Best 5 Spread Betting Brokers in 2024

Trading is risky and you might lose part, or all, of your capital invested. The information provided is for informational and educational purposes only and does not represent any type of financial advice and/or investment recommendation.

The purpose of this article is to give you the confidence to choose the best spread betting broker for your needs, starting with our spread betting brokers list. 

It will explain what spread betting is, compare forex spread betting brokers and explain how to choose the right one for you.

Top 5 Best Spread Betting Brokers UK

The first step in building the confidence to spread bet is to find out exactly which brokers offer this product. Here is our pick of the five best spread betting brokers in the UK.

1. Pepperstone

Pros

• Extensively regulated, including by the Financial Conduct Authority (FCA) in the UK

• No minimum deposit

• Spread Betting on TradingView

Cons

• No investor protection for clients outside the UK, EU and EEA

• Withdrawal fees for clients outside the EU and Australia

Established by a team of experienced traders in 2010, Pepperstone has rapidly expanded its global reach to become one of the largest MetaTrader brokers in the world. Pepperstone is multi-regulated, with offices in London, Germany, Cyprus, Australia, UAE, Kenya, and The Bahamas.

Pepperstone offers spread betting across forex, indices, shares, commodities and cryptocurrency. In addition to spread betting, Pepperstone also offers CFDs.

Pepperstone spread betting carries no commission. Charges are incorporated into the actual spread. Payment can be made by debit/credit card, bank transfer or PayPal.

Pepperstone platforms include TradingView, MetaTrader 4, MetaTrader 5 and cTrader, all of which are available on mobile, tablet and desktop.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

2. AvaTrade

Pros

• Globally regulated

• Welcome bonus

Cons

• Quarterly and annual inactivity fees

• Customer service is not available 24/7

Established in 2006, AvaTrade UK is part of a larger global company, with regional offices in Europe, Asia and Australia.

AvaTrade carries financial regulation in numerous countries around the world. The UK arm of AvaTrade is based in Ireland.  

AvaTrade offers spread betting across forex, stocks, commodities, FX options, cryptocurrencies and indices. AvaTrade also offers forex and CFD trading.

AvaTrade demands a minimum account deposit and an inactivity fee, but trading fees are low overall. Payment can be made by debit/credit card, bank transfer or epayment.

Platforms offered by AvaTrade include Web Trader, MetaTrader 4 and MetaTrader 5. Trading on the go is available through the AvaTradeGo app.

3. Moneta Markets

Pros

• No inactivity fee

• No deposit fee

Cons

• No weekend customer support

• Educational material is not as extensive as other brokers

Established in 2009, Moneta Markets is regulated by the Australian Securities and Investments Commission (ASIC), FCA and the Financial Sector Conduct Authority (FSCA). It serves a global clientele and offers forex trading, CFDs and spread betting. Spread betting is available on forex, indices, metals, energy, commodities and cryptocurrency.

Commission on spreads bets is either zero or low. Trading and non-trading fees are generally low.  

Payment can be made by debit/credit card, bank transfer or epayment.

Moneta Market platforms include Pro Trader and MetaTrader 4. MetaTrader 5 is also available through the Moneta Market mobile app.

4. Vantage Markets

Pros

• Regulated by FCA and ASIC

• No inactivity, deposit or withdrawal fees

Cons

• Minimum deposit required for all accounts

• Limited product selection

Vantage Markets was established in 2009 and is a global, Australia-based broker. It is regulated by ASIC, FCA, and VFSC.

Vantage Markets offers trading in forex, CFDs and cryptocurrency, in addition to spread betting. Spread betting is available across forex markets only.

There is zero commission for standard STP account holders, but there is a commission charge for ECN account holders. Both trading and non-trading fees are low.

Vantage Markets platforms include MetaTrader 4, MetaTrader 5 and ProTrader. The Vantage App provides the opportunity to trade on the go.

Trading Forex and CFDs involves significant risk of losing of your invested capital and is not suitable for all investors. 64.86% of retail investor accounts lose money when trading CFDs with this provider. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

5. FXCM

Pros

• Low minimum deposit

• Wide range of trading platforms

Cons

• Limited products

• Higher-than-average spreads

Originally founded in 1999 in the US, the company was later purchased by the Jefferies Financial Group in 2017. FXCM is regulated by the FCA, ASIC, the Cyprus Securities and Exchange Commission (CySEC) and FSCA.

FXCM offers spread betting across the forex markets. In addition, FXCM clients can trade in forex and CFDs.

FXCM spread betting carries no commission. Trading and non-trading fees are average. There is no withdrawal fee, but an inactivity fee will be charged after one year.

FXCM platforms include Trading Station, TradingView, MetaTrader 4, NinjaTrader and Capitalise AI. Trading is available at your desk or on the go.

What Is Spread Betting?

Spread betting is a derivative product used to speculate on the movement of financial markets. 

A derivative product means that the trader does not own the underlying trading asset. Instead of purchasing an asset such as forex or stocks, the trader places a bet on whether the price of an asset will rise or fall.

The main benefit of this product over other forms of trading is that spread betting profits are not taxable in the UK and are not subject to stamp duty or capital gains tax. 

Spread betting is classified as a speculative bet, rather than an investment. The only exception to this tax-free status is where spread betting profits provide your sole income. 

However, there is no clear guidance from the HMRC on this scenario. If in doubt, seek advice from an accountant.

How to Choose the Best Spread Betting Broker for Beginners and Experienced Traders

Now that you know who the best spread betting brokers are, your next challenge is to choose which one to use. 

The best way to decide is to find out which broker is the closest match to your personal needs. Here are the questions you might like to ask before you make your decision.

Is the Broker Regulated?

There are three main benefits to using a broker who is financially regulated:

• A regulated broker must separate client funds from company funds. This means that if the company goes under, client money is not affected.

• Financial regulation requires due diligence on the part of the broker. This guards against money laundering and fraud.

• A regulated broker must make it clear that all trading, including spread betting, carries risk. They are prevented from making inaccurate claims that promise guaranteed profits.

Financial regulation offers a safety net to trading clients. It is always recommended that you use a regulated broker, preferably one with tier-1 regulation. Any broker should clearly state whom it is regulated by on its website.

In the UK, the financial regulatory body is the FCA.

Does It Work for the Bets I Want to Make?

There is no sense in signing up with a broker that does not offer the type of spread bets you want to make.

Factors you might like to consider include:

• Do you want to make spread bets that last for up to one day, or would you rather make rolling spread bets that last longer?

• Which markets do you want to bet against – for instance, forex, commodities or shares?

• What currency pairs do you want to trade?

• Are you interested in making future spread bets?

• Do you want to make a binary bet? Binary bets differ from spread bets because they are made on an all-or-nothing basis.

• Do you want to end your bet as soon as a specific price is reached or let it ride for a set amount of time?

It is worth taking the time to consider what type of spread you prefer and investigating which broker can provide this for you.

It might also be useful to consider whether the broker supports your spread betting techniques.

Which Platforms Does It Offer?

An important aspect of trading is the platform you use. There is a wide variety of platforms available, for instance:

• TradingView

• MetaTrader 4 and 5

• cTrader

• Web Trader

• ProTrader

• Trading Station

• NinjaTrader

Some of these are independent platforms, while others are owned and offered exclusively by a broker such as FXCM. 

While each platform allows you to trade, you will find differences between them.

For instance:

• Cost

• Suitability for different levels of trading experience

• Suitability for desktop or mobile device

• Charting tools

• Other trading tools

• Suitability for frequency of trading.

There is no best forex spread betting platform, it is important that you find a trading platform you are comfortable with.

What Type of Customer Support Is Available?

What type of customer support is offered by the broker?

For instance:

• Is customer support available 24/7 or simply 24 hours Monday to Friday?

• Is customer support available in the language you speak?

• Can you contact customer support by telephone, email or live chat?

• Is there a customer support app available and does it provide sufficient assistance?

Beyond identifying what customer support the broker offers, it is recommended that you search around for reviews from other clients. 

The customer service offered by a broker may look excellent laid out on their website, but if the quality of that customer service is mediocre or worse, this probably is not the broker for you.

What Is the Cost of Using the Site?

While spread betting can be profitable, it makes little sense to sign up with a spread betting broker if their fees will eat up your profits. The type of costs you may encounter include:

• Trading account fees – for instance, minimum deposit, withdrawal fees or an inactivity fee

• Commission on your spread bets

• Overnight fees

Before you consider signing up with a brokerage, find out exactly what costs you will face to open and maintain a spread betting account, withdraw your money and spread bet on different trading assets. 

Are There Any Current Special Offers Available?

It may be to your advantage to sign up with a forex broker who provides a special offer, such as reduced commission, a sign-up bonus or reduced account fees. 

However, a special offer may conceal a broker who is struggling to attract clients or whose general service is not of the best quality. So while it may be worthwhile taking advantage of a special offer, check for these factors first:

• What reputation does the broker have with traders like you? Do other traders recommend this broker or portray a less favourable impression?

• Does the special offer tie you into staying with the broker for a period of time? Will that be a problem if this broker doesn’t offer a suitable service in the long run?

• Are there other aspects of this broker’s service that are unsuitable for your purposes, and are those balanced out by the special offer?

We all love a bargain, but do not let a special offer blind you to the disadvantages of signing up with a broker who does not suit your needs.

Frequently Asked Questions 

What is the best spread betting broker in the UK?

The best spread betting broker in the UK is the one that suits your personal needs. The five brokers listed in this article are a great place to start your research.

Is spread betting legal in the UK?

Yes, spread betting is legal in the UK. Residents of the UK and Ireland can legally speculate on the movement of financial markets through spread betting.

Is spread betting tax-free in the UK?

Yes, spread betting is tax-free in the UK. Spread betting profits are not subject to income tax, stamp duty or capital gains tax. 

The only disclaimer to this is where profits from spread betting provide your sole income. There is little clarity on this situation, and, therefore, it is recommended that professional advice be sought from an accountant.

How do I start financial spread betting online?

To start trading, open an account with a suitable spread betting broker. Decide which markets you want to bet on and the other details of your bet. Place your spread bets.

Are spread betting brokers regulated in the UK?

In the UK, the financial regulatory body is the FCA. UK spread betting brokers must be regulated by the FCA, along with all financial services firms and financial markets in the UK.

What trading platforms offer spread betting?

This depends on what you mean by ‘trading platform’. If you mean ‘trading broker’ then the best forex spread betting companies are listed in this article.

If you mean platforms such as MetaTrader 4, then this article again is a good place to start. You will find the platforms that each of the listed brokers uses above.

Where can I open a demo account to try spread betting?

If you are new to trading, including spread betting, then the easiest way to get started is to sign up to a demo account with a suitable broker. All of the brokers listed in this article offer a demo account.

What do spread-betting brokers do?

A spread betting broker provides an online trading service so that clients can bet on the movement of financial markets. A broker may provide a fully managed service, offer advice or carry out transactions on your behalf.

What is a key factor when choosing a spread betting broker?

The key factor to bear in mind when choosing the best spread betting firm or broker is whether its service suits your needs – for instance, the level of fees you will pay, the type of markets you can bet on or the quality of customer support offered. 

You can find out more about these considerations in the ‘How to Choose the Best Spread Betting Broker’ section above.

Is spread betting the best trading strategy?

As with any form of trading, there are advantages and risks involved. Different types of trading will suit different people. If you’re unfamiliar with spread betting, it’s worth doing some research to find out more before getting started. 

Can you make a stable income on spread betting?

Spread betting can certainly result in high profits, however, it is not the best path to achieving a stable income for most traders. Success at spread betting relies on experience and strategy, generally developed over a number of years.

What are the pros and cons of spread betting?

As with any form of trading, spread betting carries advantages and risks. The main pro of spread betting is that profits are tax-free. The main con of spread betting is that it is considered one of the riskiest forms of trading.

Final Thoughts

There are many spread betting brokers who provide a quality service;

top spread betting brokers

In this article, we compare spread betting companies and the top spread betting brokers are listed. 

However, what is most important is that you consider exactly what you need from a broker and find the service that best suits your requirements.