CMC Markets Review – Commodities Trading

CMC Markets are one of the biggest players out there, and they’ve got the awards to back up their performance sine 1996. Originally a Forex outfit, the good news is that they’ve moved into commodity trading as well, a move that hasn’t been difficult, as they’ve had years of experience developing their online trading platform.

Trading in commodities is offered on the same platform as indices, and treasury CFDs, and is commission free. They are one of the few brokers who offer a wide selection of commodity CFDs including the usual Gold, Silver, and Oil, but also Coffee, Pork Bellies, and others. Once your account is live, you can start one click trading immediately, although take note; there is a 2.5% financing charge for keeping positions open overnight.

Commodity trading is only available on the standard account, so guaranteed stop losses are not available, however,the use of guaranteed stop losses are a bit of a contentious issue anyway, especially as there is a premium involved. Required Minimum Margins are between 1-3%, but as always, careful with using minimum margin, as depending on the lot size you are trading, min margin = max leverage = potential early wipe-out. In short, if you are a beginner, keep your margin high initially, leverage low, and a keen eye on your stop loss and take profit levels.

Members have access to a wealth of free trading support information including analysis and up to date trading news provided by various agencies including Reuters. Access to free webinars is available and they do run free introductory seminars in the UK. They offer a series of intermediate and advanced seminars, but beginners should wait until they have grasped the basics before dipping into their wallets to attend these.

The one drawback about CMC is that their software is not available on a demo basis (they are not the only broker lacking in this), and we do like to ‘try before we buy’. But then again, an operation of this size didn’t get where it is now by providing software that does not make the grade. If this is an issue for you, then you can always sign up for a demo somewhere else, and transfer to a live CMC account at a later date.

You can do a software ‘walk through’ on their site which is enough of a guide to let you know of the capacity of the software, and of particular note is the ease with which the user can customise the interface to meet their personal dealing needs.

Their software trading functionality in terms of the variety of order types on offer, is above average, and allows the user to step away from the screen with the help of OCO(One Cancels the Other), and If Done orders in place. Functions available on the down-loadable and online software are also available on their mobile phone trading platform.

Their promotions are not of the standard variety, they are educational, not the usual cash-match scenario. In truth, CMC probably don’t need to offer cash incentives, as they can play on their award winning reputation. A further truth is that the best incentives are not an indicator of who the best brokers are either, as in the long term, issues of support and reliability come more into play.

CMC Markets have managed to keep ahead by not resting on their laurels, and responding to user needs by evaluating and updating their services and software. Mobile trading, a string of awards, and a user friendly advanced interface are just three of the reasons to sign up to CMC – even if they don’t have a demo!

The Facts

How to open an account

Minimum Deposit

  • £200

Minimum Bet

Promotions

Deposit withdrawal

  • Major credit and debit cards
  • MasterCard, Visa, Delta, Electron, Switch, and Solo.
  • Credit cards carry a 1.8% transfer fee
  • Payments can also be made by cheque, electronic transfer, and Moneybookers (1.75% transfer fee
  • UK debit card transactions are free from charges

Trading Platform Logon

Tutorials

  • A vast selection of topics, covered by webinars, seminars, and more.

Support

  • Email, free-phone

Operating System Requirements

  • Windows for download, or use online – Marketmaker:Web
  • Mobile Trading Technology is also available

Demo Account

  • Not currently available

Sign Up at CMC Markets here