CMC Forex Review

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CMC Forex Review

CMC Forex is a broker that has locations all over the globe. If you're looking at this particular broker, here are a few things to consider before opening an account.

Overall Rating: 6/10

Safety of Funds: 9/10

Customer Service: 8/10

Convenience: 6/10

Tools: 7/10

Execution: 8/10

Minimum Account Size $2000

Background

They are one of the pioneering Forex brokers in the world. In fact, they were the first ones to offer an online Forex trading platform for customers to use. Since that time, they've been surpassed a bit by some of the bigger and better brokers out there.

Spread Betting

One of the unique things about this broker is that they offer spread betting. This is similar to Forex trading although technically it's a little bit different.

If you live in the UK, trading with spread betting is a major benefit because it allows you to avoid paying any taxes on the money you make. So if you know what you're doing and you can actually make money trading Forex, this method can save you some serious money on taxes.

Benefits

One of the benefits of this broker is that the spreads tend to be competitive with other brokers. Depending on your trading strategy, this can help you save a substantial amount of money on transaction costs.

The other major benefit of using this broker is that they offer spread betting. You can also trade many different types of securities besides Forex, like CFDs and stocks.

Drawbacks

One of the major drawbacks of this broker is how complicated it is to open an account. They are definitely not user-friendly when it comes to opening an account.

Another problem with CMC Forex is that it does not have any Metatrader access. Considering this is pretty much the standard for trading the market...it could be a bit of a problem for some.

The Verdict

From what we can tell, this broker is nothing special. If you're looking for a way to spread bet, this broker could be helpful. If you want a regular broker, you could probably do better with other brokers.

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