What is the spread on spot gold at UK brokers?
Verdict
- Pepperstone publishes the tightest spot gold figures in our UK research: 0.08 minimum and 0.12 average on Razor (plus commission), 0.19 on Standard with no commission, and a 0.1 minimum on spread bets.
- CMC Markets publishes gold from 0.2 points on its standard account, ActivTrades from 0.25 USD, and eToro from 0.025%; Capital.com shows live spreads only.
- Opening and closing a gold CFD costs the spread plus, on Razor, commission on both sides: £2.25 per lot per side in a GBP account, or $3.50 per side on MT5, cTrader and TradingView in USD.
- Hold past 10 pm UK time and an overnight fee is added on top.
Spot gold spreads are small numbers, which makes them easy to misread: some firms publish a minimum, some an average, some a percentage. Pepperstone publishes both a minimum and an average, and its numbers are the lowest we could verify. Here they are next to rivals', and what a complete gold trade costs.
Pepperstone's spot gold spreads
Pepperstone Limited (FCA 684312) prices spot gold in three ways. On the Razor CFD account the spread starts at 0.08 on the UK page and averages 0.12, with a separate commission. On the Standard CFD account the spread is 0.19 with no commission. Spread bets start at 0.1, also commission-free, and are staked in pounds per point. Gold is quoted in US dollars per ounce, so these figures are dollars on each ounce you trade. Retail leverage on gold is capped at 1:20.
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Published gold spreads at firms that accept UK clients
Figures are each firm's own, and the type matters: an average is what you typically pay, a 'from' figure is the best case.
| Firm and account | Spread | Type | Commission |
|---|---|---|---|
| Pepperstone Razor | 0.12 (UK minimum 0.08) | Average | Yes, per lot per side |
| Pepperstone Standard | 0.19 | Average and minimum | None |
| Pepperstone spread bet | 0.1 | Minimum | None |
| CMC Markets standard | 0.2 points | From | None stated |
| ActivTrades Individual CFD | 0.25 USD | From (target) | None stated |
| eToro CFD | 0.025% | From | None stated |
| Capital.com | Live only | Not published | Not stated |
What does it cost to open and close a gold CFD position?
The cost is the spread on the ounces you trade, plus commission twice on Razor (once to open, once to close), plus overnight financing if the position is still open at 10 pm UK time. The example below assumes a contract size of 100 ounces per lot; confirm the size in your platform's symbol specification before using these numbers.
- At the averages, Razor and Standard cost about the same on gold; Razor pulls ahead when spreads are near the minimum.
- On MT4, the Razor commission of $7 per lot is charged when the position opens rather than split across both sides.
- In a GBP account the Razor commission is £2.25 per lot per side.
| Account | Spread cost | Commission | Total |
|---|---|---|---|
| Razor, MT5 / cTrader / TradingView | 0.12 × 100 = $12 | $3.50 × 2 = $7 | $19 |
| Razor at the 0.08 minimum | 0.08 × 100 = $8 | $7 | $15 |
| Standard | 0.19 × 100 = $19 | None | $19 |
Reading the numbers fairly
Pepperstone's 0.12 is an average and CMC's 0.2 is a 'from' figure, so the real gap between them is likely wider than the raw numbers suggest, but we can't measure it from published data. eToro's 0.025% is a percentage of price, so it changes as gold moves. The only fair test is to compare live quotes side by side at the same time. Capital.com (FCA 793714) is worth that test if you want guaranteed stops on gold, which Pepperstone doesn't offer.
Sources
Is Pepperstone's gold spread lower on Razor or Standard?
The Razor spread is lower (0.12 average vs 0.19), but Razor adds commission. At the published averages, the total for one lot works out about the same.
Do gold spread bets have commission at Pepperstone?
No. Spread bets are commission-free, with a published minimum spread of 0.1 on spot gold.
What does ActivTrades publish for gold?
A target spread from 0.25 USD on its Individual CFD account. ActivTrades PLC is FCA-regulated (434413).
Gold CFDs and spread bets are leveraged products with a high risk of rapid losses. Make sure you understand them and can afford the risk. This is not investment advice; the spreads and commissions shown are the firms' own published figures and can change.