CMC Markets Review UK 2026: Next Generation, MT4

CMC Markets scores 82/100 in our testing. This review is based on a live UK account, opened at the broker's FCA-authorised entity, funded in GBP and traded. The EUR/USD, GBP/USD and EUR/GBP spread figures shown are modal values recorded on that account across three trading days in July 2026.

CMC Markets pairs a deep proprietary platform with one of the widest CFD ranges in the UK set, backed by an LSE-listed parent. CMC Markets UK plc is FCA-authorised (FRN 173730), suiting traders who want charting depth and breadth over a raw-account commission. FX Active tested at 0.65 pips on EUR/USD.

I would point charting-led traders who value deep research and wide market range straight to CMC. If you are a cost-led scalper, a raw-account broker suits you better. An absolute beginner will find Next Generation a steep learning curve.

CMC Markets quick facts

CMC Markets UK plc is the FCA-authorised entity. The table below collects the figures you will want to check first.

Trading costs and fees

I rate CMC’s pricing as competitive on majors, but it is built around platform and range, not a rock-bottom commission. The spreads below are the modal values David Levy captured on a live UK account across three trading days in July 2026, not a broker’s “from” figure. How we arrive at these numbers and what the evidence tier means is set out separately. For you, that means strong value for breadth and tooling, not the lowest raw spread.

CFD account costs

The Standard CFD account folds the whole cost into the spread with no commission. EUR/USD tested at 1.3 pips and GBP/USD at 0.98, so one standard lot of EUR/USD costs you near £9.56, all of it spread. I would note the shape: CMC’s GBP/USD is tighter than its EUR/USD here, which is unusual in this set and works in a cable trader’s favour.

FX Active pricing

FX Active is the commission tier. In David Levy’s live capture, EUR/USD tested at 0.65 pips and GBP/USD at 0.9. The commission is US$2.50 per side on every US$100,000 of traded notional, not per lot. I want to flag that distinction, because it matters. One standard lot of EUR/USD is EUR 100,000, so what you actually pay tracks the EUR/USD rate and equals US$2.50 only when a lot happens to be worth US$100,000. This review published a flat £1.87 per side and an £8.56 all-in until 1 August 2026, both of which treated a notional charge as a per-lot one, and our comparison tables no longer cost-rank CMC for the same reason. On the spread alone FX Active is cheaper than the Standard account and well behind the raw specialists, because CMC’s raw spread is wider than theirs, not because the commission is high.

One honest caveat on that £1.87: it is converted from CMC’s published US dollar rate and is indicative. CMC has not published a GBP FX Active commission. The sterling figure moves with the exchange rate, so you should recompute it at the live rate before relying on the all-in number.

Spread betting costs

UK clients can open a spread-bet account alongside the CFD account. I would note that pricing mirrors the CFD offer on major markets rather than carrying its own schedule. HMRC does not normally treat placing a spread bet as trading, so those profits are not taxed and losses attract no relief, and no stamp duty applies, though tax treatment depends on your individual circumstances and can change. This review scores the CFD account.

Other fees UK traders should check

CMC charges no deposit fee, and withdrawals to a card or a UK bank account are free, though international bank transfers can carry a charge (broker site, accessed 10 July 2026). Guaranteed stop-loss orders cost a premium, charged when the stop is triggered, which is worth understanding before you rely on one. The FX Active commission is per side, so a round turn is about £3.74, and being dollar-denominated it is indicative rather than fixed in pounds.

Trading platforms

The UK platform list is Next Generation, the mobile app, MT4 and TradingView; there is no MT5 or cTrader (broker site, accessed 10 August 2026). CMC states on its own UK page that you can open, manage and close trades from inside TradingView, excluding non-leveraged and spread-bet accounts in the UK, Ireland and Australia (CMC TradingView, checked 29 August 2026).

Next Generation

In my view, Next Generation is the standout and the reason to choose CMC. It packs deep charting, a wide order-type set, a pattern-recognition scanner and integrated research into one platform. For a charting-led trader, it is the best proprietary platform in this set. It is also the learning curve a beginner trades against.

MetaTrader 4

MT4 runs alongside Next Generation for traders bringing an expert advisor, though it carries none of the proprietary tooling. If you need an EA, see our guide to MT4 brokers for the alternatives.

Mobile apps

CMC’s mobile app carries the core of Next Generation in a lighter form. For trading on the go, it is covered on the trading apps page.

Is CMC Markets safe? FCA FRN 173730

CMC Markets UK plc is FCA-authorised with an LSE-listed parent behind it.

FCA regulation

CMC Markets UK plc holds FCA authorisation under FRN 173730 (FCA register record, checked 16 July 2026), and its parent is listed on the London Stock Exchange, a UK-portable trust signal. On execution model, CMC executes as a market maker, pricing in-house for the Next Generation platform rather than routing to a third-party venue. Guaranteed stop-loss orders are available for a premium, which caps slippage on a protected position. We publish no single headline latency figure, because execution speed varies by instrument and market conditions.

Client money, FSCS and negative balance protection

CMC Markets UK plc sits under an LSE-listed parent, so its capital position is a matter of public record. I value that transparency. Client money is held in segregated accounts under the FCA’s CASS rules, separate from the firm’s own funds. Negative balance protection applies to retail accounts, so a position cannot leave you owing more than your balance. If the firm failed, FSCS cover runs up to £85,000 per eligible person, covering shortfalls in client money and assets, not trading losses. A complaint you cannot settle goes to the Financial Ombudsman Service, whose limits are covered in what FCA regulation means.

History and ownership

CMC Markets was founded by Peter Cruddas in London in 1989, and its parent, CMC Markets plc, listed on the London Stock Exchange in 2016. The listed parent publishes audited annual accounts, which adds a layer of public financial disclosure that a privately held broker does not carry. I see that as a governance positive.

Public reviews

Trustpilot rates CMC Markets 4.2 out of 5 from 3,328 reviews (Trustpilot profile, captured August 2026). That sits mid-table among the FCA-regulated brokers we cover, where the range runs from 2.0 to 4.6. Praise tends to cluster on the depth of the Next Generation platform and its charting, while the most common criticism is the learning curve that comes with that depth, which matches our own reading of who the broker suits. Read the score as a brand-level signal rather than a UK verdict, since Trustpilot profiles cover the whole brand across every market. Scores also move, so treat the figure as a August 2026 snapshot.

TradingView users rate CMC Markets 4.3 out of 5 from 1,157 ratings (TradingView profile, captured August 2026), on 10.3K connected accounts. Both numbers are modest for a broker of CMC’s size, which fits a firm whose own platform is strong enough that fewer clients go looking for a third-party chart.

Account types and minimum deposit

A single CFD account covers most needs, with a spread-bet account alongside it.

Account options for UK clients

The CFD account is the core offer, with FX Active as its commission tier and a spread-bet account available to UK clients. Both price alike on major markets and differ on tax treatment rather than model. I would start with the CFD account unless you specifically want spread betting. Tax treatment depends on your individual circumstances and can change.

Minimum deposit

The minimum deposit at CMC Markets is £0 (broker site, accessed 10 July 2026), so there is nothing to fund before you can look around Next Generation.

Funding and withdrawals

CMC funds free by card, online banking and bank transfer. I would note a couple of restrictions worth knowing.

Deposit methods (UK clients)

You fund a UK account by card, online banking or bank transfer, with no fee on deposits (broker site, accessed 10 July 2026). Third-party payments are rejected, so funds must come from an account in your own name, and American Express is not accepted.

Withdrawals

Withdrawals to a card or a UK bank account are free. International bank transfers can carry a charge, so factor that in.

• Card withdrawals: up to five working days, depending on the issuer
• UK bank transfers: one to two working days

Account opening

You open an account online, with identity and address verification under the FCA’s client-onboarding rules. With no minimum, there is nothing to fund up front.

Product range

Market range is a defining feature and one of the two widest in this set. Our CFD trading pages break down each asset class for you.

I would flag that any crypto product CMC markets elsewhere is unavailable to UK retail. The FCA banned the sale of crypto derivatives to UK retail consumers from 6 January 2021. The markets table above states that in the crypto row, and no crypto tier appears in the leverage list because the FCA caps do not include one.

Index CFDs

CMC quotes the main global benchmarks at 20:1 retail leverage on the majors. If you trade indices, Next Generation’s charting is the reason to do it here. Our guide to the index CFD field shows how those sit against the wider FCA set.

Share CFDs

Share CFDs run at 5:1 retail leverage across a wide list. CMC deals share CFDs on the trading account and real shares through CMC Invest, operated by CMC Markets Investments Limited (FCA FRN 948126). CMC Invest carries commission-free UK and US share dealing plus ETFs and mutual funds, across a General Investment Account, a flexible Stocks and Shares ISA and a SIPP. Plans are Core at £0, Plus at £6.99 a month and Premium at £10.99, with FX conversion fees of 0.99%, 0.50% and 0.39% respectively. Commission-free US dealing still carries that FX fee (CMC Invest, checked 29 July 2026).

Spread betting markets

The spread-bet account covers the same market list as the CFD account, so breadth is not the reason to choose between them. Tax treatment is. I would base the decision on your tax position.

Leverage for UK traders

Retail leverage at CMC follows the FCA’s standardised caps rather than anything the broker sets. These limits apply to every FCA firm, so you get the same caps wherever you go. How the caps affect margin sets out the arithmetic.

Unusually for this set, CMC’s bond and treasury CFD list means the 30:1 government bond row is a product it actually offers rather than a theoretical ceiling. See our treasury and bond CFD brokers page for the full list.

Customer service

You can reach CMC support by phone, live chat and email on weekdays, run from a UK-based client-service desk.

The help centre documents the Next Generation platform in depth. I would recommend it given the platform’s learning curve for a first-time user.

Research and education

Research is a genuine reason to pick CMC over a bare-bones raw-account broker:

• In-platform news and a client-sentiment tool inside Next Generation
• Morning market briefings and analysis from CMC’s market analysts
• A pattern-recognition scanner with a wide range of chart types and technical indicators
• A structured learn hub covering CFDs and spread betting

How CMC Markets compares to alternatives

The all our UK broker reviews ranks all 28 brokers we cover. If you are building a shortlist, these are the closest calls for a CMC alternative.

IG is the only genuine peer on breadth and carries a longer UK regulatory record, while Pepperstone answers the cost question with a raw account that prices tighter than CMC FX Active. If Next Generation looks like too much platform, Plus500 is the simpler first account. The full FCA field, ranked, puts CMC in context.

Should you open an account with CMC Markets?

Yes. I recommend CMC for charting-led traders who want Next Generation’s depth, a very wide market range, and an LSE-listed parent behind the account. CMC Markets UK plc is FCA-authorised under FRN 173730, founded in London in 1989, with a £0 minimum and free UK funding. Charting-led traders who want breadth get one of the two best UK choices here.

Not for absolute beginners or for customers of the raw-cost leaders. I would not send a beginner here: the platform has a real learning curve, and FX Active tested at 0.65 pips sits wider than the tightest raw accounts even before their commission narrows the gap.

A demo costs nothing to open. I would start there, and practising before you fund explains how to make it count.

Open a CMC Markets demo account (affiliate link, see our advertiser disclosure).