker allows users to trade 15 different cryptocurrencies, including Bitcoin, Litecoin, and Ethereum, plus a unique pair of crypto indices. The trading hours designated for crypto trading on CMC Markets platforms are 11 pm Sunday – 9 pm Friday.
Keeping in mind Bitcoin’s market share, which is more than 50% at the moment, CMC Markets’ Bitcoin trading option has attracted many investors. Also, having CMC Markets’ crypto trading and stock trading features under one roof offers great convenience to traders who want to trade multiple instruments at once.
The platform allows users to trade CFDs on cryptocurrencies, which means users do not have to own the crypto. Instead, you trade with leverage and benefit from the rising and falling prices of cryptocurrencies. However, CFDs are highly risky instruments, and on top of that, Cryptos are highly volatile in nature. So, before diving into crypto CFDs, you must be aware of the risk of losing money. Research indicates that over 70% of CFD investments end up in loss.
However, to trade crypto on CMC Markets has its own set of benefits:
There is no auto expiry, so users can hold their open positions without having to pay an additional spread fee.
The broker allows users to trade on margin, which reduces the risk of losing money significantly.
Users can benefit from the fast-shifting prices of cryptocurrencies by going long or short as the prices rise and fall.
Trading Costs - Trading and non-trading fees at CMC Markets
During our CMC Markets review 2021, we noticed that the forex and stock index fees at CMC Markets are low when compared to other brokers of its kind. However, the stock CFD fees are slightly high. Most of the fees are built into the spread, which is the difference between an asset’s purchasing and selling value.
Considering that calculating whether CFD prices are high or low is tricky, we did so by comparing the broker’s most popular instruments (Forex, stock index CFDs, and stock CFDs) with other brokers of its kind, including IG brokers and XTB. Eventually, our CMC market review concluded that the CFD trading fee varies based on the product offering. While the stock index CFD fees are low, stock CFD fees appeared to be high. However, the forex fee was low compared to competitors.
We were happy to see that there aren’t any account, deposit, or withdrawal fees (in most cases) at CMC Markets. However, the broker does charge an inactivity fee of $10 after clients are inactive for a year at a stretch. Thankfully there aren’t any hidden charges, so users don’t need to worry about losing unnecessary money during their trading journey.
Trading Conditions - Where is CMC Markets available?
Several top-tier financial authorities regulate CMC Markets across the world, including:
UK – Financial Conduct Authority (FCA)
Canada – Investment Industry Regulatory Organization of Canada (IIROC)
Australia – Australian Securities and Investment Commission (ASIC)
Being regulated by such strict financial regulators certainly entitles CMC Markets to adhere to strict guidelines. For instance, the broker keeps all client funds in separate bank accounts than the Company’s funds. This is important for client money protection so that if the Company happens to go down, the clients funds aren’t affected.
Similarly, the broker provides Canadian clients with balance protection of CAD 1000’000 under the regulation of the Investment Industry Regulatory Organization of Canada (IIROC). The legal entity of the broker in Canada is CMC Markets Canada Inc.
Other Trading - Other trading options at CMC Markets
Apart from the CMC Markets crypto trading option, users can also trade CFDs on currency pairs, stock indices, stocks, ETFs, commodities, bonds, or cryptos. We noticed that CMC Markets has a large variety of product offerings, including 338 currency pairs, 8000 stock CFDs, 1000 ETF CFDs, and over 100 commodity CFDs.
Though product offerings may differ according to your place of residence, for instance FCA has banned the sale of crypto derivatives to UK retail consumers on January 6th, 2021. However, there aren’t many restrictions when you trade from other parts of the world, including Canada.
One drawback that we noticed during our CMC Markets review Canada was that the leverage levels could not be changed on the broker’s platforms. Instead, the leverage is set at 30:1, and users can’t lower it to reduce the risk level of their trades.
Nonetheless, being able to trade cryptocurrencies on CMC Markets alongside other instruments is extremely convenient. If you’re interested in other platforms that offer similar trading options, take a look at our Avatrade Review and Forex.com Review.
CMC Markets Review FAQ
🟢 Is CMC good for beginners?
When compared to other commission free brokers, CMC Markets offers lower spreads. The spread on EUR/USD goes as low as 0.70 pips. As a beginner, it’s beneficial to have low trading fees, and on top of that the CMC trading platform has numerous tools to assist beginners with trades. For instance, users can access learning tools, charts, and educational material. To see which tools and charts are available for members, be sure to visit our CMC Markets review.
💁 Is CMC Markets safe?
CMC Markets has been around for ages, and over the period of time, the broker has survived many financial crises. On top of that, the broker is regulated by several tier-1 financial authorities from around the world. To find out which licenses CMC markets currently holds, have a read of our CMC Markets review at TradersBest.com CA.
⏰ How long do CMC applications take?
Opening an account with CMC is digital and may take 1-2 days. Once your account has been opened, you can begin trading immediately through the phone or online. To see if there is a minimum deposit among any other requirements, visit our CMC Markets review at TradersBest.com CA.
Final Thoughts - A great broker with a long history
After conducting our CMC Markets review 2022, it’s safe to say that the crypto broker is ahead of their game. Not only has CMC Markets been around for ages, but it has also built a good reputation over the preceding years. When it comes to trading something as volatile as cryptos, people prefer trading with a reliable broker, so CMC Markets is definitely a good choice,
The only drawback is that the instruments offered are limited; however, the product offerings are more than enough for someone who’s a beginner or intermediate. If you’re interested in trading cryptos, forex, or CFDs today, you can instantly register an account with CMC Markets through their website.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.