CMC Forex has locations all over the globe and is one of the more popular brokers out there. If you're ready to start trading the market, you're going to need a broker account. Should your account be with CMC Forex or with someone else? While I can't make that decision for you, I can give you what I know about CMC and you can use that to make your own decision. After all, you're a grown-ass man. You can make up your own mind. Here's the scoop on them.
Overall Rating: 6/10
Safety of Funds: 9/10
Customer Service: 8/10
Minimum Account Size: $2000
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.
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.
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.
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 them 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.
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.