CMC Markets review: Next Generation platform and AU share access

Key facts at a glance

The headline parameters Australian retail traders should know.

Is CMC Markets safe? Regulation check

The Australian entity is CMC Markets Asia Pacific Pty Ltd, ASIC AFSL 238054 since 1996 - one of the oldest AFS licences in retail forex. The parent CMC Markets plc is listed on the London Stock Exchange (ticker CMCX.L) and has operated since 1989. LSE-listed since 2016.

The group operates under 6 separate regulatory licences globally:

• ASIC (Australia)
• FCA (United Kingdom)
• BaFin (Germany)
• IIROC (Canada)
• FMA (New Zealand)
• MAS (Singapore)

Among the broadest regulatory coverage in retail forex. Combined with the LSE listing (audited financial statements, shareholder accountability), the regulatory pedigree is genuinely strong.

Client protections that apply:

• Segregated client funds in Australian Tier-1 bank trust accounts
• Negative balance protection for retail clients
• AFCA membership for dispute resolution
• ASIC retail leverage caps enforced

The 30-year operating history (since 1989, AU entity since 1996) is one of the longest in retail trading. The brand has continuous reputation with no major regulatory enforcement actions in any of its licensed jurisdictions.

Spreads, commission, and pricing

CMC Markets Australia uses a single Standard Account with spread-only pricing - no raw-spread / commission alternative.

Standard Account pricing (May 2026 reference):

• EUR/USD: 0.7 pip average
• AUD/USD: 0.8 pip average
• GBP/USD: 1.0 pip average
• USD/JPY: 0.8 pip average
• Gold (XAU/USD): 0.4 pip average
• Commission: zero (spread-only on forex / CFDs; CMC Stockbroking has separate per-trade commissions)

Cost comparison (round-turn cost on 1 standard lot of EUR/USD, AUD-equivalent):

• Fusion Markets ZERO: ~AUD 4.50 (cost leader)
• FP Markets Raw: ~AUD 6
• IG Standard: ~AUD 6 (spread only)
• CMC Standard: ~AUD 7 (spread only)
• Pepperstone Razor: ~AUD 7
• IC Markets Raw: ~AUD 7
• ThinkMarkets ThinkZero: ~AUD 10.50
• AvaTrade Standard: ~AUD 9

CMC's standard pricing is mid-pack on cost. The premium is justified by the Next Generation platform and the LSE-listed parent regulatory comfort, not by spread minimum.

Inactivity fee: USD 10/month after 12 months. Active and semi-active traders unaffected; casual traders should factor this in.

Platforms: Next Generation, MT4, CMC Stockbroking

Three platforms, with one major caveat.

Next Generation (proprietary): the flagship. Available web, desktop, and mobile with feature parity. Widely considered the best proprietary platform in retail forex.

MetaTrader 4: the industry standard. Full feature set, EA support, custom indicators. CMC's MT4 implementation is solid.

CMC Stockbroking (separate platform and account): for ASX share trading. This is where the caveat applies - CMC Stockbroking is technically a separate entity and platform from CMC Markets forex / CFDs. You need a separate login, separate funding, and the order flow is handled differently. This is less convenient than IG's L2 Dealer (unified with forex from the same login) or FP Markets' IRESS integration.

For traders who only want forex / CFDs, the platform setup is simpler - just Next Generation and/or MT4. For traders who want forex AND ASX shares, CMC's separation is a real friction point compared to IG and FP Markets.

The Next Generation platform

This is the strongest reason to choose CMC Markets. Read this section if charting and analytics matter to you.

Charting capabilities:

• 100+ technical indicators (more than MT4's 30+ stock + community plugins)
• Sophisticated drawing tools: Fibonacci tools, Gann fans, Andrew's Pitchfork, custom shapes
• Multi-timeframe analysis with linked charts
• Pattern recognition with auto-detection of common chart patterns
• Customisable timeframes (any tick or time interval)
• Integrated economic calendar with chart annotation
• Volume profile analysis (rare among retail platforms)

Order types:

• Standard market, limit, stop, stop-limit
• Trailing stops with custom step size
• Boundary orders
• One-cancels-other (OCO) and one-triggers-other (OTO)
• Time-conditional orders (good-till-time)

Workspace customisation:

• Multi-monitor layouts saved per workspace
• Custom watchlists with conditional formatting
• Real-time news integration with chart annotations
• Direct Twitter / X integration for sentiment monitoring (optional)

Mobile parity:

The mobile app retains 80%+ of desktop feature set, which is unusual. Most proprietary platforms downscale meaningfully on mobile; Next Generation is closer to feature-equivalence.

Compared to MT4 / MT5:

For pure execution, MT4 is more mature with broader EA / indicator ecosystem. For analytical depth and presentation, Next Generation is materially ahead. Many serious technical traders consider Next Generation the better primary platform with MT4 as a backup or EA host.

Compared to TradingView:

TradingView's chart engine is similarly powerful and the social/community layer is far stronger. CMC offers TradingView integration via some third-party charting bridges but not as deep as Pepperstone or Eightcap. For TradingView-native execution, those brokers are better.

ASX share trading via CMC Stockbroking

CMC Stockbroking is a separate offering for retail share traders. Australian residents can:

• Trade ASX-listed shares with direct exchange routing
• Hold shares in CHESS-sponsored accounts (ownership rights, dividends, corporate actions)
• Access international markets (US, UK, EU shares)
• Use the dedicated CMC Stockbroking platform (separate from Next Generation)

Pricing: competitive flat-fee per trade (typically AUD 11 per AU share trade, with discounts for active traders).

The friction: CMC Stockbroking is operationally separate from CMC Markets forex / CFDs. Different login, different platform, different account funding. You cannot see your forex positions and your share holdings in a single unified view as you can with IG (L2 Dealer + IG Trading Platform from one login) or FP Markets (IRESS within the same broker relationship).

For traders who manage forex and shares as separate workflows, this is acceptable. For traders who want consolidated multi-asset view, IG Markets or FP Markets are better picks.

Deposits, withdrawals, and AU rails

Standard AU rail set:

• PayID / Osko: instant during banking hours, no fee
• BPAY: 1-2 business days, no fee
• Bank transfer: 1-3 business days, no fee
• Credit/debit card: instant, no fee for AUD funding

Withdrawals: requests typically same-day if before 1pm Sydney; funds reach AU banks within 1-3 business days. Solid track record based on user reports; LSE-listed parent provides additional confidence vs smaller brokers.

CMC Markets ratings breakdown

Seven criteria scored independently to produce the overall rating.

Pros and cons

The summary view of trade-offs.

Who CMC Markets is for

CMC Markets is the right pick if:

• You're a serious technical analyst who would value Next Generation's charting depth over alternatives
• You value LSE-listed-parent regulatory pedigree
• You want premium-platform polish and are willing to pay the modest pricing premium
• You trade primarily forex / CFDs and treat ASX shares as a separate workflow
• You appreciate sophisticated order types beyond what MT4 offers natively

CMC Markets is NOT the right pick if:

• You're a high-frequency forex scalper where every basis point compounds (Fusion Markets, FP Markets, Pepperstone all materially cheaper)
• You want unified multi-asset experience including forex AND DMA shares from one login (IG Markets or FP Markets are better)
• You require MT5 specifically (CMC Australia primarily uses MT4)
• You want a raw-spread / commission account structure (every other premium AU broker offers this; CMC Australia does not)
• You take 12+ month breaks from trading (the USD 10/month inactivity fee applies)

Alternatives if CMC Markets isn't right

• For unified forex + DMA shares from one login: IG Markets via L2 Dealer.
• For multi-asset + IRESS share access at lower cost: FP Markets AUD 100 minimum, AUD 6 RT.
• For pure-cost forex execution: Fusion Markets at AUD 4.50 RT.
• For execution quality + TradingView: Pepperstone at AUD 7 RT.
• For broad instrument breadth + polished mobile: ThinkMarkets.

See also: Best Forex Brokers Australia 2026 for the full ranked field.

Frequently asked questions

About this analysis

Govind Satoshi

Former Institutional Trader. Founder, SatoshiMacro.

Sydney-based. Principal of Digital Empire Capital, a proprietary digital asset investment vehicle operating since 2017. Formerly traded allocated institutional capital at a Sydney proprietary trading firm. Active seed investor in early-stage protocols.