CMC Markets vs Phillip Capital 2026: Which Broker is Better?

Regulation & Safety

Citing their robust regulatory frameworks, both CMC Markets and Phillip Capital uphold strong commitments to trader safety. CMC Markets, headquartered in London, is regulated by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS). This multi-jurisdictional oversight ensures stringent adherence to financial standards and enhances investor confidence.

Phillip Capital, based in Singapore, is primarily regulated by MAS and ASIC. The firm's long-standing presence in the Asia-Pacific region underpins its credibility. While both brokers provide investor protection, CMC Markets benefits from the FCA regulation, affording UK clients additional security through the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 in case of broker insolvency.

Fees & Spreads

CMC Markets offers competitive spreads starting from 0.7 pips on forex, with no additional commissions. This can be particularly advantageous for traders seeking cost-effective trading solutions. The broker also does not require a minimum deposit, making it accessible for traders of all levels. However, an inactivity fee is charged after 12 months of no trading activity.

On the other hand, Phillip Capital offers spreads starting from 0 pips, but applies a commission of 0.08 per trade, which could add up for high-frequency traders. Like CMC Markets, Phillip Capital also has no minimum deposit requirement, making initial entry convenient. The broker's maximum leverage is substantially lower at 1:5, compared to CMC's 1:500, potentially limiting flexibility for highly leveraged strategies.

Trading Platforms

CMC Markets is renowned for its award-winning Next Generation platform, which is available on the web and mobile. It also supports MT4, catering to traders who prefer a more traditional interface. Phillip Capital uses its proprietary POEMS platform, known for comprehensive market access but criticised for a less modern user interface compared to CMC's offerings. Both brokers provide mobile and web trading capabilities, but CMC Markets' platform is generally more feature-rich.

Who Should Choose CMC Markets?

• Traders seeking a broad range of instruments and asset classes.
• Individuals preferring no minimum deposit to start trading.
• Traders looking for high leverage up to 1:500.
• Users interested in an advanced and award-winning trading platform.

Who Should Choose Phillip Capital?

• Investors focused on Asian markets, including SGX and HKEx.
• Traders prioritising zero spreads over commission costs.
• Clients seeking a broker with decades of regional expertise.
• Traders looking for a straightforward trading experience.

Our Verdict

For beginners, CMC Markets is the better choice due to its more intuitive platform and zero minimum deposit. Professionals might prefer CMC Markets for its higher leverage and extensive range of instruments. On fees, CMC Markets edges out with no commissions and competitive spreads, making it a more cost-effective option for most traders.