Please be advised that South Africans are no longer eligible for services from CMC Markets. This review is being provided only as information.CMC Markets, a reputable Forex and CFD broker with a good trust rating and a broad selection of trading options, was founded in 1989. However, the high trading expenses on its commission-based account may discourage traders.
A low-cost commission-free account with spreads on the EUR/USD starting at 0.7 pips and an extremely expensive commission-based account with spreads of 0.1 pips and commissions of 0.005% (amounting to 50 USD each traded lot) are both available from CMC Markets with no minimum deposit restrictions.
Trading is available on both MT4 and its robust, latest proprietary platform, which includes a wide range of tools for technical and fundamental research. Although customer service is available 24 hours a day, seven days a week at CMC Markets, it does not offer a live chat facility, which is a big omission by this broker. CMC Markets also offers good education and market research tools to get new traders started.
Can I Trust CMC Markets?
CMC Markets is a secure broker, yes. With oversight from eight significant regulators, it is one of the well-regulated brokers in the sector. It provides traders with negative balance protection and is also listed on the London Stock Exchange. It obtains a trust rating of 5/5 on this basis.
Trading through CMC Markets Singapore Pte. Ltd., which is overseen by the MAS, Singapore’s well-respected financial regulator, is available to residents of South Africa.
Safety Features:
To better safeguard traders, MAS has increased its rules on CFD trading. Clients of CMC Markets one of the best spread betting broker in Nigeria would therefore benefit from a leverage cap of 20:1 for trading in foreign exchange as well as negative balance protection, which ensures that traders never lose more money than they have in their trading accounts. Additionally, MAS regulations bar CMC Markets from giving out bonuses or promotions while also ensuring that CMC Markets keeps its operational funds separate from client accounts.
Opening a CMC Markets Account
At CMC Markets, the account opening procedure is completely digital, and accounts are ready in one to two days, which is about average for the industry. A CMC Markets ee
Even though CMC Markets which is the best spread betting broker offers corporate, joint, and individual accounts, this article will concentrate on opening an individual account.
- Choose your homeland, then enter your email address and password.
- You’ll receive a confirmation number through email from CMC; enter it to continue.
- Select the chosen base currency and account type (see below for a list of account types offered by CMC Markets).
- Provide your contact information and financial background.
- After that, you must upload proof of your identification and residency. For CMC Markets to approve you as an individual client, you must provide at least two documents:
Proof of Identification – CMC Markets accepts all forms of government-issued identification, including passports, ID cards from foreign countries, driver’s licences, and other IDs. The document must be legitimate and must have the trader’s full name, date of birth, a clear photograph, the date it was issued, and, if necessary, an expiration date that is clearly apparent. The front and back sides of any document with two sides must be scanned and submitted.
Proof of Address – A document proving a trader’s current residential address, issuance date, complete name, and issuing authority must have been issued in the last six months in their name as the account holder of CMC Markets.
Make your initial deposit as soon as your account has been validated. Before you begin trading, we suggest that you read the risk information, customer agreement, and business terms of CMC Markets. Overall, opening an account at CMC Markets is simple, and within one to two business days, accounts are ready for trading.
The Financial Conduct Authority (FCA) in the UK, the (BaFin) in Germany, the Australian Securities Exchange (ASX), the Dubai Financial Services Authority (DFSA), the Investment Industry Regulatory Organization of Canada (IIROC), the Financial Markets Authority (FMA) of New Zealand, and the Monetary Authority of Singapore are just a few of the top regulators that oversee CMC Markets (MAS). Here is a list of the registered businesses:
The Financial Conduct Authority (FCA), registration number 173730, has granted permission to and regulated CMC Markets UK Plc.
Under registration number 154814, CMC Markets Germany GmbH is a business that the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has authorised and regulated.
Participant of the Australian Securities Exchange, Sydney Stock Exchange, and Chi-X Australia, CMC Markets Stockbroking Limited is governed by the Australian Securities and Investment Commission (ASIC). Its ABN is 69 081 002 851, and its AFSL number is 238054.