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CMC Markets vs Forex.com: Comparison and Analysis

Written by Filippo Ucchino Fact-Checked by Luca Puddu Publication Date Last Updated
Our verdict · CFD trading

CMC Markets and Forex.com are two great brokers in Nigeria for scalping, for crypto trading and for professional traders. That said, CMC Markets is the better choice if you are looking for a lower EUR/USD cost (7.00 USD per lot against 12.50 USD), more tradable symbols (12,000 against 150), and a lower minimum deposit (none against 100.00 USD). CMC Markets also runs MetaTrader 5 and TradingView next to the MetaTrader 4 and proprietary platform both brokers share, opens corporate accounts, and offers copy and social trading. Forex.com, on the other hand, is better because it has faster execution (3 ms against 9 ms) and more account base currencies (three against two). It allows expert advisors, high-frequency trading strategies, VPS hosting and API access, and opens raw spread, fixed-spread and Islamic accounts. CMC Markets holds licences from BaFin, ASIC, the CSRC, the FCA, the FMA (New Zealand), CIRO and the MAS, and Forex.com from CySEC, the SFC, the CFTC, CIMA, the FCA, the FSA (Seychelles), CIRO, the NFA and the JFSA. Both brokers cover CFDs on commodities, crypto, forex, indices and stocks, allow hedging, provide a demo account and move money in 2 days for deposits and for withdrawals.

CMC Markets

CFDCFD This broker offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD to rate it on that. Available in your country CMC Markets accepts clients from the country this site is for.
84CFDOverall score InvestinGoal score from 0 to 100, calculated from the data in this comparison across 12 areas (regulation, safety, costs, platforms and more). CFD and stock trading are scored separately: the number follows the side selected above.
Open Account

78% of retail investor accounts lose money when trading CFDs with this provider.

Forex.com

CFDCFD This broker offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD to rate it on that. Available in your country Forex.com accepts clients from the country this site is for.
81CFDOverall score InvestinGoal score from 0 to 100, calculated from the data in this comparison across 12 areas (regulation, safety, costs, platforms and more). CFD and stock trading are scored separately: the number follows the side selected above.
Open Account

75% of retail investor accounts lose money when trading CFDs with this provider.

Best for

What we compare A comparison of the kinds of traders CMC Markets and Forex.com are best suited to, based on what each one actually offers in Nigeria.
1 / 12

Forex.com is better than CMC Markets for professional traders and crypto traders. High-volume traders, scalpers and swing traders can choose either Forex.com or CMC Markets.

Best for
Overall score CMC Markets 84 Forex.com 81 -3
Day trading i
Long-term investing i
Professional traders i
High-volume traders i
Scalpers i
Swing traders i
News traders i
Algo traders i
Stock traders i
Crypto traders i
Futures traders i
Options traders i

Regulation

What we compare A comparison between the financial authorities that supervise CMC Markets and the ones that supervise Forex.com.
2 / 12

CMC Markets and Forex.com are both regulated by top-tier authorities, CMC Markets by BaFin, ASIC (Australia) and the FCA (United Kingdom) and Forex.com by CySEC, the SFC (Hong Kong) and the CFTC (United States).

Regulation
Section score CMC Markets 100 Forex.com 100
Tier-1 regulators
ESMA (European Union) i BaFin (Germany)
FCA (United Kingdom) i
ASIC (Australia) i
CFTC (United States) i
NFA (United States) i
SEC (United States) i
CIRO (Canada) i
MAS (Singapore) i
SFC (Hong Kong) i
JFSA (Japan) i
FINMA (Switzerland) i
Tier-2 regulators
FMA (New Zealand) i
CBR (Russia) i
FSCA (South Africa) i
DFSA (Dubai) i
CSRC (China) i
ISA (Israel) i
LFSA (Malaysia) i
JSC (Jordan) i
CMA (Kenya) i
Tier-3 regulators
FSA (Seychelles) i
MMA (Maldives) i
SCB (Bahamas) i
FSC (Mauritius) i
VFSC (Vanuatu) i
FSC (Belize) i
CIMA (Cayman Islands) i
SV FSA (Saint Vincent and the Grenadines) i
FSRC (St. Kitts & Nevis) i
BMA (Bermuda) i
BVI FSC (British Virgin Islands) i
EDR (External Dispute Resolution) i

Safety

What we compare A comparison of the tools and services that CMC Markets and Forex.com have in place to protect your money in Nigeria.
3 / 12

CMC Markets and Forex.com both offer segregated client funds and two-factor authentication. CMC Markets also offers an investor compensation scheme and additional money insurance.

Safety
Section score CMC Markets 95 Best Forex.com 73 -22
Company info
Is it publicly traded i
Is it a bank i
Year founded i 1989 1999
Parent company i CMC Markets plc StoneX Group (via GAIN Capital)
CEO i Peter Cruddas Glenn Stevens
Money safety
Segregated client funds i
Two-factor authentication i
Investor compensation scheme i
Additional money insurance i
Partner bank i N/A
Brand power
Number of customers worldwide i 1,000,000 400,000
Annual revenue i USD 324,700,000 USD 169,500,000
Monthly website search traffic i 10.5M monthly visits 1.9M monthly visits

Costs

What we compare A comparison of what it costs to trade with CMC Markets and with Forex.com in Nigeria, both on each trade and on holding the account.
4 / 12

CMC Markets is better than Forex.com for costs, because CMC Markets is cheaper on EUR/USD, at 7 USD per lot (against Forex.com's 12.5 USD), has tighter S&P 500 CFD spreads, at 0.5 points (against Forex.com's 0.6 points), and has tighter gold CFD spreads, at 0.2 points (against Forex.com's 0.45 points). Neither CMC Markets nor Forex.com charges account maintenance fees or deposit fees.

Costs
Section score CMC Markets 73 Best Forex.com 43 -30
Broker fees
Deposit fees i
Withdrawal fees i
Overnight fees i
Inactivity fees i
Currency conversion fees i
Discounts on volume i
Real time market data fee i
Dividend withholding i
Account opening fees i
Account maintenance fee i
Portfolio management fee i
Fees on CFDs
Forex commission per lot i USD 5 USD 10
EUR/USD average standard spread i
0.7 pips
1.3 pips
EUR/USD average raw spread i
0.2 pips
EUR/USD average fixed spread i
EUR/USD total cost per lot i USD 7 USD 12.5
S&P 500 fees (CFD) i 0.5 points 0.6 points
Gold fees (CFD) i 0.2 points 0.45 points
Bitcoin fees (CFD) i USD 15
US stocks fees (CFD) i USD 0.02 USD 0.018
Fees on stocks
Stock fee type i Commission, Percentage
US stocks fees (real) i
ETF fees (real) i
Management costs i
Connection costs i
Fees on futures
Futures fees per contract i
Platform fees i
Fees on options
Options fees per contract i Free
Event fees i
Fees on savings plans
IRA opening fee i
IRA maintenance fee i
401k opening fee i
401k maintenance fee i

Available markets

What we compare A comparison of the markets and products you can trade with CMC Markets and with Forex.com in Nigeria, and of how many instruments each one gives access to.
5 / 12

Forex.com is better than CMC Markets for available markets. Both CMC Markets and Forex.com offer CFDs on commodities, crypto, forex, indices and stocks.

Available markets
Section score CMC Markets 75 -10 Forex.com 85 Best
Total tradable symbols i 12,000 150
Currency pairs i
Indices i
Commodities i
Stocks i
ETF i
Cryptocurrencies i
Bonds i
Interest rates i
Portfolios i
CFDs i Commodities, Crypto, Forex, Indices, Stocks Commodities, Crypto, Forex, Indices, Stocks
Futures i
Options i
Assets you can own i

Platform

What we compare A comparison of the trading platforms that CMC Markets and Forex.com make available to their clients in Nigeria.
6 / 12

CMC Markets is better than Forex.com for platforms, since CMC Markets offers MetaTrader 5, social trading and copy trading, which Forex.com does not. Both CMC Markets and Forex.com offer a proprietary platform and MetaTrader 4.

Platform
Section score CMC Markets 97 Best Forex.com 88 -9
Proprietary platform i
MetaTrader 4 i
MetaTrader 5 i
cTrader i
Social trading platform i
Copy trading platform i
ZuluTrade i
TradingView i
Duplitrade i
Mirror Trader i
NinjaTrader i
AutoChartist i
Real time pricing i
5 digit pricing i
One-click trading i

Mobile

What we compare A comparison of the mobile apps of CMC Markets and Forex.com in Nigeria, and of what each one lets you do from your phone.
7 / 12

Forex.com is better than CMC Markets for mobile trading, because Forex.com offers mobile trading signals, mobile charting tools and mobile drawing tools, which CMC Markets does not. Both CMC Markets and Forex.com offer a proprietary mobile app and the MetaTrader 4 app.

Mobile
Section score CMC Markets 73 -20 Forex.com 93 Best
Proprietary app i
Social trading app i
Copy trading app i
MetaTrader 4 app i
MetaTrader 5 app i
cTrader app i
Mobile trading signals i
Mobile alerts i
Mobile charting tools i
Mobile drawing tools i
Mobile watchlist i
Smartwatch app i

Trading features

What we compare A comparison of the trading tools and strategies that CMC Markets and Forex.com allow on their platforms in Nigeria.
8 / 12

Forex.com is better than CMC Markets for trading features, because Forex.com executes orders faster, within 3 ms (against CMC Markets' 9 ms), and offers negative balance protection and tier-1 liquidity providers, which CMC Markets does not. Both CMC Markets and Forex.com offer trailing stops.

Trading features
Section score CMC Markets 59 -28 Forex.com 87 Best
Trade execution
Broker type i Agency Agency
Average execution time i 9 ms 3 ms
Slippage occurrence i
Requotes occurrence i 0.08%
Tier-1 liquidity providers i
PFOF i
Leverage
Major FX pairs leverage i 30:1 200:1
Minor/Exotic FX pairs leverage i 20:1 200:1
Major indices leverage i 10:1 400:1
Minor indices leverage i 10:1 100:1
Gold leverage i 20:1 200:1
Commodities leverage i 10:1 100:1
Equities leverage i 3:1 20:1
Cryptocurrency leverage i 2:1 100:1
Risk management
Stop losses i
Take profits i
Limit orders i
Trailing stop i
Margin call i
OCO orders i
Guaranteed stop loss i
Negative balance protection i
Minimum trade size (FX) i 0.01 lots 0.01 lots
Minimum trade size (stocks) i USD 0 USD 0
Fractional stocks i
Trading compliance
Scalping strategies allowed i
Hedging strategies allowed i
Automated trading strategy allowed i
EAs use allowed i
HFT strategy allowed i
VPS use allowed i
API use allowed i
Price scraping allowed i
FIFO rule applies i

Account types

What we compare A comparison of the kinds of account you can open at CMC Markets and at Forex.com in Nigeria, and of who each one is meant for.
9 / 12

Forex.com is better than CMC Markets for account types, since Forex.com offers an Islamic account, a swap-free account and a raw spread account, which CMC Markets does not. CMC Markets and Forex.com both offer a demo account and a professional traders account.

Account types
Section score CMC Markets 48 -4 Forex.com 52 Best
Demo account i
Unlimited demo account i
Standard account i
Micro account i
Cent account i
Nano account i
Raw spread account i
ECN account i
Swap-free account i
Islamic account i
Professional traders account i
Fixed spread account i
Spread betting account i
Copy trading account i
Corporate account i
Managed account i
Stock investing account i
Margin investing account i
Savings account i
Retirement account i

Account opening

What we compare A comparison of what it takes to open and fund an account with CMC Markets and with Forex.com in Nigeria.
10 / 12

Forex.com is better than CMC Markets for account opening, given that Forex.com offers 3 account base currencies (against CMC Markets' 2), supports e-wallets, which CMC Markets does not, and offers a bonus program, which CMC Markets does not. That said, CMC Markets asks for no minimum deposit at all (against Forex.com's 100 USD).

Account opening
Section score CMC Markets 65 -12 Forex.com 77 Best
Minimum deposit i USD 0 USD 100
Minimum withdrawal i USD 0 USD 0
Wire transfers i
Credit cards i
Debit cards i
eWallets i Neteller, Skrill
Local payment methods i
Account base currencies i EUR, USD EUR, GBP, USD
Deposit waiting time i up to 2 business days up to 2 business days
Withdrawal waiting time i up to 2 business days up to 2 business days
Bonus program i

Customer care

What we compare A comparison of the customer support of CMC Markets and Forex.com in Nigeria, in how it can be reached and how fast it answers.
11 / 12

CMC Markets is better than Forex.com for customer care, because CMC Markets offers customer support in 9 languages (against Forex.com's 2), and has a website in 9 languages (against Forex.com's 7). CMC Markets and Forex.com both offer a dedicated account manager and phone support.

Customer care
Section score CMC Markets 73 Best Forex.com 66 -7
Number of languages supported i 9 7
Website languages i German, English, French, Italian, Norwegian, Polish, Spanish, Swedish, Chinese Arabic, German, English, Japanese, Polish, Spanish, Chinese
Website available in English i
Customer support languages i German, English, French, Italian, Norwegian, Polish, Spanish, Swedish, Chinese English, Chinese
Customer support in English i
Call back request i
Email support i
Phone support i
Live chat i
Priority customer support i
Dedicated account manager i
Cash sweep i
Stock lending i
Distributes proceeds i
Tax withholding agent i
Tax assistance i

Learning

What we compare A comparison of the educational material that CMC Markets and Forex.com provide to their clients in Nigeria.
12 / 12

CMC Markets is better than Forex.com for learning, since CMC Markets offers an economic calendar, which Forex.com does not. CMC Markets and Forex.com both offer education for advanced traders and webinars.

Learning
Section score CMC Markets 100 Best Forex.com 95 -5
Education
Education center i
Education for beginners i
Education for advanced traders i
Webinars i
Tutorials i
Glossary i
Research
Economic calendar i
Traders' sentiment i
Daily market commentary i
Daily trading ideas i
News via social media i
Professional reports i
Watchlist i
CMC Markets
Open Account 78% of retail investor accounts lose money when trading CFDs with this provider.
Forex.com
Open Account 75% of retail investor accounts lose money when trading CFDs with this provider.
Our verdict

CMC Markets vs Forex.com: which one should you choose?

CMC Markets

CFD Choose CMC Markets, regulated by the FCA and ASIC, if you want a CFD and forex broker with low trading costs, a wide choice of markets and no minimum deposit.

Open Account 78% of retail investor accounts lose money when trading CFDs with this provider.
Forex.com

CFD Choose Forex.com, regulated by the FCA and the NFA, if you want an online CFD broker with fast execution, room for automated strategies and raw spread accounts.

Open Account 75% of retail investor accounts lose money when trading CFDs with this provider.

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