How does Pepperstone compare to Spreadex for UK spread betting?
Verdict
- Pepperstone is our pick for UK spread bettors who want MetaTrader or cTrader: Spreadex lists its own platform, apps and TradingView, but no MT4 or MT5.
- On EUR/USD, Pepperstone's published spread betting minimum is 0.5 against Spreadex's 'from 0.6 points'.
- Spreadex starts lower (£5 minimum deposit against £10) and offers guaranteed stops, which Pepperstone doesn't.
- Both are FCA-authorised (Pepperstone Limited 684312; Spreadex Ltd 190941) and both give retail clients negative balance protection.
Spreadex is a UK-only specialist; Pepperstone is a global firm with a full UK spread betting offer. For traders who want third-party platforms and the lower published EUR/USD minimum, Pepperstone fits better; for guaranteed stops and the smallest first deposit, Spreadex does.
Why we favour Pepperstone for most spread bettors
Pepperstone's spread betting account works on its own web platform and app, MT4, MT5, TradingView and cTrader, so you can run expert advisors or cBots on spread bets. It publishes minimums for each key market (EUR/USD 0.5, GBP/USD 0.8, US500 0.4, GER40 0.9, UK100 1) and charges no commission. Stakes are in pounds per point, and Pepperstone notes that UK spread betting profits are exempt from capital gains tax, depending on your circumstances.
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Pepperstone and Spreadex compared
| Pepperstone | Spreadex | |
|---|---|---|
| FCA entity | Pepperstone Limited, 684312 | Spreadex Ltd, 190941 |
| EUR/USD | Minimum 0.5 | From 0.6 points |
| Platforms | Own web/app, MT4, MT5, TradingView, cTrader | Own web platform, iPhone/iPad/Android apps, TradingView |
| Guaranteed stops | Not offered | Yes |
| Minimum deposit | £10 by card | £5 |
| Negative balance protection | Yes, retail | Yes, retail |
| Also offers | CFDs (Standard and Razor) | CFDs; fixed-odds betting under a separate Gambling Commission account |
When Spreadex is the better choice
Spreadex also runs a fixed-odds sports betting business under a Gambling Commission account; if you only want financial trading, that is irrelevant, but it explains the broader product menu.
- You want guaranteed stops on spread bets.
- You prefer a UK-only firm with its own platform and don't need MetaTrader.
- You want to start with less than £10.
Cost per trade at £2 a point
At £2 a point, a EUR/USD spread bet costs £1 at Pepperstone's 0.5 minimum and £1.20 at Spreadex's 0.6 'from' figure. Neither publishes a spread betting average in our data. Pepperstone adds an overnight fee on positions held past 10 pm UK time; check Spreadex's financing terms for the same.
Sources
Spread betting terms as published by each firm.
Does Spreadex offer MetaTrader?
Not in our data. Spreadex lists its own web platform, mobile apps and TradingView; we found no MT4 or MT5.
Which has tighter EUR/USD spread bets?
On published minimums, Pepperstone: 0.5 against Spreadex's from 0.6 points.
Can I use guaranteed stops at Pepperstone?
No. Pepperstone's UK terms say stops can't be guaranteed. Spreadex lists guaranteed stops among its order types.
Spread bets and CFDs are complex instruments and carry a high risk of losing money rapidly because of leverage. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with Pepperstone Limited. Consider whether you understand how these products work and whether you can afford to lose your money. This page is general information, not investment advice.