CMC Markets, the FTSE 250 online trading platform, has enabled retail traders to access it’s Spectre account, designed for traders seeking a tax-efficient, unleveraged alternative to traditional leveraged products such as CFDs and spread bets.
Spectre aims to reshape how 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 retail clients professionals who want to trade using their own capital rather than borrowed margin. Spectre 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.
Instead, Spectre charges “Account Type Account Maintenance Fee Rate” based on the value of your account:
- Spectre Retail: 1.20% per annum
- Spectre Pro: 0.95% per annum
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 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
Spectre was originally launched in November 2025, but only for professional clients, but as there is a growing demand for simpler and more cost-efficient approaches to longer-term trading, retail traders are now able to benefit from non-leveraged spread betting and CFD trading.
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 higher than 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.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
