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CMC Markets vs FXCM 2023

BrokerNotes.co

Written by BrokerNotes.co

August 24, 2023

Trying to decide between CMC Markets and FXCM? We’ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, CMC Markets ranks more highly than FXCM.

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Compare

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Overall Rating CMC Markets FXCM
Overall Rating 9.6 / 10 8.5 / 10
Account Type CMC Markets FXCM
Standard Trade Size (100,000 units) info Yes Yes
Mini Trade Size (10,000 units) info Yes Yes
Micro Trade Size (1,000 units) info Yes Yes
Islamic Account info No No
Copy Trading CMC Markets FXCM
Social Trading / Copy Trading info Yes Yes
DupliTrade info No No
ZuluTrade info No Yes info
Cryptocurrency CMC Markets FXCM
Cryptocurrency (Physical) info No No
Cryptocurrency (Derivative) info Yes Yes
Bitcoin info Yes Yes
ethereum info Yes Yes
Forex Trading (Spot or CFDs) CMC Markets FXCM
Forex Trading (Spot or CFDs) info Yes Yes
Mobile Trading - Forex or CFDs info Yes Yes
Indices (Index CFDs) CMC Markets FXCM
DAX info Yes Yes
Dow Jones info Yes Yes
FTSE info Yes Yes
NASDAQ 100 info Yes Yes
Nikkei info Yes Yes
SP 500 info Yes Yes
Investments CMC Markets FXCM
Forex Trading (Spot or CFDs) info Yes Yes
Spread Betting info Yes Yes
Social Trading / Copy Trading info Yes Yes
Metals info Yes Yes
Energies info Yes Yes
Agriculturals info Yes Yes
ETF info Yes No
U.S. Stocks (CFD) info Yes Yes
Trading Platforms CMC Markets FXCM
Apple iOS App info Yes Yes
Android App info Yes Yes
Proprietary Platform info Yes Yes
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
MetaTrader 4 (MT4) info Yes Yes
MetaTrader 5 (MT5) info No No
Regulatory Licenses CMC Markets FXCM
Tier-1 Licenses info 5 4
Australia (ASIC Authorised) info Yes Yes
Canada (CIRO Authorised) info Yes Yes
Hong Kong (SFC Authorised) info No No
Japan (SFC Authorised) info No No
Singapore (MAS Authorised) info Yes No
Switzerland (FINMA Authorised) info No No
United Kingdom (U.K.) (FCA Authorised) info Yes Yes
USA (CFTC Authorized) info No No
New Zealand (FMA Authorised) info Yes No
European Union Authorised (MiFID) info Yes info Yes info
Tier-2 Licenses info 1 2
Tier-3 Licenses info 0 0
Research, Education CMC Markets FXCM
Trading Central (Recognia) info Yes Yes
Forex News (Top-Tier Sources) info Yes Yes
Daily Market Commentary info Yes Yes
Autochartist info Yes Yes
Investor Dictionary (Glossary) info Yes Yes
Videos - Beginner Trading Videos info Yes Yes
Client Webinars (Archived) info Yes Yes
Trading Costs CMC Markets FXCM
Minimum Deposit info $0 Starts from $50
Average Spread EUR/USD - Standard info 0.51 info 1.38 info
All-in Cost EUR/USD - Active info 0.51 info 1.38 info
Active Trader or VIP Discounts info Yes Yes
Bank Wire (Deposit/Withdraw) info Yes Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
PayPal (Deposit/Withdraw) info Yes Yes
Trading Tools CMC Markets FXCM
Watchlists - Total Fields info 11 13
Mobile Watchlist info Yes Yes
Charting - Indicators / Studies (Total) info 79 59
Mobile Charting - Indicators / Studies info 29 59
Trust Factors CMC Markets FXCM
Year Founded info 1989 1999
Publicly Traded (Listed) info Yes Yes
Bank info No No
European Union Authorised (MiFID) info Yes info Yes info
Trust Score info 99 95
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CMC Markets vs FXCM Comparison

Comparing forex brokers side by side is no easy task. For our 2023 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare CMC Markets vs FXCM.

Can I trust CMC Markets?

CMC Markets has a trust score of 99, giving it a "Highly Trusted" trust label. Here's what each trust score label means:

  • "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
  • "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
  • "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
  • "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
  • "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.

Can I trust FXCM?

FXCM has a trust score of 95, giving it a "Highly Trusted" trust label.

Is CMC Markets a good broker?

CMC Markets is a highly trusted multi-asset broker regulated in multiple Tier-1 jurisdictions, with an overall Trust Score rating of 99. CMC's powerful Next Generation proprietary trading platform (available for web and mobile) delivers a huge selection of tradeable markets wrapped in a fantastic user experience. Traders at CMC Markets also gain access to MetaTrader 4, and forex traders in Australia can use the CMC Markets Invest app for exchange-traded equities. CMC Markets is a great choice for traders looking for high-quality research, good educational content, powerful trading tools, and low-cost forex trading.

Is FXCM a good broker?

Founded in 1999, FXCM (a Jefferies Group company) is a long-standing brand that caters to global forex and CFD traders. FXCM offers multiple trading platforms for algorithmic trading and social copy trading, along with a proprietary platform suite (and access to MetaTrader 4). FXCM is also a great option for beginners due to its wide range of educational materials and easy-to-use platforms (including integration with the popular TradingView platform). Though the range of markets available at FXCM has increased following the addition of its share trading feature, it's worth noting that pricing at FXCM is just average.

What Tier-1 jurisdictions is each broker regulated in?

Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. CMC Markets is Australia (ASIC Authorised), Canada (CIRO Authorised), Singapore (MAS Authorised), New Zealand (FMA Authorised) and United Kingdom (U.K.) (FCA Authorised), while FXCM is Australia (ASIC Authorised), Canada (CIRO Authorised) and United Kingdom (U.K.) (FCA Authorised).. Neither have Hong Kong (SFC Authorised), CBI Authorised (Ireland), Japan (SFC Authorised), Switzerland (FINMA Authorised) and USA (CFTC Authorized)

What Tier-2 jurisdictions is each broker regulated in? What about Tier-3?

Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, CMC Markets is UAE (DFSA/Central Bank Authorised), while FXCM is Cyprus (CySEC Authorised), Israel (ISA Authorised) and South Africa (FSCA Authorised).. Neither have China (CBRC Authorised), India (SEBI Authorised), Russia (CBR Authorised) and Thailand (SEC Authorised). When comparing tier-3 licenses unfortunately, neither CMC Markets nor FXCM are Bahamas (SCB Authorised), Belize (FSC Authorised), Bermuda (BMA Authorised), British Virgin Islands (FSC Authorised), Cayman Islands (CIMA Authorised), Mauritius (FSC Authorised) and Vanuatu (VFSC Authorised).. Neither have Vanuatu (VFSC Authorised).

Which broker offers more trading platforms?

For trading platforms CMC Markets supports a Proprietary Platform and Desktop Platform (Windows), whereas FXCM supports a Proprietary Platform, Desktop Platform (Windows) and ZuluTrade.. Neither have cTrader and DupliTrade

Does CMC Markets offer MetaTrader? Does FXCM offer MetaTrader?

Both CMC Markets and FXCM offer the whole MetaTrader suite, which consists of both MetaTrader 4 and MetaTrader 5. If you’re new to MetaTrader 4 here’s our educational guide on how to use MT4.. Neither have MetaTrader 5 (MT5)

How do CMC Markets and FXCM differ in terms of minimum deposit? What about average spreads and funding options?

CMC Markets requires a minimum deposit of $0, while FXCM requires a minimum deposit of Starts from $50. From our testing we found CMC Markets offers spreads of 0.51, while FXCM offers spreads of 1.38. CMC Markets supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and PayPal (Deposit/Withdraw) for popular funding options, where FXCM supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw).

Which broker offers more tradeable asset classes, CMC Markets or FXCM?

CMC Markets offers a more diverse selection of investment options than FXCM allowing you to trade Forex Trading (Spot or CFDs), Spread Betting, Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD). Looking at total tradeable symbols, CMC Markets has 12074, compared to 440 from FXCM.

Can I trade cryptocurrency with CMC Markets or FXCM?

Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither CMC Markets nor FXCM allow you to trade physical cryptocurrencies.

Who offers more research tools, CMC Markets or FXCM?

Both CMC Markets and FXCM offer a complete suite of research, providing traders with these tools: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading.

Broker Reviews

Still looking for more information, read our broker reviews.

CMC Markets Review

FXCM Review

Overall winner: CMC Markets

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announcementPlease note:

We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.

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