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Best Trading Platform Australia: CMC Markets All the Pros and Cons Explained

The U.K. forex broker CMC Markets (CMC), which has been around since 1989 and is well-known and traded publicly, has adapted to the rapidly changing online brokerage market. The company is traded on the Stock Exchange under the ticker moniker CMCX (LSE). Like other forex brokers, CMC does not accept American traders.

CMC’s “Next Generation” platform is a web-based service with a lot of features. This includes all of CMC’s online products, as well as the popular MT4 platform (which can be downloaded) as well as a useful mobile app. CMC gives brokers access to a range of products in many asset classes, such as spread betting and CFDs.

In addition to a larger-than-usual number of forex, commodities, indices, and individual shares, the product list also includes a full list of government bonds and 14 crypto exchange offerings (12 cryptos + 2 indices). This gives traders of all kinds an overwhelming number of possible trading opportunities. Also, the broker makes sure that clients’ accounts don’t go into a negative balance and offers competitive spreads that grow or shrink depending on the size of the deal.

Professional and institutional sites emphasize CMC’s increased dedication to competent traders, although higher-level benefits, such rebates as well as a free API interface provided to individuals who meet the criteria for “professional” traders, are not accessible to retail traders. However, guarantee stop losses (GSLO), cheap bank wire withdrawals, as well as other helpful services are available to all account users. The broad product selection of this broker and its top-tier standing in various review categories were taken into account by Investopedia’s rating algorithm in naming CMC Markets as the Best Trading Platform Australia have.

For Whom CMC Markets Is

CMC Markets caters to a broad range of traders, from novices interested in trying their hand at online forex, CFD, and spread betting markets to seasoned professionals looking to diversify their product offerings. The company charges competitive rates for the industry and appears highly in several of our best-of lists. In  cmcmarkets review has named as both the Best Brokerage Firm for Offering Variety as well as Best Cryptocurrency Broker for Overall Achievement.

Pros

  • Wide variety of services offered
  • The best facilities available for research
  • Provides account protection for clients

Cons  

  • They don’t accept American customers
  • Differences among MT4 & Next Generation
  • Certain indexes have high CFD spreads.
  • No automated trading or back-testing capabilities

Pros Explained

  • One of the most comprehensive product catalogues in the online forex brokerage industry is one that CMC Markets provides to its customers. Customers can trade up to 10,000 products, as stated on the company’s website, which creates a wealth of new prospects, particularly when working with longer-term professional investors.
  • The FCA is renowned internationally for its strict standards for upholding fair market practices for both individuals and companies. Simply said, a company’s legitimacy is greatly increased if it is governed by a respectable government-backed organization. Market risk is something that traders must take, but they also want the assurance that their money won’t be exposed to risks that aren’t related.
  • Customer service is a priority at CMC Markets, and this includes live brokers available by phone 24 hours a day, seven days a week, as well as a chat facility. This helped them rise in the rankings, along with their educational options. Anyone involved in the world of internet trading has to have easy access to a broker.
  • We should applaud CMC Markets for its commitment to offering top-notch research to its customers. It is equivalent to the top options available in the field of online FX brokerage.

Cons Explanation

  • Due to regulatory restrictions, CMC Markets is unable to accept U.S. clients, disqualifying it from being regarded as a true global broker. This would be cause for concern if it weren’t for the fact that the corporation is governed by the FCA, which is regarded as the top regulatory organization along with the NFA and CFTC in the United States.
  • Spreads, commissions, & product offers vary between the “Next Generation” platform and the MT4 platform of CMC Markets. In essence, CMC’s web-based platform, which has significantly more capabilities than its MT4 white-label, is the company’s de facto main product. Were it not for the fact that MT4 is its only downloaded option, this would not be such a major problem.
  • On the index cost disclosures.
  • Because CMC’s Next Generation lacks automated trading and back-testing features, MT4 is the sole solution available to algorithmic traders.

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