CMC Markets is up there as one of the most popular trading platforms in the world. Many people flock to it as their go-to trading platform. In this review we will be discussing the various account types you can expect to find on CMC Markets. If you would like to have a complete insight we suggest reading our CMC Markets review.
Table of Content
CMC Market Demo Account
Arguably the safest thing to do when opening a trading account is to open a demo account so you can test the waters. With a CMC Markets demo account, you are literally trading with 0 risk. The demo account features no risk with virtual money and replicates real market conditions, so you can experience as much as you can without any risk. The great thing about this demo account is you won’t be tied in or committed to opening a live account with CMC. The CMC demo account won’t expire either so you have an unlimited amount of time to trade on the demo account.
CMC Markets CFD Account
The CMC Markets CFD account is the standard trading account, which is what you would typically open when you join the platform. Although it is the standard account it actually offers 10,000 CFD assets to trade, which includes 300+ forex pairs. This particular type of account has no minimum deposit unlike other platforms that require to deposit a minimum of $20, $50, even $100. When it comes to the spreads for this account, they start at 0.3 pips and have no commissions for CFDs. However, commissions for shares start at $7.
CMC Spread Betting Account
This account is only available for traders that are within the U.K. jurisdiction, and have a spread that starts at 0.7 pips for forex. One of the great things about this account is that it offers over 10,000 different assets to trade from.
CMC Corporate Account (Managed Account)
Like the CFD Standard, the corporate account has no minimum deposit required and is available mainly for institutional traders who have more experience than the average trader. This type of account works a little differently compared to the other accounts because it works as a Multi-Account Manager (MAM). It features spreads that start 0.3 pips and also has no commission on CFDs, but there are commissions on shares that start at $7. It offers over 10,000 tradable CFDs and over 4,000 stocks.
CMC Markets Professional Account
The professional account is available in 3 countries/regions that have particular requirements for you to fulfill so you can use it. Firstly, in the U.K and EU you must meet 2 out of 3 requirements first which are:
- You must have made an average of 10 transactions of significant size per quarter in the past year.
- You must also have a financial instrument portfolio of over €500,000 in your bank or trading account.
- You must possess a required amount of experience in the financial services sector.
When you register with the Australian entity, you must have at least 1 of the following:
- The same EU and U.K. requirements
- At least $2,500,000 in Australian dollars of net assets
- A minimum of $250,000 of income in the last 2 calendar years.
For Singapore traders you must meet at least 1 of the following requirements:
- At least $300,000 in Singapore dollars of income in the last year
- A minimum amount of $2,000,000 of net assets. Again in Singapore dollars
- A total of at least $1,000,000 of financial assets in Singapore dollars.
All of these accounts in the different countries/regions all have leverage up to 500:1 on forex, but since these accounts are tailored to experienced traders this is less likely to be misused. As a professional client you will not get the same protections that are typically given to retail clients. Professional clients will receive bonuses that appear as monthly cash rebates for high volume traders and an account manager.
CMC Account Types (ASIC – Australia)
CMC Stockbroking Account (Cash Account)
This is the classic stockbroking account and if you applied for this account before 13th July 2020, then you might have noticed it was called CM Markets Cash Account. This particular type of account is only available for Australian traders and has no minimum deposit.
CMC Markets Stockbroking Fees
The standard stockbroking platform is free for use, however for the Pro stockbroking platform you will need to subscribe to a $49 monthly payment to use the services. Although it should be mentioned that CMC offers unlimited free conditional orders. If you qualify as a CMC Alpha Stockbroking trader then you will gain access free of charge to the Pro platform and have access to other benefits such as rebates and lower trading costs.
CMC Account Opening
Live Account Opening
Before opening a Live account, you should open a Demo Account first. This account, just like we’ve explained above, is a free trial with the broker and it simulates what would happen if you opened a live account. In order to open a live account, you have to verify your identity by providing official documents to the broker, and finally deposit the amount of money you’re comfortable to invest.
The account verification process is usually pretty quick with CMC Markets, but depending on the country that you are based you may need certain documents, such as:
- Proof of identity such as an ID or Passport
- Proof of residence such as a bank statement
The deposit methods for CMC Markets are as follows:
- Bank transfer
- Major Credit or Debit Cards
- eWallets: PayPal and others
CMC also accept deposits with the following currencies: GBP, EUR, USD, CAD and others
The minimum deposit threshold really depends on the country that you are in, but generally there is no minimum deposit threshold with CMC Markets.
CMC Markets offers the following base currencies on their platform: GBP, EUR, USD, AUD, CAD, NOK, NZD, PLN, SEK, SGD
CMC Account Bonus
For account bonuses, Australian traders will receive a $200 welcome bonus that they can use to trade. However you won’t be able to withdraw it, you can only withdraw the profits that you make from it. To take advantage of this bonus you don’t even need to make a deposit, but it does expire after 30 days.
CMC Markets offers the Active Trader Program, which is a 3-tier loyalty program that brings your trading fees down making them much lower. The benefits regarding platforms and additional services include free access to the premium stockbroking platform.
CMC Account Deposit & Withdrawal
Deposits tend to be free, however you might have to pay a conversion fee if you live in a country whose currency isn’t supported. Other fees may include commissions for wire transfers. With wire transfers it will take one business day to process the deposit, but with credit/debit card deposits they are pretty much instantaneous unless it is your first deposit. If that is the case then it may take a little longer to process. Other deposit methods such as eWallets are also instantaneous too.
Withdrawals tend to be free, but again you may have to pay a conversion fee or commissions for wire transfers. Withdrawals may take up to 3 business days to process, and will go to the same place as where you made the deposit from.
CMC Account Management
CMC Account Inactivity
Thankfully there are no fees for demo accounts, since they do not hold actual funds and they do not expire. However, after a year of inactivity on a regular account, a $15 fee will be charged every month. Also if you do not have enough funds to pay in your account, CMC may eventually close it.
CMC Account Reactivation
If you have been inactive and you want to recover your account, you simply have to log back into your account and continue to use it. If you have manually out your account in an inactive state, you can always reactivate it but the broker might ask you for some documents.
How to close your CMC Account
Firstly you must withdraw your funds before you do anything, then once you have done that you should contact the broker support team who will go through the process of closing your account.
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