How do I choose a spread betting broker in the UK?
Verdict
- Choose a spread betting broker in four steps: confirm the FCA-authorised company, price the markets you actually trade, decide whether you need guaranteed stops, and test a small deposit and withdrawal. Pepperstone is our first pick on that test.
- Pepperstone spread bets run through Pepperstone Limited (FCA 684312). There is no commission, and published minimum spreads are 1 point on the UK100 and 0.5 on EUR/USD.
- If guaranteed stops are a must for you, Pepperstone is out. Capital.com, IG, CMC Markets and Spreadex all offer them.
- Pepperstone says card withdrawals take from the same day to 1 working day, and UK bank transfers from the same day to 3 working days.
Most UK spread betting firms look alike on their home pages, so the differences show up in the details. Work through these four checks in order. Each one rules some providers out, and what's left is your shortlist. We show the result using Pepperstone, our first pick, and say where another firm would win.
Our shortlist starts with Pepperstone
Pepperstone passes three of the four checks clearly. It is FCA-authorised, it publishes spread-bet minimums market by market, and it lets you fund from £10 and withdraw to the same card within a working day. It fails the guaranteed-stop check, because it doesn't offer them. If that check doesn't matter to you, it's the account we would open first.
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Step 1: Check the FCA register for the company that will hold your account
The brand name isn't enough. Look up the company named in the client agreement. Some groups run spread betting through a different company from their CFDs: IG uses IG Index Ltd (FCA 114059) for spread bets and IG Markets Ltd (195355) for CFDs. Pepperstone runs both through Pepperstone Limited (684312). While you're there, confirm what protection comes with the account. Pepperstone states FSCS cover of up to £85,000 for eligible clients, segregated client money and negative balance protection for retail clients.
Step 2: Price the markets you will actually bet on
One EUR/USD headline figure says little if you mainly trade the FTSE or gold. Pepperstone publishes spread-bet minimums for each market. Multiply a minimum by your stake and you get the least the spread can cost you:
- These are minimums. Live spreads are often wider, especially outside the main trading hours of each market.
- Add the overnight fee if you hold bets past 10pm UK time.
| Market | Minimum spread | Cost at £2 a point |
|---|---|---|
| EUR/USD | 0.5 | £1.00 |
| GBP/USD | 0.8 | £1.60 |
| Spot gold | 0.1 | £0.20 |
| UK100 | 1 | £2.00 |
| GER40 | 0.9 | £1.80 |
| US500 | 0.4 | £0.80 |
| NAS100 | 1 | £2.00 |
| JPN225 | 7 | £14.00 |
Step 3: Decide whether you need guaranteed stops
A guaranteed stop closes your bet at your exact level even if the market gaps. Providers charge for this, and it is the clearest difference between firms. Pepperstone doesn't offer guaranteed stops, and its UK terms say ordinary stops can slip. Capital.com, IG, CMC Markets and Spreadex all list guaranteed stops. IG charges a premium only when the stop is triggered, and CMC refunds its fee if the stop isn't hit. If you bet over weekends or through company results, this check may decide your choice.
Step 4: Test the money going in and coming out
- Choose GBP as the account currency. Pepperstone also offers USD, EUR and CHF.
- Deposit a small amount by debit card. Pepperstone takes £10 or more, free.
- Ask for a withdrawal before you trade seriously. It goes back to the card you paid from, and Pepperstone doesn't accept third-party payments.
- If you're paid abroad, ask about wire fees. Pepperstone's withdrawals table says bank transfers are free, but its costs FAQ lists £15 for an international wire.
Sources
Does it matter which company in a group holds my spread betting account?
Yes. Your rights, protections and complaints route all depend on the company named in your agreement, so check that company on the FCA register.
Is a spread betting broker with more markets better?
Only if you'll trade those markets. Pepperstone counted 1,432 spread-bet markets in March 2025, but cost and order types on your own few markets matter more.
Should I choose a spread betting broker by its platform?
It matters if you rely on a tool. Pepperstone's spread-betting account works on MT4, MT5, cTrader, TradingView and its own app, while several rivals keep spread bets on their own platforms.
Spread bets carry a high risk of rapid losses because of leverage. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with Pepperstone Limited. Make sure you understand the product before you open an account. This checklist is not personal financial advice.