CLMarkets Review 2024

Show Details

CLMarkets, also known as Core Liquidity Markets, is an online forex and CFD trading broker. Through the MetaTrader 4 platform, customers can trade stocks, currency pairs, indices, commodities and crypto. This review will examine the live accounts, funding options, markets, trading platforms and anything else a UK trader should know in 2024. Our team also reveal their verdict after testing CLMarkets.

Our Take

• CLMarkets offers two live account types with competitive ECN spreads and commissions from $3.50 per side
• The broker offers GBP as a base currency, however, the lack of free payment methods and high deposit requirements is disappointing
• The absence of FCA regulatory oversight makes it difficult to recommend this broker for UK traders
• The broker’s selection of 100+ instruments is sub-par compared to alternatives

Market Access

CLMarkets offers 100+ instruments spanning five asset classes, which is quite a poor selection compared to most brokers. We were disappointed to see only 10 shares available, and no options to diversify through futures or ETFs. The only areas where the brokerage really shines are forex and commodities.

• Forex: 54 major, minor and exotic currency pairs including six with GBP
• Indices: 10 indices including the FTSE 100, Hong Kong 33 and the DAX 30 index of Germany
• Shares: 10 companies from US stock exchanges including Apple, Netflix and Bank of America on the New York Stock Exchange
• Commodities: 10 commodities such as Brent Crude Oil, natural gas and both gold and silver against USD and EUR
• Crypto: 6 digital currencies such as Bitcoin, Ethereum and Litecoin

Fees

The CLMarkets trading fees relate to your account type. You are charged either through wider bid-ask spreads or through commission.

We found that the Standard account has wider, floating spreads from 1 pip. However, we were pleased to see that there are no commissions. This is comparable with other brokers such as Pepperstone, with a 1-pip minimum spread on the popular EUR/USD pair.

The Core Liquidity Markets ECN account uses prices directly from liquidity providers, meaning the spreads are tighter. This allows clients to execute ultra-short-term trading strategies such as scalping. Rather than pay through larger spreads, clients pay a commission of $3.5 per side.

On the downside, CLMarkets traders also need to account for deposit and withdrawal fees where the exact amount you are charged will vary according to your chosen method. Generally, Bitcoin deposits are cheapest due to the 1% fee, however, depending on how much you deposit, a bank wire may also be cost-effective.

Our experts were pleased to see that CLMarkets does not charge any inactivity fees.

Accounts

I was pleased with the account offering with Core Liquidity Markets, with two live account types available.

The main difference between the two is the pricing model whereby the Standard account has zero commission and wider spreads, whereas an ECN account has tight spreads but a $3.5 commission.

Both accounts have access to the same features and tools such as demo conditions, micro lot trading of 0.01 lots, one-click trading and expert advisors.

I was also pleased to see that CLMarkets supports GBP as a base currency, which means UK clients can avoid currency conversion fees. This is in addition to support for both USD and EUR.

The main differences between the two live accounts are detailed below.

Standard

Best for beginners and casual traders

• £100 minimum deposit
• Spreads from 1 pip
• Zero commission

ECN

Best for experienced and short-term traders

• £500 minimum deposit
• Spreads from 0 pips
• Commission of £3.5 per side

How To Open A CLMarkets Account

I thought the sign-up process was intuitive and only takes a few minutes, which compares well to alternatives. To get started:

1. On the CLMarkets website, click the ‘Start Now’ button on the top-right-hand side of the page
2. Fill in personal details such as your name, email address and what you want to trade
3. Select the account type
4. Complete the account verification process by submitting documents showing proof of identification and address
5. Once your application has been reviewed and accepted by the customer service team, you can begin trading

Funding Methods

Deposits

I was disappointed with the limited funding options for UK-based CLMarkets clients. I would have liked to see debit or credit card deposits and e-wallet services such as PayPal and Skrill since these are standard at many top brokers like IC Markets.

The minimum deposit limit relates to your account type with a Standard account requiring transfers of £100 or more. ECN accounts, however, impose a minimum limit requirement of £500, which is steeper and better suit seasoned traders.

However, my major criticism is the fees. You can’t fund your account without paying a commission, which is not something charged by leading brokers like Pepperstone or CMC Markets.

The available funding methods for Core Liquidity Markets, plus the expected wait time and fees are as follows:

• Bank Wire Transfer: Expected wait time of two to five business days and a fee between £20 and £45
• Neteller: Processed immediately with a 5% fee
• Bitcoin: Processed immediately with a 1% fee

How To Deposit Funds To CLMarkets

You can find the cashier portal and load your account in a few easy steps:

1. Sign in via the website
2. On the home client centre, click ‘Transfers’
3. Specify the chosen funding method
4. Fill in the amount you want to deposit
5. CLMarkets will then provide details on where to send the funds. For example, a wallet address if you want to fund your account using Bitcoin

Withdrawals

I liked that CLMarkets offers several options for withdrawals. However, I was disappointed that there are no free options for withdrawals, which again, is below the market standard.

The following are the supported withdrawal methods, the processing time for each and the associated charges:

• Bank Wire Transfer: Expected wait time of three to five business days and a fee of $15
• Visa/MasterCard: Expected wait time of three to five business days and a fee of 3%
• Neteller: Processing time of 24 hours with a 2% fee
• Bitcoin: Processing time of 24 hours with a 2% fee
• Skrill: Processing time of 24 hours with a 1% fee

Regulation

Our team was let down by the fact that CLMarkets is not regulated. UK clients will need to be careful as they will not be provided with the protections that come with FCA-regulated brokers.

Core Liquidity Markets does not offer negative balance protection, which is an invaluable measure to help prevent clients from making losses exceeding their account balance.

Plus, you will not be able to claim compensation through the Financial Services Compensation Scheme if Core Liquidity Markets were to file for insolvency.

Trading Platform

I rated that CLMarkets offers the market-leading trading platform, MetaTrader 4.

Created by MetaQuotes, MT4 is one of the best platforms in the world for strategising and trading. Through a highly customisable user interface, it is easy to set up a simplified workspace that caters to your trading preferences and needs.

Some of our favourite features of the platform include:

• One-click trading
• 50+ technical indicators and analytical objects
• MQL4 programming language to design your own EAs
• Four pending orders of buy limit, buy stop, sell limit and sell stop
• Nine built-in time frames as well as the ability to choose your own
• 2,000+ indicators available for download on the MT4 marketplace
• YTD price history for share price, currency exchange rates and other assets

How To Place A Trade

When we used CLMarkets, it only took a couple of minutes to place a trade. To do so:

1. Click the ‘New Order’ button on the platform
2. Choose the asset you want to trade on from the drop-down list
3. Input the trade volume. You can also set take profit and stop loss orders if you wish
4. You can write a comment to provide quick information for reviewing the trade later when filling out a trade journal
5. Select whether you are opening a market execution or pending order trade
6. If market execution, click either ‘Buy’ or ‘Sell’ to submit the order
7. If pending order, choose the type from the four options and specify the strike price and expiration if desired
8. Confirm the order and wait for it to be filled

Mobile App

While we were pleased that MetaTrader 4 has a dedicated mobile app, we were disappointed to see that CLMarkets has not created its own proprietary app. This could allow clients to control their accounts to handle deposits and withdrawals or change account settings.

Even so, the MT4 platform provides a good way to trade while on the go. It has similar functionality to the desktop app, so clients can execute trades remotely.

To download the app, you can search for ‘MetaTrader 4’ on either the Google Play Store or Apple App Store or you can find links via the broker’s website.

CLMarkets Leverage

CLMarkets allows clients to open trades with leverage as high as 1:500, which is available for both the Standard and ECN accounts. This means you can open a trade with an exposure of £500 using just a £1 stake, greatly boosting your trading power.

Yet whilst this can increase potential profits, it can also magnify losses.

Demo Account Details

While I was pleased to see that Core Liquidity Markets offers a free demo account, I was disappointed that the license only lasts for 30 days.

I would have preferred CLMarkets to offer an unlimited account with no fixed expiration akin to eToro, as clients could then continue to practise trading even after registering for a live account.

How To Open A CLMarkets Demo Account

1. On the CLMarkets website’s homepage, click the ‘Start Now’ button
2. Fill in personal information such as contact details and your name
3. At the bottom of the page, click ‘Demo’
4. CLMarkets will then send MT4 demo login details to your email address

Bonus Schemes

Unfortunately, CLMarkets does not run any promo schemes such as a welcome bonus or no-deposit bonus.

In the past, Core Liquidity Markets offered a referral scheme whereby clients could invite friends, family and colleagues to register. For every client that would use your code to sign up for a live account, you would have received a bonus.

Extra Tools & Features

I was disappointed with the added tools that CLMarkets offers. Many competing brokers provide a variety of tools and so I would have liked the see Core Liquidity Markets extend their resources.

For example, an education section with video tutorials, a glossary with definitions explained, stock picks and weekly newsletters with expert market insights would have been useful. These are commonly offered by competing forex and CFD brokers such as XTB and XM.

CLMarkets does provide an economic calendar, but it is basic with limited information provided. While it includes upcoming events of note, it does not provide insights from experts, which often comes with many other economic calendars.

Customer Service

I felt that the CLMarkets customer support is adequate but could be improved.

Firstly, I would have liked to see a live chat on the website so all visitors can speak with the desk via message and receive a near-immediate response.

Moreover, our experts found that the broker is slow to respond, taking a week to provide answers to our questions over email. This is incredibly poor and doesn’t compare well with top brokers that offer near-instant support.

The contact methods available at CLMarkets include:

• Call +61 2801 55431
• Message over WhatsApp at +1 (312) 813-2344
• Contact the email address: support@clmforex.com
• A frequently asked questions section on the website
• Follow the CLMarkets social media accounts on Twitter, LinkedIn, Facebook and Instagram
• Each user is allocated an account manager that can provide financial statements on your portfolio and price quotes on assets

Company Details & History

CLMarkets Ltd is an international broker based in Melbourne, Australia. Founded in 2013 in the USA and operating under the trading name Core Liquidity Markets, this broker initially aimed to serve clients in Latin America who were looking to invest in forex and CFDs.

Since launching, CLMarkets has expanded outside of South America. At the time of writing, the broker has a user count exceeding 100,000 from countries around the globe, including the UK, Canada, Kenya, Qatar, plus many countries in Europe.

Trading Hours

Opening hours for clients in the UK are between 8:00 am and 4:00 pm GMT, Monday to Friday.

You can find the upcoming holidays and breaks in traditional trading days once you sign into your CLMarkets account. Details can be found under the market news section and are updated daily.

Should You Trade With CLMarkets?

CLMarkets is an adequate broker. There is an average range of markets that you can trade with high leverage through the advanced MetaTrader 4 platform.

However, Core Liquidity Markets is limited in terms of funding options and all methods charge a fee for both deposits and withdrawals. Additionally, we would have liked to see more tools to support client trading such as an education centre and daily or weekly market reports. Finally, it is disappointing that CLMarkets does not hold a license with the Financial Conduct Authority of the UK or any other regulatory body in Europe.

FAQ

Article Sources

CLMarkets Website

Compare CLMarkets with Other Brokers

These brokers are the most similar to CLMarkets:

1. Pepperstone - Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for traders at all levels.
2. IC Markets - IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
3. FP Markets - Established in 2005 in Australia, FP Markets is an ASIC- and CySEC-regulated broker boasting an extensive suite of tradable assets. Its Standard and Raw accounts cater to traders at every level, while it packs a punch in the tooling department, from the MetaTrader suite and intuitive TradingView to actionable trading ideas from Trading Central and AutoChartist.

CLMarkets Feature Comparison

Trading Instruments Comparison

CLMarkets vs Other Brokers

Compare CLMarkets with any other broker by selecting the other broker below.