Best Spread Betting platform in the UK: Top 7 Forex spreads (2024)
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Having the best spread betting broker provides traders with the best services to efficiently set up their accounts and seamlessly make a deposit for future transactions. With the aid of a low spread broker, single or multiple trades can be placed any time of the day with winnings sent to the traders’ bank account (which is different from the reservoir of trading funds).
This top-notch service of spread betting brokers reduces the risk of traders losing their money whenever the market price starts going against their prediction. Common amongst a handful of the UK spread betting brokers on our list is the provision of a trading practice which is often called a "Demo", allowing you to practise various methods and techniques to generate some profit.
This guide is geared at walking you through the fundamentals of spread betting as we will compare the best UK spread betting brokers, climaxing with more insight into the best 7 spread betting platforms in the UK in 2024. Followed by a guidance section that will help you make the best decision when choosing the best spread betting broker.
The Top Spread Betting Platforms in the UK for 2024
In this guide, we unveil the top 7 spread betting platforms in the UK for 2024. We have compared and reviewed some of the best UK spread betting brokers to help you choose the best-fit account for your trading strategy.
1.Pepperstone Spread Betting
Pepperstone is the best spread trading platform in the UK that offers low fees on every trade and promises to deliver breakneck speed trading. You can never go wrong with pepperstone if you're a fast and efficient trader.
This broker is regulated by ASIC as well as FCA in ensuring that all trades follow laid-down principles and policy directions. You have access to raw spreads on pepperstone with more than 1200 tools to execute every trade. Trading platforms like MetaTrader 4 & 5, and cTrader are available on this UK spread betting broker to make staking a lot more smoother.
Pros
Cost effective given that it has low fees.
Quick trading speeds.
Regulated by multiple bodies.
Offers access to raw spreads.
Has multiple trading tools.
Cons
It may be limited by trading regulations.
2. Capital.com Spread Betting
Capitals.com is one of the low UK spread brokers that doubles as a CFD broker. This amazing platform is regulated by recognized authorities in the industry such as FCA and Australia's ASIC. For traders to enjoy the best spread bet, Capital.com has made CFD fees to be very low with bank card deposits as simple as slicing through hot butter. Similar to City Index, the withdrawal fee on Capital.com is also free
Pros
Low fees for spread betting and CFD trading.
Streamlined deposit methods.
Free of cost withdrawal options.
Wide range of financial instruments to trade.
Cons
Price alert on web platform not available.
3. eToro Spread Betting
Are you on the lookout for any of the top UK spread betting brokers that offer unlimited trading limits with zero commission? If that's the case then all that you need is the eToro spread, betting broker.
From beginner to expert level, this UK spread trading platform has all that is needed to execute a trade. eToro focuses on cryptocurrencies, stocks, and CFD. Beginners can opt for the CopyTrading feature which allows them to copy the trade of professional traders with access to more than 800 stocks.
Pros
Beginner-friendly features such as copy trading.
Unlimited trading limits.
Diverse asset selection.
Access to advanced trading strategies.
Cons
Uses USD as base currency.
Comes with withdrawal charges.
4. IG Spread Betting
IG is one of the best spread betting platforms in the UK that presents its users with stunning tools that are best fit for both small traders and professional market investors. The spread on IG is very competitive and has more than a thousand instruments for trading.
Traders will also find the news feature on this platform to be very useful in catching up with global trends before staking. When compared to other UK spread betting brokers on our list, the transaction fee on IG is relatively on the high side and it supports six different numbers of base currencies.
Pros
Wide range of trading tools.
Over 1000 trading instruments.
Offers competitive spreads.
Innovative features that help make trading decisions.
Cons
High fees for stock CFDs.
Customer support may not be as good as others.
5. FXCM spread betting
FXCM stands out as the best spread betting platform in the UK that majors on trading foreign exchange markets. With more than two decades of trading experience, FXCM boasts of being regulated by the top guns in the industry.
The customer service of this spread trading platform is superb and allows practice so that beginners can get more familiar with spread betting and how to take advantage of it. Overall, this is a fast-rising spread trading company with a broad range of users at heart.
Pros
Specialises in forex markets.
Regulated by financial authorities.
Competent reputation in the industry.
Offers practise accounts.
Cons
Asset diversification on the platform may be limited.
6. City Index spread betting
City Index is a renowned UK spread betting broker that continues to lead the industry with trading services. There are high competition fees and is the best to gain financial stamina, especially for individuals who are new to spread betting. City Index has been around in the industry for more than 30 years now and has been recognized for exceptional trading services.
City Index directs its focus to foreign exchange trade, contract-for-difference trading and spread betting, offering spreads as low as 0.5. City Index features tools that are aimed at helping traders grow in their path to financial freedom. It is regulated by FCA and offers free withdrawal and deposit.
Pros
Over 30 years of experience in the industry.
Offers educational resources allowing traders to make informed decisions.
Regulated by the Financial Conduct Authority (FCA).
Deposits and withdrawals are free.
Cons
Limited to only CFDs and Forex.
Desktop platforms may not offer the best user experience.
7. CMC Markets spread betting
CMC Markets, as a leading UK spread betting broker, stands out for offering a top-notch spread betting platform in the UK. This platform not only provides extensive trading opportunities but also delivers comprehensive educational resources for traders engaging in multiple trades. With over thirty years of experience, CMC Markets has established itself as one of the premier UK spread betting brokers, offering a user-friendly tablet and mobile trading experience. This UK spread betting platform continues to serve both individual traders and corporate clients with exceptional trading services.
Foreign exchange fees are relatively low on this spread betting platform, however, fees on other stocks in the market can be on the high side. It is very interesting to note that prices and commissions are well listed on the official website of CMC Markets which allows traders to stay up-to-date with the current market value of stocks.
Pros
Leading spread betting broker in the UK.
Offers comprehensive educational resources.
Over 30 years of experience.
Facilitates user-friendly mobile trading.
Low foreign exchange fees.
Cons
Customer support is not available 24/7.
Limited to CFDs.
What is Spread Betting?
Essentially, spread betting is about making speculations on the condition of the market and how things will own out at a point in the future, without having direct ownership over any of the market stock. In more simple terms, when you make predictions on the market or products that exist within the market, having profit in mind, you are spread betting.
Now take for instance, you choose to trade with any of the best spread betting brokers which we'll dive into later, and you make a prediction that a particular market product will either increase or decrease after a certain time, you have successfully placed a spread bet.
How Does Spread Betting Work
Spread betting is considered by many professional traders to be the future of trading as it plays a vital role in helping traders to make accurate market speculations on various spread betting broker platforms that exist in the financial markets. For traders and investors, spread betting is one of the simplest methods to make a huge profit from the volatile market without being under any obligation to hold an actual market product. Spread betting trading makes use of leverage on sales by capitalizing on their current market position, which allows them to gain access to greater positions without going through the cycle of opening a new account. In most spread trading cases, spread betting can turn out to be a derivative of tax-free trading, which implies that traders can benefit from it whether or not they are winning.
For spread betting to commence, individual traders will firstly need to open a margin account where all funding of fiat currency can be deposited in order to initiate a trade. Traders will always find the maximum leverage amount to be dependent on the least amount of money that they wish to trade with. With successful account opening, traders can now proceed to open a margin account using a spread betting broker. Once money has been deposited into the newly opened margin account, traders will be able to place a trade order using the margin account.
What are the Advantages of Spread Trading?
One major benefit that traders need to take into proper consideration when trading spread betting using a brokerage service is the fact that investment (that will yield high profit) can be made in the market without having the fear of losing substantial amounts of money. Although some investors have misconceptions about the spread trading market which limits their input into the volatile market, thus hindering them from realizing huge profits from their investment. One of the many misconceptions that investors have about the spread betting trade is that it is illegal to make a trade on spread stakes.
The major truth that addresses this misconception is that investors are always subject to laid down regulations and laws that are enforced by different authorities since there is no real monetary punishment that is attached to trading with leverage in the foreign exchange market. These laws and regulations act as a buffer to contain the activities of traders and investors in accordance with the prospect of the Forex market. By saying leverage in the context of this guide, we are referring to the money that is left behind, which an investor has access to whenever they have successfully executed a trade.
In a handful of trading cases, leveraging suggests that the trader or investor will realize lucrative profit for each share when they use a smaller amount of money compared to the profit realized from direct investment in the conventional share market. By making use of the leverage feature, the risk of investing in market shares is reduced by a notable factor. Take, for instance, you as a trader develop a trading interest in a particular market stock with potential rise, you can leverage on this by trading the negative aspect of the share to realize a profit.
How to Choose a Spread Betting Platform
Before you make a pick of the best spread betting broker in the industry, there are few factors that need to be considered. Let's take a look at a few of these factors as we proceed.
User Experience
What makes any service top-notch is based on the quality of experience that the users encounter. When traders experience consistent glitch and laggy spread trading services from using a particular broker, it tends to reduce their confidence in the brokerage service.
Spread Betting Platform
It is not out of place for you to be sure about what trading platform a particular broker is using to coordinate each stake. When customers understand the rudiments of trading on a spread broker platform, it helps with their trading time and accessibility to the platform.
Trust
Trust is another important sign to read on the wall before choosing a spread betting broker in our list. Here, it is vital that you make proper findings about each and every broker to be sure you're on a safe side. Ask yourself before investing; "is this spread betting platform safe and mobile-friendly for me to put my money on?"
Customer Service
Customer service varies with the spread betting platform that you use. Our spread betting brokers list present you with the best customer service that you could ask for when starting up with spread betting or as a professional trader. Be sure also if the customer service is based on opening hours of the day or 24 hours.
FAQ
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CMC Markets is recorded to have the best spread in the industry.
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eToro is known to be the lowest spread forex broker in the United Kingdom.
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Yes, eToro is spread betting which has its major focus on cryptocurrencies.
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Spread betting is good for the long term as well as for the short term.
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Yes! With consistent and accurate predictions, there's no limit to the amount of money you can realize from spread betting.
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Without a doubt, Pepperstone has the tightest spread in the industry today.