CMC Markets introduces Spectre – a new tax-efficient way for professionals to trade

CMC Markets, the FTSE 250 online trading platform, has unveiled Spectre, a new type of trading account designed exclusively for professional clients seeking a tax-efficient, unleveraged alternative to traditional leveraged products such as CFDs and spread bets.

Spectre aims to reshape how professional traders manage long-term positions by combining the tax benefits of spread betting with no leverage, no financing costs, and no margin calls. According to CMC Markets, the product enables clients to “trade smarter and hold longer,” while maintaining control and reducing drag from daily funding charges.

No Tax

Under UK tax law, financial spread betting is exempt from capital gains tax and stamp duty, and Spectre extends this benefit to professionals who want to trade using their own capital rather than borrowed margin. The account supports trading across shares, cryptocurrencies, commodities, bonds, ETFs, funds, and FX, all within one platform.

Plus, by trading shares as a financial spread bet, you don’t actually own the underlying company, so there is no stamp duty to pay, which is currently 0.5%.

I think stamp duty on shares is on the way out though, as at the Good Money Guide London Summit, the London Stock Exchange said their CEO has called it a pernicious tax.

The CEO of the London Stock Exchange has publicly called stamp duty a ‘pernicious tax.’ The revenue it brings in has not increased, and it disincentivizes investment in UK companies. Removing barriers and incentivizing people is key. #StampDuty #Investing pic.twitter.com/y7QcNrn7PC

— Good Money Guide (@GoodMoneyGuide) October 13, 2025

No overnight financing costs

CMC’s Spectre calculator highlights potential cost advantages. For example, a £10,000 long-term position in Nvidia held for five years could deliver illustrative savings of up to £38,502 compared with a CFD trade, based on estimated financing and tax differences.

Spectre charges a 0.7% annual account maintenance fee and a position maintenance fee starting from 0.5%, both billed monthly. An FX conversion fee of 0.7% also applies, but the account remains free from commissions, financing costs, or stamp duty.

How does CMC Markets Spectre work?

CMC says Spectre is best suited for experienced traders who want to hold positions without the burden of leverage or frequent rollover costs. Benefits include:

• No financing or holding costs – instead, you are charged an annual account fee
• No capital gains tax or stamp duty –  – trades are structured as financial spread bets
• No margin calls – there is no margin trading or leverage all positions are fully paid up
• No commissions – instead, you are charged a position maintenance fee and an FX conversion fee

Professional traders only

This is a bit daft I think, zero leverage trading should be open to all traders and infact, beginners should start with as little leverage as possible.

If you want to open a CMC Markets Spectre account you need to be able to answer yes to two of the following questions:

1. Have you placed 10 relevant trades of a significant size per quarter in the last year?
2. Does your financial instrument portfolio exceed €500,000?
3. Do you, or have you, worked in the financial sector for at least one year?

You can’t just make up the answers, though – you need to be able to prove it, as professional traders get less FCA protection compared to retail traders.

For more information on pro accounts, see our comparison of professional trading accounts here.

What did CMC Markets have to say about Spectre?

Lord Peter Cruddas, founder and CEO of CMC Markets, said:

“Spectre is the next evolution in trading,  the new way to trade tax-free. By removing leverage, financing costs and margin calls, we’re giving professional traders a simpler, smarter and more tax-efficient way to trade. We still offer leveraged products, but not every client wants leverage. Spectre is designed for long-term traders who want to maximise performance through tax efficiency and eliminate the hidden costs of leverage.”

Laurence Booth, Global Head of Capital Markets at CMC Markets, added:

“Spectre reflects our ambition to deliver smarter, more efficient ways for clients to trade, bringing flexibility and greater choice to their long-term strategies. It’s a clear example of how we’re shaping the next generation of trading solutions.”

Is this the Rolls-Royce of trading accounts?

Maybe, the position maintenance fee is the same as stamp duty on shares and the FX fee is quite high compared to Interactive Brokers’ 0.02%.

BUT!!!!! If you are a high net worth individual and can afford to trade short and medium term positions without margin, it’s an excellent way to avoid CFD and spread betting overnight funding charges – which with CMC Markets are currently 2.9% over or under SONIA (which is about 3.9689% – so if you have a £10,000 position on for a year, you pay £686.89 in financing costs).

Of course, if you lose money in a CMC Markets Spectre account, you can’t offset it against your other capital gains.