Which broker is best for trading gold in the UK?
Verdict
- Pepperstone is our pick for trading gold in the UK. Spot gold on Razor averages 0.12 (from 0.08 on its UK page), Standard is 0.19, and spread bets start at 0.1 with no commission.
- The UK retail cap on gold is 1:20 at both Pepperstone and Capital.com, so £10,000 of gold exposure needs £500 of margin.
- CMC Markets publishes gold from 0.2 points on its standard account. Like most rivals, it quotes a minimum rather than an average.
- A gold CFD or spread bet tracks the price. You don't own any metal, and holding positions overnight costs financing.
Gold moves quickly around US data and central-bank news, so the spread you pay and how your stop behaves matter more than usual. Pepperstone publishes the most detailed gold pricing of the UK firms we compare. Here is what it charges, what margin you need, and when a rival makes more sense.
Pepperstone for gold traders
You can trade spot gold with Pepperstone Limited (FCA 684312) in three ways. The Razor CFD account passes on raw spreads, published from 0.08 on the UK page with an average of 0.12, plus commission from £2.25 per lot per side in GBP. On cTrader the gold commission is $3.50 per side, higher than its FX rate. The Standard CFD account has no commission and a spread of 0.19. A spread bet lets you stake in pounds per point from a 0.1 minimum, also with no commission. Gold is quoted against the dollar, so a spread bet saves you converting the result back to pounds.
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Published spot gold pricing compared
| Provider and account | Spread published | Type | Commission |
|---|---|---|---|
| Pepperstone Razor | 0.12 (UK minimum 0.08) | Average | From £2.25 per lot per side (GBP) |
| Pepperstone Standard | 0.19 | Average and UK minimum | None |
| Pepperstone spread bet | 0.1 | Minimum | None |
| CMC Markets standard | 0.2 points | From | None stated |
| Capital.com | Live only | None published | None stated |
Margin and leverage on gold for UK retail clients
FCA rules cap retail leverage on gold at 1:20. That is less than the 1:30 on major currency pairs but more than the 1:10 on other commodities. In practice:
- £10,000 of gold exposure needs £500 of margin.
- A 1% move in gold changes that position by £100, which is 20% of the margin.
- Professional clients at Pepperstone can use up to 1:500 on gold, but lose negative balance protection, and qualifying takes two of Pepperstone's three Pro tests.
When to choose Capital.com instead
Gold often gaps when markets reopen after a weekend or a major announcement. Pepperstone's stops can't be guaranteed, but Capital.com (FCA 793714) sells guaranteed stop-loss orders, which is the main reason to choose it for gold. It applies the same 1:20 gold cap and takes deposits from £20, but publishes only live gold spreads.
Sources
Do I own gold when I trade it with Pepperstone?
No. A CFD or spread bet pays out the difference in price. No metal is bought or stored for you.
Is spread betting gold tax-free in the UK?
Pepperstone says UK spread-betting profits are exempt from capital gains tax, but this depends on your circumstances and the rules can change.
Which Pepperstone platform is cheapest for gold?
For FX, cTrader has the lowest commission ($3.00 per side), but on gold it charges $3.50 per side, the same as MT5 and TradingView. The spread bet has no commission at all.
Gold CFDs and spread bets are leveraged and can lose money quickly, especially around major news. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with Pepperstone Limited. This page is not investment advice.