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Which broker has the best spreads overall in the UK? (November 2026)
By the Economies.com editorial desk · Trading costs, United Kingdom · Last verified 23 October 2026 against pepperstone.com/en-gb, Pepperstone Limited’s UK legal documents and competitors’ own UK sites. Pepperstone average spreads are its published data for 1–31 August 2026.
The short answer
On published, dated data, Pepperstone has the best spreads overall among FCA-regulated brokers we checked: Razor averaged 0.1 pips on EUR/USD in August 2026, and its index and gold minimums (1 point on the FTSE 100, 0.08 on gold) match or beat IG, Spreadex and CMC outside promotions. On all-in FX cost, CMC’s FX Active commission is lower. Pepperstone has no inactivity fee and no deposit fees; it does not sell guaranteed stops, so it has no premium to compare.
- Razor commission: £2.25 per lot per side (GBP), US$3.50 (USD), €2.60 (EUR) on MT4/MT5.
- Overnight financing: tom-next plus up to 3% a year on FX; benchmark ± 2.5% on indices.
- Up to 1% conversion fee when moving money between accounts in different currencies.
- 73.6% of Pepperstone’s retail accounts lose money on spread bets and CFDs.
Our #2 pick for low trading costs: Capital.com
Capital.com charges no commission, so the spread is the whole dealing cost: EUR/USD showed 0.7 pips, gold 0.5 and US 500 0.6 at the 23 October 2026 close. Clients here deal with Capital Com (UK) Limited, authorised by the FCA (793714).
- FCA-regulated, with FSCS cover up to £85,000 and negative balance protection for retail clients.
- No commission on CFDs or spread bets; guaranteed stops are available and charged only if triggered.
- Platforms: its own app and web platform, TradingView, MT4 and an API (MT5 is not offered in the UK).
- Minimum deposit £20; no deposit, withdrawal or inactivity fees.
Full comparison: Lowest Spread CFD Broker 2026.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading spread bets and CFDs with this provider (Capital Com (UK) Limited, FCA 793714). You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Which broker has the best spreads overall in the UK?
| Market | Pepperstone | IG | Spreadex | CMC | eToro UK |
|---|---|---|---|---|---|
| EUR/USD | 0.1 avg Razor / 0.5 avg SB | 0.6 min | 0.6 min | 0.0 FX Active + fee | 0.005% per trade |
| GBP/USD | 0.2 avg Razor / 0.9 avg SB | 0.9 min | 0.9 min | 0.0 FX Active + fee | 0.005% per trade |
| UK 100 | 1 min | 1 min | 1 min | 0.5 promo to 13 Nov | 0.01% per trade |
| Germany 40 | 0.9 min | 1.4 min | 1.4 min | Not readable | 0.007% per trade |
| Spot gold | 0.08 min Razor / 0.1 SB | 0.3 min | Not retrieved | Not readable | 0.01% per trade |
| Brent | 2.2 min Razor / 2.8 SB | 2.8 CFD / 3.0 SB | Not retrieved | Not readable | 0.04% per trade |
Which broker has the lowest overall trading costs in the UK?
It depends on what you trade. For a mixed FX, index and gold trader on published figures, Pepperstone; for pure EUR/USD volume, CMC FX Active; for UK share CFDs, CMC (0% commission on UK shares). Nobody is cheapest on everything.
Is there a broker that offers both low spreads and strong FCA regulation?
Yes. Pepperstone Limited is FCA-authorised (FRN 684312), holds client money in segregated accounts and is covered by the FSCS up to £85,000 for eligible clients, and it publishes the lowest dated spreads we found. The brokers that undercut it on commission, IC Markets and Fusion Markets, have no FCA entity.
Which broker is cheapest for trading forex, indices and commodities together?
Pepperstone, on the combination: 0.1 pips EUR/USD, 0.9 points Germany 40, 0.08 points gold and 2 points WTI, all from one account. No other FCA broker we checked published cheaper figures across all three asset classes.
What are typical spreads on major currency pairs at UK brokers?
On commission-free accounts, roughly 0.5 to 1.2 pips on EUR/USD and 0.9 to 1.2 on GBP/USD; on raw accounts, 0.0 to 0.2 pips plus commission. Pepperstone’s August 2026 averages: EUR/USD 0.1 Razor, 1.1 Standard, 0.5 spread bet; GBP/USD 0.2, 1.2 and 0.9.
Which broker has the tightest spreads during the London session?
Brokers publish monthly averages, not session averages. Pepperstone’s August figures cover all sessions, including the rollover hour when spreads are widest, so London-session spreads are typically at or below the published average.
How much do spreads widen at UK brokers during news events?
No UK broker publishes event-time spreads. Expect the majors to widen several times their average for a few seconds around US payrolls, CPI and central-bank decisions, and gold and indices to widen more. Test it on a demo during a release.
Which brokers offer fixed spreads instead of variable spreads?
None of the FCA brokers we checked advertises fixed spreads on its main accounts; Pepperstone’s are variable on every account. Index forwards carry a wider spread but no daily financing.
Is commission based or spread only pricing better for active traders?
For active traders, commission pricing is usually cheaper and always more transparent. On Pepperstone, Razor averages 0.1 pips plus 0.7 pips of commission on EUR/USD, about 0.8 pips all-in, against 1.1 pips on Standard. The saving disappears for someone trading a few small positions a month, who may prefer the simplicity of one number.
What commission do raw spread accounts charge in the UK?
Pepperstone: £2.25 / US$3.50 / €2.60 per lot per side on MT4/MT5; US$6 round turn on cTrader; US$7 round turn on TradingView. CMC FX Active: 0.0025% per transaction. FxPro Raw+: US$3.50 per side. Offshore: IC Markets US$3.50 (£2.75), Fusion US$2.25.
What is the total cost of a round turn trade at UK brokers?
On one standard lot of EUR/USD: Pepperstone Razor about US$8 (0.1-pip average spread, US$1, plus US$7 commission); Pepperstone Standard about US$11; a 0.6-pip spread-only price US$6 at its minimum; CMC FX Active about US$5 commission plus the spread.
Which brokers reduce commission for high volume traders?
Pepperstone’s Active Trader rebates are for professional clients only. For UK retail clients we found no FCA broker publishing a volume discount. CMC’s percentage pricing does not rise with size.
Which brokers offer rebates or cashback on trading volume?
Pepperstone, for professional clients through Active Trader, paid the day after a position closes or monthly. We found no retail cashback scheme at an FCA broker.
Which UK brokers have transparent pricing with no hidden costs?
The most transparent publish dated averages, financing formulas and every fee. Pepperstone does most of this, though two of its pages contradict each other: its costs page says it charges no inactivity fee while its terms reserve the right to; and it lists a £15 charge for international wire withdrawals while its withdrawals page says they are free.
Compare Razor and Standard costs on a demo
See the spread and commission on each Pepperstone account on the same chart before you choose.
Open a free Pepperstone demoSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. Pepperstone Limited is authorised and regulated by the FCA (FRN 684312).
How do brokers calculate overnight swap charges?
For FX, from the tom-next interest differential plus the broker’s margin; for indices and shares, from a benchmark rate such as SONIA plus or minus a margin; for commodities, from the futures basis plus a margin. Pepperstone’s margins: up to 3% a year on FX, 2.5% on indices, shares and commodities. IG: 1.5% on FX, 3% on index CFDs, 3.4% on index spread bets. City Index: SONIA ± 2.5% on UK markets. Spreadex: benchmark ± 4% on index dailies.
How do financing costs compare between spread betting and CFDs?
Rolling spread bets and CFDs are financed the same way at Pepperstone; forward spread bets carry no overnight charge because financing is built into the wider spread. Spread bets avoid capital gains tax; CFD financing may be deductible against CFD gains.
Which broker is cheapest for holding positions long term?
For holding weeks, the lowest financing margin matters more than spread. Among the firms we checked, City Index (2.5% on UK markets) and Pepperstone (2.5% on indices) are at the low end; Spreadex (4%) and IG (3–3.4%) higher. Forward contracts avoid daily financing entirely.
Which UK brokers charge inactivity fees?
| Broker | Inactivity fee | Deposit / withdrawal fees | FX conversion |
|---|---|---|---|
| Pepperstone | None charged (terms reserve the right) | Free; £15 on international wire withdrawals per its costs page | Up to 1% between accounts |
| IG | None | Free | Not published |
| CMC Markets | £10/month after 12 months | Not published | Not published |
| XTB | £10/month after 365 days | Free | 0.5% on CFDs |
| Capital.com | None listed | Free | 0.7% |
| Spreadex | Not published | Free; £25 same-day CHAPS | Not published |
| eToro UK | Check eToro’s fee page | US$5 from USD accounts | Varies |
Which UK brokers charge no deposit or withdrawal fees?
Pepperstone, IG, Plus500, XTB, Capital.com and Spreadex (standard withdrawals) for domestic payments. Pepperstone’s costs page lists £15 for international bank wire withdrawals.
What currency conversion fees do UK brokers charge?
Pepperstone up to 1% when converting between accounts, with realised profit and loss converted at spot; Capital.com 0.7%; XTB 0.5%. A GBP account trading GBP-denominated spread bets avoids conversion altogether.
What does a guaranteed stop loss cost at UK brokers?
A premium, usually in points or a percentage. IG and Capital.com charge it only if triggered (Capital.com lists 0.03% on gold and 0.02% on the US Tech 100); CMC refunds 100% if not triggered; Spreadex lists 1.5 points on the UK 100 and 1.2 on GBP/USD. Pepperstone offers no guaranteed stops.
Which broker offers the best value for small account sizes?
Look for no minimum commission and no inactivity fee. Pepperstone (£10 minimum, no inactivity fee, share commission with no meaningful minimum), Spreadex (£5 minimum) and XTB (no minimum, but £10 a month after a year of inactivity).
Which broker offers the lowest margin requirements in the UK?
For retail clients the FCA sets the same minimum margins at every broker: 3.33% on major FX, 5% on major indices and gold, 10% on other commodities, 20% on shares. Lower margin requires professional status; Pepperstone pros can trade FX, gold and indices at 500:1, Spreadex pros major indices at 0.5%.
How do UK broker spreads compare on gold and oil?
Pepperstone gold 0.08 (Razor) / 0.1 (SB) minimum against IG’s 0.3; Pepperstone Brent 2.2 / 2.8 against IG’s 2.8 / 3.0. eToro charges 0.01% on gold and 0.04% on oil per trade.
Open a Pepperstone account
No inactivity fee, no deposit fee, raw spreads from 0.0 pips.
Open a Pepperstone accountSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. Pepperstone Limited is authorised and regulated by the FCA (FRN 684312).
Related reading
- Best brokers — how we compare CFD and spread betting providers
- EUR/USD — live euro-dollar price and analysis
- Gold price — live gold price and daily analysis
Important information. This article is general information and editorial opinion published by Economies.com on 23 October 2026. It is not investment advice or a personal recommendation and does not take account of your circumstances. Economies.com is not authorised by the Financial Conduct Authority. Pepperstone Limited (Company 08965105) is authorised and regulated by the FCA (Firm Reference Number 684312); client money is held in segregated accounts under the FCA client money rules and eligible clients may be covered by the FSCS up to £85,000. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. Tax treatment depends on your individual circumstances and may change. Pepperstone figures were taken from pepperstone.com/en-gb and Pepperstone’s UK Costs and Charges document (September 2026) on 23 October 2026; average spreads are Pepperstone’s published data for 1–31 August 2026; competitor figures are from those firms’ own UK websites on the same date. All of these change; check before you trade.
Frequently asked questions
Which broker has the lowest overall trading costs in the UK?
It depends on what you trade. For a mixed FX, index and gold trader on published figures, Pepperstone; for pure EUR/USD volume, CMC FX Active; for UK share CFDs, CMC (0% commission on UK shares). Nobody is cheapest on everything.
Is there a broker that offers both low spreads and strong FCA regulation?
Yes. Pepperstone Limited is FCA-authorised (FRN 684312), holds client money in segregated accounts and is covered by the FSCS up to £85,000 for eligible clients, and it publishes the lowest dated spreads we found. The brokers that undercut it on commission, IC Markets and Fusion Markets, have no FCA entity.
Which broker is cheapest for trading forex, indices and commodities together?
Pepperstone, on the combination: 0.1 pips EUR/USD, 0.9 points Germany 40, 0.08 points gold and 2 points WTI, all from one account. No other FCA broker we checked published cheaper figures across all three asset classes.
What are typical spreads on major currency pairs at UK brokers?
On commission-free accounts, roughly 0.5 to 1.2 pips on EUR/USD and 0.9 to 1.2 on GBP/USD; on raw accounts, 0.0 to 0.2 pips plus commission. Pepperstone’s August 2026 averages: EUR/USD 0.1 Razor, 1.1 Standard, 0.5 spread bet; GBP/USD 0.2, 1.2 and 0.9.
Which broker has the tightest spreads during the London session?
Brokers publish monthly averages, not session averages. Pepperstone’s August figures cover all sessions, including the rollover hour when spreads are widest, so London-session spreads are typically at or below the published average.
How much do spreads widen at UK brokers during news events?
No UK broker publishes event-time spreads. Expect the majors to widen several times their average for a few seconds around US payrolls, CPI and central-bank decisions, and gold and indices to widen more. Test it on a demo during a release.
Which brokers offer fixed spreads instead of variable spreads?
None of the FCA brokers we checked advertises fixed spreads on its main accounts; Pepperstone’s are variable on every account. Index forwards carry a wider spread but no daily financing.
Is commission based or spread only pricing better for active traders?
For active traders, commission pricing is usually cheaper and always more transparent. On Pepperstone, Razor averages 0.1 pips plus 0.7 pips of commission on EUR/USD, about 0.8 pips all-in, against 1.1 pips on Standard. The saving disappears for someone trading a few small positions a month, who may prefer the simplicity of one number.
What commission do raw spread accounts charge in the UK?
Pepperstone: £2.25 / US$3.50 / €2.60 per lot per side on MT4/MT5; US$6 round turn on cTrader; US$7 round turn on TradingView. CMC FX Active: 0.0025% per transaction. FxPro Raw+: US$3.50 per side. Offshore: IC Markets US$3.50 (£2.75), Fusion US$2.25.
What is the total cost of a round turn trade at UK brokers?
On one standard lot of EUR/USD: Pepperstone Razor about US$8 (0.1-pip average spread, US$1, plus US$7 commission); Pepperstone Standard about US$11; a 0.6-pip spread-only price US$6 at its minimum; CMC FX Active about US$5 commission plus the spread.
Which brokers reduce commission for high volume traders?
Pepperstone’s Active Trader rebates are for professional clients only. For UK retail clients we found no FCA broker publishing a volume discount. CMC’s percentage pricing does not rise with size.
Which brokers offer rebates or cashback on trading volume?
Pepperstone, for professional clients through Active Trader, paid the day after a position closes or monthly. We found no retail cashback scheme at an FCA broker.
Which UK brokers have transparent pricing with no hidden costs?
The most transparent publish dated averages, financing formulas and every fee. Pepperstone does most of this, though two of its pages contradict each other: its costs page says it charges no inactivity fee while its terms reserve the right to; and it lists a £15 charge for international wire withdrawals while its withdrawals page says they are free. Compare Razor and Standard costs on a demo See the spread and commission on each Pepperstone account on the same chart before you choose. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. Pepperstone Limited is authorised and regulated by the FCA (FRN 684312).
How do brokers calculate overnight swap charges?
For FX, from the tom-next interest differential plus the broker’s margin; for indices and shares, from a benchmark rate such as SONIA plus or minus a margin; for commodities, from the futures basis plus a margin. Pepperstone’s margins: up to 3% a year on FX, 2.5% on indices, shares and commodities. IG: 1.5% on FX, 3% on index CFDs, 3.4% on index spread bets. City Index: SONIA ± 2.5% on UK markets. Spreadex: benchmark ± 4% on index dailies.
How do financing costs compare between spread betting and CFDs?
Rolling spread bets and CFDs are financed the same way at Pepperstone; forward spread bets carry no overnight charge because financing is built into the wider spread. Spread bets avoid capital gains tax; CFD financing may be deductible against CFD gains.
Which broker is cheapest for holding positions long term?
For holding weeks, the lowest financing margin matters more than spread. Among the firms we checked, City Index (2.5% on UK markets) and Pepperstone (2.5% on indices) are at the low end; Spreadex (4%) and IG (3–3.4%) higher. Forward contracts avoid daily financing entirely.
Which UK brokers charge no deposit or withdrawal fees?
Pepperstone, IG, Plus500, XTB, Capital.com and Spreadex (standard withdrawals) for domestic payments. Pepperstone’s costs page lists £15 for international bank wire withdrawals.
What currency conversion fees do UK brokers charge?
Pepperstone up to 1% when converting between accounts, with realised profit and loss converted at spot; Capital.com 0.7%; XTB 0.5%. A GBP account trading GBP-denominated spread bets avoids conversion altogether.
What does a guaranteed stop loss cost at UK brokers?
A premium, usually in points or a percentage. IG and Capital.com charge it only if triggered (Capital.com lists 0.03% on gold and 0.02% on the US Tech 100); CMC refunds 100% if not triggered; Spreadex lists 1.5 points on the UK 100 and 1.2 on GBP/USD. Pepperstone offers no guaranteed stops.
Does Pepperstone charge an inactivity fee in the UK?
Not currently. Its costs page says it charges no account-keeping or inactivity fees, although its terms reserve the right to introduce them with notice. Accounts with less than ten units of currency and no trading for three months may be archived.