Welcome to our CMC Markets crypto review; an essential guide to the London-based broker. CMC Markets has been trading on many markets since 1989. It was the first online broker to create a dedicated Forex platform way back in the 1990s.
Their mobile app is an award winner, and video tutorials are used to great lengths on their site. While the above is reassuring, it’s also great to know that the broker is also regulated by four Tier-1 regulators including the FCA and ASIC.
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Next up on our CMC Markets review is useability. We found CMC Market’s website was easy to use thanks to its well-planned layout. To the top of the page, you’ll find several headers, enabling you to navigate between different markets and trading platforms with ease. Under the ‘Insights’ tab, you’ll be able to research markets and trends as well as brush up on your trading skills.
From the moment that you visit the website, you get the feeling of professionalism. The classic black and white colour scheme is bold and commanding, but serves well as a backdrop for the abundance of data on the pages. Nothing appears cluttered or disorganised. It displays well both on mobile and desktop. Each market’s page repeats its simple layout with a side menu with the same options – ‘Trading’, ‘Performance’, ‘Costs’, ‘Platform’ and ‘News’ on each. This familiar theme allows users to find information quickly. Something that is all too important in the trading world.
Accuracy is also vital. Which is why CMC guarantees ‘Precision Pricing’ by combining multiple feeds from tier 1 banks. This ensures that the most accurate bid and ask prices are offered to you in real-time.
To trade crypto on CMC Markets you need to set up a professional account. Professional accounts are only available to those who have placed at least 10 trades in the previous quarter, have a portfolio of at least £500,000 and have worked in the financial sector for one year or more.
To set up an account you need to provide an email address and password. You’ll receive a code via email, which you need to use to create a professional account. You’re asked to fill in a form detailing your financial sector experience, your financial situation and other personal details. Once this is complete, you’ll be able to open a demo account and send your ID digitally. This must include an identity document and one to confirm your residency. You’ll then need to deposit using your preferred payment method. You do not need a cryptocurrency wallet to trade as bets are taken on the rise and fall of a market, rather than your individual assets. You can spread bet or trade CFDs on many cryptocurrencies.
To trade CM Markets crypto, UK site visitors need to click the ‘Markets’ tab on the homepage. Select the asset you would like to trade and click the ‘Trade’ button next to its title. A search option can also be utilised if you prefer. You can use many order types including market, limit, stop, trailing stop-loss and guaranteed stop-loss. Choose your wager and then monitor the market in real-time. It’s that simple.
| Company | CMC Markets UK Plc |
|---|---|
| Headquarter | 133 Houndsditch, London EC3A 7BX, Grossbritannien |
| Year of Founding | 2009 |
| CEO | Peter A. Cruddas |
| Website | www.cmcmarkets.com |
| Available Languages | – |
| Customer Support | Live Chat, Phone, Email Support |
| info@cmcmarkets.co.uk | |
| Phone | +44 (0)20 7170 8200 |
| Licence | 173730 |
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| Verified by | – |
| Payment Methods |
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CMC Markets accepts deposits and withdrawals using credit/debit card, bank transfer and PayPal. Once opening an account you can place a deposit using one of 10 currencies. These are Australian Dollar, British Pound, Canadian Dollar, Euro, New Zealand Dollar, Norwegian Krone, Polish Zloty, Singapore Dollar, Swedish Krona and US Dollar. Try our BDSwiss review for similar. There are no charges for making a deposit and no minimum deposit.
While deposits using PayPal or credit or debit card are instant, bank transfers can take up to seven days for the funds to arrive in your CMC account. You’ll be pleased to know that there are no fees if you withdraw using your credit or debit card, bank transfer or via PayPal. However, international bank transfers or expedited funds that arrive the same day will be charged at £15. You cannot withdraw to a Mastercard if you use a spread betting account.
If we are being hyper-critical of CMC Markets, their weakness is customer service. We are happy to see that the broker provides customer service via freephone, email and live chat support. Their response times are swift, with emails we sent off to them answered within a couple of hours of sending. But unlike some of their competitors, they are only open between standard trading times. That’s 24/5, not 24/7, which is a shame. With this said, we have to applaud the fact that customer service is available in nine languages, allowing customers from all over the globe to have their issues resolved easily.
Aside from the direct customer support, customers can find a lot of educational material and videos by accessing the ‘Insights’ tab at the top of the homepage. An FAQ is provided to answer common queries such as how to log in and how to fund your account.
We’ve reached that all-important part of our CMC Markets Review when we ask one question – Is the broker safe? We’re not one to beat about the bush on this subject. If a broker is not safe we’ll tell you to avoid them. In this case, don’t worry, the signs look positive.
Firstly, CMC Markets holds licences in all the areas that they operate in. This includes the UK, Australia and Canada. There’s also the two-factor authentication that they use on their site and through their mobile app. For those unfamiliar, 2FP is a two-step system that requires you to log in with your personal details and enter a code from your mobile device or email to validate your account before any personal details are shown. The aim is to keep your financial trading account secure while also allowing you to access information quickly.
CMC Markets has numerous markets, as well as a penchant for reliability. It’s no surprise, then, that thousands visit their website and mobile app every year. We believe in the importance of good customer service, so sought out some CMC Markets reviews UK customers have written over the years.
What they revealed was overwhelmingly positive, with customers applauding their award-winning educational pages and easy-to-use mobile app. One thing that we noted was the lack of volume-based indicators, which is something that was also picked up on in reviews. This is a common issue among many online brokers.
The main focus of this CMC Markets review is crypto trading. The first cryptocurrency, Bitcoin, was created in 2009. But as new cryptocurrencies spawned, the opportunity to trade them developed. You can trade CMC Markets crypto in several ways. The simplest option is to buy and sell coins. You can trade a fiat currency for cryptocurrency, and finally, you can exchange one type of cryptocurrency for another.
With CMC Markets, crypto trading is available on 11 different cryptocurrencies. These are Bitcoin, Ethereum, Bitcoin Cash, Litecoin, EOS, Stellar Lumens, Cardano, TRON, Monero, Dash and NEO, and are organised into one of three indices, a Major Crypto Index, Emerging Crypto Index and All Cryptocurrencies. Professional clients can choose to spread bet or trade CFDs on baskets of currencies without having to trade individual coins.
CMC Markets own cryptocurrency, and a percentage of its value is loaned to a client, with a fee added on top. To bet, a client has to decide whether a CMC Markets crypto value will rise or fall from the figure it currently stands at. A guess is made. If the client is right, they profit. If they are incorrect, then losses can be larger than the value of their wager.
Much like all cryptocurrency brokers, CMC Markets charges fees for their broker service. But thankfully, these are smaller than most. Fees differ depending on the type of account you own and the asset class you are trading, and are built into the spread. The best way to find the correct fees for the asset you are interested in is to visit its specific page. These can be accessed from the menu at the top of the screen. The holding costs and margins are updated in real-time to ensure you have the most up-to-date information possible.
The substantial benefits are given to those with professional accounts. Those operating a professional account can trade on a larger number of markets, including cryptocurrency. Professional accounts can also receive Forex rebates providing you meet the minimum trading value for the month. You’ll need to spend at least £25 million in notional trading volumes.
Every professional knows that financial trading presents risk. A sensible trader conducts thorough research before registering with a broker to ensure they’re legitimate and reliable. CMC Markets operates in several countries and is authorised by four tier-one regulators and two tier-two regulators. These include the Australian Securities and Investment Commission, the Financial Conduct Authority, the Investment Industry Regulatory Organization of Canada and the Monetary Authority of Singapore. For other UK-based FCA regulated brokers, read our Plus500 review.
Aside from country-specific regulations, the broker has also won several awards for best customer service and overall client satisfaction.
UK transactions with the broker are covered by the rules and regulations of the Financial Services Compensation Scheme. This offers protection on any money you hold with CMC Markets up to the value of £85,000), so if they went bust while holding your money, you should be able to claim it back.
Although our main focus here is CMC Markets crypto trading, other trading instruments are also available. CMC Markets currently offers options on an incredible 10,000 markets. We found during our Etoro review that they offer 2,000+ markets. While this is an impressive figure, it cannot compare to CMC Markets.
One of CMC’s strong points is their Forex trading. The broker has an impressive 330+ Forex pairs accessible via their mobile and online platforms. For those who prefer to bet on commodities, there are over 100 cash and forward commodities available for spread betting and leverage (margin) trading. As well as the usual selections such as gold, silver and Texas Crude Oil, you’ll also find platinum trades, which are less common.
Central to CMC Markets’ success are their 8,000+ share options. As a UK-based broker, it’s natural that they would feature the London stock exchange. CMC Markets allow trading on the 250 biggest UK shares. The broker also allows trading on US markets, indices and treasuries.
We’re delighted by the results of our CMC Markets review 2021. Not only was the website simple to navigate, but also attractive, making it an easy site to conduct business and educate ourselves on the finer workings of spread betting and CFD trading. Licences held here in the UK put our minds at ease, as did the 2FP encryption for added security.
But we were staggered by the vast array of markets at our disposal. The UK giant has over 10,000 markets covering everything from cryptocurrency to commodities. Forex trading is also strong with over 330 Forex pairs available. Our only minor complaint is the monthly inactivity charge, which kicks in after a year. This is set at a minuscule £10 per month and similar to those reported in our XTB Review. If you’re looking for a good all-rounder for mobile trading, the results of our CMC Markets crypto review are hard to beat.
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.
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