Comparison of CMC Markets vs Firstrade [ 2024 ]

The best brokers to invest in cryptocurrencies compared by their commissions, cryptos, security and much more. Here is theCMC Markets vs Firstrade comparison!

Your expert: Alejandro Borja

CMC Markets

  • Threenvest valuation: 4,7/5
  • Investor protection: Yes
  • Security: 5/5
  • Available cryptocurrencies: 11 (CFDs)
Go crypto broker

Your expert: Xavier Tarrasó

Firstrade

  • Threenvest valuation: 4,7/5
  • Investor protection: Yes
  • Security: 5/5
  • Available cryptocurrencies: 38 (CFDs)
Go crypto broker

Main points

Fees

Low 4/5

Regulated

FCA, ASIC

Demo account

Yes
Low 4/5

Fees

FINRA, SEC

Regulated

No

Demo account

Recommended for

Beginners

Yes

Trading

Yes

Passive income

No

Buy and hold

No
Yes

Beginners

No

Trading

No

Passive income

No

Buy and hold


Comparison of fees

Rating

4.0 – CMC Markets offers competitive pricing and precision with aggregated prices from multiple sources. However, the daily and overnight holding costs can be significant for long-term positions .
3.5 – Firstrade charges a 1% fee on crypto trades, which is higher than some competitors. Despite this, its low fees on other investment options and user-friendly platform add value .

Level

Low 4/5
Low 4/5

Brief explanation

CMC Markets offers a competitive fee structure for cryptocurrency trading, primarily operating through spreads rather than commission-based fees. The spreads on major cryptocurrencies such as Bitcoin and Ethereum are relatively tight, making it cost-effective for traders to execute their strategies. Additionally, CMC Markets does not charge deposit fees, which is a significant advantage for traders looking to fund their accounts without incurring extra costs. However, users should be aware of potential overnight holding costs for CFD positions, which can add up if trades are held for extended periods. For cryptocurrency CFDs, the primary cost is the spread, which is the difference between the bid and ask prices. This spread is competitive with other major exchanges, particularly for popular cryptocurrencies. CMC Markets also employs a tiered spread system, where spreads can vary depending on market conditions and liquidity. This dynamic pricing model helps ensure that traders receive fair pricing, especially during times of high market volatility. Additionally, the absence of commission fees on crypto trades further enhances the platform’s attractiveness to cost-conscious traders. While there are no hidden fees, it’s important for traders to consider the overall cost of trading, including potential overnight fees for positions held beyond a day. These fees can vary based on the specific cryptocurrency and market conditions. Moreover, CMC Markets provides detailed information on all costs associated with trading on their platform, promoting transparency and helping traders make informed decisions. Overall, CMC Markets’ fee structure is designed to be straightforward and competitive, making it a strong choice for both novice and experienced cryptocurrency traders.
Firstrade offers competitive and straightforward commission structures for cryptocurrency trading. The platform charges a flat fee of 1% for buying or selling cryptocurrencies, which is relatively high compared to some other exchanges but remains transparent without additional hidden fees​​. Trading Commissions Firstrade’s trading fee for cryptocurrencies is set at 1% of the trade value. This fee applies uniformly to all cryptocurrency transactions, ensuring that users are aware of the costs upfront. The simplicity of this fee structure is advantageous for those who prefer clarity and straightforward pricing. Other Fees Firstrade does not charge any deposit fees, making it cost-effective to add funds to your account. However, while withdrawals via ACH are free, wire transfers incur a fee of $25, which is something users should be mindful of when planning their fund withdrawals​​. Overall, Firstrade’s commission structure is designed to be transparent and easy to understand, with the primary cost being the 1% trading fee on all cryptocurrency transactions. This can be beneficial for traders who value simplicity and predictability in their trading costs.

CMC Markets

Read CMC Markets review
  • Year Founded: CMC Markets was founded in 1989, providing it with a long history and substantial experience in the trading industry. Its longevity is a testament to its reliability and ability to adapt to market changes over the decades.
  • Number of Users: With over 60,000 active clients globally, CMC Markets has built a large and loyal user base. This widespread adoption is a strong indicator of the platform's credibility and the trust it has earned from traders around the world.
  • Security Methods: CMC Markets employs advanced security measures, including encryption and two-factor authentication (2FA), to protect user accounts and funds. This commitment to security helps ensure a safe trading environment for all users.
  • Regulation: CMC Markets is regulated by several top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS). This stringent regulatory oversight adds a significant layer of protection and trust for users.
  • Reputation and Reviews: CMC Markets has received positive reviews from both users and industry experts. Its reputation for reliability, advanced trading tools, and excellent customer service further solidifies its standing as a trusted exchange in the crypto market.
  • Pros
  • Wide range of cryptocurrency CFDs.
  • Competitive dynamic crypto spreads.
  • Advanced charting and analysis tools.
  • Cons
  • No real cryptocurrency ownership.
  • High stock CFD fees.

Firstrade

Read Firstrade review
  • Year Founded: Firstrade was established in 1985, making it one of the most experienced brokerage firms in the industry. With nearly four decades of operation, Firstrade has demonstrated stability and reliability through various market conditions​​.
  • Number of Users: Firstrade serves a large number of clients, reflecting its broad acceptance and trust within the investment community. The significant user base is a testament to its reliability and the trust it has earned over the years​​.
  • Security Methods: Firstrade employs stringent security measures to protect client accounts and personal information. The platform is regulated by top-tier authorities such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Additionally, Firstrade provides high investor protection through the Securities Investor Protection Corporation (SIPC), covering up to $500,000, including $250,000 for cash​​.
  • Regulation: Firstrade is fully regulated by the SEC and FINRA, ensuring compliance with strict industry standards. This regulation provides an added layer of security and transparency, assuring users that their investments are managed according to rigorous guidelines​​.
  • Customer Service: Firstrade offers robust customer service options, including phone and email support. Although not available 24/7, their customer service team is dedicated to providing helpful and relevant responses. This commitment to customer care enhances user confidence and satisfaction​​.
  • Pros
  • Low transaction fee.
  • No minimum deposit required.
  • Wide variety of cryptocurrencies available.
  • Cons
  • No dedicated crypto wallet.
  • Limited customer support hours.

Guide sponsored by the best exchange

eToro

eToro Special Offer*

Earn up to 4.90% APY on uninvested cash with eToro USA.

Account Minimum

Get started with just $100.

And 1% fee on all cryptocurrency trades.

Read our eToro review here
etoro logotipo
Go to eToro

Direct link to the website

Product selection

Native token

CMC Markets does not have a native token.
Firstrade does not have a native token.

Earns

CMC Markets does not support staking or other crypto earning programs. It provides trading through crypto CFDs and spread betting .
Firstrade does not offer staking or earning options for cryptocurrencies. It focuses on trading a variety of digital assets .

NFT marketplace

CMC Markets does not have an NFT marketplace.
Firstrade does not have an NFT marketplace.

Cripto/debit card

CMC Markets does not offer a card for its clients .
Firstrade does not offer a card for its clients .

Company information

Full name

CMC Markets UK Plc​​.
Firstrade Securities Inc.​​.

Regulation

FCA (UK), BaFin (Germany/EU), IIROC (Canada), ASIC (Australia), FMA (New Zealand), MAS (Singapore), DFSA (Dubai)​​.
SEC, FINRA, SIPC (USA)​​.

Year founded

1989​​
1985​​

Founder

Peter Cruddas​​
John Liu​​

Payment methods

Transfers

Yes, CMC Markets accepts bank transfers for both deposits and withdrawals .
Yes, Firstrade accepts bank transfers for both deposits and withdrawals .

Mastercard

Yes, CMC Markets accepts Mastercard for deposits​​.
No, Firstrade does not accept Mastercard for deposits​​.

Wire transfer

Wise is not mentioned as a supported payment method. In some locations, third-party payment providers like Wise are not available .
Wise is not mentioned as a supported payment method .

Card

Yes, CMC Markets accepts credit/debit cards .
No, Firstrade does not accept credit/debit cards .

Comparative table

CMC Markets Features Firstrade
The minimum trade size at CMC Markets is low, making it accessible for beginners who want to start trading with smaller amounts.
Minimum Trade
Firstrade allows low minimum trade amounts, making it accessible for beginners to start investing in cryptocurrencies.
While CMC Markets offers competitive spreads, the stock CFD fees are relatively high compared to other exchanges.
Trading and Transaction Fees
The platform offers competitive trading fees, although some users might find hidden costs associated with certain transactions.
With around 19 cryptocurrencies available, the selection is decent but fewer than some competitors that offer a broader range.
Number of Cryptocurrencies
Firstrade supports over 30 cryptocurrencies, providing a good range of options for investors.
Trading is limited to CFDs, and there are no direct crypto-to-crypto trading pairs available, which might be a limitation for some traders.
Crypto-to-Crypto Trading Pairs
While it offers a variety of cryptocurrencies, the number of available trading pairs is somewhat limited compared to other platforms.
The CMC Markets website provides transparent and detailed information about its fees, regulatory status, and services, fostering trust among users.
Website Transparency
Firstrade’s website is transparent and informative, clearly outlining fees, security measures, and available services.
CMC Markets does not offer a card for its clients .
Credit/Debit Card
Firstrade does not offer a card for its clients .
CMC Markets does not offer direct crypto storage, as it operates through CFDs, which might not appeal to traders looking for a direct investment in cryptocurrencies.
Storage Offering
Firstrade lacks a dedicated cryptocurrency wallet, requiring users to use third-party services for storing their digital assets.
The platform does not offer any staking or rewards programs, which can be a disadvantage for traders interested in earning passive income through their holdings.
Staking and Rewards
The platform currently does not offer staking or reward programs, which can be a downside for users looking to earn passive income.
CMC Markets provides high-quality mobile and desktop trading platforms with advanced features, ensuring a seamless trading experience across devices.
Mobile App and Desktop
Firstrade offers a highly rated mobile app and a robust desktop platform, ensuring a seamless trading experience across devices.
Customer service is reliable and available 24/5, but the absence of weekend support can be a drawback for traders needing assistance outside regular hours.
Customer Service
Firstrade’s customer service is reliable but not available 24/7, which can be an inconvenience for users needing assistance outside business hours.
The platform offers fast and varied deposit methods. Withdrawals are generally quick, though some methods may incur fees, which should be considered by users.
Deposit and Withdraw
Firstrade offers a variety of deposit and withdrawal options, although the lack of instant processing for some methods can be a drawback.

Key features

Analysis tools

CMC Markets offers the “Next Generation” trading platform with advanced charting tools, technical indicators, and a comprehensive range of research tools. Their MT4 platform also supports algorithmic trading .
Firstrade offers a variety of tools and resources including research reports, market data and analysis, and educational resources such as webinars and articles .

Mobile APP

Yes, CMC Markets offers a highly functional mobile app as part of their “Next Generation” trading platform, providing extensive features for mobile trading .
Yes, Firstrade offers a mobile app available for iOS and Android devices, designed for a seamless trading experience .

Security

CMC Markets is regulated by several financial authorities, including the FCA. They provide negative balance protection for UK and EU clients. The broker is listed on the London Stock Exchange, which enhances transparency and security​​.
Firstrade is regulated by the SEC and FINRA in the United States, offering a high level of security. They follow strict security measures to protect client accounts and personal information​​.

Additional features

CMC Markets provides an extensive range of CFDs, including cryptocurrencies. They offer 19 cryptocurrencies for trading, such as Bitcoin, Ethereum, and Litecoin. The platform features advanced research and educational tools, including a comprehensive learning center. CMC Markets also boasts a high fill rate of 99.9%, making it a great choice for active crypto day traders. However, they do not support trading real stocks and have relatively high stock CFD fees .
Firstrade offers trading on 38 popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Their platform is integrated with Apex Crypto for secure storage and trading. Firstrade provides a highly-rated mobile app for seamless trading on the go and features like real-time data and analytics, 24/7 trading, and instant fund access. They charge a high spot crypto fee of 1% of the trade value but provide a user-friendly experience for beginners .

Anonymity

CMC Markets requires identity verification during the account opening process, so anonymous accounts are not possible .
Firstrade does not support anonymous accounts. The account opening process includes submitting personal details and verification documents .

Key points

Available cryptocurrencies

CMC Markets provides trading in cryptocurrency CFDs. Available cryptocurrencies include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), TRON (TRX), EOS, Stellar Lumens (XLM), Cardano (ADA), and crypto indices such as the All Crypto Index, Major Crypto Index, and Emerging Crypto Index​​.
Firstrade provides access to 38 cryptocurrencies. These include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Stellar (XLM), Solana (SOL), Shiba Inu (SHIB), and more​​.

User-friendliness

CMC Markets offers a powerful and versatile trading platform that caters well to crypto traders. The Next Generation platform is particularly noted for its configurability and advanced tools. However, the platform might require some time to master due to its extensive features, which can be overwhelming for beginners. Overall, it provides a comprehensive trading experience with access to multiple crypto assets .
Firstrade offers a highly-rated mobile app for crypto trading, designed to provide a seamless and user-friendly experience. The platform supports a wide range of cryptocurrencies and allows for easy buying and selling. While it lacks a dedicated crypto wallet and some advanced features, its simplicity and accessibility make it a good choice for beginners looking to manage their crypto investments alongside other asset classes .

Value for money

CMC Markets offers value through competitive pricing and a wide range of tradable instruments. The fees for holding positions overnight are standard, and the platform’s robust tools justify the costs, though its advanced features may be overwhelming for beginners​​.
Firstrade offers a strong value proposition with low fees and no minimum deposit, making it accessible for beginners. However, its 1% trading fee on crypto is higher compared to some competitors, which could affect active traders​​.

Countries of operation

United Kingdom, Australia, New Zealand, Singapore, United Arab Emirates .
United States, Germany, United Kingdom, China, Singapore, Hong Kong .

Best for

CMC Markets caters to experienced traders who appreciate a powerful trading platform with extensive configurability and tools. It is best for those who are comfortable with trading crypto CFDs and are looking for a wide range of cryptocurrency indices to trade​​.
Firstrade is best for US-based investors who want a straightforward, user-friendly platform to trade a variety of cryptocurrencies. Its mobile app and low fees make it a good option for beginners and those looking to manage their crypto investments alongside traditional assets​​.

Account

Trading

CMC Markets offers a wide selection of crypto CFDs, allowing users to trade on price movements without owning the underlying assets. The platform is known for its advanced trading tools and competitive spreads.
Firstrade has limited offerings in cryptocurrency trading, focusing primarily on traditional securities. It may not be the best option for dedicated crypto traders.

Deposit and withdrawal

CMC Markets offers free deposits and withdrawals via bank transfers and credit/debit cards. The process is straightforward, though withdrawal times can be slightly longer compared to deposits.
Firstrade primarily supports deposits and withdrawals via bank transfers and checks. The process can be slower compared to other brokers, and international clients might face additional hurdles.

Account opening process

CMC Markets has an easy and efficient account opening process. Users complete an online application, provide personal and financial details, and upload identification documents. The process is fully digital, and accounts are usually approved quickly.
Opening an account with Firstrade involves completing an online application and submitting personal and financial information. Verification documents are required. The process can take a bit longer compared to other brokers, especially for international clients.

KYC required?

CMC Markets requires KYC verification. Personal identification documents and proof of address must be provided during the account registration process.
Firstrade mandates KYC verification. Users must provide personal identification documents and proof of address as part of the account opening process.

Customer Service

CMC Markets has a reliable customer service team available 24/5 via phone, email, and live chat. The support is known for being efficient and knowledgeable, helping users with a wide range of issues.
Firstrade provides customer support via phone and email, but does not offer live chat. The support is available during regular business hours, and while it is generally helpful, the lack of live chat can be a drawback for some users.

Security

CMC Markets is regulated by several financial authorities, including the FCA. They provide negative balance protection for UK and EU clients. The broker is listed on the London Stock Exchange, which enhances transparency and security​​.
Firstrade is regulated by the SEC and FINRA in the United States, offering a high level of security. They follow strict security measures to protect client accounts and personal information​​.

Which of these exchanges is for you?

alejandro-borja-analista-de-brokers.webp

Alejandro Borja

As an expert at Threenvest, I recommend CMC Markets for crypto traders who value a secure and user-friendly platform. The advanced charting tools and comprehensive research capabilities make it ideal for both beginners and experienced traders. While the selection of cryptocurrencies is decent, the platform’s robust security measures and regulation by top-tier financial authorities provide added peace of mind. However, keep in mind that customer support is not available on weekends, and the range of cryptocurrencies could be expanded for more trading opportunities.
Xavier-tarraso-mascarell.jpg

Xavier Tarrasó

As an expert on our website, I find Firstrade to be a reliable choice for anyone looking to start investing in cryptocurrencies. The platform offers a secure and user-friendly experience, with competitive trading fees and a robust mobile app. However, the absence of a dedicated crypto wallet and 24/7 customer support are areas that could use improvement. Overall, Firstrade is a solid option for beginners and seasoned investors alike, thanks to its strong regulatory framework and extensive market experience.

Read CMC Markets review

View all comparisons against CMC Markets

Read Firstrade review

View all comparisons against Firstrade

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

 

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).


For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

More comparatives CMC Markets and Firstrade

We help you invest in the crypto market in the safest way possible.

Tools

Crytpo broker reviews

Crypto exchange reviews

Crypto decentralized exchange reviews

Find my crypto exchange

Crypto news podcats

Crypto guide

Pillar content

Crypto exchanges compare

Crypto decentralized exchanges compare

Crypto brokers compare

Best crypto brokers

Best crypto exchanges

Best Decentralized Crypto Exchanges

About Our Business

Diversity and Inclusion Commitment

Who Are We?

Threenvest Editorial Team

Leadership at Threenvest

How We Make Money

Corporate Impact

Get to know us

About Our Standards

Our Star Methodology

Financial Review Board

Editorial Policy

Our Team

Legal

Supplier Code of Conduct

Privacy Preferences

Privacy Policy

Cookie Policy

Terms of Use

Contact

Our profit model

Threenvest was born by and for you. Our mission is to help you invest in the cryptocurrency market in the easiest and safest way possible. And how do we make money? Very simple, every time you click on any of the platforms that we recommend, it is possible that we get an income. We do not work with unsafe platforms, our standard is only to recommend platforms where we would invest our money ourselves.

Linkedin
Help us with a Truspilot review

© All rights reserved 2024 | Threenvest I/S