What is the spread on WTI crude oil at UK brokers?
Verdict
- Pepperstone, our top pick for UK oil traders, doesn't publish a WTI crude spread on its UK pricing page, and nor does any other UK-regulated firm in our fact pack; the reliable figure is the live quote in your platform.
- Pepperstone's tables name WTI as WTOIL, and its WTI perpetual CFD (WTOIL-PERP) is available only to Professional clients in the UK.
- On a Standard CFD or a spread bet, Pepperstone charges no commission on oil, so the spread and overnight fees after 10 pm UK time are the costs to watch.
- UK retail leverage on WTI is 1:10, which means £1,000 of margin for every £10,000 of exposure.
WTI is the US crude benchmark, and a UK trader pays for it in three places: the spread, the overnight fee and the currency conversion. Pepperstone is clear about two of the three. Here's the full cost picture, what we couldn't verify, and the questions to put to any firm before you trade oil.
Pepperstone and WTI: what's on the record
Pepperstone Limited (FCA 684312) includes energies in its 40-market commodity range, and WTI appears in its product tables as WTOIL. WTI pricing isn't on the UK costs page, which publishes minimums only for FX, spot gold and six indices. The cost structure is published, though: no commission on the Standard CFD outside shares, none on spread bets, and an overnight fee after 10 pm UK time. Add five platforms, negative balance protection for retail clients and FSCS cover up to £85,000 for eligible clients, and Pepperstone remains our first choice for oil.
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The full cost of a WTI trade
We left Razor out of this table: Pepperstone's UK page states Razor commission for FX and gold, not for oil, so check the contract details if you plan to trade WTI on Razor.
| Cost | Standard CFD | Spread bet | Figure published? |
|---|---|---|---|
| Spread | Yes | Yes | No, live quote only |
| Commission | None (shares only) | None | Yes |
| Overnight fee | After 10 pm UK time | After 10 pm UK time | Timing yes, rate not in our data |
| Currency | Result in USD, converted to your base currency | Staked in GBP per point | Yes |
Spread bet or CFD for WTI
A spread bet lets you stake in pounds per point, so a WTI move settles straight into a GBP account. Pepperstone says UK spread betting profits are exempt from capital gains tax, though that depends on your circumstances. A CFD's result is in dollars and converted; CFD profits are subject to CGT, and losses can be offset. If you want TradingView or MT4 for oil, both run on the spread betting account, while on CFDs they need Razor.
Questions to ask any firm about WTI
- What is the spread right now, and how wide did it get around the last big US oil data release?
- Is the price based on the cash market or a futures month, and if futures, when does it roll?
- Can I place a guaranteed stop? Pepperstone can't offer one; Capital.com, IG and CMC Markets can.
- What retail leverage applies? Expect 1:10 at FCA-regulated firms, Capital.com included.
- What happens to an ordinary stop if WTI opens far from Friday's close?
Professionals and the WTI perpetual
Pepperstone's WTOIL-PERP has no expiry, trades 24/7 and charges a funding rate that is set weekly in advance and applied daily at 5 pm New York time. In the UK it is limited to Professional clients, who must meet two of three tests (trading frequency, a portfolio over €500,000, or relevant work experience) and who lose negative balance protection. Pro energy leverage at Pepperstone is up to 1:200.
Sources
Is WTI cheaper to trade than Brent at Pepperstone?
Pepperstone doesn't publish either spread on its UK pricing page, so compare the two live quotes in the platform at the same moment.
What leverage can a UK retail client use on WTI?
1:10, the cap for commodities other than gold, at both Pepperstone and Capital.com.
Does Pepperstone charge commission on WTI spread bets?
No. Spread bets are commission-free at Pepperstone; the spread is your dealing cost.
CFDs and spread bets on oil carry a high risk of losing money rapidly because of leverage and price gaps. Only trade with money you can afford to lose. This page is information, not investment advice.