What leverage can UK retail traders get on gold?
Verdict
- UK retail traders can get up to 1:20 on gold, which means 5% margin; that's the cap at Pepperstone, our pick, and at Capital.com, while CMC Markets publishes commodity margin from 5%.
- Gold sits between major FX (1:30) and other commodities (1:10) in the UK retail limits.
- Professional clients at Pepperstone can trade gold at up to 1:500, but lose negative balance protection and must meet two of three qualifying tests.
- Leverage doesn't change the cost per ounce: Pepperstone's Razor gold spread averages 0.12 plus commission, and Standard 0.19 with none.
The short answer is 1:20, and it's the same at every FCA-regulated firm for retail clients. The useful part is what that does to a gold position: how much cash it ties up, how fast a move eats it, and whether the Professional route is worth what you give up.
Gold leverage at Pepperstone UK
Pepperstone Limited (FCA 684312) sets retail leverage on gold at 1:20 for CFDs and spread bets, so every £1,000 of gold exposure needs £50 of margin. Retail accounts keep negative balance protection: Pepperstone says it returns a negative balance to zero as soon as possible. Within that cap, Pepperstone's published spot gold pricing is the lowest we could verify (0.08 minimum and 0.12 average on Razor), and you can trade gold on MT4, MT5, cTrader, TradingView or its own platform.
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Gold against the other UK retail caps
| Market | Max leverage | Minimum margin |
|---|---|---|
| Major currency pairs | 1:30 | 3.33% |
| Gold | 1:20 | 5% |
| Major indices | 1:20 | 5% |
| Commodities other than gold | 1:10 | 10% |
| Shares | 1:5 | 20% |
What 1:20 does to a gold trade
Put £400 of margin behind a gold position and you control £8,000 of exposure. From there, every move in the gold price is magnified twenty times against your margin:
- A 1% move in gold is £80, a fifth of your margin.
- A 2.5% move is £200, half of it.
- A 5% move is £400: the whole margin, before overnight fees.
Going Professional: 1:500, and what you give up
| Retail | Professional | |
|---|---|---|
| Gold leverage | 1:20 | Up to 1:500 |
| Negative balance protection | Yes | No |
| Perpetual gold CFD (GOLD-PERP) | Not available | Available, trades 24/7 |
| How to qualify | Default | Two of: 10 significant trades a quarter over the last year; a portfolio over €500,000; a year in finance with derivatives knowledge |
Capital.com and CMC Markets on gold
Capital Com (UK) Limited (FCA 793714) publishes 20:1 on gold for retail clients, and CMC Markets UK publishes margin from 5% on commodities, so the cap won't separate them from Pepperstone. What can: Capital.com and CMC both sell guaranteed stops, which cap the loss if gold gaps through your level, and Pepperstone doesn't. CMC publishes gold from 0.2 points on its standard account; Capital.com shows live spreads only.
Sources
Is gold leverage the same for spread bets and CFDs?
Yes. At Pepperstone UK both are capped at 1:20 for retail clients.
Why is gold allowed more leverage than oil?
UK retail limits treat gold separately from other commodities: 1:20 for gold against 1:10 for oil and other commodities.
Do Professional clients keep negative balance protection at Pepperstone?
No. Pepperstone's Pro page says negative balance protection won't apply.
Leverage on gold magnifies both gains and losses, and CFD or spread bet losses can be rapid. Make sure you understand margin before you trade. This is not investment advice; leverage limits and fees are as published and can change.