Which CFD broker has the best spreads in the UK?
Verdict
- Pepperstone has the best published CFD spreads we found for UK traders: its Razor account averages 0.1 pips on EUR/USD, plus commission of £2.25 per lot per side on a GBP account, through FCA-regulated Pepperstone Limited.
- Pepperstone's commission-free Standard CFD account averages 1.1 pips on EUR/USD, and its UK pricing page lists a 1-pip minimum.
- Capital.com (FCA 793714) is our second choice. It shows only live spreads, so we can't quote a fixed EUR/USD figure, but it sells guaranteed stops and Pepperstone does not.
- Most UK rivals publish 'from' figures, such as IG from 0.6 points and CMC Markets from 0.5 pips. Those are best-case minimums, not averages.
The spread is only half the price on a raw-pricing account, because commission comes on top. A fair test is the full cost of opening and closing one trade. Below are the figures Pepperstone, Capital.com and other FCA firms publish for EUR/USD, gold and the UK100, with a note on which are averages and which are best-case minimums.
Pepperstone Razor: the lowest published EUR/USD average we found
Pepperstone Limited (FCA 684312) runs two CFD accounts for UK clients. Razor passes on raw spreads: the UK pricing page lists minimums of 0.0 pips on EUR/USD and GBP/USD and 0.08 on spot gold. Commission is charged on top, from £2.25 per lot per side in a GBP account or $3.50 in a USD account. Standard puts the whole cost in the spread instead, with minimums of 1 pip on both major pairs and 0.19 on gold. Pepperstone's published EUR/USD averages are 0.1 pips on Razor and 1.1 pips on Standard. On indices, the published minimums are 1 point on the UK100 (Razor) against 1.2 (Standard), and 0.4 against 0.6 on the US500.
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What one lot of EUR/USD costs, opened and closed
These figures are for 100,000 units at $10 a pip, in a USD account, using Pepperstone's published averages. On a GBP account, Razor commission comes to £4.50 for the round trip.
- On these averages, Razor works out cheaper per lot. Standard is easier to read because there is only one cost to track.
- Positions held overnight also pay financing, which can matter more than the spread on trades held for a week or longer.
| Account and platform | Average spread | Commission (round trip) | Total |
|---|---|---|---|
| Razor on MT5 or TradingView | 0.1 pips ($1) | $7 | $8 |
| Razor on cTrader | 0.1 pips ($1) | $6 | $7 |
| Standard | 1.1 pips ($11) | None | $11 |
Who are the top FCA regulated CFD brokers with low fees?
Every firm below is authorised by the FCA, and each publishes some EUR/USD pricing. Read the spread column with care. Pepperstone's figure is an average it says it charged, but most rivals quote a 'from' figure, the lowest the spread is ever expected to be. The two kinds can't be compared directly.
| Firm (FCA ref.) | Published EUR/USD pricing | Minimum deposit |
|---|---|---|
| Pepperstone Limited (684312) | Razor 0.1 pips average + commission; Standard 1.1 pips average | £10 by card |
| Capital Com (UK) Limited (793714) | Live spreads only; no fixed figure published | £20 |
| IG Markets Ltd (195355) | From 0.6 points, no commission | £1 per card deposit (help centre); another IG page says £250 |
| CMC Markets UK plc (173730) | From 0.5 pips; FX Active from 0.0 + 0.0025% commission | None |
| Spreadex Ltd (190941) | From 0.6 points | £5 |
| StoneX Financial Ltd, FOREX.com UK (446717) | As low as 0.7 points | £100 |
Fees outside the spread that can change the answer
- Share CFDs: Pepperstone charges 0.10% per side on UK shares (minimum £0.01) and $0.02 per share on US shares and ETFs, on both CFD accounts.
- Withdrawals: Pepperstone's UK withdrawals table lists every method as free, but its costs FAQ mentions £15 for an international bank wire. Check before you send money abroad.
- Inactivity: Pepperstone charges no inactivity or account-keeping fee.
- Guaranteed stops: Pepperstone doesn't sell them in the UK. Capital.com, IG and CMC Markets do. IG charges a premium only if the stop is triggered, and CMC refunds its fee if the stop isn't triggered.
Sources
All figures are as each firm publishes them on its own site.
Is a 0.0-pip spread really free?
No. A 0.0 minimum on Pepperstone's Razor account comes with commission of £2.25 per lot per side in GBP. The spread is also often above zero: Pepperstone's published EUR/USD average on Razor is 0.1 pips.
Can I lose more than I deposit with a UK CFD broker?
Not as a retail client at Pepperstone. Its UK costs page says a negative balance is returned to zero. That protection does not apply to Pro clients.
Do UK CFD spreads widen at night or around news?
Spreads are variable at Pepperstone, so the published averages and minimums are not guaranteed at any given moment. Check the live price on the platform before you trade.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with Pepperstone Limited. Consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This page is not investment advice.