CMC Markets vs IG (2026)

CMC Markets vs IG: the verdict

IG is the stronger broker overall in our 2026 testing, scoring 77 of 100 (rank 13 of 29) against CMC Markets on 68 (rank 20), a result that cuts against the usual "rough parity, cost tilts to CMC" framing you tend to see in search. Where CMC does win is cost: our May to June 2026 spread testing put its Standard EUR/USD at 0.50 pips, second of the 21 brokers we track, while IG measured 1.13 pips despite advertising near 0.60. So the cheaper broker on spread still loses the overall call, because IG carries a higher trust score (10 of 10 versus 9), a broader market range (17,000-plus markets versus 12,000-plus) and no inactivity fee as sharp as CMC's, while CMC's platform line-up in Australia has narrowed. Read on for where each broker earns its place.

This is a like-for-like comparison of the two longest-running ASIC-regulated CFD brokers in Australia, both listed in London and both trading locally since 2002. The numbers below come from our own 2026 testing and the individual CMC Markets review and IG review, rather than from broker marketing.

Specifications compared

Regulation and trust

CMC’s CFD business runs through CMC Markets Asia Pacific Pty Ltd on ASIC AFSL 238054, held continuously since 2002, and the parent CMC Markets plc is listed on the London Stock Exchange (LSE:CMCX). IG’s Australian 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 (AFSL 220440), so the “since 2002” claim belongs to the group rather than to the exact entity you open a CFD account 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 our trust sub-score IG edges ahead at 10 of 10 to CMC’s 9, reflecting the wider tier-1 regulator stack and the deeper corporate record behind the reviewed entity. Getting the entity right matters here, because CMC’s share-investing arm sits under yet another licence, which the share-investing section below sets out in full.

Costs: CMC wins the spread

CMC is the cheaper broker on spread, and it is not close. On the no-commission Standard account, our 2026 testing measured CMC’s EUR/USD at 0.50 pips, one of the tightest figures in the market and second of the 21 brokers in our lowest spread rankings. IG measured 1.13 pips on the same pair over May to June 2026, near the bottom of the field, even though its advertised “from” figure sits around 0.60. Across the eight-pair standard basket the gap holds: CMC averaged 0.89 pips to IG’s 1.62.

So why does the cheaper broker lose overall? Three things pull against the spread win. First, cost is only one scoring axis, and IG’s stronger trust (10 versus 9) plus its far broader range (17,000-plus markets to CMC’s 12,000-plus) outweigh it. Second, CMC’s own costs are not uniformly low: its inactivity fee bites at A$15 a month after just 12 months dormant, against IG’s A$25 a quarter after a more lenient 24 months. Third, while CMC’s currency conversion fee of around 0.30% undercuts IG’s 0.50%, neither broker matches the raw-spread specialists such as Pepperstone or IC Markets, so a cost-first forex scalper would usually shortlist those instead. For a casual or multi-asset trader who values the Standard-account spread, though, CMC is genuinely the cheaper entry, and the A$0 minimum deposit against IG’s A$450 lowers the bar further.

Platforms in Australia

Neither broker is a platform maximalist in Australia, which surprises traders who assume the two biggest names carry everything. IG Australia offers no MT5, no cTrader and no native TradingView trading; 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 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 and widely rated the best discretionary CFD platform in the local market. On automation and social tooling the two split cleanly: CMC has no copy product of its own but supports MetaTrader-based (MQL) social and copy trading through MT4 signal communities plus TradingView’s social features, whereas IG offers no copy or social trading at all. Anyone committed to MT5, cTrader or native TradingView execution should look past both, toward Pepperstone or IC Markets.

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 matters for 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 (HIN). Practically, that means your holdings sit on the CHESS sub-register in your name, so if CMC ever stopped operating your 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 your first ASX buy under A$1,000 per security each day, which keeps small direct purchases cheap.

IG Share Investing takes the custodial route instead: Australian holdings are registered under Citicorp Nominees Pty Limited, Citi’s nominee company, so you hold a beneficial interest rather than legal title in your own name. Neither model is inherently unsafe, and both sit under ASIC-regulated entities, but the distinction is real for investors who want direct legal ownership and portability of their ASX holdings, and there CMC Invest has the stronger structure. For CFD-only traders 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 over IG. Full detail on holding shares as equities versus share and stock CFDs sits on our dedicated page.

Which should you choose

Choose IG if you want the stronger all-round broker: the higher trust score, the widest market range available to Australian retail (17,000-plus, including 13,000-plus share CFDs), 24/7 support and defined-risk Knock-Outs and Barriers, accepting a wider measured forex spread and a A$450 minimum in return. Pick CMC Markets if the Standard-account spread is your priority, if you want the Next Generation platform, or if you plan to hold ASX shares in your own name through CHESS-sponsored CMC Invest, and you are comfortable with the 24/5 support window and the A$15 monthly inactivity fee after a year. Most multi-asset traders will land on IG on the strength of trust and range, while cost-led and share-owning Australians have a genuine case for CMC.

A note on risk before you decide: both brokers sit under ASIC’s 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. Most retail clients lose money trading CFDs, so treat leverage and the defined-risk products (Knock-Outs, Barriers and guaranteed stop-loss orders, which cap a loss at a set level for a premium) as ways to bound risk mechanically, not to remove it. Read the full CMC Markets review and IG review before opening either account, and set both against the wider field in our guide to the best forex brokers in Australia.