CMC Markets Review UK 2026: Next Generation, MT4

Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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.

Traders who value charting depth, research and market range get the most from CMC. A cost-led scalper is better served by a raw-account broker, and an absolute beginner will find Next Generation a lot of platform to learn.

CMC Markets quick facts

CMC Markets UK plc is the FCA-authorised entity, and the table below collects the figures a UK trader checks first.

Trading costs and fees

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

CFD account costs

The Standard CFD account folds the whole cost into the spread and charges no commission. EUR/USD tested at 1.3 pips and GBP/USD at 0.98, which puts one standard lot of EUR/USD near £10.21, all of it spread. 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. EUR/USD tested at 0.65 pips and GBP/USD at 0.9, with commission of about £1.87 per lot, per side, which puts one standard lot of EUR/USD near £8.84 all in. That is cheaper than the Standard account but well behind the raw specialists, because CMC’s raw spread is wider than theirs rather than 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, because CMC has not published a GBP FX Active commission. The sterling figure moves with the exchange rate, so 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. Pricing mirrors the CFD offer on major markets rather than carrying its own schedule. Spread-betting profits are currently exempt from UK capital gains tax and stamp duty for UK residents, 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 and MT4; there is no MT5 or cTrader (broker site, accessed 10 July 2026).

Next Generation

Next Generation is the standout and the reason to choose CMC: deep charting, a wide order-type set, a pattern-recognition scanner and integrated research in 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. 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, and is covered on the trading apps page.

Trust and safety

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

FCA regulation and global licences

CMC Markets UK plc holds FCA authorisation under FRN 173730 (FCA register, checked 15 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. 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 rather than 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.

Public reviews

Trustpilot rates CMC Markets 4.2 out of 5 from 3,279 reviews (Trustpilot profile, captured July 2026). That sits at the upper end of the FCA-regulated brokers we cover, where the range runs from 1.8 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 July 2026 snapshot.

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. 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, with 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.

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

Account opening

Opening is 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.

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, with Next Generation’s charting the reason to trade them 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 CFDs on shares rather than real shares, so a trader who wants to own the stock should look at IG or Interactive Brokers instead.

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.

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, and 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.

Customer service

CMC offers 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, which matters 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 27 brokers we cover; these are the closest calls for a CMC shortlist.

IG is the only genuine peer on breadth and carries a longer FCA record, while Pepperstone answers the cost question with a raw commission account CMC does not run. 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, 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. 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, and practising before you fund explains how to make it count.

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