What is the spread on Brent crude at UK brokers?
Verdict
- Pepperstone, our pick for UK oil traders, doesn't publish a Brent crude spread on its UK pricing page, so the honest answer is to check the live quote in its platform.
- None of the other FCA-regulated firms in our fact pack publishes a Brent spread on the pages we verified, so any figure you see quoted should come with a source.
- What is verified: UK retail leverage on oil is 1:10 at Pepperstone and Capital.com, Pepperstone's Standard CFD charges no commission outside shares, and its spread bets are commission-free.
- To compare firms, note the Brent bid-ask gap at the same moment in each platform and convert it to money with the method below.
There is no published Brent spread from any UK firm in our research, Pepperstone included. Here is what Pepperstone does publish about its oil pricing, how to measure the Brent spread yourself in under a minute, and how to turn it into pounds before you trade.
What Pepperstone publishes on Brent, and what it doesn't
Pepperstone Limited (FCA 684312) lists 40 commodities, energies among them, and its product tables name Brent as BRENTOIL. The UK costs page publishes minimum spreads for FX, spot gold and six indices, but not for oil. It does set out how you pay: the Standard CFD account charges no commission except on shares, spread bets are commission-free and staked in pounds per point, and positions held after 10 pm UK time pay an overnight fee. We rate Pepperstone first for UK oil traders because of that clear cost model, a choice of five platforms, FSCS cover up to £85,000 for eligible clients and a £10 card minimum.
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Measuring the Brent spread yourself
- Add Brent to the platform's watchlist and show both bid and ask; on MT4 and MT5, Market Watch can display a spread column.
- Note the gap at the hours you would actually trade, not just once.
- Check a rival at the same moment; spreads change through the day, so a comparison only holds when the timing matches.
- Make sure you're comparing like with like: Pepperstone's BRENTOIL-PERP perpetual is a separate product from its standard Brent CFD.
Turning a Brent spread into pounds
Brent is quoted in US dollars per barrel. On a CFD, the spread cost is the spread multiplied by the barrels you trade, converted to your account currency. On a spread bet it is the spread in points multiplied by your stake. The table uses a hypothetical 3-cent spread only to show the arithmetic; it is not a Pepperstone quote.
| Barrels traded | Cost to open and close |
|---|---|
| 100 | $3 |
| 1,000 | $30 |
| 5,000 | $150 |
Margin, and the Pro-only perpetual
UK retail rules cap leverage on commodities other than gold at 1:10, so £10,000 of Brent exposure needs £1,000 of margin at Pepperstone; Capital.com publishes the same 10:1 limit. Pepperstone's BRENTOIL-PERP trades 24/7 with a daily funding charge, but in the UK it is available only to Professional clients, whose energy leverage rises to 1:200 and who lose negative balance protection.
If Brent gaps, who protects you?
Oil can jump on supply news over a weekend. Pepperstone's UK terms say it can't guarantee stop-loss orders fill at a set level. Capital.com (FCA 793714), IG and CMC Markets sell guaranteed stops: at CMC the fee is refunded if the stop isn't triggered, and at IG the premium is charged only if it is. If you hold Brent through weekends, that protection may matter more than a small difference in spread.
Sources
Does Pepperstone charge commission on Brent on the Standard account?
Pepperstone's UK costs page says Standard has no commission except on shares, so the cost sits in the spread.
Can UK retail traders use Pepperstone's Brent perpetual?
No. In the UK, Pepperstone's perpetual CFDs are for Professional clients only.
Is a Brent spread bet taxed differently from a Brent CFD?
Pepperstone says UK spread betting profits are exempt from capital gains tax, while CFD profits are subject to it. Tax treatment depends on your circumstances and can change.
Oil CFDs and spread bets are leveraged and can lose you money quickly, particularly when prices gap. Make sure you understand the risks. This is not investment advice, and the spread in our example is hypothetical.