CMC Markets vs IG (2026)

CMC Markets vs IG: the verdict

IG is the stronger broker overall on the 2026 scoring, at 71 of 100 and rank 15 of 33 against CMC Markets on 57 and rank 25, a result that cuts against the usual rough-parity framing. CMC Markets wins on cost: our 5 to 9 October 2026 capture put its FX Active account at 1.19 pips all-in across eight pairs against 1.46 on IG's MT4 standard account. The cheaper broker still loses the overall call, because IG's customer service (7 against 3), platform (6 against 3.5) and trading experience (7 against 5) sub-scores all sit higher, plus one point of trust (10 against 9), while the cost sub-scores are level at 5 despite CMC's lower all-in cost on FX Active. CMC's platform line-up in Australia has also narrowed since it retired MT5 for local clients in 2022.

We set these two side by side because they are the longest-running ASIC-regulated CFD brokers in Australia, both London-listed and both trading locally since 2002. The figures below come from our 2026 capture and from the individual CMC Markets review and IG review, not from broker marketing.

Specifications compared

The licence row and the “trading locally since 2002” line are two different facts at both brokers, and the section below separates them so the entity behind your CFD account is clear.

Regulation and trust

The CMC Markets CFD business runs through CMC Markets Asia Pacific Pty Ltd on ASIC AFSL 238054, current since 24 February 2004, and the parent CMC Markets plc is listed on the London Stock Exchange. Australian IG CFD accounts sit with IG Australia Pty Ltd on AFSL 515106, while the group’s two-decade local history traces to a separate legacy entity, IG Markets Limited under AFSL 220440. So the “since 2002” claim belongs to each group’s local presence rather than to the exact entity your CFD account opens with today.

Both parents file audited accounts under listed-company disclosure rules, both segregate retail money at an Approved Australian Bank, and both belong to AFCA. On the trust sub-score IG edges ahead, which is why I would lean toward IG if safety of funds is your top concern.

Getting the entity right matters more here than at most comparisons, because the CMC Markets share-investing arm sits under yet another licence again, and the share-investing section below sets that out in full so the licence that applies to your holdings is clear.

Costs: CMC Markets wins the spread

CMC Markets is the cheaper broker on our like-for-like numbers. Our 5 to 9 October 2026 capture, run by Noam Korbl, put CMC Markets’ FX Active account at 0.61 pips across eight pairs before commission; its commission of 0.0025% of notional per side adds 0.58 pips, for 1.19 pips all-in. IG’s MT4 standard account, spread only with no commission, came in at 0.76 pips on EUR/USD and 1.46 pips across eight pairs, so 1.46 pips all-in. That is a gap of 0.27 pips on the eight-pair average. CMC Markets’ Standard account was not in that capture, and its 0.50 pip EUR/USD and 0.89 pip eight-pair figures carry no declared source, so we do not rank them against IG. In my view the 5 to 9 October window is the fairer test, because it puts both brokers under the same full trading week and the same method.

Three things pull against that spread win and explain why the cheaper broker loses overall. Trading Costs is only one of the eight weighted criteria, and both brokers hold the same cost sub-score of 5, so the gap opens on customer service, platforms and trading experience. The CMC Markets cost profile is also not uniformly low: its inactivity fee bites at A$15 a month after just 12 months dormant, against A$25 a quarter after a more lenient 24 months at IG, so a trading break costs you sooner at CMC. And while the CMC Markets currency conversion fee of around 0.6% undercuts 1.0% at IG, neither broker matches the raw-spread specialists, so a cost-first forex scalper would shortlist Pepperstone or IC Markets instead.

The cost case for CMC Markets rests on FX Active in our 5 to 9 October 2026 capture, not on the Standard account, whose figures carry no declared source. Its A$0 minimum deposit against A$100 at IG also lowers the entry bar, which is why I would point a cost-conscious beginner to CMC.

Platforms in Australia

Neither broker is a platform maximalist in Australia, which surprises traders who assume the two biggest names carry everything, and it’s the one area where both leave traders wanting more.

IG Australia offers no MT5, no cTrader and no native TradingView trading, so traders who rely on those platforms will need to look elsewhere. Its strength sits in the proprietary IG web platform, backed by ProRealTime charting, MT4 for legacy expert advisors, the L2 Dealer direct-market-access route and a documented trading API. CMC Markets retired MT5 for Australian clients in 2022 and has never offered cTrader, so its line-up is Next Generation, MT4 and TradingView, with the proprietary Next Generation platform doing the heavy lifting.

On automation and social tooling the two split cleanly. CMC Markets has no copy product of its own and supports MetaTrader-based social and copy trading through the MT4 signal communities plus the TradingView social features, whereas IG offers no copy or social trading at all. A trader committed to MT5, cTrader or native TradingView execution should look past both, and I would not choose either for that setup.

ASX share investing: CMC Invest vs IG Share Investing

This is the clearest dividing line between the two, and it is one that offshore CFD brands cannot copy. Share investing at each broker runs through a separate legal entity from the CFD business, which decides how your shares are actually held.

CMC Invest is operated by CMC Markets Stockbroking Limited under ASIC AFSL 246381, a distinct licence from the CFD entity’s AFSL 238054, and it is CHESS-sponsored: ASX-listed shares and ETFs are registered in your own name under a Holder Identification Number. Those holdings sit on the CHESS sub-register in your name, so if CMC Markets ever stopped operating the ASX shares would stay registered to your HIN rather than pooled with an administrator’s assets. International shares at CMC Invest are held custodially through BNP Paribas, so the CHESS benefit applies to the ASX portion specifically. On brokerage, CMC Invest charges A$0 on a first ASX buy under A$1,000 per security each day, which keeps small direct purchases cheap and makes it a strong entry point for anyone building a portfolio gradually.

IG Share Investing takes the custodial route instead. Australian holdings are registered under Citicorp Nominees Pty Limited, the Citi nominee company, so the client holds a beneficial interest rather than legal title in their own name.

Neither model is inherently unsafe and both sit under ASIC-regulated entities, but the distinction is real for an investor who wants direct legal ownership and portability of their ASX holdings. There CMC Invest has the stronger structure. For a CFD-only trader the point is moot; for anyone planning to buy and hold ASX shares alongside a trading account, it is the single biggest reason to weigh CMC Markets over IG. The full detail on holding equities against share and stock CFDs sits on the dedicated page, and I would read it before deciding.

Which should you choose

IG stands ahead of CMC Markets as the stronger all-round broker on our 2026 scoring, with the trust sub-score at 10 against 9. The IG Australian site, read 27 September 2026, lists 11,000+ share CFDs, 90+ currency pairs and 36 indices. Retail clients there also get Knock-Out and Barrier options. Noam Korbl’s 5 to 9 October 2026 capture put IG’s MT4 standard account at 1.46 pips on an eight-pair all-in average against 1.19 pips on CMC Markets’ FX Active. Entry differs, with IG’s minimum first deposit A$100 by card and CMC Markets A$0.

Pick CMC Markets if all-in forex cost on the FX Active account is your priority, if the Next Generation platform appeals, or if you plan to hold ASX shares in your own name through CHESS-sponsored CMC Invest, and the 24/5 support window and A$15 monthly inactivity fee after a year are acceptable, which is where I see the real value.

Most multi-asset traders land on IG on the strength of trust and range, while cost-led and share-owning Australians have a genuine case for CMC Markets, and that is the split I see.

A note on risk before you decide. Both brokers sit under the ASIC retail protections, including the 30:1 leverage cap on major currency pairs, the 2:1 cap on crypto CFDs, mandatory negative balance protection and a standardised margin close-out at 50% of initial margin. Most retail clients lose money trading CFDs, so treat leverage and the defined-risk products, meaning Knock-Outs, Barriers and guaranteed stop-loss orders that cap a loss at a set level for a premium, as ways to bound risk mechanically rather than to remove it. Read the full CMC Markets review and IG review before opening either account, and set both against the wider field in the guide to the best forex brokers in Australia, which is what I would do before committing.