Which platform is best for commodity CFD trading in the UK?
Verdict
- Our pick for commodity CFD trading in the UK is a Pepperstone Razor account, because it is the one UK CFD account that runs on all five Pepperstone platforms: its own web platform and app, MT4, MT5, TradingView and cTrader.
- Within that account, cTrader has the lowest published FX commission, TradingView is the strongest choice for charting, and MT4/MT5 are the route for expert advisors.
- Commodity CFDs carry no stamp duty but profits are liable to CGT, and losses can be offset, according to Pepperstone's UK pages.
- Capital.com, also FCA-authorised, offers its own platform, MT4, MT5 and TradingView, but not cTrader.
The platform you trade commodity CFDs on matters less than the account behind it, because at Pepperstone the account decides which platforms you can use. Pick a Razor account and every Pepperstone platform is open to you; pick Standard and you lose MT4 and TradingView. Here is how to choose between them for oil, gold and agricultural CFDs.
Our pick: a Pepperstone Razor account
Pepperstone's UK account table shows the CFD platforms by account. Razor gets the Pepperstone web platform and app, MT5, MT4, TradingView and cTrader. Standard gets the web platform and app, MT5 and cTrader only. The commodity range is the same on both (40 markets), and the account is held with Pepperstone Limited under FCA registration 684312. Razor pricing is a raw spread plus commission — from £2.25 per lot per side on a GBP account — while Standard folds its charge into the spread.
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Which platform for which commodity trader
- TradingView: best if your analysis already lives in TradingView and you want to place commodity orders from the same chart. Razor accounts only, for CFDs.
- cTrader: lowest published Razor commission on FX ($3.00 per side in a USD account); gold is $3.50 per side, like the other platforms. Bots are written in C# through cTrader Automate.
- MT5: the one MetaTrader version on every UK account type, including Standard, so it is the option if you want MetaTrader without Razor's commission.
- MT4: for traders with existing MT4 expert advisors; charged at $7 per lot when a position opens in a USD account.
- Pepperstone web and app: no installation, and the same login works from a phone.
Commission by platform on a Razor account
Pepperstone publishes commission per standard lot, per platform. USD account figures; a GBP account pays from £2.25 per side.
| Platform | FX per side | Gold (XAU/USD) per side | Round turn, FX |
|---|---|---|---|
| cTrader | $3.00 | $3.50 | $6 |
| MT5 | $3.50 | $3.50 | $7 |
| TradingView | $3.50 | $3.50 | $7 |
| Pepperstone platform | $3.50 | $3.50 | $7 |
| MT4 | $7 charged on opening | Not stated separately | $7 |
CFD or spread bet for commodities?
Pepperstone's UK page sets out the tax difference: CFDs have no stamp duty, profits are liable to capital gains tax, and losses can be offset against gains; spread bets carry neither CGT nor stamp duty, though your own circumstances decide the final treatment. If you expect to make losses on some trades that you want to set against other gains, a CFD account makes sense. If you would rather not report gains, a spread-betting account gives the same 40 commodities, on all five platforms, with stakes in pounds per point.
The Capital.com alternative
Capital Com (UK) Limited (FCA 793714) offers CFD and spread betting accounts on its web platform, mobile app, MT4, MT5 and TradingView. It has no cTrader, but it does offer guaranteed stop-loss orders, which Pepperstone does not. Its retail leverage on gold and other commodities (20:1 and 10:1) mirrors Pepperstone's, so the choice comes down to platform and stop protection rather than margin.
Sources
Broker-published platform and pricing terms.
Can I use TradingView for commodity CFDs with Pepperstone UK?
Yes, on a Razor CFD account or a spread-betting account. The Standard CFD account does not include TradingView or MT4.
Which platform is cheapest for commodity CFDs at Pepperstone?
cTrader has the lowest published Razor commission on FX ($3.00 per side in a USD account). For gold, Pepperstone quotes $3.50 per side on cTrader, the same as MT5 and TradingView.
Do I pay stamp duty on commodity CFDs?
No. Pepperstone's UK page says CFDs carry no stamp duty, but CFD profits are subject to capital gains tax.
Leveraged products such as CFDs and spread bets carry a high risk of rapid losses. Pepperstone's UK disclosure: 73.6% of retail investor accounts lose money with this provider. Make sure you understand how these products work before trading. Not investment advice.