CMC Markets Singapore: An overview

Elle Kasser

Warning: CFDs are complex leveraged investment instruments, intended for experienced investors. There is a high risk of losing money, and losses can exceed deposits. Read the risk information available on the CMC Markets website before you consider investing in CFDs. The information in this article is informational and does not constitute investment advice


CMC Markets offers clients a range of ways to invest, including CFDs and forex trading. The CMC trading platform is user friendly and makes it easier for individual and institutional investors alike to manage their portfolios.

This guide covers all you need to know about CMC Markets Singapore. We’ll also introduce the Wise multi-currency account as a smart way to withdraw foreign currency balances without losing out on poor exchange rates.

📝Table of contents:

What is the CMC trading platform and how does it work?

CMC Singapore¹ has over 30 years experience, and an award winning user interface you can access online and using a mobile device². Once you have an account you’ll be able to review your portfolio or make trades wherever you are, just using your smartphone. Customers can access 9,000 CFD markets, which allows you to diversify your investment portfolio to manage risk.

There’s easy access to educational resources to help you learn more about the products and markets available through CMC Singapore, including the CMC Markets demo account. And once you’re up and running, you’ll be able to analyse your portfolio and create graphs and charts to measure and improve your performance.

CMC accounts are available for individual and high volume traders, with some premium services for those who use the platform most. CMC security is cutting edge, too, so you’ll know your money is safe as you invest.

CMC Markets - ways to trade

CMC Markets allows customers to trade CFDs and Countdowns.

CFD stands for contract for difference. It’s essentially a way to place bets on whether the value of an asset will rise or fall over a given timeframe. You enter a contract with a CFD broker, and then exchange the value difference between the opening price of an asset at the time the contract starts and the value at the time the contract closes. CFDs are leveraged investment instruments which are only suited to experienced investors. You can lose more than you stake, so you’ll need to fully understand the product before you get started.

The other way to trade with CMC is through countdowns. These are short term, fixed return trades - some as short as 30 seconds. You’ll place an order based on whether you think the price of the commodity, index or forex pair will go up or down during the duration of the countdown. Get it right and you could earn a return of up to 90%.

CMC Markets - what you can trade

With CMC Markets you can trade:

  • Forex
  • Indices
  • Shares
  • Cryptocurrencies
  • Commodities
  • Treasuries
  • Share baskets

CMC Markets Singapore fees

The fees charged by CMC Markets can vary widely depending on the type of trades you’re making, as well as your account type. There may be discounts for high volume traders, for example.

Make sure you understand all the costs involved in using your account before you get started. Here are some fees to watch out for:

Service CMC Markets Singapore fee
Account opening Free
Spread/commission on trades Spread/commission varies by market - starting at 0.7 points on major forex pairs, and 0.1% on shares³
Margin Where relevant, margin is based on trade type and value. Expect to pay around 5% on forex and 20% on commodities⁴
Holding fee - applied if you keep cash positions open after cut off time Fees vary based on market and trade type⁵
Guaranteed stop-loss order charge Varies by trade type
Market data fees Depending on the market you may need to pay a monthly fee for access to live trading data
Inactivity fee SGD15/month, applied if account is dormant for a year or more⁶

CMC commission

CMC commission on share CFDs varies based on the country in which the share product originated. Fees apply every time you enter and exit a trade, and may be set out as a percentage cost, or a price per unit involved in the transaction.


Is CMC Markets safe?

CMC Markets is regulated by the Monetary Authority of Singapore (MAS) and adheres to all relevant regulatory requirements. Client funds are ring fenced and can not be used for the day to day management of the CMC business.


Opening CMC Markets account in Singapore

Open your CMC Markets live account or demo account easily online⁷. The process will vary slightly according to your citizenship and country of residence. Singapore citizens and Permanent Residents can create accounts through MyInfo, which means there’s no need to send in additional documents to prove your identity.

Here’s the process to follow:

  • Go to the CMC Markets Singapore website
  • Click Create account
  • Select the option to use MyInfo if you are a Singapore citizen or PR, or the regular account opening process if not
  • If you don't have MyInfo, enter your personal details and upload ID documents for verification
  • Complete the form with your financial and residence information
  • Fund your account once verified and begin trading

If you’re submitting your application without MyInfo, you need to provide a government issued ID, proof of residence from within the last 3 months, and a signed client acknowledgement form.


How to fund your CMC Markets account in Singapore

There are a number of ways to fund your CMC account - different options take different lengths of time to take effect, and some come with fees. Here’s what you need to know:

Payment method Fee⁸ Delivery time
Credit card 2% Immediate
PayNow Free Within 2 hours during the working day; by 9am the following morning for out of hours deposits
Bank transfer Free Within 2 hours during the working day; by 9am the following morning for out of hours deposits
GIRO Free 2 - 3 days
MEPS funds transfer Your bank may charge a fee - check your account terms Before 4pm on a weekday, same day delivery. Out of hours transactions deposited on the next working day
Bill payment Free 1 day
Cheque Free Usually available on the next working day
ATM transfer Free Within 2 hours during the working day; by 9am the following morning for out of hours deposits
NETS payment at the CMC office Free Within 2 hours during the working day
International transfer 10 SGD Your own bank may also charge a fee - check your account terms 2 - 3 days

Withdrawing your investment funds in foreign currencies? Get Wise

Diversity is the best way to keep a balanced investment portfolio. Which probably means it makes sense to use a global approach when you choose where your money goes.

If you’re investing overseas, you could protect your profits when you withdraw funds in foreign currencies, by using the Wise multi-currency account. With Wise you’ll get local receiving accounts in 9 currencies, to withdraw fee free in USD, GBP, EUR and more. Hold, convert and manage 50+ currencies all in the same account, and get the real mid-market exchange rate every time you transact. You’ll also have a linked debit card for withdrawals and spending wherever in the world you happen to be.

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If you’re starting a journey into investing, CMC Markets might have all you need. Check out the range of products, and make good use of the educational tools and resources to make sure you know how to manage your money in the most effective way. And when it comes to withdrawing from global investments, get a Wise multi-currency account to save up to 7x on currency conversion and fees.


Sources:

  1. CMC Markets Singapore - Online CFDs & Forex Trading
  2. CMC Markets Singapore - Benefits Of Trading With CMC | Why CMC
  3. CMC Markets Singapore - CFD Spreads and Commissions
  4. CMC Markets Singapore - CFD Margins | CFD Trading
  5. CMC Markets Singapore - CFD Trading Costs
  6. CMC Markets Singapore - Charges | FAQs | Support
  7. CMC Markets Singapore - Live CFD accounts
  8. CMC Markets Singapore - Funding and withdrawal table SG

Sources checked on 27 August 2021


Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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