How do CMC Markets and Fortrade stack up against each other?
The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.
At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.
To compare CMC Markets and Fortrade, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.
Does CMC Markets or Fortrade have a better trust and regulation rating?
Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.
In our comparison, we found that CMC Markets holds four Tier 1 and one Tier 2 licences, and Fortrade holds three Tier 1 and no Tier 2 licences.
Is CMC Markets financially regulated?
Yes CMC Markets was founded in 1989 and is regulated by ASIC, BaFin, FCA, FMA and MAS.
Is Fortrade financially regulated?
Yes Fortrade was founded in 2013 and is regulated by ASIC, FCA and CIRO.
Based on these findings, CMC Markets earned a higher trust rating than Fortrade.
Does CMC Markets or Fortrade have lower costs?
Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged.
Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that CMC Markets has overall lower trading costs than Fortrade.
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Does CMC Markets or Fortrade offer a better choice of trading platforms?
Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms.
In this case, CMC Markets offers support for MT4 and CMCmarkets and Fortrade offers support for MT4.
Do the brokers offer copy trading?
Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both CMC Markets and Fortrade offer copy trading.
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Which broker offers a better choice of trading instruments?
A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that CMC Markets offers a greater range and depth of instruments to trade than Fortrade. CMC Markets offers 350 Forex pairs to trade and Fortrade offers 50 Forex pairs to trade.
And what about Cryptocurrencies?
In this case, CMC Markets offers 12 cryptocurrencies while Fortrade offers 6 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with CMC Markets.
Which broker offers better deposit and withdrawal processes?
Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals.
We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that neither CMC Markets nor Fortrade charges a withdrawal fee. Overall, Fortrade has better deposit and withdrawal processes than CMC Markets.
Which broker offers better educational support?
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
CMC Markets has better educational support than Fortrade. Both CMC Markets and Fortrade offer educational support for more experienced traders.
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Which broker offers better market analysis materials?
To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field.
We found that CMC Markets offers better research analysis than Fortrade and that both CMC Markets and Fortrade offer frequent webinars.
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Our overall Verdict on CMC Markets
Please note that CMC Markets no longer offers services to South Africans. This review is for informational purposes only.
Founded in 1989, CMC Markets is a well-known Forex and CFD broker with a high trust rating and a huge range of financial instruments to trade. However, traders may be disappointed at the high trading fees on its commission-based account.
CMC Markets offers two live accounts with no minimum deposit requirements - a low-cost commission-free account with spreads starting at 0.7 pips on the EUR/USD and a commission-based account with spreads of 0.1 pip and commissions of 0.005% (which amounts to 50 USD per lot traded), which is extremely high.
Trading is offered on both MT4 and its powerful, innovative proprietary platform that features numerous technical and fundamental analysis tools. CMC Markets also offers excellent education and market analysis materials to get new traders started, and although customer service is offered 24/5, it does not provide a live chat feature, which is a serious oversight by this broker.
Our overall Verdict on Fortrade
Fortrade may appeal to traders who prefer a simple account structure and a wide variety of CFDs to trade. However, traders should be aware that Fortrade's trading costs are significantly higher than other similar brokers. Its single commission-free account has a low minimum deposit requirement of 100 USD, but extremely wide spreads that average at 2.00 pips on the EUR/USD.
Fortrade offers a diverse range of trading assets, including specialty CFDs such as bonds and stock DMAs that are rarely found at other brokers. Its trading platforms include MT4 and a user-friendly proprietary platform, optimised for both desktop and mobile trading.
Fortade's education and analysis section is comprehensive and will be useful for beginner and advanced traders alike, with frequent in-house market analysis of the European and US sessions.
Which broker has the highest overall rating?
CMC Markets has an overall rating of 4.53 and Fortrade has an overall rating of 4.28. For more detail please read our reviews of
CMC Markets and
Fortrade.