CMC
CMC Markets Review 2026
ASIC-regulated • Founded London 1989 • LSE-listed • 12,000+ instruments
4.6
/ 5.0
★★★★½
Overall Score
~0.7 pips
EUR/USD Typical Spread
Nil (spread only)
Commission (FX/CFD)
A$0
Min Deposit
12,000+
Tradeable Instruments
Next Generation, MT4, mobile
Platforms
PayID, BPay, bank transfer
AU Funding
📅 Updated May 2026
KolaTrading Verdict — May 2026
Bottom Line
CMC Markets is one of the most established names in Australian CFD trading — LSE-listed, ASIC-regulated, and offering more than 12,000 instruments through its in-house Next Generation platform. For intermediate traders who want deep market access, genuine charting tools and a regulated home, it's hard to fault. EUR/USD spreads sit around 0.7 pips with no commission on standard FX/CFD trades, which is competitive but not the cheapest. Scalpers chasing raw ECN pricing and MT5 die-hards will likely prefer a Pepperstone or IC Markets. Beginners get a polished, well-localised experience, though the platform's depth can feel intimidating on day one.
✓ What We Like
ASIC-regulated entity (CMC Markets Asia Pacific Pty Ltd) with client money segregation and AFCA membership
Next Generation platform is genuinely best-in-class for charting, with 80+ technical indicators and pattern recognition
12,000+ instruments — including over 330 FX pairs, share CFDs from global exchanges, indices, commodities and treasuries
No minimum deposit and no inactivity fee in the first 12 months
AU-native funding via PayID and BPay alongside cards and bank transfer
Strong research desk with daily morning notes tailored to AU markets
LSE-listed parent company adds a layer of corporate transparency
Genuine 24/5 phone support based in Sydney
✗ What We Don’t Like
EUR/USD spreads (~0.7 pips) are competitive but not as tight as raw-spread ECN brokers
MT5 is not supported — only MT4 and the proprietary platform
Next Generation has a learning curve; new traders can feel overwhelmed
Share CFD commissions and FX conversion fees on international equities add up
Overnight financing on indices/shares can be steep for swing traders
No cTrader or TradingView native integration for execution
Inactivity fee (A$15/month) kicks in after 12 months dormant
My Live Testing Experience — Feb – Apr 2026
Testing Period
Feb – Apr 2026
Account
CFD Account (Standard)
Session
Sydney open and London session
Size
A$10,000
What went well
I funded the account via PayID on a Tuesday afternoon and the deposit cleared in under three minutes — that's the kind of frictionless funding I expect from an AU-focused broker but don't always get. KYC was already done because I uploaded my licence at signup, so the money was tradeable immediately. The Next Generation platform took me about a session to settle into, but once I had my workspace laid out, the charting genuinely impressed me. Drawing tools snap cleanly, the pattern recognition scanner flagged a couple of head-and-shoulders setups I would've missed manually, and module-trader (chart trading) is properly integrated rather than bolted on.
Execution on AUD/USD and EUR/USD during London open was consistent — fills within ~50ms on market orders, and I didn't see requotes on the standard FX pairs across roughly 60 round-turn trades. Spreads on EUR/USD averaged 0.7–0.9 pips during liquid hours, widening to 1.2–1.5 around the Sydney open as expected. AUD/USD sat around 0.9 pips, gold (XAU/USD) was the most variable at 35–45 cents.
What frustrated me
The platform's depth is also its curse — I spent more time than I'd like tuning alerts and layouts before I felt productive, and a beginner without a demo period would struggle. Overnight financing on the ASX 200 cash index ate into a swing trade more than I'd budgeted; the rate isn't out of line with peers but it isn't disclosed as plainly as I'd want. And the lack of MT5 means systematic traders running EAs built for the newer language are stuck on MT4 or rewriting in CMC's API.
CFDs are leveraged products and roughly 70–80% of retail CFD accounts lose money. CMC Markets' own disclosures sit in this range. Test the Next Generation platform on the free demo for at least a fortnight before risking real capital — the feature density rewards screen time.
Detailed Scores
Spreads & Fees8.2
Competitive standard pricing, no commission on FX/CFDs, but not the cheapest on raw EUR/USD compared to ECN rivals.
Trading Platforms9.4
Next Generation is genuinely class-leading for charting and analysis. Loses a point for no MT5 or cTrader.
Regulation & Safety9.6
ASIC + FCA dual-regulated, LSE-listed, segregated client funds, AFCA membership. As safe as CFD brokers get.
Funding & Withdrawals9.0
PayID, BPay, bank transfer and cards all supported; PayID deposits near-instant; no deposit fees.
Research & Education9.0
Strong daily AU-focused commentary, Reuters integration, Morningstar equity research and a deep webinar library.
Customer Support8.8
Sydney-based phone, email and chat support across the trading week. Wait times occasionally drift past five minutes at peak.
Fees & Spreads — What We Actually Recorded
CMC Markets uses a spread-only model for FX and most CFDs — no separate commission. Share CFDs are the exception and carry a commission. Pricing sits in the competitive-but-not-cheapest bracket: fine for discretionary traders, less attractive for high-frequency scalpers.
Live Spread Data — 30-Day Test
| Instrument | Spread | Commission |
|---|---|---|
| EUR/USD | ~0.7 pips | — |
| AUD/USD | ~0.9 pips | — |
| XAU/USD | ~35–45 cents | — |
All-In Cost Comparison — EUR/USD
| Broker / Account | EUR/USD Spread | Commission |
|---|---|---|
| CMC Markets | ~0.7 pips | Nil |
| Pepperstone (Razor) | ~0.1 pips | A$7 round turn |
| IG Markets | ~0.6 pips | Nil |
Spreads observed during London session liquidity in Feb–Apr 2026 on the Next Generation platform. Your typical spreads may differ depending on volatility and session.
Overnight Swap Rates — The Hidden Trading Cost
Overnight financing on FX is calculated using the tom-next rate plus or minus an admin fee; on indices and shares it's a benchmark rate (e.g. RBA cash + 2.5–3%) applied daily. It adds up faster than spread for multi-day positions.
Wednesday rollovers are charged at 3x to cover the weekend settlement cycle. If you swing-trade, factor the triple swap in before holding through Wednesday's NY close.
| Instrument | Long Swap | Short Swap |
|---|---|---|
| EUR/USD | Negative | Slightly positive |
| GBP/JPY | Positive | Negative |
| XAU/USD | Negative | Negative |
Trading Platforms
CMC's headline platform is its proprietary Next Generation, available on web, desktop and mobile. MT4 is also supported for the FX traders who prefer it. There's no MT5 or cTrader.
| Platform | Web | Mobile | Best For |
|---|---|---|---|
| Next Generation (Web) | ✓ | – | Charting-heavy discretionary traders |
| Next Generation Mobile | – | ✓ | On-the-go management of existing positions |
| MetaTrader 4 | – | ✓ | EA users and traders with existing MT4 workflows |
Account Types
CFD AccountRecommended
Min. DepositA$0
Spread ModelMarkup
CommissionNil on FX/CFDs; share CFDs from 0.10%
Best ForMost retail traders across FX, indices and commodities
Corporate / SMSF
Min. DepositA$0
Spread ModelMarkup
CommissionSame as standard
Best ForSelf-managed super funds and corporate entities
Professional
Min. DepositBy application
Spread ModelMarkup
CommissionNegotiated
Best ForEligible wholesale clients seeking higher leverage
Stockbroking (separate)
Min. DepositA$0
Spread ModelN/A
CommissionFrom A$11 per ASX trade
Best ForDirect ASX share ownership outside CFDs
Deposits & Withdrawals
CMC has properly localised its funding for the Australian market. PayID is supported alongside BPay, domestic bank transfer (POLi/direct deposit), Visa and Mastercard. No deposit fees on AUD funding methods.
| Method | Deposit Time | Withdrawal Time | Fee |
|---|---|---|---|
| PayID | Near-instant | Same day if requested before cutoff | Nil |
| BPay | 1–2 business days | N/A (withdrawal not via BPay) | Nil |
| Bank Transfer (AUD) | 1 business day | 1–2 business days | Nil |
| Visa / Mastercard | Instant | 3–5 business days back to card | Nil |
Withdrawal requests submitted before approximately 12:30pm Sydney time on a business day are typically processed the same day. First withdrawal requires completed ID verification and goes back to the same source where possible (AML rule).
Regulation & Safety
CMC Markets was founded in London in 1989 by Peter Cruddas and listed on the London Stock Exchange in 2016. Australian clients deal with CMC Markets Asia Pacific Pty Ltd, regulated by ASIC and headquartered in Sydney.
| Regulator | Entity | Licence | AU Clients |
|---|---|---|---|
| ✓ ASIC | CMC Markets Asia Pacific Pty Ltd | AFSL 238054 ✓ | Yes — primary entity |
| FCA | CMC Markets UK plc | 173730 | Yes |
| BaFin | CMC Markets Germany GmbH | Authorised | Yes |
Australian client funds are held in segregated trust accounts with Tier-1 Australian banks. CMC Markets Asia Pacific is a member of AFCA for external dispute resolution, and the parent group is LSE-listed (CMCX) which adds public reporting transparency on top of standard ASIC oversight.
Who Should Use CMC Markets?
CMC suits the trader who values regulatory pedigree, platform depth and breadth of markets over the absolute lowest spread. It's less ideal if you're a scalper chasing fractions of a pip or a systematic trader married to MT5.
✓ Good for: Intermediate discretionary traders who live on the chart
✓ Good for: Multi-asset traders wanting FX, indices, commodities and share CFDs in one place
✓ Good for: AU traders who want ASIC protection plus a parent on the LSE
✓ Good for: SMSF and corporate traders needing a properly supported entity structure
✓ Good for: Traders who want PayID/BPay funding without the usual offshore-broker friction
✗ Not for: Scalpers needing sub-0.2 pip raw EUR/USD spreads
✗ Not for: MT5-only systematic traders
✗ Not for: Beginners who want a minimalist, hand-held platform
✗ Not for: Crypto-focused traders — CFD crypto coverage is limited and not the firm's strength
Considering CMC Markets?
Compare platforms, spreads and account structures with a clear head before committing capital.
View Broker Details
CFDs are complex leveraged instruments. Approximately 70–80% of retail investor accounts lose money when trading CFDs. Consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Frequently Asked Questions
Is CMC Markets safe and regulated in Australia?
Yes. CMC Markets Asia Pacific Pty Ltd holds an Australian Financial Services Licence (AFSL 238054) and is regulated by ASIC. Australian client funds are held in segregated trust accounts at Tier-1 Australian banks, and the firm is a member of AFCA for external dispute resolution. The parent CMC Markets plc is listed on the London Stock Exchange, which adds public financial reporting on top of standard regulatory disclosures.
Which CMC Markets account is best for a new retail trader?
For most Australian retail traders the standard CFD Account is the right entry point. There's no minimum deposit, you get full access to the Next Generation platform and MT4, and pricing is the same spread-only model across all instruments. SMSFs and incorporated traders should look at the Corporate/SMSF account, and only eligible wholesale clients should consider the Professional account, which removes ASIC retail protections.
What are CMC Markets' withdrawal times?
Withdrawals to an Australian bank account submitted before approximately 12:30pm Sydney time on a business day are typically processed the same day and land 1–2 business days later. Card refunds take 3–5 business days. First withdrawal needs completed ID verification, and funds generally return to the same source they came from to satisfy AML rules.
Does CMC Markets charge overnight swap fees?
Yes. FX positions held past the daily rollover are charged or credited based on the tom-next rate plus an administration adjustment. Index and share CFDs are charged a benchmark rate (typically RBA cash + 2.5–3%) on the notional value. Wednesday rollovers are charged at three times the daily rate to cover the weekend settlement cycle. Islamic swap-free accounts are not a standard offering for AU retail clients.
Does CMC Markets allow scalping and EAs?
Yes — both are permitted. The proprietary Next Generation platform supports rapid execution and has its own automation/alerting tools, while EAs can run on MT4. There's no MT5 support. Note that CMC's spread-only pricing means it isn't the cheapest venue for very high-frequency scalping; raw-spread ECN brokers are typically more cost-effective for that style.
How does CMC Markets compare to Pepperstone?
Both are ASIC-regulated and well-regarded, but they serve different traders. Pepperstone's Razor account offers raw spreads from ~0.1 pips on EUR/USD with a commission, plus MT4, MT5, cTrader and TradingView — better for scalpers and platform-flexible traders. CMC offers a wider instrument list (12,000+ vs Pepperstone's ~1,200), genuinely superior in-house charting, and stronger AU-focused research. Pick on pricing/platform choice (Pepperstone) versus breadth/depth of analysis (CMC).