IG is the largest forex broker in the world, established in 1989, while CMC Markets offers the most financial instruments, including 339 currency pairs. Our CMC vs IG comparison reviews the key features the brokers offer.
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Our comprehensive comparison covers the 10 most crucial trading factors between CMC Markets and IG.
Both brokers are market makers. However, it’s interesting to note neither broker uses a dealing desk. Instead, both brokers source their rates via their network of interbank providers.
Looking at the forex broker no commission 2023 spreads table below (updated monthly), IG was found to be significantly lower.
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Standard Account Spreads
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|---|---|---|---|---|---|
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1.13 | 1.01 | 1.62 | 1.71 | 2.27 |
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0.90 | 1.30 | 1.70 | 1.40 | 1.40 |
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0.70 | 2.20 | 2.20 | 1.10 | 1.60 |
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1.20 | 0.90 | 1.80 | 1.50 | 2.20 |
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1.20 | 1.40 | 2.30 | 1.50 | 2.80 |
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0.62 | 0.77 | 1.50 | 1.27 | 1.30 |
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1.10 | 1.20 | 1.40 | 1.40 | 1.50 |
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1.10 | 1.20 | 1.40 | 1.30 | 1.40 |
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1.10 | 1.20 | 1.60 | 1.40 | 2.00 |
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1.20 | 1.30 | 1.40 | 1.20 | 1.20 |
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1.70 | 1.60 | 1.40 | 1.70 | 2.50 |
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1.20 | 1.80 | 2.80 | 1.90 | 2.30 |
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1.30 | 1.70 | 2.40 | 2.10 | 1.70 |
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1.12 | 1.64 | 1.80 | 0.86 | 1.55 |
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1.32 | 1.95 | 3.19 | 1.37 | 1.87 |
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1.20 | 1.30 | 2.70 | 1.50 | 1.70 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/12/2023
Standard Account Spreads
When it comes to standard account spreads, there’s a clear difference between CMC Markets and IG. Let’s take a closer look.
CMC Markets tends to have lower spreads across most forex pairs. For instance, the EUR/USD spread is 1.12, compared to IG’s 1.13. This trend continues across other pairs, such as GBP/USD and AUD/USD, where CMC Markets consistently outperforms IG.
| Forex Pair | CMC Markets | IG Markets | Industry Average |
|---|---|---|---|
| EUR/USD | 1.12 | 1.13 | 1.18 |
| USD/JPY | 1.38 | 1.12 | 1.37 |
| GBP/USD | 1.3 | 1.66 | 1.51 |
| AUD/USD | 1.64 | 1.01 | 1.41 |
| USD/CAD | 1.32 | 1.98 | 1.70 |
| EUR/GBP | 0.857 | 1.71 | 1.56 |
| EUR/JPY | 1.55 | 2.27 | 1.85 |
| AUD/JPY | 1.8 | 1.62 | 2.09 |
Standard Account Analysis Updated December 2023[1]December 2023 Published And Tested Data
However, IG shines in the AUD/USD pair, where it offers a spread of 1.01, significantly lower than CMC Markets’ 1.64. This suggests that IG may be a better choice for traders who frequently trade this pair.
When we compare these brokers to the industry average, both offer competitive spreads. However, CMC Markets generally comes closer to the industry average, suggesting it offers more consistent value across a range of forex pairs.
In conclusion, while both brokers offer competitive spreads, CMC Markets generally offers better value across a range of forex pairs. However, traders who frequently trade the AUD/USD pair may find better value with IG. As always, it’s important to consider your trading habits and preferences when choosing a broker.
Key Features IG Retail Investor Accounts:
Key Features Of CMC Markets Retail Investor Accounts:
As you can see, both brokers offer similar features.
Additional Costs
Both brokers require payment for the following fees
Verdict: IG has significantly lower spreads when comparing standard accounts (commission-free accounts). In fact, IG has the lowest standard spreads of any forex broker. This doesn’t apply for ECN accounts (which have a commission but substantially lower spreads) in which IC Markets is the lower. For this comparison, though, even considering other trading fees, it’s concluded that IG is the winner when it comes to costs.
Both brokers offer MetaTrader 4 (MT4) but also offer a selection of other platforms. This includes its proprietary platform.
MetaTrader 4 (MT4)
MetaTrader 4 is a relatively recent addition to each broker’s platform offerings. For example, CMC Markets has only offered MT4 since late 2018. CMC Markets appear to prefer you use their proprietary platform, given that MT4 is somewhat hidden on their website.
MetaTrader 4 Competitive Advantages:
Features Of MT4
What MT4 Does Not Offer:
CMC Markets Next Generation Platform
Next Generation is CMC Markets’ own award-winning proprietary. This trading platform is available via the web browser and on iOS and Android mobile devices. The platform offers the following:
For a long time, CMC Markets did not offer an alternative platform to ‘Next Generation’. This could be interpreted as confidence their platform is superior to other platforms.
IG Markets Trading Platforms
IG places most of its efforts into its proprietary platforms (see Web-based, mobile and tablet apps) as it allows its clients easy access to their large portfolio of instruments in a user-friendly and easy-to-use manner. MT4, for example, can’t quite match this. Their platforms are award-winning and have a good range of charts and indicators designed in such a way that you will not feel overwhelmed by the volume of data being displayed.
There are, however, may be times when using MT4 is beneficial. For example, if you wish to use robots. Unless you have a Forex Direct account (which is only available for professional traders), you will not be using an L2 dealer, and ProRealTime is best avoided as there are steep monthly fees. This platform is best if you like coding, have lots of indicators and want to do backtesting.
Verdict: This category comes down to personal preference. While it is true both brokers offer a good choice of platforms, most traders are only going to need one platform. We generally recommend MT4 because this is a well-known and proven platform, with the added benefit being it is available with many other brokers should you switch brokers. Use of CMC Markets’ ‘Next Generation’ platform or IG proprietary platforms means you will be locked into their trading ecosystem, which can make it difficult to trade in future.
In the world of trading, the right account features can elevate your experience from good to exceptional. Both CMC Markets and IG have been in the game long enough to understand this, and they’ve tailored their offerings accordingly. But how do they fare when pitted against the best in the industry? Let’s dive into what we found.
Now, when we zoom in on CMC Markets and IG, it’s evident that both brokers have their strengths. IG, for instance, offers a plethora of advanced trading tools, while CMC Markets impresses with its diverse account types. It’s all about finding the right fit for your trading style and needs.
Verdict: Based on our comprehensive analysis and testing, IG slightly edges out with its advanced trading tools, making it the superior broker in terms of accounts and features.
Trading can be a complex endeavour, but with the right platform and tools, it can feel like a breeze. Both CMC Markets and IG have invested heavily in ensuring their users have a seamless trading experience. But how do they compare to the industry’s best? Let’s dive into our findings and personal experiences.
Verdict: Now, focusing on CMC Markets and IG, both brokers offer intuitive platforms that cater to both beginners and seasoned traders. IG, with its advanced charting tools, and CMC Markets, with its customisable layouts, both aim to simplify the trading process. It’s all about finding that sweet spot where functionality meets ease of use.
CMC Markets and IG are two of the larger brokers worldwide, but which one should you trust more? To answer this question, we focused on how many licences each broker has with different regulators, the popularity of each broker and reviews. Firstly, let’s start with regulation, which is the most important factor.
Regulation
CMC Markets has four ‘tier 1’ regulators, which are:
The broker also licences with two ‘tier 2’ regulators, including the FMA in New Zealand and MAS in Singapore. The broker was a finalist in the Best forex Australia broker and Best forex UK broker lists.
IG has the most ‘tier 1’ regulation of any forex broker we have compared, including:
It also has just as many ‘tier 2’ regulations, including DFSA in Dubai (UAE), FMA in New Zealand, FSCA in South Africa, JFSA in Japan and finally MAS (Singapore). They also have ‘tier 3’ regulation with BMA in Bermuda. The provider was a finalist in the Best forex New Zealand broker and Best forex Dubai broker lists.
Overall, when it comes to trust, with one more ‘tier 1’, three more ‘tier 2’ and two more ‘tier 3’ (6 more in total), IG is the clear winner when it comes to regulation. We gave IG the perfect score of 50 vs 40 for CMC Markets when it comes to regulation.
Age And Broker Reputation
The next section focused on the history of each broker. Both brokers scored well again here. IG was founded in 1974, while CMC Markets was founded in 1989. Their headquarters are both in London, UK. The only slight tarnish on either of the brokers related to IG in recent history was when it came to the 2021 Short Squeeze. This related to GameSpot and other shares being shorted and firms, including IG, restricting trading, leading to a class action.
The final score when it came to this criterion was a perfect 30 for CMC Markets vs 28 for IG.
Popularity And Reviews
IG is the more popular broker. This was based on monthly searches (over 12 months) on Google, with IG receiving 20,400,000 compared to just 90,500. Also, IG has more reviews, with 6,008 vs 1,573 for CMC. IG also has a superior score of 4.1 vs 3.90 for CMC.
This led to IG scoring a superior score for this category, 14 vs 10 with CMC.
Verdict: IG is the more trusted broker, with our team scoring it an almost perfect 95/100 compared to 86/100 for CMC Markets. These scores are both high, and CMC Markets should be more trusted by Canadian traders since they are the only brokers with IIROC regulations.
| Tier 1 Regulators | Tier 2 Regulators | Tier 3 Regulators | Year Founded | Headquarters | Search Popularity | Regulatory Issues? | TrustPilot Scores | Publically Listed | Bank Status? | |
|---|---|---|---|---|---|---|---|---|---|---|
| CMC Markets | ASIC, FCA, BaFin CIRO |
FMA, MAS | None | 1989 | London, UK | 90,500 | None | 3.9/5 1573 Reviews |
Yes | No |
| IG | ASIC, FCA, BaFin FINMA, NFA/CFTC, CySEC |
DFSA, FMA FSCA, MAS, JFSA |
BMA | 1974 | London, UK | 20,400,000 | Yes 2021 Short Squeeze |
4.1/5 6,008 Reviews |
Yes | No |
Both brokers offer a very large range of CFDs when you compare them with other brokers. It is worth noting the sheer size of currency pairs CMC Markets offer. These forex pairs consist of majors, minors and exotics. CMC Markets also offer more commodities. IG, on the other hand, offers you a far larger range of indices and shares.
When it comes to margin, CMC offers a better margin (leverage). Minimum spreads are slightly in IG’s favour.
CMC Markets CFDs
In addition to the above, CMC Markets also offer Binaries and Countdowns.
CFDs – IG
Verdict: While both CMC Markets and IG offer a diverse range of products, CMC Markets stands out with its broader CFD offerings, making it the broker with the best range of CFDs and Markets.
In the ever-evolving world of trading, continuous learning is the key to success. Both CMC Markets and IG understand the importance of equipping their users with top-notch educational resources. Whether you’re a newbie looking to grasp the basics or a seasoned trader aiming to refine your strategies, having the right educational tools can be a game-changer. Let’s see how these two giants fare in this department.
Verdict: Based on our testing and scores, IG offers superior educational resources, making it the go-to broker for traders keen on continuous learning.
Customer Support – IG
IG Markets customer support is available almost 24/7. Customer support is available throughout the week, but hours are limited on Saturdays. Support from IG is available via email, phone, live chat and Twitter. IG also has a community forum where all members of the IG community can provide support to each other.
Customer Service – IG
Education
The IG Academy is a great resource for trading education. The academy includes the following features:
Other Education Tools:
Customer Support – CMC Markets
CMC Markets customer support for CFDs is available Monday 8 am to Saturday 8 am. This means they are open when there is a CFD market open somewhere in the world. Customer support for shares is only open during Australian stock exchange hours: Monday, 7.30 AM to 5.30 PM, Friday. The following means are available to get in touch with the customer support team:
In addition to the above methods, you can get in touch with CMC Markets via Twitter and Facebook. Using these two mediums has some advantages, as CMC Markets can directly link you to resources and guides that may benefit you.
Customer Service – CMC Markets
CMC Markets provides a solid range of customer services, including:
Research:
Education:
Other Tools:
Demo Account:
$20,000 of virtual funds is available in a demo account for you to practice your trading. The demo account will not allow you to practice with ‘slippage’; you will find that trades are not rejected due to size or price.
Verdict: We believe IG customer service and support is superior; not only is customer support available each day of the week, but you can use a greater range of communication mediums to reach them.
CMC Markets Funding
You can fund your CMC Markets account using three primary methods. These are credit cards, debit cards, and bank transfers. In addition to these, you can use alternatives like POLi, BPAY and PayPal. When making a deposit or withdrawal, there is a 1% processing fee for credit cards and 0.6% for debit cards. There are no minimum deposit requirements.
IG Markets Funding
Your account can be funded with credit cards, debit cards, bank transfers and via PayPal and BPAY. When funding by card, you can deposit a maximum of $50,000 and withdraw a maximum of $35,000 per day. For larger deposits and withdrawals, you should use bank transfers.
There are no charges when using debit cards or BPAY, but there is a 1% charge when using Visa or PayPal and a 0.6% charge when using MasterCard.
Verdict: CMC Markets offer more funding options and don’t apply the same daily volume limits when using cards, so we recommend CMC Markets.
When embarking on a trading journey, the initial deposit can play a pivotal role. It’s not merely about the amount; it’s about the broker’s flexibility and their approach to accommodating both newcomers and experienced traders. Here’s what we discovered:
In our comprehensive research and testing, we observed that both CMC Markets and IG have set their minimum deposit requirements at $0. This approach is incredibly accommodating, allowing traders to start without any financial barriers.
Minimum Deposit Comparison:
| Broker | Minimum Deposit |
|---|---|
| CMC Markets | $0 |
| IG | $0 |
It’s vital to understand that a lower minimum deposit doesn’t necessarily indicate a compromise on the platform’s quality or its features. It’s about providing traders with options. Whether you’re just dipping your toes or diving in headfirst, it’s imperative to select a broker that resonates with your financial objectives and trading ambitions.
Verdict: Both CMC Markets and IG offer a $0 minimum deposit, ensuring traders can begin their journey without any initial financial constraints.
IG is the winner because of its comprehensive service offerings, competitive pricing, and user-friendly platform. The table below summarises the key information leading to this verdict:
| Criteria | CMC Markets | IG |
|---|---|---|
| Lowest Spreads And Fees | ❌ | ✅ |
| Better Trading Platform | ✅ | ✅ |
| Superior Accounts And Features | ❌ | ✅ |
| Best Trading Experience And Ease | ✅ | ✅ |
| Stronger Trust And Regulation | ❌ | ✅ |
| Top Product Range And CFD Markets | ✅ | ❌ |
| Superior Educational Resources | ❌ | ✅ |
| Superior Customer Service | ❌ | ✅ |
| Better Funding Options | ✅ | ❌ |
| Lower Minimum Deposit | ✅ | ✅ |
For those just starting out, CMC Markets provides an intuitive platform and a wealth of educational resources, making it the top choice for novice traders.
For seasoned professionals seeking advanced tools and a robust trading environment, IG is the go-to broker, catering specifically to the needs of experienced traders.
IG offers more competitive pricing overall. They consistently rank among the top brokers for low spreads and commissions. For instance, their average spread for major currency pairs is notably lower than many competitors. For a more detailed breakdown of costs, you can check out this comprehensive comparison on low commissions.
When it comes to MetaTrader 4, CMC Markets edges out slightly over IG. Both brokers support the platform, but CMC Markets offers a more seamless integration and enhanced features. For traders keen on exploring the best MT4 brokers globally, this comprehensive list of top MT4 brokers can be a valuable resource.
In the realm of social and copy trading, IG stands out between the two. While both brokers have ventured into this innovative trading approach, IG has a more established platform for traders to follow and replicate the strategies of experienced traders. For those interested in diving deeper into social trading, this guide on the best forex social trading platforms offers a wealth of information.
Yes, IG prominently offers spread betting services. This form of trading is especially popular in the UK due to its tax benefits. CMC Markets also provides spread betting, but IG’s platform is often recognised for its user-friendly interface and comprehensive tools. For a detailed comparison of spread betting brokers in the UK, you can refer to this comprehensive guide on the best spread betting brokers.
In my opinion, CMC Markets is the superior choice for Australian Forex traders. Both CMC Markets and IG are ASIC-regulated, ensuring a high level of trust and security for traders down under. While IG has its roots overseas, CMC Markets was founded right here in Australia, giving it a home-ground advantage and a deeper understanding of the local market dynamics. For those keen on exploring more options, this guide on Australian Forex brokers offers a comprehensive overview.
From my perspective, IG stands out as the top choice for UK Forex traders. Both IG and CMC Markets are FCA-regulated, ensuring robust oversight and trader protection in the UK. IG, with its origins in the UK, has a deep-rooted understanding of the British trading landscape, while CMC Markets, though a global player, was founded overseas. For traders in the UK looking for more insights, this comprehensive guide on the best UK trading platforms is a must-read.
No commission account spread proprietary testing data and published website spread information, centralised on our standard account spread page..
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