On this page the abbreviation CIRO is written out in full as the Canadian Investment Regulatory Organization, the regulator for CMC Markets Canada Inc.
What trading CMC Markets costs
One standard lot of EUR/USD on CMC Markets' Standard account costs at least US$5.00 for the round turn: 0.5 pips of spread (US$5.00), with no commission, on the minimum spread the Canadian site advertises rather than a figure we measured.
| Account | A month of trading | One round turn, 1 lot |
|---|---|---|
| Standard0.5 pips, advertised, minimum (Canadian site, September 26, 2026) | at least US$100.00 | at least US$5.00 |
A pip on EUR/USD is worth US$10.00 per standard lot, so a round turn on CMC Markets' Standard account costs the spread in pips multiplied by that, plus any commission.
Our verdict on CMC Markets
I recommend CMC Markets Canada Inc. if you want a wide CFD menu from a CIRO dealer, because its product list runs from 340+ forex cash and futures instruments to 9,700+ shares, and share CFD commission is 0. In my judgement it also suits you if you trade on MetaTrader 4, MetaTrader 5 or TradingView, with no minimum deposit on either account type. The published score is 64.6 out of 100, from our global broker test, not a Canadian test. The limit I weigh heaviest is the absence of negative balance protection: a negative cash value after account close-out is a debt due immediately, with interest at 4% a year above the Bank of Canada base rate.
Pros
- No minimum deposit on either the Standard CFD account or the FX Active CFD account.
- Share CFD commission is 0 for all countries, including Canada and the United States.
- The Standard account advertises an EUR/USD minimum spread of 0.5 pips with no separate forex commission.
- The CMC platform carries 9,700+ shares and 340+ forex cash and futures instruments.
Cons
- There is no negative balance protection, and interest on a negative balance may accrue at 4% a year above the Bank of Canada base rate.
- An inactivity fee of C$15 a month applies once an account has had no positions and no trading for one year.
- The trading experience category score is 4.1 out of 10 in our global broker test.
- MT4 and MT5 need a separate Standard or FX Active account, which does not give access to the CMC platform or TradingView.
CMC Markets score breakdown
3/5 · Good
Our global rating
The overall CFB Score of 64.6 for CMC Markets comes from the full methodology, more than 100 data points per broker. The category ratings summarize each area, and a simple average of them does not reconcile to the overall score.
How is our rating calculated?
How popular is CMC Markets in Canada?
CMC Markets ranked 3rd for search interest among the 7 CIRO dealers we rate in August 2026, on 4,210 branded Google searches from Canada, behind Interactive Brokers. Search interest tracks how much attention CMC Markets attracts, and it says nothing about quality, while the score above is the review verdict.
- 4,210
- Brand searches, August 2026
- 0.0%
- vs July 2026
- 720
- Login searches
- 4.8%
- Share of these 7 dealers' searches
Source: Google search volume, Canada, August 2026.
How this is measured
Google Ads reports monthly how many times people in Canada searched each broker's brand terms, CMC Markets among them, and the card ranks the brokers on that figure alone.
A term counts toward CMC Markets only when the broker's own website holds the first organic Google result for it in Canada; bare brand words any company could own are left out.
CMC Markets gets a month-on-month change only where the previous month reached 1,000 searches, because Google rounds smaller volumes.
The figures refresh on the 15th of each month with the newest month Google has published, and the first-result check for CMC Markets' terms repeats every quarter.
Is CMC Markets safe? CIRO membership, CMC Markets Canada Inc.
Yes, I consider CMC Markets Canada Inc. safe for a Canadian retail client to hold a CFD account with. It is a CIRO dealer, your money is held in trust, and my search of the enforcement record found no decision against the firm.
CIRO registration and global licences
The CIRO dealer directory lists CMC Markets Canada Inc. as an Investment Dealer (https://www.ciro.ca/investors/choosing-investment-advisor/dealers-we-regulate/cmc-markets-canada-inc, read September 26, 2026). CMC Markets Canada Inc. states in its own registration statement that it is a “registered investment dealer in all provinces and territories of Canada, a derivatives dealer in Quebec, and a member of CIRO; NRD number 12570” (Terms of Business, p. 2, cl. 2.1.1). It serves all provinces and territories, including Quebec. Alberta residents represent that they may trade without a prospectus, are accredited investors under NI 45-106, and trade as principal (Terms of Business, p. 8, cl. 7.1.2). You must be a Canadian resident, at least 18, and not a U.S. Person. The corporation number is 4303075 (important information page). The firm has been governed by the Canada Business Corporations Act since June 1, 2005, with the Ontario Securities Commission as its principal regulator and its head office at Suite 3550, 81 Bay Street, Toronto, Ontario (Client Account Profitability Disclosure, July 2026, p. 1).
CIRO enforcement history
My search of CIRO’s enforcement database for “CMC Markets”, covering all proceedings active and concluded, found no decision. CIRO did issue an investor alert on August 29, 2023, stating that “IB Platform” falsely claimed to be a branch of CMC Markets Canada and is not affiliated with CMC Markets Canada Inc. (CIRO enforcement database, results list). That alert protects you from an impostor, and it is not a proceeding against the firm.
Where a Canadian client’s money is held
Your money sits “in trust” in client money bank accounts, segregated from the dealer’s own accounts, at member institutions of CDIC, in the name of CMC Markets Canada as professional trustee, reconciled each UK business day. The Terms of Business and the regulations page name no bank that holds these trust accounts; the regulations page says “a Canadian bank” (https://www.cmcmarkets.com/en-ca/regulations).
Who a Canadian client contracts with
You contract with CMC Markets Canada Inc. It is the issuer of the CFDs, the dealer, and the counterparty to all your trades (Relationship Disclosure Document, January 2026, p. 1, s. 1). Its parent is CMC Markets plc, listed on the London Stock Exchange. CIPF coverage applies only to accounts at CIRO Members, as the Coverage Policy says: “Accounts with entities other than a CIRO Member (but including, for greater certainty, a CIRO Member’s affiliates or related organizations) are not Accounts for the purposes of this Policy” (CIPF Coverage Policy, amended July 27, 2023, s.C.2). CMC Markets plc is not on CIPF’s current member list (CIPF current member list).
How to complain, and who hears it
You complain to the Designated Compliance Officer at [email protected] or 1-866-884-2608. The dealer acknowledges within 5 business days and gives a final response within 90 calendar days, or 60 calendar days for Quebec residents (Client Complaint and Dispute Resolution Disclosure, pp. 1 to 2).
This page covers the Canadian dealer CMC Markets Canada Inc., and our CMC Markets review covers the brand worldwide.
CMC Markets client money protection and dispute scheme
CIPF puts its cap at “$1 million for all general accounts combined (such as cash accounts, margin accounts, TFSAs and FHSAs)”, with its own $1 million limits covering registered retirement accounts combined and RESPs combined (About CIPF coverage, Limits for Individuals, items 1 to 3). CIPF protection applies to property a member firm holds for a client and does not hand back after insolvency, and the value of that property carries no guarantee. Crypto assets fall outside coverage under Coverage Policy s.E.4. In its Terms of Business the firm writes: “CMC Markets Canada is a member of the Canadian Investor Protection Fund (CIPF)” (p. 3, cl. 2.5.1).
For disputes, the firm names OBSI for a secondary assessment requested within 180 days of the dealer’s final response, the CIRO arbitration program, a complaint to CIRO, and legal action. Quebec residents can escalate to the AMF (Client Complaint and Dispute Resolution Disclosure, p. 3, Your Other Options).
CMC Markets at a glance: 15 key facts
Before you read the table, my advice is to check each fact against its source document and page. Every figure below traces to the CIRO dealer directory, the CIPF member list, the firm’s Canadian disclosures, or our global broker test, and I would treat any term that matters to you the same way.
| Fact | Value | Source |
|---|---|---|
| Registration | Investment dealer in all provinces and territories; derivatives dealer in Quebec | Terms of Business, p. 2, cl.2.1.1 and cl.2.2.1 |
| Provinces served | All; Alberta residents only as accredited investors | Terms of Business, p. 8, cl.7.1.2; p. 7, cl.7.1.1 |
| Negative balance | None; a negative balance is a debt | Terms of Business, p. 6, cl.5.8.6 |
| CIPF coverage | $1 million for all general accounts combined, as CIPF states it | About CIPF coverage, Limits for Individuals, items 1 to 3 |
| Dispute service | OBSI within 180 days; CIRO arbitration; AMF in Quebec | Client Complaint and Dispute Resolution Disclosure, p. 3, Your Other Options |
| EUR/USD spread, Standard account | 0.5 pips minimum, no commission (advertised) | Trading costs, Spreads table, Forex tab |
| EUR/USD, FX Active account | From 0 pips plus 0.0025% of value per side | FX Active Trader Terms and Conditions, p. 2, cl.5; p. 3, cl.6 |
| Inactivity fee | C$15 a month after one year without trading | Rates Schedule (January 2026), pp. 2 to 3, s.5 |
| Funding methods | Card, bill payment, wire (CAD); card, wire, EFT (USD) | Funding FAQ, CAD deposit and USD deposit tables |
| Minimum deposit | None | Compare trading accounts, Standard and FX Active feature lists |
| Account currencies | CAD, USD | Funding FAQ, You can fund your account with CAD or USD |
| Platforms | CMC web and mobile, MT4, MT5, TradingView | Trading platforms, Compare platform features; MetaTrader 4 block |
| Markets | Currencies, commodities, shares, ETFs, indices, treasuries; no crypto | Relationship Disclosure Document (January 2026), p. 1, s.1 |
| EUR/USD margin | 5% | Trading costs, Spreads table, Forex tab, Margin rate |
| Lowest forex margin | 2% on USD/CAD (no ratio published) | Trading costs, Spreads table, Forex, Indices and Commodities tabs |
CMC Markets spreads and commission, measured
The Canadian site publishes minimum spreads and no typical or average EUR/USD spread (Trading costs page). That matters to you because a minimum is the best case, and what you pay on a normal trade sits above it. Our global standard-spread test measured CMC Markets’ EUR/USD standard account spread at 0.8 pips, from a 30-hour MT4 sample on March 14 to 15, 2026; the account’s entity is not stated, so this is a global measurement, not a measurement of the Canadian entity (our standard spreads test).
Standard account
The firm advertises an EUR/USD minimum spread of 0.5 pips, with no separate forex commission (Trading costs, Spreads table, Forex tab).
FX Active account
The firm states a minimum spread of 0 pips on six pairs (EUR/USD, GBP/USD, NZD/USD, USD/JPY, USD/CAD, and AUD/USD) and 25% below standard spreads on other pairs, plus a commission of 0.0025% of transaction value on opening and on closing (FX Active Trader Terms and Conditions, pp. 2 to 3, cl. 5 and 6).
What it costs to trade with CMC Markets
What a trade costs you here depends on the account. On the Standard account the firm charges no separate forex commission, and share CFD commission is 0 for all countries, including Canada and the United States (Rates Schedule, January 2026, p. 1). On the FX Active account you pay the commission stated above instead.
Other fees a Canadian trader should check
The forex CFD holding cost is the TomNext rate adjusted by 1% a year, subtracted for buy positions and added for sell positions (Rates Schedule, p. 2, s. 3.4). Share and cash index CFDs carry the underlying interbank rate plus 2.5% on buys and minus 2.5% on sells, with the CAD benchmark “Canada Banker Acceptance 1 Month”, charged at 17:00 New York time (Rates Schedule, p. 1, s. 3.1 to 3.2). The inactivity fee is $15 a month on a CAD account, and the same amount in U.S. dollars on a USD account, once an account has had no open positions and no trading for one year, and it is not charged below a zero balance (Rates Schedule, pp. 2 to 3, s. 5). Realized profit and loss in another currency converts at the CMC spot rate plus or minus 0.50%, and a deposit in another currency converts at the CMC Currency Conversion Rate plus 1.00% (Rates Schedule, p. 3, s. 6). On MT4 accounts, Canadian equity CFD data carries no fee, and U.S. equity CFD data carries no fee for private investors and US$30 a month for non-private investors (Rates Schedule, p. 3, s. 7).
CMC Markets funding methods and withdrawal times
You fund a Canadian account by credit card or bank transfer. There are no prepaid cards and no third-party payments (Funding FAQ, CAD deposit and USD deposit tables, https://www.cmcmarkets.com/en-ca/support/faqs/funding).
Deposit methods
For CAD deposits, you use a credit card (Visa or Mastercard, real time, free), a bill payment bank transfer (1 to 2 business days, free), or a wire transfer (1 business day). For USD deposits, you use a credit card, a wire, or EFT (5 business days, free).
Withdrawals
Card withdrawals are typically real time, and wire and EFT withdrawals take 1 to 2 business days. You pay nothing for card or EFT withdrawals in the same currency. Your withdrawal goes only to the source or to a bank account in your name, and card withdrawals are capped at card deposits you made in the past 12 months (Withdrawals FAQ, https://www.cmcmarkets.com/en-ca/support/faqs/withdrawals).
CMC Markets account types and minimum deposit
The firm offers a Standard CFD account and an FX Active CFD account, plus a corporate account for businesses (Compare trading accounts). MT4 and MT5 need a separate Standard or FX Active account, which does not give access to the CMC platform or TradingView. A demo account comes with $10,000 in virtual funds.
Minimum deposit
There is no minimum deposit on either account type (Compare trading accounts, Standard and FX Active feature lists).
Account currencies
Account currencies are CAD and USD (Funding FAQ).
CMC Markets trading platforms
Canadian clients get the CMC Markets web platform, the CMC mobile app for iOS and Android, MetaTrader 4, MetaTrader 5, and TradingView connected to a CMC platform account (Trading platforms page). MT4 runs on a London-based server, which is worth knowing if your trading depends on server proximity.
CMC Markets execution speed and slippage
Our global panel of 35 brokers put CMC Markets at a limit order fill time of 138 ms and a market order fill time of 180 ms (the 2026 test round on MetaTrader 4 demo accounts, published on the execution speeds page, updated September 16, 2026). These are global figures, not a Canadian test, so I would read them as a guide to the platform rather than a promise about your account.
Slippage was not measured for this dealer. Demo accounts show no slippage or partial fills, which is why our global execution test on MetaTrader 4 demo accounts leaves that column empty (Execution speeds, Demo Testing Limitation; Combined test results). When you judge fills on a live Canadian account, your own records are the evidence I would trust.
CMC Markets markets
You trade CFDs on currencies, commodities, shares, ETFs, indices, and treasuries, plus OTC options on select indices. Crypto is not in the product list (Relationship Disclosure Document, January 2026, p. 1, s. 1). On the CMC platform you get 340+ forex cash and futures instruments, 130+ commodities, 95+ indices, 9,700+ shares, 1,100+ ETFs, and 50+ bonds. On MT4 and MT5 you get 175+ forex cash instruments (Compare trading accounts, Products offered table, https://www.cmcmarkets.com/en-ca/compare-trading-accounts). In my view that menu is the firm’s clearest strength, and I would check the specific instruments you trade before you open the account.
CMC Markets leverage and margin for Canadian clients
The Canadian site publishes margin rates and no leverage ratio (Compare trading accounts). The firm states an EUR/USD margin rate of 5%, with no base-currency condition (Trading costs, Spreads table, Forex tab). Its lowest forex margin rate is 2% on USD/CAD; US SPX 500 takes 10%, gold 6.03%, and West Texas crude oil 12.35% (Trading costs, Spreads table). The margin rates are set in accordance with the minimum margin rates prescribed in CIRO Rules, but may exceed those, and the definition cites no CIRO rule number (Terms of Business, Schedule 2, Margin Rate definition). The close-out level is 50% on both the Standard and FX Active accounts (Compare trading accounts).
CIRO’s Investment Dealer and Partially Consolidated Rules set the minimum client margin for a foreign exchange position as spot risk margin plus term risk margin (s. 5468(1)), with spot risk margin rates set by currency group (s. 5460(1) and s. 5462(1)). CIRO Rules Bulletin 25-0232, effective August 13, 2025, lists the spot risk margin rates a dealer “must use”: 3.00% for the euro, the pound, and the yen, and 2.00% for the U.S. dollar in a Canadian dollar base account and for the Canadian dollar in a U.S. dollar base account.
How CMC Markets compares to OANDA and FOREX.com
OANDA, the CIRO dealer OANDA (Canada) Corporation ULC, states “0.6 pips for typical EUR/USD order sizes” on its platform page. FOREX.com, the CIRO dealer GAIN Capital - FOREX.com Canada Ltd., scores 67.6 out of 100 on a global basis. Its Standard account quotes EUR/USD variable spreads “as low as 1.0” with no commission, and its RAW Pricing account quotes EUR/USD from 0.0 plus US$7 per US$100,000 traded per side on FOREX.com platforms and MT5 only.
You can read the OANDA review for Canadian traders and the FOREX.com review for Canadian traders for the full Canadian picture of each.
What other review sites say about CMC Markets
These are ratings of CMC Markets from other platforms, read on the date shown and expressed on each platform's scale, so you can weigh them against our own score.
| Platform | Rating | Volume | Read on |
|---|---|---|---|
| Trustpilot | 4.2 / 5 | 3,409 | September 10, 2026 |
| TradingView | 4.3 / 5 | 1,201 | September 10, 2026 |
| Google Play | 4.1 / 5 | 3.16K | September 10, 2026 |
CMC Markets holds a Trustpilot rating of 4.2 out of 5 from 3,409 reviews, checked September 10, 2026.
On TradingView, CMC Markets is rated 4.3 out of 5 from 1,201 ratings, checked September 10, 2026. The TradingView profile for CMC Markets shows 10.9K traders, the count of those who have connected an account through TradingView. TradingView displays the Best 2025 badge on the profile page it holds for CMC Markets.
CMC: Trading App is rated 4.1 out of 5 on Google Play (United States store) from 3.16K reviews shown worldwide, checked September 10, 2026.
Our CMC Markets score follows published criteria, and these third-party ratings play no part in it.
Should you open a CMC Markets account?
Yes, I would open a CMC Markets Canada Inc. account if you want a CIRO dealer with no minimum deposit. In my judgement it suits you best if you already understand leveraged CFDs. It suits you less well if you want negative balance protection, which the Terms of Business do not give.
The limit I keep coming back to is what happens when a trade goes against you: a negative cash value after account close-out is a debt due immediately, with interest at 4% a year above the Bank of Canada base rate. Before you deposit, check the CIRO dealer directory entry for CMC Markets Canada Inc. and read the Terms of Business on the firm’s Canadian site.
FAQs
Is CMC Markets legal in Canada?
Is my money safe with CMC Markets?
What are the risks of trading with CMC Markets?
Can I trust CMC Markets?
Testing log
| Record | Detail |
|---|---|
| CIRO dealer directory read | September 26, 2026 |
| CIPF member list read | September 26, 2026 |
| Firm’s Canadian documents read | September 26, 2026 |
| Global rating record verified | November 25, 2025 |