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CMC Markets vs Interactive Brokers: Comparison and Analysis

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

CMC Markets and Interactive Brokers are two great brokers in Nigeria for scalping and for professional traders, however Interactive Brokers does not operate in Nigeria. That said, Interactive Brokers is the better choice if you are looking for a lower EUR/USD cost (3.33 USD per lot against 7.00 USD), for more tradable symbols (15,000 against 12,000), for micro, raw spread and Islamic accounts, for expert advisors, high-frequency trading strategies and API access, for more account base currencies (seventeen against two) and for money that moves in 1 day against 2 days. CMC Markets is better because it runs MetaTrader 4 and MetaTrader 5 next to the TradingView and proprietary platform both brokers share, opens corporate accounts and adds copy and social trading. CMC Markets holds licences from BaFin, ASIC, the CSRC, the FCA, the FMA (New Zealand), CIRO and the MAS, and Interactive Brokers from the CBI (Ireland), ASIC, the SEC, the CFTC, the FCA, CIRO, the MAS and the NFA. Both brokers ask for no minimum deposit, cover CFDs on commodities, forex, indices and stocks, allow hedging and provide a demo account.

Our verdict · Real stock investing

Interactive Brokers is better than CMC Markets for real stock investing in Nigeria by a small margin, but it does not operate in Nigeria. Interactive Brokers lets you own bonds, crypto, funds and currencies outright next to the ETFs and shares both brokers cover, and it adds options and futures trading. It also lists more tradable symbols (15,000 against 12,000), holds more account base currencies (seventeen against two), and moves money faster, in 1 day against 2 days. Interactive Brokers charges 2.10 USD on US stocks. CMC Markets, on the other hand, adds MetaTrader 4 and MetaTrader 5 to the platforms both brokers share, fills orders in 9 ms and opens corporate accounts, and it is the only one of the two to offer copy and social trading. Interactive Brokers holds licences from the CBI (Ireland), ASIC, the SEC, the CFTC, the FCA, CIRO, the MAS and the NFA, and CMC Markets from BaFin, ASIC, the CSRC, the FCA, the FMA (New Zealand), CIRO and the MAS. Both brokers ask for no minimum deposit, provide a demo account, open professional accounts and allow scalping and hedging.

Scores, winners and data below compare these brokers as CFD/FX brokers (leveraged trading on forex, indices, commodities and crypto), using the data of CMC Markets' UK entity and Interactive Brokers' UK entity. Scores, winners and data below compare these brokers as stock brokers (real shares and ETFs you own outright), using the data of CMC Markets' UK entity and Interactive Brokers' UK entity.

CMC Markets

CFDCFD CMC Markets offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX CMC Markets offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side. StocksStocks CMC Markets lets you buy real assets that you own outright. Switch the comparison to Stocks to rate it on that. Available in your country CMC Markets operates in Nigeria and accepts local clients through its UK entity.
84CFD/FXOverall score CMC Markets scores 84/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas. 78StocksOverall score CMC Markets scores 78/100 for stock investing. The overall score is calculated from the data in this comparison across 12 areas.
Open Account

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

Best overall

Interactive Brokers

CFDCFD Interactive Brokers offers CFD trading: leveraged contracts that follow the price of an asset without owning it. Switch the comparison to CFD/FX to rate it on that. FXFX Interactive Brokers offers forex trading: currency pairs such as EUR/USD, traded with leverage. Forex is rated together with CFDs, on the CFD/FX side. StocksStocks Interactive Brokers lets you buy real assets that you own outright. Switch the comparison to Stocks to rate it on that. Not available in your country Interactive Brokers is not available in Nigeria.
86CFD/FXOverall score Interactive Brokers scores 86/100 for CFD/FX trading. The overall score is calculated from the data in this comparison across 12 areas. 85StocksOverall score Interactive Brokers scores 85/100 for stock investing. The overall score is calculated from the data in this comparison across 12 areas.
Not available in Nigeria

57.9% 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 Interactive Brokers are best suited to, based on what each one actually offers in Nigeria.
1 / 12

Interactive Brokers is better than CMC Markets for day traders, professional traders and futures traders. Both are a good fit for long-term investors, high-volume traders and scalpers.

Best for
Overall score CMC Markets 84 -2 78 -7 Interactive Brokers 86 85 Best
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 Interactive Brokers.
2 / 12

CMC Markets and Interactive Brokers are both regulated by top-tier authorities, CMC Markets by BaFin, ASIC (Australia) and the FCA (United Kingdom) and Interactive Brokers by CBI Ireland, ASIC (Australia) and the SEC (United States). Interactive Brokers does not operate in Nigeria.

Regulation
Section score CMC Markets 100 100 Interactive Brokers 100 100
Tier-1 regulators
ESMA (European Union) i
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 Interactive Brokers have in place to protect your money in Nigeria.
3 / 12

Both CMC Markets and Interactive Brokers offer segregated client funds and an investor compensation scheme.

Safety
Section score CMC Markets 95 95 Interactive Brokers 95 95
Company info
Is it publicly traded i
Is it a bank i
Year founded i 1989 1978
Parent company i CMC Markets plc IBG LLC
CEO i Peter Cruddas Milan Galik
Money safety
Segregated client funds i
Two-factor authentication i
Investor compensation scheme i
Additional money insurance i
Partner bank i NatWest, Barclays, Lloyds N/A
Brand power
Number of customers worldwide i 1,000,000 3,337,000
Annual revenue i USD 324,700,000 USD 6,205,000,000
Monthly website search traffic i 10.5M monthly visits

Costs

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

Interactive Brokers is better than CMC Markets for CFD/FX costs, because Interactive Brokers is cheaper on EUR/USD, at 3.33 USD per lot (against CMC Markets' 7 USD), charges lower US stock CFD fees, at 0.01 USD (against CMC Markets' 0.02 USD), and does not charge inactivity fees, unlike CMC Markets. Neither CMC Markets nor Interactive Brokers charges account maintenance fees or deposit fees.

Interactive Brokers is better than CMC Markets for real stock costs, because Interactive Brokers does not charge inactivity fees, unlike CMC Markets. Neither CMC Markets nor Interactive Brokers charges account maintenance fees or deposit fees.

Costs
Section score CMC Markets 73 -12 44 -30 Interactive Brokers 85 Best 74 Best
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 4.65
EUR/USD average standard spread i
0.7 pips
0.1 pips
EUR/USD average raw spread i
0.1 pips
EUR/USD average fixed spread i
EUR/USD total cost per lot i USD 7 USD 3.325
S&P 500 fees (CFD) i 0.5 points
Gold fees (CFD) i 0.2 points
Bitcoin fees (CFD) i
US stocks fees (CFD) i USD 0.02 USD 0.005
Fees on stocks
Stock fee type i Commission, Percentage
US stocks fees (real) i USD 2.1
ETF fees (real) i USD 8.12
Management costs i
Connection costs i
Fees on futures
Futures fees per contract i USD 0.85
Platform fees i
Fees on options
Options fees per contract i Free USD 0.65
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 Interactive Brokers in Nigeria, and of how many instruments each one gives access to.
5 / 12

Interactive Brokers is better than CMC Markets for CFD/FX markets, given that Interactive Brokers gives access to 15,000 tradable symbols (against CMC Markets' 12,000), lets you own bonds, crypto, funds and forex outright, which CMC Markets does not, and offers futures on bonds, commodities, crypto, forex and indices, which CMC Markets does not. Both CMC Markets and Interactive Brokers offer CFDs on commodities, forex, indices and stocks, and let you own ETFs and stocks outright.

Interactive Brokers is better than CMC Markets for real stock markets, given that Interactive Brokers lets you own bonds, crypto, funds and forex outright, which CMC Markets does not, gives access to 15,000 tradable symbols (against CMC Markets' 12,000), and offers futures on bonds, commodities, crypto, forex and indices, which CMC Markets does not. Both CMC Markets and Interactive Brokers let you own ETFs and stocks outright, and offer CFDs on commodities, forex, indices and stocks.

Available markets
Section score CMC Markets 65 -35 30 -70 Interactive Brokers 100 Best 100 Best
Total tradable symbols i 12,000 15,000
Currency pairs i
Indices i
Commodities i
Stocks i
ETF i
Cryptocurrencies i
Bonds i
Interest rates i
Portfolios i
CFDs i Commodities, Forex, Indices, Stocks Commodities, Forex, Indices, Stocks
Futures i Bonds, Commodities, Crypto, Forex, Indices
Options i Bonds, Commodities, Crypto, ETF, Forex, Indices, Stocks
Assets you can own i ETF, Stocks Bonds, Crypto, ETF, Funds, Forex, Stocks

Platform

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

CMC Markets is better than Interactive Brokers for platforms, because CMC Markets offers MetaTrader 5, MetaTrader 4 and social trading, which Interactive Brokers does not. CMC Markets and Interactive Brokers both offer a proprietary platform and TradingView.

Platform
Section score CMC Markets 97 Best 97 Best Interactive Brokers 80 -17 80 -17
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 Interactive Brokers in Nigeria, and of what each one lets you do from your phone.
7 / 12

Interactive Brokers is better than CMC Markets for mobile trading, given that Interactive Brokers offers mobile charting tools and mobile drawing tools, which CMC Markets does not. CMC Markets and Interactive Brokers both offer a proprietary mobile app and mobile price alerts.

Mobile
Section score CMC Markets 73 -7 73 -7 Interactive Brokers 80 Best 80 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 Interactive Brokers allow on their platforms in Nigeria.
8 / 12

Interactive Brokers is better than CMC Markets for CFD/FX trading features, given that Interactive Brokers offers tier-1 liquidity providers and API access, which CMC Markets does not, and allows for high-frequency trading. CMC Markets and Interactive Brokers both offer negative balance protection and trailing stops.

Interactive Brokers is better than CMC Markets for real stock trading features, as Interactive Brokers offers fractional shares, tier-1 liquidity providers and API access, which CMC Markets does not. Both CMC Markets and Interactive Brokers offer trailing stops.

Trading features
Section score CMC Markets 69 -12 71 -14 Interactive Brokers 81 Best 85 Best
Trade execution
Broker type i Agency NDD
Average execution time i 9 ms
Slippage occurrence i
Requotes occurrence i 0.08%
Tier-1 liquidity providers i
PFOF i
Leverage
Major FX pairs leverage i 30:1 30:1
Minor/Exotic FX pairs leverage i 20:1 20:1
Major indices leverage i 20:1 20:1
Minor indices leverage i 10:1 10:1
Gold leverage i 20:1 20:1
Commodities leverage i 10:1 10:1
Equities leverage i 5:1 5:1
Cryptocurrency leverage i
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 1
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 Interactive Brokers in Nigeria, and of who each one is meant for.
9 / 12

Interactive Brokers is better than CMC Markets for CFD/FX account types, given that Interactive Brokers offers an Islamic account, a micro account and a swap-free account, which CMC Markets does not. CMC Markets and Interactive Brokers both offer a demo account and a professional traders account.

Interactive Brokers is better than CMC Markets for real stock account types, since Interactive Brokers offers a stock investing account and a retirement account, which CMC Markets does not. CMC Markets and Interactive Brokers both offer a demo account and a standard account.

Account types
Section score CMC Markets 48 -6 45 -8 Interactive Brokers 54 Best 53 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 Interactive Brokers in Nigeria.
10 / 12

CMC Markets and Interactive Brokers are equally good for account opening, since CMC Markets offers debit cards. On the other hand, Interactive Brokers offers 17 account base currencies (against CMC Markets' 2), and credits deposits faster, within 1 day (against CMC Markets' 2 days). Neither CMC Markets nor Interactive Brokers requires a minimum deposit. Interactive Brokers does not operate in Nigeria.

Account opening
Section score CMC Markets 65 65 Interactive Brokers 65 65
Minimum deposit i USD 0 USD 0
Minimum withdrawal i USD 0 USD 0
Wire transfers i
Credit cards i
Debit cards i
eWallets i
Local payment methods i
Account base currencies i EUR, USD AUD, CAD, CHF, CNY, CZK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, RUB, SEK, SGD, USD
Deposit waiting time i up to 2 business days up to 1 business days
Withdrawal waiting time i up to 2 business days up to 1 business days
Bonus program i

Customer care

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

CMC Markets is better than Interactive Brokers for customer care, given that CMC Markets offers customer support in 9 languages (against Interactive Brokers' 8), has a website in 9 languages (against Interactive Brokers' 8), and offers a dedicated account manager, which Interactive Brokers does not. Both CMC Markets and Interactive Brokers offer phone support and live chat.

Customer care
Section score CMC Markets 73 Best 73 Best Interactive Brokers 58 -15 58 -15
Number of languages supported i 9 8
Website languages i German, English, French, Italian, Norwegian, Polish, Spanish, Swedish, Chinese German, English, French, Italian, Japanese, Russian, Spanish, Chinese
Website available in English i
Customer support languages i German, English, French, Italian, Norwegian, Polish, Spanish, Swedish, Chinese German, English, French, Italian, Japanese, Russian, Spanish, 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 Interactive Brokers provide to their clients in Nigeria.
12 / 12

CMC Markets is better than Interactive Brokers for learning, because CMC Markets offers daily market commentary, which Interactive Brokers does not. CMC Markets and Interactive Brokers both offer education for advanced traders and webinars.

Learning
Section score CMC Markets 100 Best 100 Best Interactive Brokers 92 -8 92 -8
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.
Interactive Brokers
Not available in Nigeria 57.9% of retail investor accounts lose money when trading CFDs with this provider.
Our verdict

CMC Markets vs Interactive Brokers: which one should you choose?

CMC Markets

CFD/FX Choose CMC Markets, regulated by the FCA and ASIC, if you want a CFD and forex broker with the MetaTrader platforms, copy and social trading, and corporate accounts.

Stocks Choose CMC Markets, regulated by the FCA and ASIC, if you want a stock brokerage service for copy and social trading, with the MetaTrader platforms and fast execution.

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

CFD/FX Choose Interactive Brokers, regulated by the SEC and the FCA, if you want an online CFD broker with low trading costs, a wide choice of markets and room for automated strategies and live in a country where it accepts clients.

Stocks Choose Interactive Brokers, regulated by the SEC and the FCA, if you want a share dealing service for options and futures trading, with a wide choice of markets and several account base currencies and live in a country where it accepts clients.

Not available in Nigeria 57.9% of retail investor accounts lose money when trading CFDs with this provider.

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