The company has customers in over 100 countries and, viewed globally, was able to process over 31 million transactions in 2013, with a volume of over 1.2 trillion US dollars.
Additionally, to its headquarters, CMC Markets also has numerous other locations, including Canada, Australia and Japan. With CFD trading, the broker provides its customers with over 6,000 different base values. The trading platform is called “NextGeneration” and was developed by the broker himself.
Recommended Brokers for Canadian Clients
Pros and Cons of Markets Canada
- small contracts tradable
- no minimum deposit
- wide range of products for Canadian traders
- Spreads from 0.7 pips
- Web platform
- extensive trading platform
- Scalping not allowed
- sometimes slow order execution
- unstable trading platform
- non-transparent fees for overnight interest
Like every Forex and CFD broker, CMCMarkets also provides its Canadian customers with an expert trading platform. CMCMarkets falls into the category of these brokers who have developed their own trading platform that’s made available to customers.
The trading platform is called “Next Generation” and has existed even longer than the broker itself, namely for over 30 years.
An enormous advantage of this broker’s own trading platform is that it’s been modernized again and again and equipped with new functions, from which investors naturally benefit. The trading platform is accessible as a browser version, so no software installation is required. The extensive functions include, for instance, automatic recognition of chart patterns or a chart package that contains many diagrams that may be of great help when deciding which values are to be traded.
Trade offer at CMC Markets
Not only the trading platform is convincing at CMCMarkets, but also the trading offer is impressive. The selection with over 300 currency pairs is totally convincing and definitely very large as compared with other Canadian forex brokers.
CMCMarkets is currently one among the brokers that can offer the biggest selection of tradable currency pairs. The range of CFD trading is additionally extremely large, because here customers can choose between over 10,000 different CFDs. The share CFDs, with over 6,000 base values, make up by far the largest share.
Regulation and deposit insurance at CMCMarkets
The CMCMarkets broker also score points in the area of regulation and deposit insurance. Due to the headquarters in London, regulation takes place by the supervisory authority, which is responsible in Great Britain.
This is the Financial Conduct Authority (FCA), which is extremely strict in a global comparison. Since there’s also a location in Canada, the Investment Industry Regulatory Organization of Canada (IIROC) also has to do with monitoring the broker.
The actual fact that the broker has joined the Financial Services Compensation Scheme (FSCS) ensures a decent deposit insurance. This implies that customer deposits up to a maximum of 50,000 British pounds are shielded from any losses that might arise, for instance , due to the broker’s bankruptcy.
CMCMarkets Demo Account
In the demo account area, the forex and CFD broker CMCMarkets also shows no weaknesses, because such a test account may be used free of charge at any time.
First of all, this virtual account is provided with a credit of 10,000 euros, which, however, may also be increased at the customer’s request. The demo account is actually a 1: 1 copy of the real trading account, although there are minor differences.
With the test account, the customer should forego some functions in the area of account management and also the recognition of chat patterns, which are definitely only minor details. far more important is that the demo account makes it easy to try out strategies and learn to trade CFDs or forex without risk.
No fixed deposit bonus
From the point of view of many new traders in Canada, one of the few weaknesses that one can accuse the CMCMarkets broker is the non-existent fixed deposit bonus.
The broker has decided not to credit a percentage deposit bonus, as many competitors have been doing for years. However, this point of criticism should be weakened a bit, because in the vast majority of cases traders don’t manage to “save” the bonus until it’s ready for payment because of the wagering requirements.
CMCMarkets Canada: Conclusion
Overall, we actually really liked CMC Markets in our test. The platform is attractively designed and offers all the required functions. The spreads also are mostly good. As you’ll see from the mixed reviews of CMC Markets, the various customers have had mixed CMC Markets experiences. Here traders criticize pretty much everything that may be criticized about a market maker. Traders should actually assume that CMC Markets is a reputable broker for forex trading in Canada.
We therefore recommend not only to look at the overall rating, but also to read through the ratings intimately. Since every trader has different priorities when trading and in fact these more or less flow into his evaluation. What’s important to one investor may play a subordinate role for you personally. If you have already got experience with CMC Markets, you can leave them with us to assist other traders with their decision.