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

Safety is also very important, but since we recommend only safe brokers regulated by top-tier 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.

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

Just a quick heads up: CMC Markets is a CFD broker. Usually we don’t recommend CFD brokers for beginners unless they want to trade currencies. For beginners looking to trade mostly stocks, we recommend 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 bet 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 a good idea 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 might not overall be the best choice 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: Clear fee report. 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.
  • 💰 Fees are one of the most important aspects when it comes to trading and CMC Markets does well in some areas: Low forex fees. No withdrawal fee. However, charges may be higher compared to some competitors. Areas of improvement: High stock CFD fees.
  • 🕖 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: Complicated account verification.
  • 📚 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.

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 City Index ETX Capital
Web platform score 4.5 stars 4.3 stars 4.0 stars
Mobile platform score 4.5 stars 4.3 stars 4.5 stars
Fees Low Low Average
Account opening score 4.1 stars 5.0 stars 5.0 stars
Education score 5.0 stars 5.0 stars 4.5 stars
Customer service score 4.5 stars 4.0 stars 4.0 stars
Deposit and withdrawal score 4.8 stars 4.3 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.

Visit broker
73% of retail CFD accounts lose money

More

Is CMC Markets good for beginners
Is CMC Markets safe to use?

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 regulators. As such, CMC Markets is a safe and trusted broker.

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

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 2021 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 How to invest 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 happens with brokers after Brexit or 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

Bence András Rózsa

Author of this article

Bence’s purpose is to help you to understand the logic behind financial services. In his master’s studies, he specialised in business economy and finance to be able to give you a clear picture of the brokerage world. Having reviewed multiple brokers and robo-advisor services, his goal will always be to guide you in the world of investing as it is.

Bence András Rózsa

Broker Analyst

Bence’s purpose is to help you to understand the logic behind financial services. In his master’s studies, he specialised in business economy and finance to be able to give you a clear picture of the brokerage world. Having reviewed multiple brokers and robo-advisor services, his goal will always be to guide you in the world of investing as it is.

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

Share

Comments

Visit broker
73% of retail CFD accounts lose money
×