Which spread betting broker is best for trading gold?
Verdict
- Pepperstone is our pick for spread betting on gold: its published spread bet minimum on spot gold is 0.1, there's no commission, and UK retail leverage on gold is 1:20.
- Its Razor CFD account quotes spot gold from 0.08 plus commission, and Standard from 0.19, so frequent gold traders should compare all three accounts.
- Gold is often held for days, so Pepperstone's overnight fee after 10 pm UK time and the lack of a guaranteed stop matter as much as the spread.
Gold is one of the few commodities UK retail traders can use at 1:20 leverage rather than 1:10, which makes it a popular spread betting market. Pepperstone publishes gold pricing for each of its UK accounts, so you can see exactly what you give up or gain by choosing a spread bet. This page compares those prices, the margin you need, and the costs of holding gold overnight.
Pepperstone for gold spread bets
Pepperstone Limited (FCA 684312) prices spot gold spread bets from 0.1 with no commission, stakes in pounds per point. Spread bettors can trade on MT4, MT5, TradingView, cTrader or Pepperstone's own platform, which gives gold chartists a wide choice. Accounts can be held in GBP, USD, EUR or CHF, and card deposits start at £10.
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Gold pricing across Pepperstone's three UK accounts
Minimums are from Pepperstone's UK costs page. The averages come from Pepperstone's commodity spread page and are not split out for spread bets.
| Spread bet | Razor CFD | Standard CFD | |
|---|---|---|---|
| Published minimum spread | 0.1 | 0.08 | 0.19 |
| Published average spread | Not published | 0.12 | 0.19 |
| Commission | None | Yes, per lot per side | None |
| Tax on profits (Pepperstone's wording) | Exempt from CGT | CGT payable | CGT payable |
Margin on gold at 1:20
Under Pepperstone's UK retail limits, gold can be traded at 1:20, while other commodities are capped at 1:10. In practice, a gold position worth £20,000 needs £1,000 of margin, half what the same size in oil would need. Professional clients can reach 1:500 on gold, but they give up negative balance protection.
Holding gold overnight
- Pepperstone charges an overnight fee on spread bets still open after 10 pm UK time, so a gold swing trade costs more each night it stays open.
- Pepperstone's UK terms say stop-loss orders can't be guaranteed, so a weekend gap in gold can fill your stop at a worse price.
- Retail negative balance protection applies: if a gap pushes the account below zero, Pepperstone says it will return it to zero as soon as possible.
The alternative: Capital.com
If a guaranteed stop matters more to you than the lowest spread, Capital.com is the alternative. It offers UK spread betting and guaranteed stop-losses, holds FCA authorisation (793714), and publishes the same 20:1 retail limit on gold for its UK company. Our data doesn't include a published gold spread for Capital.com, so check its live price in the platform.
Sources
Gold terms as published by each firm.
What leverage can a UK retail client use on gold?
Up to 1:20 at Pepperstone and 20:1 at Capital.com's UK company, which means margin of 5% of the position's value.
Is a gold spread bet or a gold CFD cheaper at Pepperstone?
On published minimums, Razor's 0.08 beats the spread bet's 0.1, but Razor adds commission and CFD profits are liable to CGT. For most UK traders the spread bet is simpler.
Does Pepperstone offer guaranteed stops on gold?
No. Its UK terms say stop-loss orders cannot be guaranteed.
Gold spread bets are leveraged and gold can gap sharply, so losses can come quickly. Pepperstone's UK disclosure says 73.6% of retail investor accounts lose money when trading spread bets and CFDs with it. We don't give investment advice; check terms on the firm's site.