CMC Markets does not offer direct exchange-traded futures contracts in the traditional sense. Instead, UK clients access futures-based markets through forward contracts, spread betting, and CFDs — all regulated by the FCA and available via the award-winning NextGen platform and TradingView. This guide explains exactly how these instruments work, what conditions apply, and how they compare to true futures trading.
What This Guide Covers
Understanding CMC Markets’ approach to futures-linked trading is essential before you open an account. The distinction between exchange-traded futures and CMC’s derivative products matters enormously for UK traders — particularly around margin requirements, holding costs, tax treatment, and FCA protections. This guide covers every aspect in detail, including forward contracts, spread betting on futures markets, CFD-based index and commodity trading, and how the UK regulatory framework shapes your trading conditions.
For a broader comparison of brokers offering traditional futures and futures-adjacent products, see our FCA Regulated Brokers comparison and our detailed CMC Markets review.
CMC Markets: A Quick Overview for UK Traders
CMC Markets plc is one of Britain’s most established financial services firms, founded in London in 1989 and publicly listed on the London Stock Exchange (LSE: CMCX). With more than three decades of operational history and a UK-headquartered team, CMC Markets is authorised and regulated by the Financial Conduct Authority (FCA) — FRN 173730 for CMC Markets UK plc, and FRN 170627 for CMC Spreadbet plc.
For UK retail clients, this means:
- Client funds are held in segregated bank accounts, separate from CMC’s operating capital
- Eligible clients are covered by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person in the event of broker insolvency
- Negative balance protection applies — you cannot lose more than your deposited funds
- FCA leverage caps apply: 30:1 on major forex, 20:1 on minor forex and gold, 10:1 on commodities and indices, 5:1 on equities
- The broker is subject to regular FCA audits and must publish verified financial disclosures as a listed company
These protections are the bedrock of trading with any FCA-regulated broker. If you want to compare how these protections stack up against other regulated platforms, our Compare FCA Regulated Brokers page gives you a side-by-side breakdown.
Does CMC Markets Offer Futures Trading?
This is the question most UK traders ask first — and the answer requires nuance.
CMC Markets does not offer direct, exchange-traded futures contracts of the kind traded on the Chicago Mercantile Exchange (CME), ICE Futures Europe, or Euronext. You will not be placing margin deposits with a clearinghouse, and you will not be taking delivery of physical commodities at contract expiry.
What CMC Markets does offer is a sophisticated suite of derivatives that are priced from, and behave similarly to, the underlying futures markets:
- Forward contracts (via spread betting and CFD accounts) — fixed-expiry instruments with no overnight holding costs, priced directly off futures markets
- Cash CFDs and spread bets on indices, commodities, bonds, and forex — no expiry date, but with daily holding costs reflecting futures pricing
- Options on indices and stocks — for professional clients and eligible retail traders
For most UK retail traders, CMC’s forward contracts are the closest equivalent to exchange-traded futures available through the platform. They offer the same price exposure, similar margin dynamics, and fixed expiry — without the complexity of exchange membership or the need to manage physical delivery risk.
Forward Contracts at CMC Markets: The Closest Thing to Futures
What Is a Forward Contract?
A forward contract at CMC Markets is an OTC (over-the-counter) derivative that fixes a specific expiry date for a trade. Unlike cash CFDs — which roll over indefinitely — a forward contract closes automatically at its expiration, or can be rolled to the next contract period.
CMC’s forward contracts cover:
- Indices — FTSE 100, Wall Street (Dow Jones), US SPX 500, Germany 40, and more than 80 global indices
- Commodities — Brent Crude, WTI Crude, Natural Gas, Gold, Silver, Copper, agricultural products
- Forex — major and minor currency pairs with specific delivery dates
- UK Gilts and US Treasury Bonds — government debt futures equivalents
How Forward Contract Pricing Works
CMC Markets prices its forward contracts directly from the underlying futures markets. The price you see on the CMC platform for, say, the UK 100 Forward reflects the ICE FTSE 100 futures price — adjusted for the spread CMC applies.
This means forward contracts automatically incorporate the cost of carry (the interest rate differential and any dividends) that is embedded in futures pricing. You do not pay a separate overnight holding charge on forward contracts — the cost is baked into the price at the point you open the trade. This is a meaningful advantage for swing traders and position traders who hold trades for multiple days or weeks.
By contrast, cash CFDs and spread bets on the same markets carry daily holding costs applied at 5pm New York time (or 10pm UK time for CFDs).
Rolling Forward Positions
If you wish to keep a position open beyond its expiry date, CMC Markets allows you to roll the forward position to the next contract period. When you roll:
- Your profit or loss on the expiring contract is crystallised
- You enter the new contract at the mid-price — saving 50% on the spread cost
- No additional commission is charged on the roll
This rolling mechanism mirrors how professional futures traders manage positions through contract rollovers, though the mechanics are simpler for retail clients using CMC’s platform.
Spread Betting on Futures Markets: The UK Tax Advantage
For UK resident traders, spread betting on CMC’s futures-adjacent markets offers a compelling tax advantage unavailable elsewhere in the world.
How Spread Betting Works on Futures-Priced Markets
When you spread bet on an index forward or commodity forward at CMC Markets, you are:
- Choosing a direction (buy or sell)
- Selecting your stake in pounds per point (e.g., £5 per point on the FTSE 100 Forward)
- Speculating on whether the price will rise or fall before the contract expires
The underlying price is derived from the futures market — meaning your exposure tracks the actual futures price with high fidelity.
Tax Treatment for UK Spread Bettors
Profits from spread betting are exempt from UK Capital Gains Tax (CGT) and Stamp Duty Reserve Tax (SDRT) for most retail traders. This is a significant advantage when compared to:
- CFD trading — where profits are subject to CGT (currently taxed at 18% for basic rate and 24% for higher rate taxpayers as of 2026)
- Buying physical shares — where Stamp Duty (0.5%) applies on purchase
- Traditional futures trading — where profits are taxed as capital gains or income depending on trading frequency
For a UK trader generating consistent profits from index or commodity trading, the tax-free nature of spread betting can add meaningfully to net returns over time. Our Compare Spread Betting Brokers UK guide covers the full landscape of FCA-regulated spread betting platforms if you want to compare CMC’s offering against competitors.
CFD Trading on Futures-Based Instruments
UK traders who prefer CFDs over spread betting — perhaps because they are operating through a limited company, or because their trading is classified as income rather than capital gains — can access the same futures-priced markets through CMC Markets’ CFD account.
Key CFD Instruments Priced from Futures
Index CFDs
- UK 100 (FTSE 100) — one of CMC’s most traded instruments; spreads from 1 point on cash, tighter on forwards
- Wall Street 30 — tracking Dow Jones Industrial Average futures
- US SPX 500 — based on S&P 500 futures
- Germany 40 — DAX futures
- 80+ additional global indices, both cash and forward versions
Commodity CFDs
- Brent Crude Oil — UK traders’ most relevant oil benchmark, tracked from ICE futures
- WTI Crude Oil — US futures-based; available for both speculation and hedging
- Gold (XAU/USD) — spot and forward pricing; margin from 0.5% for professional clients
- Silver, Copper, Natural Gas, and agricultural commodities
Treasury and Bond CFDs
- UK Gilts — government bond futures equivalent, available for both CFD and spread betting
- US Treasury Bonds (T-Bond, T-Note)
- Euribor and interest rate products
Holding Costs on Cash CFD Positions
When you hold a cash CFD position (as opposed to a forward contract), CMC applies daily holding costs at 5pm New York time. The methodology is transparent and FCA-compliant:
- Index CFDs: Based on the underlying daily reference interest rate of the index ± 0.0082% per day
- Commodity and Treasury CFDs: Based on the inferred holding costs from the underlying futures contracts from which the prices are derived
- Forex CFDs: Based on the tomorrow-next (tom-next) rate of the underlying currency pair
- Share CFDs: Based on the underlying daily reference interest rate for the currency of the share ± 0.0082% per day
Important: Forward contracts carry no daily holding costs. If you are planning to hold a position for more than a few days, forward contracts are generally more cost-effective than cash CFDs for futures-equivalent exposure.
Margin Requirements for Futures-Adjacent Trading at CMC Markets
FCA Retail Client Leverage Caps
All UK retail clients trading through CMC Markets UK plc or CMC Spreadbet plc are subject to FCA-mandated leverage limits:
Asset Class | Maximum Leverage | Minimum Margin |
Major forex pairs | 30:1 | 3.33% |
Minor forex and gold | 20:1 | 5% |
Other commodities (oil, silver) | 10:1 | 10% |
Major equity indices (FTSE 100, S&P 500, DAX) | 20:1 | 5% |
Individual shares | 5:1 | 20% |
Crypto CFDs (professional only) | 2:1 | 50% |
These caps reflect ESMA guidelines adopted by the FCA following the 2018 regulatory reforms. They represent a significant reduction from the pre-2018 era, when leverage of 200:1 or more was common. The FCA’s stated intent is to protect retail traders from leveraged losses that exceed their deposits.
Professional Client Status
Experienced traders who meet the FCA’s criteria for professional client classification can access higher leverage ratios — up to 500:1 on some instruments at CMC Markets. However, professional status involves an important trade-off: you waive your right to negative balance protection and FSCS compensation coverage.
To qualify as a professional client at CMC Markets, you typically need to meet at least two of the following criteria:
- You have carried out at least 10 significant-sized trades per quarter in the relevant market over the previous four quarters
- Your financial instrument portfolio exceeds €500,000
- You have worked in the financial sector for at least one year in a professional role involving financial instruments
CMC Markets will assess your application and may request supporting documentation. This is not a decision to take lightly — the removal of negative balance protection means account deficits are your liability.
Position Margin vs Maintenance Margin
CMC Markets distinguishes between two types of margin:
Position Margin (Deposit Margin): The amount required to open a position. This is the initial capital you must have available in your account to place the trade.
Maintenance Margin (Close-Out Level): The minimum account equity CMC requires you to maintain while a position is open. If your account equity falls to 50% of your total position margin requirement, CMC will begin the close-out process for margined positions.
This close-out mechanism is designed to prevent your account from going into a negative balance — a crucial protection in volatile markets where prices can gap significantly overnight or during news events.
Platform Access: Where You Trade Futures-Equivalent Products
CMC Markets offers multiple platforms for trading forward contracts, index CFDs, and commodity-based instruments:
NextGen (CMC Markets Platform)
The proprietary NextGen platform is CMC’s flagship — a browser-based, desktop, and mobile-accessible trading environment with over 80 technical indicators, 13 chart types (including Renko and Heikin-Ashi), advanced drawing tools, and an integrated pattern recognition scanner. Key features relevant to futures-style trading:
- Advanced order types — including guaranteed stop-loss orders (GSLOs), trailing stops, and OCO (one-cancels-the-other) orders
- Product Library — comprehensive listing of all available forward contracts, indices, commodities, and bond instruments with live pricing
- Spread betting and CFD toggle — you can switch between spread betting and CFD mode within the same platform
- Strategy backtesting — test historical performance of your trading approach before committing real capital
MetaTrader 4 (MT4)
CMC Markets offers MT4 alongside NextGen, with access to 175+ forex pairs and CFDs. MT4 is the industry standard for algorithmic trading — if you want to run Expert Advisors (EAs) or automated strategies on CMC’s pricing, MT4 is your platform. For a comparison of CMC’s MT4 offering against other providers, see our Compare MT4 Brokers page.
TradingView Integration
Added in 2025, TradingView integration through CMC Markets gives traders direct access to CMC’s pricing and execution from within the TradingView charting environment. This is particularly popular among UK traders who already use TradingView for research and analysis — it removes the need to switch between platforms when placing trades.
Spreads and Costs: What UK Traders Actually Pay
Index Forward and Cash Spread Comparison
Understanding the real cost of trading at CMC is critical. CMC charges no separate commission on most instruments — the spread is the cost.
FTSE 100 (UK 100):
- Cash spread: from 1 point
- Forward spread: slightly wider at opening, but no overnight holding cost thereafter
Wall Street 30 (Dow Jones):
- Cash spread: from 2.4 points
- Forward: pricing varies by contract month
US SPX 500:
- Cash spread: from 0.4 points
Germany 40 (DAX):
- Cash spread: from 1 point
Brent Crude Oil:
- Cash spread: from 0.3 points
- Forward: from 0.3 points
Gold (XAU/USD):
- Cash spread: from 0.3 points ($0.30 per troy ounce equivalent)
These are minimum spreads achieved under normal market conditions. During major UK economic data releases — such as UK CPI, Bank of England base rate decisions, or employment reports — spreads will widen temporarily. CMC Markets publishes historical spread data on the platform, which is a meaningful transparency feature not offered by all brokers.
The FX Active Account Option
For traders primarily focused on forex-linked futures (currency forwards), CMC’s FX Active account offers near-institutional pricing:
- EUR/USD spreads from 0.0 pips
- Fixed commission of $2.50 per side per standard lot ($100,000 notional)
- Available on NextGen and TradingView
This is particularly relevant for traders speculating on currency futures equivalents — for example, tracking GBP/USD spot as a proxy for CME GBP futures, or EUR/USD as a proxy for CME EUR futures.
Guaranteed Stop-Loss Orders (GSLOs)
A feature that distinguishes CMC Markets from many competitors is the availability of Guaranteed Stop-Loss Orders. Unlike regular stop-losses — which can suffer slippage during fast-moving markets or overnight gaps — a GSLO guarantees execution at your specified level regardless of market conditions.
The cost of a GSLO is a small premium added to the spread when the order is placed. Importantly, if the GSLO is not triggered during the life of your trade, CMC refunds 100% of the premium. For UK traders managing risk around UK budget announcements, Bank of England decisions, or major US data releases, this feature provides genuine capital protection unavailable through standard stop orders.
Futures vs Forward Contracts: Key Differences for UK Traders
Understanding exactly how CMC’s forwards differ from exchange-traded futures helps set accurate expectations:
Feature | Exchange-Traded Futures | CMC Forward Contracts |
Traded on exchange | Yes (CME, ICE, Euronext) | No — OTC via CMC |
Clearinghouse guarantee | Yes | No — counterparty is CMC |
Standardised contract sizes | Yes (e.g., 1 CME ES contract = $50 × index) | Flexible (stake per point or number of contracts) |
Physical delivery risk | Yes for some commodities | No — cash settlement only |
Daily mark-to-market | Yes | No — P&L realised at close or roll |
Holding cost | Embedded in futures pricing | Embedded in forward price (no daily charge) |
FCA regulation | Via FCA-authorised firms | Yes — FCA regulated product |
FSCS coverage | Via broker | Yes — up to £85,000 |
Minimum trade size | Fixed (1 contract minimum) | Flexible (£1 per point or smaller) |
Access | Requires exchange membership or futures broker | Via standard CMC account |
For most UK retail traders, CMC’s forward contracts offer superior accessibility and flexibility compared to exchange-traded futures, at the cost of counterparty exposure to CMC rather than a clearinghouse. Given CMC’s FCA regulation, LSE listing, and 35+ years of operational history, this counterparty risk is considered low by industry standards.
CMC Markets vs Other UK Futures-Adjacent Providers
How does CMC’s offering compare to key competitors for UK traders seeking futures exposure?
CMC Markets vs IG IG is the UK’s largest spread betting and CFD provider and offers a similarly comprehensive range of forward contracts and index CFDs. IG has a larger total instrument count (17,000+ versus CMC’s 12,000+) but CMC frequently outscores IG for platform sophistication, particularly on advanced charting and order types. CMC’s FX Active pricing is arguably tighter on major forex than IG’s equivalent.
CMC Markets vs Pepperstone Pepperstone offers raw ECN spreads from 0.0 pips on major instruments — tighter than CMC’s standard account — but Pepperstone does not offer spread betting. For UK traders seeking the CGT-free advantage of spread betting on futures-priced markets, Pepperstone is not a direct substitute. Our full Pepperstone review and comparison covers this in detail.
CMC Markets vs Interactive Brokers Interactive Brokers is the primary UK-accessible platform offering genuine exchange-traded futures (CME, ICE, Euronext). IBKR provides direct futures trading with exchange-level pricing — a better choice for experienced traders who need true futures exposure with clearinghouse guarantee. However, IBKR’s complexity and higher minimum deposit requirements make CMC’s forwards more accessible for most retail traders.
For traders who genuinely require exchange-traded futures and are willing to navigate the additional complexity, Interactive Brokers is the strongest alternative available to UK traders in 2026. For everyone else — including the vast majority of retail traders speculating on indices, commodities, and currency movements — CMC Markets’ forward and CFD products provide equivalent price exposure with significantly lower barriers to entry.
Risk Warnings and Regulatory Disclosures
CMC Markets is required by the FCA to disclose that 69% of retail investor accounts lose money when spread betting and/or trading CFDs with CMC Markets. This figure should be taken seriously.
Futures-adjacent trading carries risks specific to leveraged derivatives:
Market Risk: Prices can move sharply against your position, particularly around major UK events such as Bank of England policy decisions, UK CPI prints, or global macro shocks. The FTSE 100 has moved more than 3% in a single session during periods of market stress.
Leverage Risk: Even at the FCA-mandated maximum of 20:1 on indices, a 5% adverse move in the FTSE 100 would result in a 100% loss of your deposited margin. Sensible position sizing is critical.
Gap Risk (mitigated by GSLOs): Markets can gap overnight or on weekend opens. A regular stop-loss will not protect you from gaps — only CMC’s GSLO provides a guaranteed exit price.
Counterparty Risk: Unlike exchange-traded futures, CMC’s forwards are OTC products. Your counterparty is CMC Markets. While FCA regulation and FSCS coverage mitigate this significantly, it is not zero.
Overnight Funding Costs: On cash CFD positions (not forwards), daily holding costs can accumulate significantly over weeks or months, eroding profits on long-term positions.
Always ensure you understand the product you are trading, have a clear risk management strategy, and never risk capital you cannot afford to lose.
How to Get Started with Forward Contracts at CMC Markets
Step 1: Open an Account
CMC Markets requires no minimum deposit for UK clients. You will need to provide:
- Proof of identity (passport or driving licence)
- Proof of address (utility bill or bank statement, typically less than 3 months old)
- Information about your trading experience and financial situation (required by FCA under suitability rules)
Account opening is fully digital and typically completed within one business day.
Step 2: Choose Your Account Type
For most UK traders seeking futures-equivalent exposure:
- Spread Betting Account — for tax-free speculation on indices, commodities, and currencies
- CFD Account — for traders operating via a company structure or for whom the tax treatment of CFDs is preferable
- FX Active Account — for high-frequency forex traders seeking tightest spreads
A demo account with £10,000 of virtual funds is available and recommended before committing real capital.
Step 3: Find Forward Contracts in the Product Library
Within the NextGen platform, navigate to the Product Library and filter by instrument type. Forward contracts are listed separately from cash instruments and clearly labelled with their expiry date. For example, you will see listings such as:
- “UK 100 Jun 26” — FTSE 100 forward expiring in June 2026
- “Oil – Brent Jul 26” — Brent crude forward expiring July 2026
Step 4: Set Your Risk Parameters
Before executing any futures-adjacent trade at CMC, define your risk parameters:
- Maximum loss per trade (typically 1-2% of total account value)
- Stop-loss level — use a GSLO if trading around major announcements
- Target profit level and exit strategy
- Whether you will roll the position or close it before expiry
For a complete framework on evaluating brokers and setting up your trading infrastructure, our How to Compare Forex Brokers guide covers broker evaluation methodology that applies equally well to CFD and spread betting account selection.
Frequently Asked Questions: CMC Markets Futures Trading (UK)
Does CMC Markets offer exchange-traded futures? No. CMC Markets does not offer direct access to exchange-traded futures via the CME, ICE, or any other futures exchange. CMC offers forward contracts, CFDs, and spread bets on futures-priced markets — which provide equivalent price exposure with different structural and regulatory characteristics.
Are forward contracts at CMC Markets the same as futures? They are economically similar in that both track the same underlying markets and are priced from futures. However, CMC forwards are OTC products — your counterparty is CMC, not a clearinghouse — and they offer flexible position sizing unavailable in exchange-traded futures.
What markets can I trade as forwards at CMC Markets? Over 80 index forwards, commodity forwards (oil, gold, silver, natural gas, agricultural products), forex forwards, and government bond forwards (UK Gilts, US Treasuries).
Are spread bets on futures markets tax-free in the UK? For most UK retail traders, yes. Spread betting profits are exempt from Capital Gains Tax and Stamp Duty. However, if HM Revenue & Customs classifies your trading as a trade rather than investment activity, different tax rules may apply. Consult a qualified UK tax adviser for personalised guidance.
What is the minimum deposit to start trading forwards at CMC Markets? There is no minimum deposit. However, you must maintain sufficient funds to cover margin requirements for any positions you open. A practical minimum for meaningful risk-managed trading is typically £500–£1,000.
Can I use Expert Advisors (EAs) on CMC’s forward contracts? Yes, via the MT4 platform. CMC’s MT4 integration supports automated trading on CFD instruments including index and commodity forwards.
What happens if CMC Markets became insolvent? As an FCA-regulated firm, CMC is required to hold client funds in segregated accounts. UK eligible clients are also covered by the FSCS up to £85,000 per person. CMC’s LSE listing and publicly audited finances provide additional transparency, though FSCS coverage is the primary protection layer.
How do I roll a forward contract at CMC? CMC Markets allows you to roll expiring forward positions to the next contract period. When rolling, you enter the new contract at the mid-price — saving 50% on the spread. This can be done within the platform before the expiry date.
Summary: Are CMC Markets’ Futures Conditions Right for You?
CMC Markets does not offer exchange-traded futures in the traditional sense — but for the vast majority of UK retail traders seeking exposure to indices, commodities, currencies, and bonds, the broker’s forward contracts, CFDs, and spread bets provide a compelling and FCA-regulated alternative.
CMC Markets is a strong choice if you:
- Want futures-priced exposure to the FTSE 100, commodities, or forex without exchange membership complexity
- Prefer spread betting for tax-free trading under UK law
- Value a sophisticated platform with advanced charting, pattern recognition, and guaranteed stop-losses
- Want flexibility in position sizing unavailable in standardised futures contracts
- Require FCA regulation, FSCS protection, and negative balance protection as non-negotiables
Consider alternatives if you:
- Need genuine exchange-traded futures with clearinghouse guarantee (look at Interactive Brokers)
- Require raw ECN spreads without a spread betting wrapper (consider Pepperstone’s Razor account)
- Trade very high volumes where exchange-level pricing is more cost-effective than OTC spreads
For a full assessment of your options across all UK-regulated broker types, use the Compare All Brokers tool at CompareBroker.io — it aggregates verified data on over 100 FCA-regulated and globally regulated brokers so you can filter by instrument type, leverage, platform, and cost structure in under a minute.
Related Guides at CompareBroker.io
- CMC Markets Full Review — complete breakdown of fees, platforms, and regulation
- Compare Spread Betting Brokers UK — FCA-regulated spread betting platform comparison
- Compare FCA Regulated Brokers — full list of FCA-authorised trading firms
- Best CFD Brokers 2026 — top-rated CFD platforms by regulation, spreads, and tools
- CMC Markets CFD Trading Explained — deep-dive into CFD conditions at CMC
- CMC Markets Fees Review — comprehensive breakdown of all costs
- Compare MT4 Brokers — MT4-compatible platforms for algorithmic trading
- How to Compare Forex Brokers — step-by-step broker evaluation methodology
- Top Spread Betting Brokers — ranked list of UK spread betting platforms
- What Is CFD Trading? — complete beginner’s guide to contracts for difference
Disclaimer: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when spread betting and/or trading CFDs with CMC Markets. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money. This content is for informational purposes only and does not constitute investment advice. CompareBroker.io has financial relationships with some brokers mentioned and may be compensated if you sign up via our links, at no extra cost to you.
CMC Markets is authorised and regulated by the Financial Conduct Authority (FRN 173730 / FRN 170627). Registered in England and Wales, Company No. 02448409.
