CMC Markets is a multi-asset broker offering spread betting markets to UK traders. I’ve tested and analysed the broker’s spread betting services to give you a “behind-the-scenes” review of the broker so you can decide if it’s right for you.
CMC Markets Summary
CMC Markets has been established since 1989 and is one of the longest-running brokers in the UK, with an impressive 1,000,000+ active traders worldwide. Impressively, the broker is fully regulated and is one of a handful of brokers listed on the London Stock Exchange with a large market cap of £900 million+. The broker offers an exceptional range of 12,000 financial markets and excellent spread betting conditions with low spreads.
I think CMC Markets offers a solid overall spread betting experience. It’s clear that the broker has invested in its NGEN platform, as it’s one of the best platforms I’ve used, easily matching the functionalities of top platforms like MT4 and TradingView. The broker’s trading conditions are great, too. I didn’t experience any issues with my bets filling, and the spreads are competitive, averaging 0.70 pips on EUR/USD. If you are new to spread betting, I think CMC Markets offers a decent starting point with its low costs and user-friendly NGEN platform.
69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Having low spreads is an important consideration as this impacts your profits (and losses), so this is one category you want to focus on when choosing a broker. CMC Markets advertises low spreads for the spread betting account, so I opened an account to test them based on an average trading session. I tested the spreads using CMC Markets’ live spread betting account and monitored them over 24 hours, capturing all the major trading sessions to determine what spreads I could typically get.
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Spread Bet Spreads
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1.30 | 1.50 | 1.50 | 1.50 | 1.50 |
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0.80 | 1.10 | 1.40 | 1.00 | 1.40 |
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0.90 | 1.20 | 1.40 | 1.10 | 1.80 |
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1.00 | 1.10 | 1.50 | 1.20 | 1.50 |
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0.85 | 1.40 | 1.40 | 0.82 | 1.77 |
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1.10 | 1.30 | 1.60 | 1.20 | 1.60 |
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1.20 | 1.30 | 1.30 | 1.20 | 1.70 |
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1.00 | 1.50 | 1.50 | 1.00 | 1.80 |
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1.00 | 1.30 | 1.60 | 1.30 | 1.50 |
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0.90 | 1.40 | 1.40 | 1.30 | 2.20 |
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0.90 | 1.20 | 1.60 | 1.50 | 1.80 |
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1.10 | 1.50 | 1.40 | 1.40 | 1.70 |
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1.20 | 1.50 | 1.50 | 1.40 | 1.80 |
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1.90 | 1.20 | 2.00 | 1.00 | 1.70 |
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1.40 | 1.70 | 1.60 | 1.40 | 1.80 |
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1.40 | 1.40 | 1.70 | 1.90 | 1.70 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 20/09/2024
Based on my testing, I think CMC Markets’ spread betting account spreads are competitive with the rest of the industry. The broker offers low minimum spreads from 1.3 pips on EUR/USD and 1.5 pips on GBP/USD, so these are the lowest you’ll be expected to pay.
| CMC Markets Average Spread | Average Industry Spread | |
|---|---|---|
| EUR/USD | 1.3 | 1.12 |
| AUD/USD | 1.5 | 1.26 |
| EUR/GBP | 1.5 | 1.35 |
| GBP/USD | 1.5 | 1.53 |
| USD/JPY | 1.3 | 1.26 |
| AUD/JPY | 1.9 | 1.86 |
| EUR/JPY | 1.7 | 1.85 |
| USD/CAD | 1.5 | 1.69 |
| USD/SGD | 2.5 | 2.81 |
To help calculate how spreads impact trading fees, use the fee calculator I created to compare CMC Markets with their main competitors.
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While testing the account, the broker’s spreads averaged 1,3 pips on EUR/USD, and GBP/USD hovered around its minimum spread (1.5 pips) during most of the UK trading session. These spreads make CMC one of the lowest accounts I’ve tested, providing solid tight spreads during peak trading times, with which I’m confident you’ll have a similar experience.
I found that CMC Markets’ spreads are also low across the board, with tighter spreads on gold and stock indices. The FTSE 100 has minimum spreads of just 1 point, and gold spreads can be as low as 0.20, making them a decent option for trading in these markets.
I also noticed that CMC Markets offers even lower spreads if you have an account with £25,000 or more, which gives you access to the broker’s Alpha program. This program can reduce your spreads by a 5-40% discount, depending on what you qualify for based on monthly trading volume.
I liked that I could use the broker’s tool to see exactly how much I would save with the Alpha program. It showed me that if I met the program’s requirements, I could get spreads as low as an impressive 0.50 pips on EUR/USD.
With CMC Markets, you can also trade Shares. I’ve compared the fees of each market, with the broker having lower fees than the industry average on most – except for its minor bigger fee with US shares.
| Share Category | CMC Markets Spread | Industry Average |
|---|---|---|
| UK Shares | 2pt | 5.19pt |
| US Shares | 0.20% | 0.16% |
| Geman Shares | 0.10% | 0.15% |
| Hong Kong Shares | 0.18% | 0.20% |
| Australian Shares | 0.10% | 0.17% |
Verdict on CMC Markets’ Spreads
After comparing CMC’s spreads with those of the rest of the industry, it is clear that the spreads available are some of the lowest, especially for EUR/USD and gold markets. I think having an opportunity to lower your spreads through the Alpha program is also a nice touch, which is an attractive option if you are an active trader.
I used my spread betting account to test the spread betting platforms on CMC Market, which offers two options, the proprietary NGEN web platform and MT4.
I think CMC Markets’ NGEN web platform is one of the best proprietary platforms I’ve tested, and I think it will tick plenty of boxes if you like to use technical analysis to find new ideas.
During my time using the platform, I found it offered all the top features you’d expect, including over 60 indicators like Ichimoku clouds and a decent selection of drawing tools.
What stood out to me were the price action and chart pattern recognition indicators that you can overlay on your charts. These indicators automatically plot the patterns with stop loss, entry, and take profit levels. These are excellent additions, providing an automated way to identify popular patterns quickly.
I also found that you can use the price recognition tool as a market screener, allowing you to search for markets that currently fit (or are developing) your price action or chart pattern criteria. This screener is helpful for identifying new trading opportunities, especially if you’re into day trading.
The only negative aspect of the NGEN platform is its inability to automate spread bets. However, I don’t see this as a major drawback since MT4 is available if you prefer that trading style.
CMC Markets also offers MetaTrader 4 for spread betting, which, surprisingly, most brokers lack. I appreciate CMC providing a popular third-party platform as an alternative to CMC’s NGEN platform.
MT4 has over 30 built-in indicators and the ability to create custom ones, allowing you to customise your trading experience and spread betting strategies completely. One of the key selling points of MetaTrader 4 is that it is currently the only way to automate your spread betting strategies through its expert advisors.
However, it’s worth noting that MT4’s old infrastructure prevents it from providing share prices. So, if you want to spread bets on shares, I recommend sticking with the NGEN platform.
Premium Tools for MT4
CMC Markets offers a suite of premium tools for MT4 that significantly enhance its functionality. In my testing, these tools upgraded MT4 with modern features, making account administration and trade management much faster and more efficient.
One standout feature I appreciated was the Trade Terminal. If you have multiple bets open simultaneously, the standard MT4 platform requires you to edit each trade manually, which can be time-consuming. With the Trade Terminal, I could edit all positions with a single click. I think this feature is great for scalpers looking to maximise returns or cut losses.
Other plugin tools include:
I found these tools to be a solid quality-of-life upgrade to the standard MT4 experience. They offer features that can streamline your trading process and potentially improve your decision-making.
Mobile Trading Apps
CMC Markets provides the NGEN and MT4 mobile apps for spread betting, so you’ll be able to easily monitor the markets while you are away from your desktop. You can access the apps on both iOS and Android devices for free. You can also use your CMC Markets account to access the platforms and link your account to them.
I found that NGEN is the best mobile trading platform as it shares most of the same features as the desktop version. It allows you to perform technical analysis on the go with the same tools you’d use on a desktop. In contrast, the MT4 trading app only offers basic features, account admin, and limited indicators compared to the desktop platform. Plus, you cannot automate your trades on the MT4 mobile app; this feature relies on your desktop version only.
Verdict On CMC Markets Trading Platforms
I’ve used multiple platforms developed in-house by brokers, and I think the NGEN web platform stands out as one of the best proprietary platforms I’ve used. The platform is a solid option for spread betting with its advanced charting tools and pattern recognition features. While it lacks automation capabilities, this is offset by the availability of MT4. With that said, I think CMC Markets has something to offer every type of spread bettor, and I’d recommend checking out their platforms to see which one suits your needs best.
Yes, CMC Markets is safe. It is one of the largest spread betting brokers in the UK and is fully regulated by the Financial Conduct Authority (FCA). I found the broker is regulated by 6 Tier-1 authorities and is listed on the London Stock Exchange, so I gave it a trust score of 91/100.
The FCA regulates CMC Markets, which is a plus for spread bettors. Having an FCA regulation means your funds are segregated from the company’s operational accounts, and you’re protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.
What stood out for me was CMC Markets’ multiple regulatory licences across six Tier-1 financial regulators. This level of oversight is a strong trust signal, as it demonstrates that various regulatory bodies have approved the broker’s operations, so you can trust that you’ll have a secure trading environment.
Here’s a list of CMC Markets’ regulators:
Another aspect that cements CMC Markets’ safety record in my eyes is its status as a publicly traded company on the FTSE 250. Very few brokers achieve this level of transparency and accountability.
Being listed on the London Stock Exchange means CMC Markets must adhere to FCA regulations and the stringent requirements for publicly listed companies.
| CMC Markets Safety | Regulator |
|---|---|
| Tier-1 | ASIC FCA BaFin FMA CIRO MAS |
When it comes to reputation, I believe CMC Markets’ 34 years of operation speak volumes and make them one of the most experienced spread betting brokers in the industry. The broker has used this extensive industry experience to create a safe and solid trading environment.
What impresses me is its client base of over 1,000,000 traders worldwide. This is one of the largest I’ve seen among the brokers I’ve tested, and it’s a strong indicator of the quality of the broker’s services. After all, why would so many traders choose CMC Markets if they weren’t delivering?
As part of my review process, I always check Trustpilot scores to get a sense of other spread bettors’ experiences. I find this helps validate (or sometimes challenge) a broker’s reputation.
In CMC Markets’ case, I was pleased to see they’ve achieved a 4.2 out of 5 score on Trustpilot, based on 2,015 reviews. This solid score aligns with my positive impressions of the broker.
Verdict on CMC Markets’ Trustworthiness
I believe CMC Markets is a safe and trustworthy broker that has earned its reputation as one of the UK’s largest and most respected spread betting brokers. I would have no concerns about the safety of my money or personal information with the broker, and it’s as legitimate and secure as they come, in my opinion.
I was impressed with the number of markets CMC offers on its spread betting platform, with over 12,000 financial instruments covering all major markets. This is a good sign of a top broker, as typically, brokers that offer CFDs and spread betting reduce the spread betting markets significantly.
I found that the broker offers over 338 currency pairs, including major, minor, and exotic options, and CMC easily provides the best selection of currency markets I’ve encountered in my testing.
However, I noticed many of these options are reverse cross pairs like USD/GBP. While this can be beneficial for traders looking for specific directional trades or hedging opportunities against volatility, I personally don’t think many traders would use the majority of these reverse pairs. That said, having such a comprehensive range does provide flexibility for those who need it.
For commodities, I found CMC Markets provides a solid range of 33 markets, covering everything from agriculture to precious metals. With seven energy markets, 6 metal markets (including gold and silver), and 20 soft commodity markets, I found the selection covers the major markets that most would benefit from.
I think CMC Markets shines when it comes to stock indices, offering an impressive 82+ markets to choose from. I found this selection comprehensive, covering major global indices and more niche regional options such as South Africa’s index. In my opinion, this range is more than sufficient for most, whether you’re looking to trade indices like the S&P 500 or seeking exposure to emerging markets.
With over 9,000 share markets available, CMC Markets offers the second-largest choice of shares I’ve reviewed in my tests. I was impressed by the selection available for share trading, including big names like Apple, Amazon, and Tesla, as well as UK and European stocks. This extensive selection allows you to take advantage of spread betting’s leverage and day trade multiple stocks.
CMC Markets is one of a handful of brokers I’ve tested that offers ETFs for spread betting, with over 1,000 markets. I find this a significant advantage, as ETFs provide a great way to gain exposure to entire sectors or regions with a single trade. This can be particularly useful for those seeking to implement more sophisticated trading strategies or hedge existing positions.
An area in which CMC Markets excelled was its 55 bond and fixed-income markets, covering government bonds and interest rates from the US, UK, Europe, and Asia-Pacific regions. While not the most popular instruments, I think experienced traders will appreciate the ability to trade such a wide variety of bonds and treasuries.
Verdict On CMC Markets Trading Products
I think CMC Markets is one of my top choices for trading products. With over 12,000 financial instruments covering nearly every asset class, CMC Markets caters to all types of spread bettors. While not every trader needs access to such a huge range of markets, I think choice and flexibility are CMC’s major selling points.
During my tests, I explored the funding and withdrawal operations as you want to deal with a professional and quick process, ensuring there is no friction when getting your funds.
I like that CMC Markets has a £0 minimum deposit requirement. I believe brokers shouldn’t force you to deposit more than you can afford just to meet minimum requirements, so I appreciate that CMC Markets doesn’t have this restriction. It allows you to get started with an amount you’re comfortable with, something that I think is beneficial if you are just starting out.
When I opened my live account at CMC Markets, I found the deposit process straightforward and easily accessible through your CMC account. It takes 1-2 business days for the funds to clear, but apart from that, it was a very easy request. Plus, CMC Markets charges no deposit fees.
However, I was only able to choose between depositing via debit card or bank transfer. While these are secure methods, I think having additional options like electronic wallets (e.g. Skrill or PayPal) would provide more flexibility and convenience for making deposits. More choices are always better, in my opinion.
For withdrawals, CMC Markets offers the same methods as deposits in the UK, which can typically take up to 2 business days to complete. However, when I tested this, I was pleasantly surprised that my withdrawal was approved, and the money was in my account within two hours.
Keep in mind that your withdrawal times may vary depending on the method you used to deposit. In my case, I had deposited via debit card. It’s important to note that CMC Markets doesn’t charge any withdrawal fees directly.
Opening a spread betting account at CMC Markets was a smooth process in my experience. As with all brokers, you must answer personal questions about your financial status and trading experience. This is mandatory to ensure spread betting is a suitable financial product for you, as the FCA requires the broker to ask these questions.
The application is completed entirely online, although you can call their support team if you prefer to do it over the phone or by post. It took me just a few minutes to fill out the questionnaire and submit the necessary documents for the account. I was impressed with the speedy approval, and my account was opened within 2 hours, although this timeframe may vary for each user.
Verdict On CMC Markets Funding
I’m a fan of CMC Markets’ fast funding and withdrawal options, allowing you to easily move funds from your spread betting account to your bank account with zero hidden fees. While I’d like to see a few more deposit methods added, the essentials are well-covered and work smoothly.
When it comes to spread betting, execution speed can make or break your trading experience. I found CMC Markets to be quite impressive in this regard. CMC Markets offers decent execution speeds, which is crucial when spread betting.
Execution Type
CMC Markets is a market maker, which is standard for a spread betting provider in the UK. As a market maker, CMC provides liquidity directly, allowing for some of the fastest execution speeds since you’re dealing directly with the broker rather than being matched with other bettors.
Trading Experience
During my testing, I found my betting experience with CMC Markets to be smooth. I didn’t find any lag or slow execution times, nor did I experience any slippage or requotes, which is great to see. The execution speed felt almost instant, which should be the case, considering the broker is a market maker. Issues like slippage should be rare, especially with a quality broker like CMC Markets.
Verdict on CMC Markets’ Trading Conditions
Fast execution speeds and excellent trading conditions are essential when choosing a broker, so I was pleased to find CMC Markets easily met my expectations. I think the broker’s market maker services provide a reliable trading environment without sacrificing trading costs.
CMC Markets offers reliable and experienced customer service, operating 24/5 during the trading week. While they offer multiple contact methods, I was surprised to discover they don’t provide live chat support, which is uncommon among the brokers I’ve tested. Instead, CMC has opted for a 24/5 phone call service, which I think is better. When I called in, the waiting times were impressively short, and I was able to connect with an agent quickly.
Alternatively, email support is available if you prefer written communication, though it’s not ideal for urgent requests. CMC Markets also maintains a comprehensive help centre packed with answers to commonly asked questions, which I found quite useful for quick problem-solving.
Verdict On CMC Markets Customer Service
Even though CMC Markets lacks a live chat, I think focusing on phone support has paid off, as they provide a swift response and can diagnose issues in real time instead of waiting on delayed messages. I personally prefer phone support, so CMC Markets impressed me with this category, especially considering that call support is 24 hours a day.
CMC Markets provides a decent selection of educational resources through its “Learn hub” and research via online articles. Surprisingly, most of its research and education are provided in-house by its analysts, who offer unique insights to CMC clients.
I found that CMC Markets offers timely market updates written by its in-house analysts. They cover the biggest developments to help keep you in the loop on what’s moving the markets. The”Week Ahead” articles were interesting to read; which provides an outlook for the coming week. I think readers will find this useful for planning their bets and getting a sense of the key events and trends to watch.
The research articles are in-depth and use data from Bloomberg to back up the analysis, so you’re getting professional-grade insights for free, which is a big positive in my book.
As for educational resources, I found the CMC Markets’ Learn Hub to be comprehensive and well-structured. The broker covers the fundamentals of trading thoroughly and offers in-depth trading guides on various strategies and technical analysis.
What stood out to me was the level of detail in the content. The broker doesn’t just skim the surface but dives deep into each topic, providing numerous examples to illustrate key points. I believe this approach makes it an excellent resource, especially if you’re just starting your trading journey. The clear explanations and practical examples help bridge the gap between theory and real-world application, which I find crucial if you are a beginner.
Verdict On CMC Markets Research and Education
In my opinion, CMC Markets excels in both research and education from my testing. The combination of professional-grade market analysis and comprehensive educational resources creates a powerful toolkit for spread bettors that you won’t find with any other broker.
After testing the broker’s spread betting conditions, I’d place CMC Markets as one of the best I’ve used. I was impressed with the competitive spreads and fast execution, and I think the NGEN platform offers a decent technical analysis experience that matches (if not excels) MetaTrader 4. The broker has also done a great job facilitating a range of premium tools and professional research that go above and beyond most brokers’ capabilities.
69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
The spreads of CMC Markets vary between its markets, but I found they offer minimum spreads of 0.70 pips on EUR/USD and USD/JPY. These spreads are consistent throughout the markets, with tight spreads on indices, including the FTSE 100, from one point.
Spread betting is a type of financial derivative that allows you to speculate on financial markets without owning the underlying asset. Instead of buying contract sizes like CFDs, you place a stake to win (or lose) per point of price movement, and you will profit from every point you are accurate about. The major selling point for spread betting is that it is tax-free, meaning you won’t pay capital gains tax or stamp duty on your bets.
Opening a spread betting account with CMC Markets is straightforward. You’ll need to visit their website, choose the account type, provide personal information, and verify your identity. The whole process can be completed online, and I found that I could open the account and be funded within hours of my application being approved.
For beginners, CMC Markets offers a demo account with £10,000 in virtual funds to practice risk-free. With this account, you can test your strategies or learn how to use the NGEN platform without risking a penny. You also have access to an excellent range of educational resources, including webinars and tutorials. They also provide risk management tools like guaranteed stop-loss orders, which I believe are crucial for new traders.
The main difference between CFD and spread betting markets is tax treatment. Spread betting profits are tax-free in the UK, while CFD profits are subject to capital gains tax. Additionally, all your spread bets are placed in GBP no matter which asset you trade, so you save on currency conversion fees and reduce your risk of currency fluctuations.
No, CFDs are not spread betting. CFD trading and spread betting are different financial products that are available to speculate on the price direction of an underlying asset. While both allow leveraged trading on price movements, I’ve found that the key difference lies in their tax treatment, as spread betting is tax-free and how they’re structured. CFDs involve contracts, while spread betting is based on stakes per point movement.
Ask an Expert
How does CMC Markets’ platform perform for spread betting?
CMC Markets’ platform is known for its advanced features and performs well for spread betting, especially for experienced traders.