Our top-rated Forex brokers
Save on conversion fees
Start trading here
Learn to trade with no risk
Trade with Direct Market Access
Live trading with no deposit
Extend your buying power
Tight spreads and low commissions
Best accounts for Muslim traders
Fixed spreads & instant execution
The top MT4 brokers in Nigeria
The top MT5 brokers in Nigeria
The top TradingView brokers
The top cTrader brokers in Nigeria
Trade on the go from your phone
Copy professional traders
Find a platform that works for you
🏦 Min. Deposit | USD 5 |
🛡️ Regulated By | ASIC, FCA, FMA, BaFin |
💵 Trading Cost | USD 7 |
⚖️ Max. Leverage | 500:1 |
💹 Copy Trading | No |
🖥️ Platforms | MT4, CMCmarkets |
💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices |
Last Updated On May 12, 2023
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.
Please note that CMC Markets no longer offers services to Nigerians. This review is for informational purposes only.
Founded in 1989, CMC Markets is a well-known Forex and CFD broker with a high trust rating and a huge range of financial instruments to trade. However, traders may be disappointed at the high trading fees on its commission-based account.
CMC Markets offers two live accounts with no minimum deposit requirements – a low-cost commission-free account with spreads starting at 0.7 pips on the EUR/USD and a commission-based account with spreads of 0.1 pip and commissions of 0.005% (which amounts to 50 USD per lot traded), which is extremely high.
Trading is offered on both MT4 and its powerful, innovative proprietary platform that features numerous technical and fundamental analysis tools. CMC Markets also offers excellent education and market analysis materials to get new traders started, and although customer service is offered 24/5, it does not provide a live chat feature, which is a serious oversight by this broker.
🏦 Min. Deposit | USD 5 |
🛡️ Regulated By | ASIC, FCA, FMA, BaFin |
💵 Trading Cost | USD 7 |
⚖️ Max. Leverage | 500:1 |
💹 Copy Trading | No |
🖥️ Platforms | MT4, CMCmarkets |
💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices |
Yes, CMC Markets is a safe broker. It is one of the best-regulated brokers in the industry, with oversight from eight major regulators. It is also listed on the London Stock Exchange and offers traders negative balance protection. On this basis, it receives a trust score of 5/5.
Regulation: Nigerian residents will trade with CMC Markets Singapore Pte. Ltd, which is regulated by MAS – Singapore’s globally respected financial regulator.
Safety Features: MAS has tightened its restrictions on CFD trading to better protect traders. As a result, CMC Markets clients in Nigeria will have a leverage limit of 20:1 for Forex trading and will be provided negative balance protection, meaning that traders can never lose more money than they have in their trading accounts. In addition, MAS regulations ensure that CMC Markets keeps its operational funds segregated from client accounts but also prevent CMC Markets from offering promotions or bonuses.
History: CMC Markets is widely recognised as a pioneer in CFD trading. The company was founded in London in 1989 and launched the world’s first online Forex trading platform in 1996. It opened an office in Sydney in 2002, and CMC Markets Asia Pacific has been licenced by ASIC (AFSL: 238054) since 2004. The parent company (CMC Markets plc) has been listed on the London Stock Exchange since 2016, adding further regulatory oversight.
Company Details:
We confirmed each of the licences and regulations on the regulator’s online register. See below for details of CMC Markets MAS-regulated entity:
We were impressed by CMC Markets’ range of financial instruments, which includes over 330 Forex pairs and 10,500 shares, among others.
Broad Range of Instruments: CMC Markets offers over 12,000 CFD trading instruments on all trading accounts. Besides Forex pairs, CMC Markets offers indices, shares, share baskets, commodities, cryptocurrencies, bonds, treasuries, and ETF trading.
Overall, CMC Markets excels in its range of tradable assets, offering the broadest range and depth of assets available at any other brokers. This is a great advantage for professional traders who may be looking for a specific asset.
We were pleased to find that CMC Markets offers three account types, which are average for the industry, including a commission-free and commission-based account. However, trading fees on its commission-based account are high.
Trading Fees: CMC Markets’ accounts have no minimum deposit requirements, making them accessible to all traders. Its commission-free account has spreads that start at 0.7 pips on the EUR/USD, which is tighter than other similar brokers. Its commission-based account has spreads starting at 0.1 pips on the EUR/USD, a commission of 0.0025% on opening a trade, and the same for closing a trade. This commission is one of the highest commissions in the industry, and traders will struggle to be profitable using this account.
Account Trading Costs:
As you can see from the table, the trading costs are built into the spread, which is variable and gets wider or tighter depending on trade volume and market volatility.
The average cost of trading one lot of EUR/USD on CMC Markets’ commission-free account is 7 USD, which is lower than other similar brokerages – the average trading cost at other market makers is around 9 USD per lot. However, with a trading cost of 50 USD on its commission-based account, traders will struggle to be profitable.
See below for account details:
CMC Markets is a market maker with an automated dealing desk, negating some of the conflict of interest inherent in the market maker model. In addition to its standard account, it offers a commission-based account and a spread betting account.
Standard Commission-free Account
The commission-free account has no minimum deposit requirements and spreads of 0.7 pips (EUR/USD) which is significantly tighter than other brokers. There are also no commissions for Forex trading.
Commission-based Account
The commission-based account has spreads starting at 0.1 pips (EUR/USD) in exchange for a commission of 0.0025%. This translates to a charge of 25 USD for opening a position and 25 USD for closing a position when trading on one lot of EUR/USD. These are some of the highest fees in the industry.
CMC Markets offers an average range of funding methods, and while deposits are free, it charges for some withdrawal methods.
A well-regulated broker, CMC Markets ensures that all Anti-Money Laundering rules and regulations are followed, and as such, all withdrawals are returned to the deposit source.
Base Currencies: The base currencies available at CMC Markets include USD, GBP, EUR, AUD, CAD, PLN, SGD, NOK, NZD, and SEK. Unfortunately, CMC Markets does not offer accounts denominated in NGN which means that Nigerian traders will have to pay currency conversion fees on both deposits and withdrawals.
CMC Markets charges a Currency Conversion Fee for all trades on instruments denominated in a currency different from the currency of a trader’s account. The Currency Conversion Fee is up to 0.5% of the trade’s realized net profit and loss, which is higher than fees charged by other brokerages.
Deposits and Withdrawals: You can fund your account using a credit or debit card or by transferring funds from your bank account. CMC Markets does not accept cheques or cash deposits. See below for more details:
We tested a deposit via credit card transfer, which was deposited instantly. We were also impressed to find that our withdrawal was processed within 24 hours.
Overall, CMC Markets offers an average range of funding methods compared to most other brokers, and while its deposits are free, certain withdrawal methods are expensive. However, deposits and withdrawals are processed faster than other brokers.
CMC Markets offers an excellent mobile trading experience compared to other market makers.
CMC offers support for MT4 and the Next Generation mobile trading apps for Android and IOS. We tested the Next Generation platform using an iPhone 11:
We were surprised at how much the Next Generation mobile application resembles the web browser version of the platform. It is cleanly designed and comes packed with multiple research tools, powerful charts, excellent drawing tools, pre-defined watch lists for scanning, integrated news, and educational content. We also really liked the customisable dashboard with a range of notification types, a live market calendar, and in-app support.
Overall, the Next Generation mobile app provides a superior trading experience compared to other proprietary apps on the market and is more beginner-friendly than the MT4 mobile app.
The CMC Markets MT4 app allows traders to work from anywhere, with functionality to close and modify existing orders, calculate profit/loss in real-time, and tick chart trading to further assist traders while on the move.
Beginner traders should be aware that there is some loss in functionality when compared to desktop trading platforms, including reduced timeframes and fewer charting options. In addition, spotty connections can reduce the overall trading experience. Generally, it is better to be at your desktop to conduct day-to-day trading and use a mobile device to keep an eye on the markets or close open positions.
Overall, CMC Markets’ mobile trading experience surpasses that of other brokers.
With support for MT4 and its own proprietary trading platform, CMC’s platform offering is average compared to most other brokers.
CMC Markets supports both its award-winning, proprietary trading platform (Next Generation) and the industry-standard MetaTrader 4 (MT4). The advantage of brokers offering third-party platforms such as MT4 is that traders can take their own customised versions with them should they decide to migrate to another broker. Additionally, CMC Markets offers its own platform (Next Generation), which is more beginner-friendly than MT4 and offers some excellent analysis features.
Next Generation is available via browser and mobile app and is built to cater to traders of all experience levels. It has an intuitive interface, executes trades with high speeds, and unlike most other proprietary platforms, is highly customisable. Other features of the platform include:
The only real downside to the Next Generation platform is that it does not feature automated trading.
The MT4 trading platform is the most widely used Forex trading platform and at CMC Markets you can also use it to trade commodities and indices.
While you won’t receive many of the features available with Next Generation, you will be able to use your customised expert advisers.
While MT4 has great customizability, the platform feels outdated, and some of the features may be hard to find. In addition, only the basic orders are available, including Market, Limit, Stop, and Trailing Stop.
Overall, CMC Markets offers an average selection of platforms compared to other brokers, but the Next Generation is user-friendly and offers several impressive trading features.
Platform Overview:
The account-opening process at CMC Markets is fully digital, and accounts are ready within one to two days, which is around the industry average.
Nigerian residents are not eligible to open an account at CMC Markets.
CMC Markets offers corporate, joint, and individual accounts, but we will focus on opening an individual account:
4. Fill in your personal details and financial background.
5. Next, you will have to upload documents to verify your identity and residency. CMC Markets requires at least two documents to accept you as an individual client:
Once your account is verified, you can go ahead and make your first deposit.
We advise you to read CMC Markets’ risk disclosure, customer agreement, and terms of business before you start trading.
Overall, the account-opening process at CMC Markets is hassle-free, and accounts are ready for trading within one to two business days.
CMC Markets’ trading tools are average compared to other brokers – the only available tools are those that integrate with the Next Generation.
Client sentiment
The client sentiment feature shows the percentage of CMC Markets clients who have bought versus those who have sold for a particular asset, so you can gauge other clients’ expectations. You can also see the monetary value of these positions as a percentage.
Pattern recognition scanner
The Pattern recognition scanner scans over 120 assets every 15 minutes for emerging and completed chart patterns. When patterns are complete, a price projection box is generated to highlight potential price action movement.
Module linking
This feature allows you to group different modules so that when you change the product shown in one module, all the other grouped modules automatically update to display the new product. In addition, grouped modules can be linked to Reuters’ market news, client sentiment, charts, and order tickets for fast analysis.
Guaranteed Stop-Loss Order (GSLO)
Like many of its peers, CMC Markets offers Guaranteed Stop-Loss Orders (GSLOs). These orders guarantee the stop-loss order price will be honored, but CMC Markets charges a premium for using GSLOs, displayed in the trade ticket window. Most brokers charge for GSLOs. If not triggered, CMC Markets refunds 100% of the cost automatically.
Overall, CMC Markets’ trading tools are average compared to other brokers. While the tools available on the Next Generation trading platform are good, they don’t offer third-party tools typically seen at other brokers – such as a VPS service or technical tools such as Autochartist.
Trading Tools Overview:
The educational content available is multi-format, comprehensive, and more useful for beginners than most other brokers.
All of CMC Markets’ educational material is free for all visitors to the website.
Because CMC Markets is a multi-asset broker, much of the educational material is grouped under the umbrella term CFD Trading- especially the Video Trading Guides.
That said, there is a standalone Forex section titled Learn Forex Trading. Here you will find:
In addition, there is a dedicated platform and software tutorial section – important for beginner traders who want to get trading as quickly as possible.
CMC also offers regular webinars with Trade With Precision, a third-party training company. Webinars cover subjects such as: How to use technical analysis, Finding opportunities, and Possible trade entry and exit points – an upcoming Webinar series titled Ultimate Trading Bootcamp looks promising for beginner traders. All of the webinars are free with registration.
The only downside to the educational section at CMC is the poor organisation; it can be challenging to find exactly what you want – especially in the video section – and much of the Forex material is grouped with CFDs in general.
Overall, the education section is competent, in-depth, and caters to traders of all experience levels, but it is not well-structured, making it difficult to find exactly what you’re looking for.
Education Overview:
CMC Markets has a competent in-house research team and has partnered with several third-party analysis companies to provide more useful market analysis than is available at most other brokers.
CMC Markets is top of the class regarding analysis and research, and all analysis is comprehensive, in-depth, and provided by both its in-house analysts and third-party companies. See below for more details:
All of the in-house analysts are active on Twitter and frequently post updates featuring their own personal take on events and market price action.
Between the analytical and fundamental tools and the quality of market research on offer – in audio, text, and video format – from both in-house and third-party experts, CMC Markets’ market analysis is considerably more useful than most other brokers.
CMC Markets offers 24/5 customer support via email and phone. Its offices are located worldwide, and as such, its telephone support is available in many languages.
One major oversight is the fact that there is no live chat feature. This prolongs response times and makes traders reluctant to contact CMC Markets, especially when having to phone an international number.
Overall, CMC Markets’ customer support is substandard compared to what is offered at other similar brokers.
Regulation: CMC Markets is regulated by many top-tier regulators, including the Financial Conduct Authority (FCA) in the UK, the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany, the Australian Services 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 (MAS). See below for a list of registered companies:
Awards
Over the last two years, CMC Markets has won over 50 awards, recognising its quality of service and innovative technology. Recent awards include:
Overall, with its long history of responsible behaviour, a public listing on the London Stock Exchange, and high level of regulatory oversight, we consider CMC Markets a safe broker to trade with.
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of reliability, the platform offering, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when spread betting and/or trading CFDs with CMC Markets. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
CMC Markets is a large, international, well-regulated broker with two live accounts that boast competitive spreads and no minimum deposits on the industry’s largest range of financial assets. However, traders should be aware of the high commissions on the commission-based account.
CMC Markets offers full support for MT4 and its award-winning proprietary platform, Next Generation, which has a broad range of advanced order management, technical analysis tools, and a built-in Reuters news feed.
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
Find out how CMC Markets stacks up against other brokers.