CMC Markets Review Australia & Test 2021: Is CMC Markets safe or scam?
CMC Markets Australia is an award-winning online broker that continues to raise the bar of excellence. Our latest CMC Markets review will take you through their enticing trading app and highlight the innovative crypto trading options.
You can also find a number of alternative trading options with relatively low fees attached to most products. CMC Markets is especially attentive when it comes to customer service and overall satisfaction is an integral part of this online broker. To find out more about the latest CMC Markets ranking, be sure to have a read of our latest review.
Pros & Cons of CMC Markets
- Intuitive user interface
- Crypto basket trading on offer
- Great mobile trading app
- Commitment to customer satisfaction
- Sub-par automated trading proficiency
Our first impression of the site was more than satisfactory. With a number of compelling arguments for the online broker, the official website is certainly one of them. You’ll find that a lot of thought has gone into the design while the navigational tools make for quick and easy scrolling. You can jump from one page to the next without any loading occurring.
This provides users with a seamless experience on the actual website. When it comes to the trading platforms, you’ll be able to test the demo account. This gives you an insight into how the MT4 trading platform operates. Plus, you’ll be able to use virtual funds to trade – enabling you to test the trading features and tools. We did exactly this and found it to function well all the while running highly-capable and flexible tools.
Our CMC Markets review Australia rates the official website and subsequent trading platforms quite highly. We hope that you have the same experience as us if you do decide to sign up with CMC Market Australia. We believe that you’ll find this platform is capable of facilitating a very professional online trading environment.
How To Trade – Our CMC Markets Review Australia
Before you start trading, you’ll need to set up an account with CMC Markets. Although this is not an arduous task at all, we thought it good to provide you with a step-by-step outline of how to create an account and start trading. This will allow you to do so as quickly as possible and invest your time in what actually matters – trading!
- Visit the official website and click on “Create Account” located top-right of your screen.
- You’ll be confronted with two options. It is important to decide which type of trading account you wish to open; a stockbroking account or a CFD trading account. If you wish to open a CFD trading account, you’ll need to choose between a live CFD account, a demo account, or an MT4 trading account.
- Once you have selected the account you wish to open, you’ll need to provide CMC Markets with your email address and password. Be sure to verify your email address.
- You can now fill in all the necessary information and complete the actual registration process. If you are prompted to add additional securities measures, we recommend you do so. This will give you better oversight and control of who accesses your account.
- You can peruse the trading options and markets on offer. If you wish to make a quick trade, you can click on “BUY” or “SELL” price and an order ticket will appear. From here, you can continue by choosing the type of order you wish to execute as well as any “stop losses” or “take profits” features.
If you are still unsure of what to do, CMC Markets offers a range of fantastic educational tools and resources. You’ll be able to read up about any part of the trading process. This will give you the confidence to take on the CMC Markets trading platform. We believe that you’ll manage to find your feet in no time. Be sure to watch the videos and use the resources on offer so as to improve your trading strategy.
When it comes to making payments, you’ll be eager to find out which payment options are on hand. Once you have created a real trading account (other than a demo account), you’ll need to fund your account in order to start trading. Our CMC Markets review found that this online broker has two different accounts and payment options for each. Thus, we’ll outline the available deposit and withdrawal methods, fees, and processing times for each account option.
CFD trading account
You can fund your CFD trading account through your personal bank account by using a debit or credit card, bank transfers, BPAY, POLi, and PayPal. If you wish to make withdrawals to your bank account, you’ll need to verify your details with CMC Markets. Once you have verified your bank account, it will become visible and you can make use of this feature to withdraw funds from your trading account into your bank account.
If you wish to use your card to make deposits, then you’ll be charged a merchant fee. This applies to both types of cards. Deposits using debit cards will incur a fee of 0.6% while credit cards will incur a fee of 1%. Withdrawals made from your CFD trading account to your bank card will take 3-5 business days.
We’ll lightly touch on this account as it only applies to those of you who created an account with CMC Markets before 13 July 2020. If this is the case, then your stockbroking account will have been set up as a Cash Account. Thus, you can only deposit funds via BPAY and direct deposit. For withdrawals, you can withdraw to a nominated external bank account. The process can take up to 2 business days.
When it comes to customer service, our CMC Markets review Australia found an exceptional department on standby, willing to engage and consult with customers at a moment’s notice. You’ll be able to make use of the extensive FAQ section. Here, you should be able to resolve most of your queries. It’s always our first port of call. You can use the search function if needed. There’s a live chat function which is very convenient. Click on “Message Us” and you can use the pop-up chat box to contact a representative.
Alternatively, you can contact CMC Markets at 1300 303 888 for customer service. For CFD queries, the line (+61 (0) 2 8221 2100) will be open Monday to Saturday, 24 hours a day. This is in line with global markets. If you wish to query something relating to a stockbroking account, then you can use 1300 360 071 from 07:30 – 17:30, Monday to Friday.
It’s also possible to follow this online broker on Twitter, Instagram, Facebook, and Youtube. They have a strong social media presence and this provides you with real-time updates from the broker itself.
One of the most important questions that we set out to answer comes down to transparency and safety. It is paramount that your chosen online broker is a registered company and adheres to the financial regulations that apply to the territory in question. Thus, we did some digging. CMC Markets is authorised and regulated by the Australian Securities and Investments Commission (ASIC).
This means that CMC Markets must adhere to all financial rules and regulations that apply to online brokers. Plus, they need to adhere to all Client Money Rules. Ultimately, you can rest assured that your finances are safe in a CMC Markets account. The broker holds your money in a trust or segregated bank account which meets and exceeds any prior requirements from ASIC.
In terms of security, CMC Markets has employed the latest SSL technology so as to encrypt all data and personal details on the platform. This also prevents third-party entities from accessing any information that may put clients at risk. In terms of licensing and security, CMC Markets has all the necessary protocols and licensing in place to ensure a safe online trading experience.
Reputation And Feedback – Overall feedback of CMC Markets
When it comes to CMC Markets Australia, there are a wide variety of reviews and ratings. We looked into independent reviews from past customers as well as our own personal experience. What we uncovered sheds a positive light on this online broker.
Much like what you’ll find in our SelfWealth review, our CMC Markets review Australia found a lot to write home about. Customers tend to hold the online broker in high regard and are quick to point out the broker’s ability to engage with customers and resolve issues as quickly as possible. This is great news. We’re always eager to find those online brokers who assist each customer equally.
Secondly, the overall feedback was good when it comes to the trading platform and the actual trading products on offer. With special attention given to crypto, there’s a lot one can look forward to. We believe that there is no sign of any potential CMC Markets scam, and if anything, this online broker is jockeying for pole position with the online broker industry.
If you are looking for an online broker that focuses on CFD and share trading in a range of different assets, then CMC Markets Australia might be your answer. They provide customers with a top-notch trading experience and this is evident in the way they treat each individual customer. You’ll also have access to a mobile trading app that is versatile and customizable.
Our latest CMC Markets review Australia also found that the crypto trading options are more than sufficient. What’s more is that CMC Markets Australia has tailored crypto indices which allows you to trade crypto baskets. This is great news for those looking to trade in a number of different crypto coins, without having to take a position in each underlying coin.
If you’re eager to find out more about other popular online brokers, then head over to our Nabtrade review or SunCorp review. At Wetten.com, we strive to keep you in the loop with all the latest on trading in Australia. Or, head over to our page on day trading Australia for a comprehensive guide to day trading.