image CMS Forex VISIT CMS FOREX image Darwinex VISIT DARWINEX image City Index VISIT CITY INDEX
About

CMS Forex website is not operational.

Darwinex is regulated by the Financial Conduct Authority. Darwinex have provided Forex, Spread betting trading services since 2012.

City Index is regulated by the Financial Conduct Authority. City Index have provided Forex trading services since 1983.

Why choose them?
  • Yes Over 19 years in business
  • Yes
  • Yes
  • Yes Over 6 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority
  • Yes Over 35 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, ASIC and MAS
Headquarters London, UK London, UK

TRADING SERVICES OFFERED

Spot Forex No Yes Yes
Forex (CFD) No No Yes
CFD No No Yes
Spread Betting No Yes Yes
Social Trading No Yes No
MARKETS & INSTRUMENTS
Forex (currency pairs) 40 84
Commodities Offered 26
Stocks Offered 4500
Bitcoin No No Yes
Majors No Yes Yes
Indices No Yes Yes
US Stocks No No Yes
Penny stocks No No Yes
Energies No No Yes
Metals No Yes Yes
Agriculturals No No Yes
FTSE No Yes Yes
Dow Jones No No Yes
Dax No Yes Yes
Nikkei No Yes Yes
ETFs No No Yes
IPO No No No
See all instruments

Losses can exceed deposits

See all instruments

Losses can exceed deposits

See all instruments

Losses can exceed deposits

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 No Yes Yes
MT5 No No No
MT4 Mac No No No
WebTrader No Yes Yes
Mirror Trader No No No
ZuluTrade No No No
Sirix No No No
cTrader No No No
PAMM No Yes Yes
Custom Platforms VT Trader Social Trading AT Pro, Advantage Web

APPS

iOS image No No Yes
Android image No Yes Yes
Windows image No No Yes
Available Languages

English, Spanish, Chinese, and French

English, Spanish, German, Arabic, Polish, and Chinese

See platform & features

Losses can exceed deposits

See platform & features

73% of retail investor accounts lose money when trading CFDs with this provider

See platform & features

72% of retail investor accounts lose money when trading CFDs with this provider

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by CMS Forex and Darwinex

Demo account No Yes Yes
Mini account Yes Yes Yes
Micro account No No Yes
Standard account Yes Yes Yes
ECN Account Yes No No
Islamic account Yes No No
Zero spread account No No No
VIP account No No Yes
Fixed spreads No No Yes
Variable spreads Yes Yes Yes
See account options

Losses can exceed deposits

See account options

73% of retail investor accounts lose money when trading CFDs with this provider

See account options

72% of retail investor accounts lose money when trading CFDs with this provider

TRADING CONDITIONS

Scalping Yes Yes No
Hedging No Yes Yes
Expert advisors (EAs) No Yes Yes
Virtual private server No Yes No
Direct market access No Yes No
STP broker No Yes Yes
Market maker Yes Yes Yes
Min trade Varies 0.01 Lot 1 Lot
Max trade Varies None Varies
Min deposit $1 $500 $25

RISK MANAGEMENT

Stop losses No Yes Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops No Yes Yes
Price alerts No Yes Yes
Signal trading No No Yes

FUNDING METHODS

Credit card No Yes Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No No
Neteller No No No
Skrill No No No
Payment processing time Varies 1-3 business days 2-3 business days
Withdrawal processing time Varies 1-3 business days 2-3 business days
See all funding options

Losses can exceed deposits

See all funding options

73% of retail investor accounts lose money when trading CFDs with this provider

See all funding options

72% of retail investor accounts lose money when trading CFDs with this provider

DETAILED INFO

Excluded countries US US US, CF, TD, CG, CG, CI, CU, GN, ER, GN, FR, GW, HT, IR, IQ, KR, LB, LR, LY, MM, NZ, NG, SL, SO, SD, SY, TM, UZ, VE, EH, YE, ZW
Contact email Send Email Send Email Send Email
Phone number No 44 20 7193 1232 0845 355 0801
Live Chat No Yes Yes
Website cmsforex.com https://www.darwinex.com www.cityindex.co.uk
Spreads:
EUR/USD (Average: 0.7 pips) Not offered Not offered 0.5 pips
GBP/USD (Average: 1.1 pips) Not offered Not offered 0.5 pips
USD/JPY (Average: 1.1 pips) Not offered Not offered 1.6 pips
AUD/USD (Average: 0.8 pips) Not offered Not offered 0.5 pips
USD/CHF (Average: 2.3 pips) Not offered Not offered 1.6 pips
USD/CAD (Average: 2.9 pips) Not offered Not offered 0.5 pips
NZD/USD (Average: 3.6 pips) Not offered Not offered 2.3 pips
EUR/GBP (Average: 2.4 pips) Not offered Not offered 0.5 pips
View all spreads

Losses can exceed deposits

View all spreads

73% of retail investor accounts lose money when trading CFDs with this provider

View all spreads

72% of retail investor accounts lose money when trading CFDs with this provider

FEES

Inactivity Fee No Yes
Commission Yes 0.0015
Deposit Fee Varies No Varies
Withdrawal Fee No Yes Varies
View All Fees

Losses can exceed deposits

View All Fees

73% of retail investor accounts lose money when trading CFDs with this provider

View All Fees

72% of retail investor accounts lose money when trading CFDs with this provider

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Last update

All information collected from cmsforex.com. Last updated on 01/07/2019.

All information collected from https://www.darwinex.com. Last updated on 01/07/2019.

All information collected from www.cityindex.co.uk. Last updated on 01/07/2019.

Company

CMS Forex website is not operational.

Darwinex is an online forex trading service provider who are regulated by the Financial Conduct Authority. To open an account with Darwinex, minimum deposits start from $/£500.

With Darwinex you can trade Forex, indices, and commodities. If you like to trade on the go, Darwinex have iPhone and Android apps so you can trade from anywhere on your phone.

Darwinex offer MT4, MT4 mobile, MT4 iOS and MT4 Android platforms to make your trades and support 3 different languages.

They also offer traders free educational material to better understand the markets and trading strategies.

The spreads offered by Darwinex for the most popular instruments are:
0.38 EUR/USD, 0.8 FTSE 100, 0.12 GOLD,
0.43 GBP/USD, n/a DOW/JONES, n/a Crude Oil,
see all the spreads here.

Since establishing themselves as one of the first spread betting providers in the UK. , City Index have grown to a global company in over 50 countries completing over two million trades every month. City Index provide some of the most competitive spreads across thousands of markets including indices, shares, currencies, commodities and many more.

City Index have continued to innovate and were the first to provide a downloadable Android and iPhone app for spread betting and CFD trading and with over 30 years experience in the industry, you know you can trust Cityindex to handle your trades.

For more information about trading with City Index, we have put together an indepth City Index review with some of the pros and cons about this broker.

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CMS Forex or Darwinex?

ECN execution or access to MT4?

If you’re a trader looking for a broker that offers ECN execution (as opposed to a market maker), CMS Forex is likely the better choice. However, if you want a broker that offers MetaTrader4 as a trading platform, Darwinex may be more suitable.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider Darwinex to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

CMS Forex is regulated by Closed, while Darwinex is regulated by Financial Conduct Authority.

As the Financial Conduct Authority are one of the most stringent regulators in the world, Darwinex will have very strict guidelines to follow to ensure they protect their retail trader clients.

City Index are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

CMS Forex has been around for 20 years, while Darwinex have been around for 7 years. Our third alternative broker, City Index, have been around for 36 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

CMS Forex does not use tier one banks as their banking partner. Darwinex does not use tier one banks as their banking partner.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Both CMS Forex and Darwinex are privately owned companies.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

CMS Forex are based in , while Darwinex are based in London, UK .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, Darwinex have a slightly larger variety of currency pairs with 40 pairs, compared to offered by CMS Forex. Also, if you’re looking to trade cryptocurrencies,

neither CMS Forex nor CMS Forex offer commodity trading.

Darwinex also offer social trading, which allows you to follow the trading activity, engage in discussion, and even copy the trades of other traders.

Platforms & Account Types

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. City Index, for example, offer a mini account, standard account and VIP account.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

CMS Forex does allow scalping but doesn't allow hedging. While Darwinex also allows scalping and hedging. You can't trade with EAs (expert advisors) on CMS Forex but you can trade EAs (expert advisors) with Darwinex.

In terms of risk management tools, neither CMS Forex or Darwinex offers negative balance protection. Negative balance protection prevents you owing your broker more than you’ve deposited.

Darwinex accept Payoneer.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, CMS Forex charges points, while Darwinex charges 0.20 points. Therefore, CMS Forex is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: CMS Forex or Darwinex?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, Darwinex is more reliable based on our criteria above. Darwinex has a wider range of instruments to trade. Darwinex offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Most brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.