Which spread betting broker is best for forex?
Verdict
- Pepperstone is our pick for forex spread betting: 91 currency pairs on its spread betting account, a published EUR/USD minimum of 0.5 and GBP/USD of 0.8, with no commission.
- The published EUR/USD floors at IG and Spreadex are 0.6 points and StoneX Trading's is 0.7; CMC Markets' standard account also starts at 0.5.
- Very active forex traders should compare Pepperstone's Razor CFD account, which quotes raw spreads from 0.0 plus commission.
Most UK forex spread betting firms quote a "from" spread on EUR/USD, so a fair comparison lines those floors up side by side and then looks at the rest of the account. On that basis Pepperstone sits at the low end of the published figures and adds a wide platform choice. This page sets out the numbers, a worked cost, and when a CFD account beats a spread bet for forex.
Pepperstone for forex spread bets
Pepperstone's UK spread betting account lists 91 currency pairs (data sourced 12 March 2025), stakes in pounds per point and no commission. Its published minimums are 0.5 on EUR/USD and 0.8 on GBP/USD. Retail leverage on major pairs is 1:30, the FCA maximum, and Pepperstone Limited is authorised by the FCA (684312). Spread bets run on MT4, MT5, TradingView, cTrader and Pepperstone's own platform.
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Published EUR/USD floors at UK spread betting firms
All figures are minimum or "from" spreads, published by each firm. Average spreads, which would be the better comparison, aren't published by most of them.
| Firm | FCA no. | EUR/USD published floor | Other point |
|---|---|---|---|
| Pepperstone | 684312 | 0.5 (spread bet) | 91 FX spread bets; 5 platforms |
| CMC Markets | 173730 | From 0.5 pips (standard account) | Guaranteed stops available |
| IG | 114059 (IG Index) | From 0.6 points | Guaranteed stops, premium if triggered |
| Spreadex | 190941 | From 0.6 points | No MT4/MT5 found; £5 minimum deposit |
| StoneX Trading | 446717 | From 0.7 pips | MT4 and TradingView |
What one forex bet costs
- EUR/USD at £10 a point: a 0.5-point spread costs £5 to open and close.
- GBP/USD at £10 a point: 0.8 points costs £8.
- The same EUR/USD bet at a 0.6-point floor costs £6, and at 0.7 costs £7.
- Held past 10 pm UK time, each position also pays Pepperstone's overnight fee.
Spread bet or Razor CFD for forex?
Pepperstone's Razor account quotes raw FX spreads from 0.0 with commission from £2.25 per lot per side in a GBP account; its published EUR/USD average is 0.1 pips. Day traders turning over many lots may pay less there. The spread bet wins on simplicity and tax: Pepperstone says spread betting profits are exempt from capital gains tax in the UK, adding that tax treatment depends on individual circumstances and may change. You can hold both accounts at once.
Checks before you fund a forex spread betting account
- Compare the spread on your three most-traded pairs during your trading hours.
- Check the overnight fee if you hold positions for days.
- Decide on base currency: Pepperstone offers GBP, USD, EUR and CHF.
- Test a small withdrawal: Pepperstone lists card withdrawals at same day to 1 working day.
Sources
Spreads as published by each firm.
How many currency pairs can I spread bet on at Pepperstone?
91, according to its UK account table (data sourced 12 March 2025). Its CFD accounts list 93.
What leverage applies to forex spread bets in the UK?
Up to 1:30 on major pairs for retail clients.
Is the 0.5 EUR/USD spread guaranteed?
No. It is Pepperstone's published minimum; the live spread varies with market conditions and time of day.
Forex spread bets carry a high risk of fast losses because of leverage. Pepperstone says 73.6% of retail investor accounts lose money with it on spread bets and CFDs. This is general information, not investment advice; check each firm's live terms.