Things to consider

There are many aspects to assessing a broker’s services in general, maybe even too many to list. Below, we’ll focus on the most important criteria that should be taken into account when determining whether a broker is good for beginners.

A beginner-friendly broker should have:

  • an excellent web and mobile trading platform
  • low fees
  • great educational tools
  • good customer service
  • an easy account opening process
  • low minimum deposit

Legitimacy is also very important, but since we recommend only legit brokers regulated by top-tier financial authorities, this is one thing you don’t have to worry about.

More and more people are looking to become a player on financial markets either as traders or investors. However, when researching the basics, it can be easy to feel overwhelmed by the sheer amount of information available online.

This is where BrokerChooser offers a helping hand. The reason is simple: choosing the right service, especially when you are taking your first steps in trading, is highly important.

In this article we’ll check whether CMC Markets is the right choice for a starting trader.

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76% of retail CFD accounts lose money

Disclaimer: 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Is CMC Markets good for beginners
CMC Markets is a CFD broker

Just a quick heads up: CMC Markets focuses mainly on CFDs. Usually we don’t recommend CFD products for beginners. For beginners looking to trade mostly stocks, we suggest choosing a stockbroker where you can buy the actual shares of a company instead of a CFD contract for the stock.

Some CFD brokers offer you the opportunity to place orders on the price movements of some popular stocks; some might even offer company shares as a so-called stock CFD (contract for difference). While this might be convenient for some short-term traders, there are many drawbacks to it: for starters, you’ll need to pay the broker a so-called financing charge as long as you hold the CFD. This could add up to a significant amount if you hold the CFD for more than a few weeks.

If you’d like to stick with CFDs, you might want to take a look at our article on CFD trading tips.

Is CMC Markets good for beginners
Is CMC Markets good for beginners?

Based on our scoring methodology, CMC Markets is not considered good for beginners. If you'd like to see alternatives, check out our picks for the best brokers for beginners.

Let's take a look at its services one by one, following the criteria we set above, to get the whole picture.

  • 💻 When it comes to its web platform, CMC Markets might suit the needs of beginners: Two-step (safer) login. Good customizability (for charts, workspace). Modern design. Overall, this platform may be an optimal choice for beginners.
  • 📱 The mobile platform of CMC Markets is reasonably well-designed: User-friendly. Good search function. Good variety of order types. This may be helpful for the first steps in your trading journey.
  • 🕖 Account opening: Fully digital. No minimum deposit. When it comes to the actual process however, there are more seamless experiences at other brokers that CMC Markets could look to as an example. Areas of improvement: .
  • 📚 CMC Markets's education materials are a great place to start: Demo account. Trading platform tutorial. Educational videos. This makes CMC Markets's material worthy reading.
  • 📞 When you need help, one thing you should have immediate access to is customer service. CMC Markets's customer service generally scored well on these points: Phone support. Live chat. Fast response time.
  • 💰 Low minimum deposits and low-cost transactions are attractive for new traders. CMC Markets's deposit and withdrawal processes have some good things to offer: Credit/Debit card available. No deposit fee. Several account base currencies.

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76% of retail CFD accounts lose money

Is CMC Markets good for beginners
Overview of CMC Markets's services

Let’s take an overall look at how CMC Markets compares to its peers when it comes to platforms, fees, account opening and education tools. Our scores are on a scale of 1.0 to 5.0, from worst to best.

CMC Markets services vs. similar brokers
CMC Markets IG XTB
Web platform score 5.0 stars 5.0 stars 4.4 stars
Mobile platform score 5.0 stars 5.0 stars 4.4 stars
Fees Low Average Low
Account opening score 4.2 stars 4.2 stars 5.0 stars
Education score 5.0 stars 5.0 stars 5.0 stars
Customer service score 5.0 stars 4.6 stars 5.0 stars
Deposit and withdrawal score 4.9 stars 4.5 stars 4.5 stars

If you wish to read more about CMC Markets, click 'Visit Broker' to go to the broker's website. We also have a detailed review of the broker that you can read by clicking on the 'More' button.

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76% of retail CFD accounts lose money

More

Is CMC Markets good for beginners
Is CMC Markets legit?

We hear more and more stories each day about clients who lost their money to scammers from Telegram or through unregulated services. BrokerChooser only features brokers that have top-tier financial regulators. As such, CMC Markets is a legit and trusted broker.

If you’d like to know more, check out our deeper dive into CMC Markets's legitimacy.

Is CMC Markets good for beginners
Where can I find more information?

If CMC Markets is not the right broker for you, go ahead and check out our picks for Best Brokers for Beginners in 2023 for some alternatives.

Also, if you feel that some things weren’t clear when it comes to the brokerage world, no worries. We have lots of content to cover your questions. You can find our articles in the Education section of our site.

For example, if you want to know how to buy shares online and how the whole process works, there’s an article about that. If you’d like to learn more about investing in stocks or what short selling is, we have articles about these topics too.

We have also written a few materials that focus on recent events in the news, like what a short squeeze is.

We hope you found all of the information above useful. If you have any questions, we’d love to hear from you, just write to us at [email protected]. See you there!

Author of this article

Ádám Nasli

Author of this article

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo trading, programming and trading.

Ádám Nasli

Analyst Head

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo trading, programming and trading.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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76% of retail CFD accounts lose money

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