Which broker is best for trading silver?
Verdict
- Pepperstone is our pick for trading silver from the UK, on the strength of its 40 commodity markets, five platforms and FCA-regulated UK company, though our verified data doesn't include its silver spread.
- UK retail leverage on silver is 1:10 at Pepperstone and Capital.com, because silver falls under "commodities other than gold"; gold gets 1:20.
- Compare the live silver spread on Pepperstone's spread betting, Standard and Razor accounts before choosing one.
Silver is volatile and thinner than gold, so leverage limits and spreads matter more than usual. We recommend Pepperstone for silver because of its account choice, platforms and published protections, and we're upfront that our fact pack doesn't include its silver spread. Here is what UK rules allow, how silver margin compares with gold, and what to check before you trade.
Pepperstone for silver, with one gap in our data
Pepperstone Limited (FCA 684312) lists 40 commodity markets on its UK spread betting and CFD accounts. You can trade them as a spread bet with no commission, or as a CFD on Standard or Razor, on MT4, MT5, TradingView, cTrader or Pepperstone's own platform. Our verified data has Pepperstone's gold spreads (spread bet minimum 0.1) but not its silver spread, so look up silver's symbol and live spread in the platform before you trade.
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Silver leverage under FCA rules
| Silver | Gold | |
|---|---|---|
| Pepperstone retail | 1:10 (commodities excl. gold) | 1:20 |
| Pepperstone professional | 1:50 (metals) | 1:500 |
| Capital.com UK retail | 10:1 (other commodities) | 20:1 |
Margin example: silver against gold
For a position worth £10,000, silver at 1:10 needs £1,000 of margin, while gold at 1:20 needs £500. The lower limit on silver reflects its bigger swings: a 3% move on that £10,000 position is £300, or 30% of the margin. Size silver positions smaller than gold positions for the same risk.
Checks for silver traders
- Find the silver symbol on each Pepperstone account type and compare the live spread at your trading hour.
- Decide between a spread bet (no commission and, per Pepperstone, exempt from capital gains tax) and a CFD (CGT payable).
- Check the overnight fee; spread bets held past 10 pm UK time pay one.
- Plan for gaps: Pepperstone's UK terms say stops can't be guaranteed.
When Capital.com is the better fit
If you want a guaranteed stop on silver, Capital.com is our second choice. It offers UK spread betting and CFDs, holds FCA authorisation (793714), lists 10:1 retail leverage on commodities other than gold, and publishes guaranteed stop-losses. Its minimum deposit is 20 GBP. As with Pepperstone, our data has no silver spread for it.
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Sources
Leverage and product terms as published.
What leverage can I use on silver in the UK?
Up to 1:10 as a retail client at Pepperstone and at Capital.com's UK company. Pepperstone professionals can reach 1:50 on metals.
Why is silver leverage lower than gold?
Under the retail limits both firms publish, gold has its own 1:20 category while silver falls under other commodities at 1:10.
Can I spread bet on silver tax-free?
Pepperstone says UK spread betting profits are exempt from capital gains tax, adding that treatment depends on your circumstances and may change.
Silver is volatile, and leveraged CFDs and spread bets on it can lose money quickly. Pepperstone's UK site reports that 73.6% of retail investor accounts lose money with it. We don't provide investment advice; check live terms before you trade.