Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

BrokerDNA

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

CMC Markets
9 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT CMC MARKETS
SpreadEx
8.7 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT SPREADEX
Axitrader
9.9 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT AXITRADER
About

CMC Markets is regulated by the Financial Conduct Authority, NFA and ACN. CMC Markets have provided Forex trading services since 1989.

SpreadEx is regulated by the Financial Conduct Authority. SpreadEx have provided Forex, CFDs, and spread betting services since 1999.

Axitrader is regulated by the Financial Conduct Authority. Axitrader have provided Forex trading services since 2007.

Why choose them?
  • Yes Over 29 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority
  • Yes Over 19 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority
  • Yes Over 11 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority and ASIC
Headquarters London, UK St Albans, UK 36 Leadenhall Street, London EC3A 1 AT, United Kingdom

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) Yes Yes Yes
CFD Yes Yes Yes
Spread Betting Yes Yes Yes
Social Trading No No Yes
MARKETS & INSTRUMENTS
Forex (currency pairs) 32 51 80
Commodities Offered 0 16 6
Stocks Offered 9000 1000 0
Bitcoin No Yes Yes
Majors Yes Yes Yes
Indices Yes Yes Yes
US Stocks Yes Yes No
Penny stocks No Yes No
Energies Yes Yes Yes
Metals Yes Yes Yes
Agriculturals Yes Yes Yes
FTSE No Yes Yes
Dow Jones No Yes Yes
Dax Yes Yes Yes
Nikkei No Yes No
ETFs No Yes No
IPO No Yes No
See all instruments

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider

See all instruments

67% of retail investors lose money when trading spread bets and CFDs with this provider.

See all instruments

68.5% 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.

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 No No Yes
MT5 No No No
MT4 Mac No No Yes
WebTrader Yes Yes Yes
Mirror Trader No No No
ZuluTrade No No Yes
Sirix No No No
cTrader No No No
PAMM Yes No No
Custom Platforms Next Generation Spreadex No

APPS

iOS image Yes Yes Yes
Android image Yes Yes Yes
Windows image No No Yes
Available Languages

English, German, French, Polish, Spanish, Swedish, Italian, and Norwegian

English

English, Chinese, Spanish, Thai, Italian, Polish, German, Vietnamese, Japanese, Russian, Romanian, and Arabic

See platform & features

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider

See platform & features

67% of retail investors lose money when trading spread bets and CFDs with this provider.

See platform & features

68.5% 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.

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by CMC Markets and SpreadEx

Demo account Yes Yes Yes
Mini account Yes No Yes
Micro account No No Yes
Standard account Yes Yes Yes
ECN Account No No Yes
Islamic account No No Yes
Zero spread account No No Yes
VIP account No No Yes
Fixed spreads No Yes Yes
Variable spreads Yes Yes Yes
See account options

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider

See account options

67% of retail investors lose money when trading spread bets and CFDs with this provider.

See account options

68.5% 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.

TRADING CONDITIONS

Scalping Yes Yes Yes
Hedging Yes Yes Yes
Expert advisors (EAs) No No Yes
Virtual private server No No Yes
Direct market access No No Yes
STP broker No No Yes
Market maker Yes Yes Yes
Min trade Varies 0.01 Lot 0.01 Lot
Max trade Varies Variable 100 Lots
Min deposit $200 $1 $1

RISK MANAGEMENT

Stop losses Yes Yes Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops Yes Yes Yes
Price alerts Yes Yes Yes
Signal trading Yes No Yes

FUNDING METHODS

Credit card Yes Yes Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No No
Neteller No No Yes
Skrill No Yes Yes
Payment processing time 1-5 business days Varies Instant via debit/credit card
Withdrawal processing time 1-2 business days Varies Same or next day with local payments. International payments take 3-5 days.
See all funding options

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider

See all funding options

67% of retail investors lose money when trading spread bets and CFDs with this provider.

See all funding options

68.5% 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.

DETAILED INFO

Excluded countries US, TR US, TR US, JP
Contact email Send Email Send Email Send Email
Phone number +1300 303 888 44 (0) 1727 895 000 44 207 096 7488
Live Chat No No No
Website https://www.cmcmarkets.com https://www.spreadex.com/ www.axitrader.com
Spreads:
EUR/USD (Average: 0.7 pips) 0.7 pips + $0.00 1.0 pips 0.2 pips
GBP/USD (Average: 1.1 pips) 0.9 pips + $0.00 0.9 pips 0.6 pips
USD/JPY (Average: 1.1 pips) 0.7 pips + $0.00 0.7 pips 0.1 pips
AUD/USD (Average: 0.8 pips) 0.9 pips + $0.00 0.6 pips 0.1 pips
USD/CHF (Average: 2.3 pips) 1.5 pips + $0.00 1.5 pips 0.2 pips
USD/CAD (Average: 2.9 pips) 1.7 pips + $0.00 1.7 pips 0.2 pips
NZD/USD (Average: 3.6 pips) 2.0 pips + $0.00 2.0 pips 0.2 pips
EUR/GBP (Average: 2.4 pips) 1.1 pips + $0.00 0.9 pips 0.2 pips
View all spreads

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider

View all spreads

67% of retail investors lose money when trading spread bets and CFDs with this provider.

View all spreads

68.5% 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.

FEES

Inactivity Fee Yes No No
Commission Yes, 0.10% No Yes
Deposit Fee Varies No None
Withdrawal Fee Varies 0, minimum £50 None
View All Fees

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider

View All Fees

67% of retail investors lose money when trading spread bets and CFDs with this provider.

View All Fees

68.5% 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.

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Last update

All information collected from https://www.cmcmarkets.com. Last updated on 01/09/2019.

All information collected from https://www.spreadex.com/. Last updated on 01/09/2019.

All information collected from www.axitrader.com. Last updated on 01/09/2019.

Company

CMC Markets were founded in 1989 and are one of the leading CFD and spread betting providers. The main differentiator about CMC Markets is their bespoke award-winning trading platform. CMC Markets also offer very reasonable spreads and offer a wide range of instruments.

For more information about trading with CMC Markets, we have put together an indepth CMC Markets review with all the pros and cons about this broker.

Spreadex is a leading provider of spread betting services and have captured an estimated 10% of the financial spread betting market. Spreadex understand the importance of security and trust and therefore all client funds are held in a segregated Barclays bank account in accordance with the Financial Conduct Authority, whom they are regulated by. Spreadex is perfect for those that are looking for an established and trusted spread betting broker.

For more information about trading with Spreadex, we have put together an indepth Spreadex review with all the pros and cons about this broker.

Axitrader is an online forex trading sevice provider who are regulated by the Financial Conduct Authority and ASIC. To open an account with Axitrader, minimum deposits start from $200.

With Axitrader you can trade 61 FX pairs, metals, and CFDs. If you like to trade on the go, Axitrader have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

Axitrader offer MT4 for PC, MT4 for Mac, MT4 for Mobile, MT4 NexGen, MT4 Trading Signals, AxiTrader's Multi Account Manager platforms to make your trades and support 6 different languages.

They also offer a free demo account for traders who want to refine their trading skills.

The spreads offered by Axitrader for the most popular instruments are:
0.6 EUR/USD, 0.5 FTSE 100, 0.5 GOLD,
1 GBP/USD, 1 DOW/JONES, 0.5 Crude Oil,
see all the spreads here.



For more information about trading with Axitrader, we have put together an indepth Axitrader review with all the pros and cons about this broker.

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CMC Markets or SpreadEx?

Who is a wide range of instruments?

If you want a broker with a large range of instruments available to trade, SpreadEx may be more suitable. CMC Markets and SpreadEx offer similar trading methods.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider CMC Markets to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

CMC Markets and SpreadEx are both regulated by Financial Conduct Authority

As the Financial Conduct Authority are one of the most stringent regulators in the world, both CMC Markets and SpreadEx will have very strict guidelines to follow to ensure they protect their retail trader clients.

Axitrader are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

CMC Markets has been around for 30 years, while SpreadEx have been around for 20 years. Our third alternative broker, Axitrader, have been around for 12 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Both CMC Markets and SpreadEx use tier one banks, but we are not sure of which bank specifically.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

We’re not aware of any penalties or fines imposed by regulators on CMC Markets or SpreadEx in the past five years.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

CMC Markets is a publicly listed company, while on the other hand SpreadEx is still a privately owned company.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

CMC Markets are based in London, UK, while SpreadEx are based in St Albans, UK .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, both CMC Markets and SpreadEx offer forex trading. SpreadEx have a slightly larger variety of currency pairs with 51 pairs, compared to 32 offered by CMC Markets. Also, if you’re looking to trade cryptocurrencies, SpreadEx offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.

Both CMC Markets and SpreadEx allow you to trade commodities like gold, silver and crude oil.

Platforms & Account Types

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. Axitrader, for example, offer a mini account, standard account and VIP account.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

CMC Markets does allow scalping and hedging. While SpreadEx also allows scalping and hedging. You can't trade EAs (expert advisors) with either CMC Markets or SpreadEx.

In terms of risk management tools, neither CMC Markets or SpreadEx offers negative balance protection. Negative balance protection prevents you owing your broker more than you’ve deposited.

CMC Markets also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

CMC Markets accept Payoneer while SpreadEx accept Skrill.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, CMC Markets charges 0.70 points, while SpreadEx charges 0.60 points. Therefore, SpreadEx is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: CMC Markets or SpreadEx?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, CMC Markets is more reliable based on our criteria above. CMC Markets has a wider range of instruments to trade. SpreadEx offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.