CMC Markets Review Australia 2026

Is CMC Markets safe? ASIC AFSL 238054

The ASIC licence and the 2023 remediation record

CMC Markets Asia Pacific Pty Ltd holds AFSL 238054 with the Australian Securities and Investments Commission. That licence is the most relevant credential for an Australian retail account, issued by a tier-1 regulator. CMC Markets has held it continuously since 24 February 2004. ASIC’s media release 23-298MR of 9 November 2023 names CMC Markets Asia Pacific Pty Ltd among seven CFD issuers that self-reported issuing CFDs above the leverage ratio limits in ASIC’s CFD product intervention order. ASIC reviewed the compensation payments in July and August 2023, and all seven cooperated.

Before depositing, confirm CMC Markets holds AFSL 238054 using the site's guide to checking a broker on ASIC's register.

Is CMC Markets legal in Australia?

Trading with CMC Markets is legal for Australian residents through CMC Markets Asia Pacific Pty Ltd, which ASIC licenses under AFSL 238054.

Court proceedings involving CMC Markets

A class action is before the Federal Court of Australia against CMC Markets Asia Pacific Pty Ltd, commenced in May 2022 as an open-class representative proceeding. The applicants are retail clients, represented by Johnson Winter Slattery, with litigation funding from Harbour Fund V, L.P. The applicants allege that CMC Markets issued highly leveraged CFDs and binaries to retail investors which were highly risky and unsuitable for retail clients. They further allege that CMC Markets made misrepresentations about the nature and risks of those products, failed to adequately disclose their significant risks, and operated a system likely to cause, and that did cause, retail investors to invest in them. The group is defined as retail investors who traded CMC-issued CFDs, including margin FX, or binaries and lost money during the claim period.

CMC Markets plc's FY2026 annual report, covering the year to 31 March 2026, states that a further amendment filed in March 2026 refined the claim period to May 2016 to April 2021, removing certain causes of action and adding new ones. The applicants' solicitors' case page still states the claim period as 7 November 2011 to 30 April 2021. CMC Markets filed a Defence on 24 October 2022, and the plc's annual report says it is not possible to determine the potential outcome or to disclose a reliable estimate of the financial effect. In March 2026 the Court ordered further discovery of CMC Markets and a timetable to trial, and the matter was set down on 23 March 2026 for a four-week trial starting 5 October 2027. Nothing has been decided as at 1 October 2026, the date we read the records.

Sources: CMC Markets plc Annual Report and Financial Statements FY2026 (year to 31 March 2026), contingent liabilities, read 1 October 2026; Applicants' solicitors' case page, read 1 October 2026

CMC Markets client money protection and LSE listing

Client money protection at CMC Markets runs through segregation at an Approved Australian Bank, AFCA membership, and a London Stock Exchange listing held since 2016 under the ticker CMCX, a combination that I think is solid.

Client money and negative balance protection

CMC Markets holds retail client money in segregated accounts at an Approved Australian Bank, separate from company funds. ASIC mandates negative balance protection on retail CFD accounts, so you cannot lose more than the money you put in. AFCA hears claims up to A$1,263,000 and awards compensation up to A$631,500. Compensation Scheme of Last Resort payments cap at A$150,000 and cover only personal advice, securities dealing and credit, leaving forex and CFD trading outside the scheme. I find the layered protections encouraging.

CMC Pro clients take the wholesale classification and give up the retail protections with it, negative balance protection included. That trade-off is the point of the classification, so the Pro tier is not a retail product, and you should understand that before you qualify. In my view, the trade-off is clear.

CMC Markets’ AFCA member is CMC Markets Asia Pacific Pty Ltd, and AFCA’s Datacube, read by our team on 27 September 2026, records 19 complaints received against it in 2025-26 and 12 in 2024-25, with the figures set out in the table that follows.

• AFCA business size: Small
• Not adjusted for client numbers
• AFCA listing threshold: Financial firms that received four or more complaints during the selected period appear in the AFCA Datacube.
• Middle of the field: 23 AFCA firms listed for 01/07/2025 - 30/06/2026 among the brokers this site covers, each firm counted once
• Source: AFCA Datacube, complaints by firm, read 27 September 2026

History and ownership

CMC Markets was founded in London in 1989 by Peter Cruddas. CMC Markets plc listed on the London Stock Exchange under CMCX in 2016.

Public reviews

CMC Markets holds a Trustpilot rating of 4.3 out of 5 from 3,479 reviews, which Trustpilot labels excellent, captured October 2026. The profile has been claimed by the broker since March 2018.

How popular is CMC Markets in Australia?

CMC Markets ranked 2nd for search interest among the 33 brokers we review in August 2026, on 34,570 branded Google searches from Australia, behind Interactive Brokers. Search interest measures attention, not quality; the score above is the review verdict.

2of 33Search interest rank

34,570

Brand searches, August 2026

-0.2%

vs July 2026

12,100

Login searches

19.2%

Share of all broker searches

Source: Google search volume, Australia, August 2026. How this is measured

What other review sites say

CMC Markets' iOS app rates 3.28 out of 5 from 154 ratings on the Australian App Store (October 2026), listed as CMC: CFD Trading.

Android users rate CMC Markets' Android app 3.3 out of 5 from 3.17K reviews worldwide on Google Play (October 2026), listed as CMC: CFD Trading.

TradingView users rate CMC Markets 4.2 out of 5 from 1,230 ratings (October 2026). 11.3K TradingView users have connected a CMC Markets account. TradingView named CMC Markets its Best in Forex and CFD broker for Southeast Asia 2025.

App Store AU

3.28

154 ratingsOctober 2026

Google Play

3.3

3.17K reviews worldwideOctober 2026View on Google Play

TradingView

4.2

1,230 ratings11.3K Traders via TradingViewOctober 2026View on TradingView

What traders say about CMC Markets

Public ratings of CMC Markets from the rating sites that list it, showing the number of reviews or ratings behind each score and the month it was captured.

Rating site	Rating	Based on	Who rated	Captured
Trustpilot	4.3 out of 5	3,479 reviews	Worldwide	October 2026
App Store	3.28 out of 5	154 ratings	Australia only	October 2026
TradingView	4.2 out of 5	1,230 ratings	Worldwide	October 2026

Each row above is a public rating of CMC Markets taken from a rating site, dated to the month its figure was captured. An App Store rating counts ratings left on Apple's Australian App Store only, while a Trustpilot figure counts reviews and a TradingView figure counts ratings from anywhere in the world. A site with no row has no rating for CMC Markets, withholds it, cannot be matched to CMC Markets with confidence, or we have not captured it yet.

CMC Markets at a glance: 17 key facts

CMC Markets Asia Pacific Pty Ltd has held ASIC AFSL 238054 since 2004, with more than 12,000 instruments on three platforms and an A$0 minimum deposit.

The 17 key facts below name the regulators and the fee schedule, so the essentials can be scanned quickly.

CMC Markets spreads on the FX Active account

CMC Markets’ FX Active account averaged 0.08 pips on EUR/USD and 0.56 pips across eight pairs in our 48-hour capture of 22 to 24 September 2026, before commission. The capture ran on our own funded FX Active MT4 account ending 7024, so the figures come from a live account on the same tier you would open rather than from CMC’s own published rates.

Across the same 22 to 24 September 2026 window, the EUR/USD spread sat at exactly 0.0 in 94.1% of minutes, and the eight-pair 95th percentile of the one-minute averages was 0.83 pips, meaning that in 95% of minutes the average spread was at or below that level. A 0.0 spread still carries the FX Active commission, which we set out in the next section. We did not capture the Standard account in that window, so this page gives no Standard spread figure.

What CMC Markets costs per trade

Standard lots per month

15102550

Monthly spread cost converts pips to dollars using the EUR/USD pip value as the proxy for the 8-pair average, footnoted on-page. AUD pip value A$14.38 per standard lot at AUD/USD 0.6955 (9 Oct 2026).

Standardspread only · 8-pair average · source not declared

A$127.98

At 10 standard lots per month on Standard accounts, CMC Markets costs approximately A$127.98 in spread costs. Rates as of Fri 9 Oct 2026, 5pm New York close.

What trading with CMC Markets costs

CMC Markets charges the spread plus 0.0025% of notional per side on FX Active, which came to A$8.05 a round turn on EUR/USD in our September 2026 capture.

The FX Active rate is 0.0025% per transaction, which works out to US$5 in round-turn commission per US$100,000 traded.

FX Active (commission) account

The FX Active account charges a fixed 0.0025% per transaction. That commission works out to US$2.50 per US$100,000 per side, and buys a spread closer to the underlying market. Spreads start at 0.0 pips on six major pairs, EUR/USD, AUD/USD, GBP/USD, NZD/USD, USD/CAD and USD/JPY, before the commission. Our September 2026 capture put the EUR/USD round turn at A$8.05, or 0.57 pips, and adding the 0.08 pip average spread from the same window gives an all-in of 0.65 pips. In my view, that total is competitive, but it does not reach the cheapest tier of the brokers this site covers.

Other fees AU traders should check

• Overnight holding cost applies to CFD positions held past 5 PM New York. Direction-dependent, and a credit on certain pairs.
• Guaranteed stop-loss premium is debited when the order is placed and refunded in full when the stop never executes. The cost applies only when the guaranteed stop triggers.
• Inactivity fee of A$15 per month after 12 months without a trade, applied until the account reaches zero or a trade reactivates it.
• Currency conversion fee of 0.6% on any instrument priced in a currency other than the account base currency.
• Market data fees apply to advanced data on certain markets, and most retail accounts never trigger them.

Those fees apply across all three CMC Markets platforms, set out next.

How CMC Markets compares to IG Markets

IG Markets scores 71 against 57 for CMC Markets in our 2026 scoring, leading on Customer Service, Trading Platform and Trading Experience. In our 22 to 24 September 2026 capture, CMC Markets FX Active cost 1.15 pips all-in over eight pairs against 1.35 on IG’s MT4 standard account.

The CMC Markets range and the IG Markets range are set side by side in our CMC Markets vs IG Markets comparison. IG Markets, the rival that finished ahead on service, is priced in full in the IG Markets review. On our scores the choice is not close, with IG Markets ahead by 14 points, and CMC’s case rests on the lower measured all-in FX Active cost.

You would pick IG Markets for service, platform and the overall score, where it leads CMC Markets in our 2026 scoring. For the lower measured all-in forex cost, you would pick CMC Markets, whose FX Active ran at 1.15 pips against 1.35 on IG’s MT4 standard account in the September 2026 capture. The two tie on Range of Markets at 10.

The table below names the broker to pick for a specific priority.

CMC Markets account types and minimum deposit

CMC Markets offers three account tiers in the table that follows, CFD Trading, FX Active, and CMC Pro for wholesale clients only, with a minimum deposit listed as A$0. FX Active adds commission of 0.0025% of notional per side in exchange for spreads from 0.0 on six major pairs, per the FX Active tile on the registration screen of 3 September 2026.

Account options for AU clients

The CMC Pro account carries the Corporations Act wholesale classification. To qualify, you need net assets of at least A$2.5 million, or gross income of at least A$250,000 in each of the last two financial years, certified by a qualified accountant. CMC Pro then opens leverage to 500:1. Pricing matches retail, with cash rebates on forex turnover of 5% on A$25M to 100M per month, 10% on 100M to 200M, 15% on 200M to 300M and 20% above 300M. In my view, the eligibility criteria are clearly laid out.

Minimum deposit

The minimum deposit at CMC Markets is A$0, and you fund the account before the first trade. The platform trades fractional position sizes at smaller balances, and margin requirements still apply. I note the unlimited CMC Markets demo placed third in our comparison of demo trading accounts in Australia.

CMC Markets funding methods and withdrawal times

CMC Markets lists five funding methods for Australian clients: credit card, debit card, bank transfer, PayID and PayPal, and withdrawals return to card, bank account or PayPal.

Card charges of 1% and 0.6% are deducted from the payment. A bank withdrawal is “processed near real-time” once registered, per CMC’s Australian funding FAQ, read 22 September 2026.

Deposit methods (AU clients)

Card funding is the exception to fee-free routing at CMC Markets. The card fee runs 1% on credit and 0.6% on debit, while bank transfer, PayID and PayPal carry no deposit fee at all. A card-funded account starts 1% behind on the first deposit, so I recommend using the free methods.

On 3 September 2026 Noam Korbl ran a A$200 card deposit into the live CMC Markets account, mask ****7024, choosing from the captured three-tile funding menu of Card, Bank transfer and PayPal, with a ticked confirmation that the card was registered to the account holder and Mastercard, Maestro and Visa listed as accepted. The success screen read “Your payment will be credited to your account immediately, subject to our standard checks.” Two minutes later the History showed “Currently you have no history items”, and Noam tried to reach support from the platform because the accepted deposit was not showing. On 18 September 2026 the portal read A$200.00 and its History listed a Payment In and a Payment In Fee, both stamped 15 September 2026, with the amounts off the frame. We infer, without proof on any frame, that the Payment In is the 3 September card deposit, so this page gives no credit time. I would tell you to deposit ahead of when you want to trade, and to check History rather than the success screen.

Withdrawals

You withdraw from the Account tab, then Funding, then Withdraw, choosing card, bank account or PayPal; the portal’s own line, captured 3 September 2026, reads “Withdraw your funds to your card, bank account or PayPal”. Bank transfers first require registered bank details, with a statement dated within the last three months showing the bank logo, the BSB and account number, the account holder’s name and the registered address. CMC’s Australian funding FAQ, read 22 September 2026, says each request is reviewed and, unless further information is required, “processed near real-time to the nominated bank account”. Cards are capped at the amount originally deposited: the FAQ’s example is that a client who deposits $10,000 and makes $20,000 can return only the initial $10,000 to the card. Noam Korbl did not run a withdrawal on this account, so I report the broker’s wording and no observed time. In my view the cap matters little, because profits can leave by bank transfer or PayPal; my advice is to register your bank account before you need the money out.

Account opening

Registration through the public site creates a demo account first, and the live CFD application runs inside the platform. Our capture records a live MT4 account, FX Active tier in AUD, mask ****7024, dated 18 August 2026, and I read that date against frames taken on 3 September 2026. Identity and address checks were not captured, so this page states nothing about them. What the frames show is a demo registration, a knowledge test, a W-8BEN and the card turning Active.

The first screen asks for your email, a password and a choice between the CMC Markets Platform and Metatrader 4, with a separate link for Trust or SMSF accounts. Noam Korbl chose Metatrader 4. You then pick Standard or FX Active, the latter carrying the tile “FX spreads as low as 0.0 pips on 6 major FX pairs”, before your state, contact details and a marketing consent with an opt-out after submission. Email verification opens the way to “continue to the live CFD account application form”, and the admin portal then lands on a $10,000.00 demo with a modal reading “Action required”. My reading is that the demo-first sequence gives you a place to explore before you commit to the live steps.

Two outstanding actions sat on the live account: a knowledge test and a US tax form. The rule read: “You need to correctly answer 6 out of 8 questions to pass. Please note that you have only three attempts to pass the test. After that the test will be blocked for 30 days.” Question 1 of 8, captured at 14:33, described a long position with a stop at 12,250 and asked at what price the stop executes after a gap from 12,260 to 12,240. The W-8BEN screen said the form lets the broker apply the correct withholding rate to US dividends. At 14:38 the card read “Status: Active”, beside a funding alert that trading first needs a funded account. In my view, a 30-day lockout after three failed attempts is a fair gate, provided you prepare first.

Noam’s assessment, recorded after the capture, was that the flow is fairly structured but carries several stages between creating the demo and being ready to trade live, with the test threshold clearly stated, the W-8BEN handled inside the platform, and funding options broader than at some brokers tested. My advice is to read the ebook before you attempt the test, and to expect the W-8BEN even though this is a CFD account. The A$200 card deposit that followed is recorded in the funding section above, which sets out how the balance and History stood on the day.

CMC Markets trading platforms

CMC Markets trading platforms run to three, Next Generation, MetaTrader 4 and TradingView, and note that MetaTrader 5 left the Australian entity in 2022.

Next Generation platform

Next Generation is the flagship proprietary platform at CMC Markets. It runs on the web, on Windows and macOS desktop, and on iOS and Android. The platform carries seven strengths over MetaTrader, and each one makes a real difference to how you work:

• 115+ technical indicators built in
• Pattern recognition scanner that flags chart patterns automatically
• Client sentiment data showing position bias on each instrument
• 70 chart patterns and 12 chart types out of the box
• Multi-screen layout templates
• Native guaranteed stop-loss orders
• Module-based interface splitting forex, indices, commodities and equities into separate workspaces

Next Generation runs no third-party expert advisors, so your automated strategies stay on MT4 at CMC Markets.

MetaTrader 4

MetaTrader 4 runs the full CMC Markets execution stack, including the commission-based FX Active account. MetaTrader 4 survives on the AU entity, which places CMC Markets among the MT4 brokers in Australia. CMC’s Australian site says the number of instruments available on MT4 may vary (read 27 September 2026), and our funded MT4 account on 18 September 2026 showed GOLD, SILVER, COPPER and CORN in Market Watch. Check the MT4 symbol list for the market you want before funding.

TradingView

TradingView is available to Australian clients on a linked CMC Markets CFD account. TradingView integration puts CMC Markets among the TradingView brokers on this site. CMC Markets carries no cTrader in Australia, and that absence, alongside the retired MT5, holds the platform sub-score below the proprietary strength, and I think that’s a shame for cTrader users.

CMC Markets app

CMC Markets publishes its own mobile app, listed on the Australian App Store as “CMC: CFD Trading” and sold by CMC Markets UK PLC. From a phone, a client trades on the Next Generation platform and on MetaTrader 4.

“CMC: CFD Trading” serves CFD trading, and the Next Generation iOS build carries Touch ID and Face ID authentication. MetaTrader 4 runs on a phone through the platform developer’s own app, signed in with CMC Markets account details, and TradingView connects the same way to a linked CMC Markets CFD account. Compare this broker against the best trading apps in Australia before you commit.

• App Store: Australian storefront, exact figures from Apple's iTunes Search API
• Google Play: worldwide counts, not comparable with the App Store counts
• Third-party MetaTrader, cTrader and TradingView apps not listed

CMC Markets leverage and margin under ASIC rules

CMC Markets applies a maximum retail leverage of 30:1 on major forex pairs, which is the standard cap under ASIC rules, with lower tiers on minors, indices, commodities and cryptocurrency.

• * The broker's UK or EU professional figure
• Gold: CMC platform; MT4 lower
• Major indices: CMC platform; MT4 200:1
• Other commodities: CMC platform; MT4 125:1
• Share CFDs: CMC platform only
• Crypto CFDs: major coins / others; CMC platform
• Given up with professional status: negative balance protection, the retail leverage limits, the 50% margin close-out
• Source: ASIC product intervention order (retail); CMC Markets and its Australian support, read 30 September 2026 (professional)

The ASIC caps put retail CFD leverage at CMC Markets at 30:1 on major forex pairs and 20:1 on minor pairs, gold and major indices. The lower tiers run 10:1 on commodities other than gold, 5:1 on share CFDs and 2:1 on crypto assets. Those caps come from a product intervention order extended to 23 May 2027, so they apply at every ASIC broker, not just CMC Markets. The leverage tiers behind the 30:1 cap are explained in our guide to how leverage works on CFD accounts.

CMC Markets offers higher leverage to wholesale clients who pass the eligibility tests, reaching 500:1 through the CMC Pro account. The Corporations Act criteria sit under account types above, so eligibility can be checked there.

CMC Markets closes out your retail positions once account equity falls below 50 percent of the total initial margin on all open positions. ASIC requires that close-out of every licensed CFD issuer. Positions cannot be netted off against each other to reduce the figure, and a gapping market closes a position below the 50 percent level, so you could lose more than expected.

CMC Markets markets and instrument counts

What I find most impressive is the breadth: CMC Markets markets and instrument counts pass 12,000 across seven asset classes, running from forex to government bonds.

At 330 plus pairs, six of them AUD crosses, forex is the deepest single line. CMC Markets runs a commodity book past 100 markets, from gold and silver through to WTI, Brent and the agricultural softs. CMC Markets lists 39 crypto CFDs at the ASIC 2:1 retail cap, and the ETF list passes 1,000 contracts.

Indices

The brokers’ own figures put CMC’s index range at 80+ cash and forward index CFDs on its Australian index page, captured 27 September 2026, against 36+ global indices on IG Markets’ Australian index page captured the same day. The same CMC page says the number of instruments available on MT4 may vary, so check the MT4 list before you plan an index trade there.

Treasuries and rates

CMC Markets carries real depth in rates. The Australian 10 year bond, US T-Notes, German Bunds and UK Gilts all trade as CFDs. CMC Markets sits alongside the few Australian rivals listing rates products in our guide to bond and treasury CFDs.

CMC Markets share CFDs

Share CFDs at CMC Markets are CFDs issued by CMC Markets Asia Pacific Pty Ltd under AFSL 238054, so you take a leveraged price position, do not own the shares, and ASIC’s 5:1 retail cap on share CFDs applies.

CMC Markets lists more than 10,000 share CFDs across the ASX, NYSE, NASDAQ, LSE and the EU exchanges. The CMC Markets share CFD range sits against every rival in the share CFD range compared guide, so a direct comparison is available.

CMC Markets customer service, research and education

CMC Markets scores 3 out of 10 on Customer Service in our 2026 scoring, the lowest of the brokers we rate, and we have not measured a response time. The contact routes on our frames are the 1300 303 888 line printed on the deposit screen and the Live Help tab in the portal, both captured on 3 September 2026.

Noam Korbl tried to contact CMC support from the platform on 3 September 2026, about two minutes after the A$200 deposit confirmation, because the deposit was not showing in History, and his notes record the attempt and no reply. Because that is the only support contact on record, this page reports no support speed, no hours and no languages. Keep your deposit reference and the 1300 303 888 number to hand, and call the line when a deposit does not show.

CMC Markets research, tools and education

CMC Markets publishes a beginner course, an intermediate webinar series, a glossary, trading guides, a YouTube channel, Morningstar fundamental research, a Reuters news feed, CMC TV, an economic calendar and client sentiment data. We have not assessed the research or education live, so this section states only what the broker publishes.

Should you open a CMC Markets account?

CMC Markets suits multi-asset CFD traders who want more than 12,000 CFD products in one ASIC-regulated account. Scalpers chasing the lowest all-in forex cost pay less elsewhere, 1.15 pips against 0.46 at Fusion Markets Zero in our September 2026 capture, so I would not recommend it for that style.

Where you land depends on what you trade. A multi-asset CFD trader working forex, indices, commodities, share CFDs and treasuries gets the best fit here, with a Range of Markets score of 10 out of 10. An active forex scalper gets the weakest fit on cost, at 1.15 pips all-in on FX Active over eight pairs in our September 2026 capture. A beginner can start from the free demo account that registration opens first, with a minimum deposit listed as A$0, though Customer Service scores 3 out of 10.

The CMC Markets decision turns on breadth against raw forex pricing, and the broker answers the first far better than the second. On the 2026 scoring CMC Markets ranks twenty-fifth with 57 out of 100 in our best forex brokers in Australia list, held down by customer service at 3 out of 10, the trading platform at 3.5 and trading costs at 5. For a multi-asset CFD trader, the Range of Markets score of 10 out of 10 and more than 12,000 CFD products still make it worth a look, provided you accept the service score.

Open a CMC Markets demo → (affiliate link, see our advertiser disclosure)