For spread betting in the UK we prefer Pepperstone over IG if you want MT4, MT5, cTrader or TradingView for your spread bets and tight published minimums such as 0.1 on gold; IG is the better fit if you need guaranteed stops or want share dealing and an ISA with the same provider. Both are FCA-authorised, and Capital.com is our second pick overall.
Short answer: Pepperstone wins on platform choice and published gold, FX and index minimums; IG and CMC Markets win on guaranteed stops and broader investing products.
Pepperstone Limited is FCA-authorised (684312); IG's spread betting firm is IG Index Ltd (114059) and its CFD firm IG Markets Ltd (195355).
CMC Markets UK plc (173730), StoneX Financial Ltd (446717, the firm behind City Index, now branded StoneX Trading), Spreadex Ltd and Plus500UK Ltd (509909) are also FCA-authorised.
Published retail-loss rates on each firm's UK site: Pepperstone 73.6%, IG 70%, CMC Markets 69%, StoneX 68%, Plus500 76%, Spreadex 61%, Capital.com 65%.
IG offers guaranteed stops charged only if triggered; Pepperstone offers none.
We compare only facts each firm publishes on its own UK website; we do not quote rivals' spreads we could not verify.
How we compared
For each rival we read its own UK website on 21 October 2026 and kept to what it states: the FCA-authorised company, the platforms it lists, its pricing model, guaranteed stops and its retail-loss figure. Where a rival's site was not reachable for us, such as Trading 212 and eToro, we say so and describe only Pepperstone's side.
Retail-loss percentages are not a performance ranking. They reflect each firm's client mix and products, but they are a useful reminder that most retail accounts lose money at every one of these brokers.
Our UK pick
Spread bets on all five platforms, including MT4, MT5 and cTrader, published minimums such as 0.1 on gold and 0.5 on EUR/USD, and no commission on spread bets.
65% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Pepperstone, Capital.com and XS are our partners. We may earn a commission if you open an account through our links. That does not change the facts on this page.
Your questions, answered
Is Pepperstone or CMC Markets better for beginners in the UK?
For a beginner who wants guaranteed stops, check CMC Markets' own terms; for one who wants to learn on MT4, TradingView or cTrader with a £10 start, Pepperstone fits better. CMC Markets UK plc (173730) lists a web platform, app, MT4 and TradingView. Pepperstone's spread betting account keeps pricing simple, with no commission.
How do Pepperstone and IG compare on spreads and commission?
Pepperstone publishes its minimums: 0.0 plus £2.25 per lot per side on Razor FX, 1.0 on Standard, 0.5 on EUR/USD spread bets and 0.1 on gold spread bets. IG publishes its own spreads on its UK site; compare the two on the same market at the same moment, because both move with liquidity. On shares, IG offers commission-free share dealing in a GIA, ISA or SIPP, which Pepperstone does not offer.
Should I use Pepperstone or CMC Markets for CFD trading?
Choose Pepperstone if you want a raw-spread Razor account with fixed commission, cTrader or MT5; choose CMC Markets if you prefer its own web platform and want one provider for trading and investing. Both are FCA-authorised and offer MT4 and TradingView. Pepperstone's share CFD commission is 0.10% per side on UK shares and $0.02 a share on US shares.
Pepperstone or CMC Markets, which has lower overall trading costs?
On Pepperstone's side the costs are clear: raw FX from 0.0 plus £4.50 round-trip commission per lot, no commission on indices, no inactivity fee and no conversion fee on trades. CMC Markets offers a cost calculator on its UK site that estimates entry, holding and exit costs for a CFD position. Run your typical trade through both before deciding.
Is Pepperstone cheaper than City Index for forex trading?
City Index's UK site now redirects to StoneX Trading, run by StoneX Financial Ltd (FCA 446717), which lists MT4 and TradingView. Pepperstone's forex pricing is 0.0 plus commission on Razor, 1.0 on Standard, or 0.5 on EUR/USD spread bets. We did not find comparable StoneX minimums on its UK homepage, so compare its live quotes against these figures.
How does Pepperstone compare to Spreadex for UK spread betting?
Spreadex Ltd is FCA-authorised, specialises in spread betting and lists its own online platform and TradingView; it publishes a 61% retail-loss figure. Pepperstone's advantage is platform choice, with MT4, MT5 and cTrader also available for spread bets. Spreadex's advantage, for some traders, is its focus on spread betting as its core product.
Pepperstone or Trading 212, which is better for active traders?
For active CFD or spread betting traders, we prefer Pepperstone: raw spreads, five professional platforms, 24/5 trading on 100+ US shares and published execution statistics. Trading 212's site was not reachable for our checks, so we cannot state its current UK CFD terms; check its pricing page and FCA register entry directly. If you mainly want to buy and hold shares, a share dealing app suits that better than any CFD account.
Is Pepperstone better than eToro for forex and CFD trading?
For forex and CFDs we rank Pepperstone higher, mainly for Razor raw pricing, MT4, MT5, cTrader and TradingView, and a dedicated spread betting account. eToro's site was not accessible for us to verify its current UK terms, so we do not quote its fees. Check eToro's FCA register entry and its UK fee page yourself, and compare the cost of one EUR/USD lot against Pepperstone's £4.50 Razor commission plus raw spread.
Pepperstone or Plus500, which is better for trading indices?
For indices we prefer Pepperstone, with published minimums of 1 point on the UK 100 and 0.4 on the US 500, index forwards, and index spread bets in pounds. Plus500UK Ltd (FRN 509909) is FCA-authorised and offers CFDs; its UK site publishes a 76% retail-loss figure. Plus500's homepage does not mention spread betting, so it suits CFD traders rather than spread bettors.
Which broker has tighter gold spreads, Pepperstone or IG?
Pepperstone publishes spot gold minimums of 0.08 on Razor (plus commission), 0.19 on Standard and 0.1 on spread bets. For IG's current gold spread, check its own UK gold market page and compare at the same moment as Pepperstone's quote. If you want a guaranteed stop on a gold trade, IG offers one and Pepperstone does not.
Pepperstone or IG for MetaTrader trading in the UK?
Both offer MT4: IG lists MT4 and an MT4 VPS on its UK platforms page, alongside ProRealTime and L2 Dealer. Pepperstone offers MT4 and MT5, and you can spread bet on both, plus 28 Smart Trader add-ons. If you want MT5 or MetaTrader spread betting, Pepperstone is the clearer choice.
Which is better for scalping, Pepperstone or City Index?
For scalping we prefer Pepperstone's Razor account, which its own site describes as suited to scalpers, with raw spreads, fixed commission, cTrader depth of market and execution from 50 milliseconds. StoneX Trading, the current home of City Index, lists MT4 and TradingView for UK clients. Scalping depends on the fill you actually get, so test both on demo during busy hours.
Pepperstone or IG on execution speed and slippage, which is better?
Pepperstone publishes execution from 50 milliseconds and a 99.32% fill rate for January to March 2026, with no dealer intervention. We did not find an equivalent published fill-rate figure on IG's UK pages that we could compare like for like. IG's guaranteed stops remove slippage on the stop itself, which Pepperstone cannot offer.
Which offers better value for high volume traders, Pepperstone or CMC Markets?
Pepperstone's value for high-volume traders comes from Razor's fixed commission and, for professionals, daily or monthly rebates, a free VPS and a relationship manager. CMC Markets publishes its own active-trader terms on its UK site. Ask each for a written rebate schedule at your expected monthly volume before you move.
Published 2026-10-21. Informational only, not investment advice. CFDs are leveraged products and most retail accounts lose money.
Our UK pick
Runner-up