The account opening process can be done digitally and there is no minimum deposit. CMC Markets minimum investment is $0. This is great if your goal is to trade with smaller amounts.
Types of accounts
CMC Markets offers two account options. They differ based upon the country they are available in, the accepted base currencies, pricing, and taxes. You can also open a Pro Account that gives you greater leverage. CMC Markets offers Pro accounts to professional clients. Professional clients are not eligible for the same protection as retail clients. This includes negative balance protection. You must meet the following requirements to open a Pro account:
- In the last quarter, ten trades were placed. These trades were significant in size.
- You have worked for the financial sector at least one year.
➔ How to open a new account on CMC Market
CMC’s account opening process is digital and account verification usually takes less than 1-2 business days. These are the steps to open an account at CMC Markets review:
- Choose your country of residence, account type, and account base currency
- Please fill in your name, address, phone number, email, and date of birth.
- Click ‘Submit’ to answer a few questions about you and your trading history.
- An email link will be sent to you to access a third-party service for video identification. There, you’ll need to show your driver’s license and passport via webcam to an operator.
- For residency verification, send a bank statement or utility bill to the address below.
- After CMC Markets has verified your application, and you have agreed to the terms and conditions, trading can begin.
Withdraw and deposit
Multiple deposit/withdrawal options are available and CFD account base currencies can be used. Except for international or same-day bank withdrawals, withdrawals are generally free.
Account base currencies
If you open a CFD account, you have the option to choose from ten base currencies. There may not be all 10, however, clients from many countries will only have the option of choosing between two or three major currencies (such USD and EUR) and their native currency. Spread betting accounts can only be opened in British pounds or euros. This is why it matters. There are two reasons why this matters. You don’t need to pay a currency conversion fee if you fund your trading accounts in the same currency you bank account in or trade assets in the exact same currency you bank account in. Opening a multi-currency digital bank account is a convenient way to reduce currency conversion fees. You can open bank accounts in many currencies, with excellent currency exchange rates and free or cheap international transfers. It takes only a few minutes to open an account.
➔ Options and deposit fees
CMC Markets charges no deposit fees. CMC Markets does not charge any deposit fees. CMC Markets is regulated by ASCI in Australia. CMC lets investors invest in 35,000 shares, ETFs, mutual funds and markets such as those of the United States, The United Kingdom, Canada, and Japan with a commission of zero.
CMC also allows investments in equities, warrants and interest rate securities listed on the Australian Securities Exchange (ASX) by charging a minimal commission of 1. CMC also provides the ability to access the 338 Forex items, twelve cryptocurrency and 117 commodities with affordable spreads and margin loan rates.
How can you withdraw money from CMC Markets?
● Visit CMC’s website trading platform
● Click ‘Funding” in the left sidebar
● Click “Withdraw”
● Select the withdrawal method you prefer
● Add the amount that you want to withdraw
● Confirm your withdrawal
Is Crypto Legal in Australia?
Cryptocurrency is legal in Australia. Crypto is part of the currency list which is protected. Bitcoin and other altcoins can be affected by Capital gain tax. Trading platforms in Australia offering access to crypto to users from Australia have to be registered. The Australian Securities and Investments Commission (ASIC) supervises crypto exchanges. It’s important to note that, even though cryptocurrency has been legalized in Australia, it hasn’t yet been fully developed as a viable substitute for that of the Australian dollar.