Forex Spread Betting UK: Spreads, Margin and Brokers Compared (2026)
Reviewed by Phillip Ashdown, Senior Forex Analyst · Last updated · How we review
A forex spread bet is a stake in pounds on every point a currency pair moves. Bet £5 a point on GBP/USD and each 0.0001 move is worth £5 to you, up or down. We compared the forex spread betting terms of eight FCA-regulated brokers: published spreads on six pairs, margin, pair choice and overnight costs.
Spread bets are leveraged. A small move against you can lose more than your margin, and most retail accounts lose money.
Forex spread betting spreads compared
Spreads in points, from each broker's own published data, checked 20 October 2026. A fixed spread is what you pay; a published average is what clients paid over the stated period; a published minimum is the best case.
| Broker | Measure | EUR/USD | GBP/USD | USD/JPY | AUD/USD | USD/CAD | USD/CHF | Basis |
|---|---|---|---|---|---|---|---|---|
| Trade Nation | Fixed | 0.5 | 0.8 | 0.6 | 0.4 | 0.7 | 0.7 | Trade Nation price board, 20 Oct 2026 (USD/CHF from its spreads table) |
| Pepperstone | Published average | 0.5 | 0.9 | 0.8 | 0.7 | 1.2 | 1.2 | Pepperstone spread betting account, average 1 to 31 Aug 2026, all sessions |
| CMC Markets | Published minimum | 0.5 | 0.9 | 0.7 | 0.6 | 1.3 | n/a | CMC Markets standard pricing, minimum spreads |
| Spreadex | Published minimum | 0.6 | 0.9 | 0.7 | 0.6 | 1.3 | 1.5 | Spreadex spread betting market information, minimum spreads |
| IG | Published minimum | 0.6 | 0.9 | 0.7 | 0.6 | n/a | 1.5 | IG forex page, minimum spreads |
| Capital.com | Not published | n/a | n/a | n/a | n/a | n/a | n/a | Variable spreads; Capital.com does not publish an average or minimum table |
| ActivTrades | Not published | n/a | n/a | n/a | n/a | n/a | n/a | Spread betting spreads not published separately |
| FxPro | Not published | n/a | n/a | n/a | n/a | n/a | n/a | FxPro Edge spread betting spreads not published |
How a forex spread bet is priced
Brokers quote forex spread bets in points. On most pairs one point is 0.0001; on pairs priced in yen it is 0.01. Your stake is in pounds, so profits and losses are paid in sterling.
Worked example: GBP/USD is quoted at 1.3368 to 1.3376 and you buy at £10 a point. A 40-point rise makes £400 and a 40-point fall loses £400. The position is worth about £133,720, so FCA rules require at least £4,453 of margin.
Which pairs count as majors, and why it changes your margin
FCA rules cap retail leverage at 30:1 (3.33% margin) on major pairs and 20:1 (5%) on all other pairs. The FCA defines a major pair as two of: USD, EUR, JPY, GBP, CAD, CHF. The Australian and New Zealand dollars are not on the list, so AUD/USD and NZD/USD need 5% margin. If your equity falls to half of the margin required, your broker must start closing positions (COBS 22.5.13).
How many currency pairs can you spread bet?
- CMC Markets: 330+ pairs (Spread betting account)
- Capital.com: 120+ pairs (Available as spread bets and CFDs)
- Pepperstone: 91 pairs (Spread betting instrument list, March 2025)
- IG: 80+ pairs
- Spreadex: 60+ pairs
- ActivTrades: 50+ pairs (Account-wide figure)
- Trade Nation: 32 pairs (7 majors, 21 minors, 4 exotics)
When to spread bet on forex
London is the world's largest forex centre, with 37.8% of global turnover and $4.7 trillion a day in April 2025 (Bank of England). Variable spreads on most pairs are usually tightest in UK hours, especially the London and New York overlap from about 1pm to 5pm UK time, and widen around the 10pm UK daily rollover.
- Sydney: about 22:00 to 07:00 UK time
- Tokyo: about 00:00 to 09:00 UK time
- London: about 08:00 to 17:00 UK time
- New York: about 13:00 to 22:00 UK time
Which currencies are traded most
Global forex turnover reached $9.6 trillion a day in April 2025, up 28% in three years (BIS). Share of trades involving each currency: USD 89%, EUR 28.9%, JPY 16.8%, GBP 10.2%.
Overnight costs on forex spread bets
Positions open at the 10pm UK rollover are adjusted for the interest rate difference between the two currencies plus a broker fee; Wednesday's adjustment normally covers three days.
- Spreadex: Tom-next rate + 1.5% a year. Broker fee on £10 a point GBP/USD (position about £133,720): £5.50 a night.
- Trade Nation: Central bank rate differential ± 2.5% a year. Broker fee on £10 a point GBP/USD (position about £133,720): £9.16 a night.
Where to spread bet on forex
Every broker below is FCA-regulated and offers forex spread betting to UK residents, matched to the kind of forex trader it suits best. For a ranked list across all markets, see our best spread betting brokers in the UK.
A wide choice of pairs on TradingView or MT4: Capital.com
120+ currency pairs, including majors, minors and exotics, available as spread bets 24 hours a day, five days a week. You can spread bet on Capital.com's own platform and app, TradingView or MT4, from a £20 minimum deposit.
Visit Capital.com · Read our Capital.com review
65% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Knowing your cost before you trade: Trade Nation
The only broker here with fixed forex spreads: 0.5 points on EUR/USD and 0.4 on AUD/USD whatever the market is doing. The trade-off is a narrower list of 32 pairs.
Visit Trade Nation · Read our Trade Nation review
73.8% of retail investor accounts lose money when trading CFDs with this provider.
Low average spreads on MetaTrader or cTrader: Pepperstone
Pepperstone publishes its average spread betting spreads, and its August 2026 EUR/USD average was 0.5 points across all sessions. It is the only broker in this comparison offering spread betting on MT4, MT5, cTrader and TradingView.
Visit Pepperstone · Read our Pepperstone review
73.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Holding positions for days or weeks: Spreadex
Spreadex publishes a 1.5% a year charge on top of the tom-next rate for overnight forex spread bets, against 2.5% at Trade Nation. On a £10-per-point GBP/USD bet that is roughly £5.50 a night in broker fee rather than £9.16.
Visit Spreadex · Read our Spreadex review
61% of retail investor accounts lose money when trading spread bets and CFDs with this provider. *Tax laws are subject to change and depend on individual circumstances. Tax law may differ in a jurisdiction other than the UK.
A long track record and a dedicated spread betting entity: IG
IG has offered spread betting since 1974 through IG Index Ltd (FCA reference number 114059). It quotes EUR/USD from 0.6 points and offers 80+ pairs on its own platform, TradingView and MT5.
70% of retail investor accounts lose money when trading CFDs or Spread Bets with this provider. You should consider whether you can afford to take the high risk of losing your money.
The widest range of currency pairs: CMC Markets
CMC Markets lists 330+ currency pairs on its spread betting account, far more than any other broker here, with EUR/USD from 0.5 points. Spread betting runs on CMC's own platform and app only.
Visit CMC Markets · Read our CMC Markets review
69% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
Full Risk Disclosures
Capital.com: 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. 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.
IG: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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.
We may earn a commission if you open an account through some links on this page. See our affiliate disclosure.
Tax on forex spread betting
For most UK residents, forex spread betting profits are free of Capital Gains Tax and stamp duty (HMRC Capital Gains Manual, CG56105), but losses cannot be offset against other gains. Tax treatment depends on your circumstances and can change. See spread betting vs CFDs and what spread betting is.
Forex spread betting FAQs
What is forex spread betting?
Forex spread betting is a way to speculate on currency pairs such as GBP/USD by staking an amount in pounds for every point the exchange rate moves. You never exchange currency. If the pair moves your way you gain your stake per point; if it moves against you, you lose the same amount per point. It is a leveraged product regulated by the FCA, and most retail accounts lose money. Our guide explains how spread betting works across all markets.
How is a forex spread bet priced?
Brokers quote forex spread bets in points, where one point is usually the fourth decimal place of the exchange rate (0.0001), or the second decimal place for pairs priced in yen (0.01). A £5-per-point bet on GBP/USD therefore gains or loses £5 for every 0.0001 move. Because the stake is in pounds, you do not need to convert dollar or yen profits. To work out a stake from the amount you want to risk, use the spread bet mode of our position size calculator; to compare a stake with a CFD position, use our pip value calculator.
Which brokers offer forex spread betting in the UK?
Among the FCA-regulated brokers we compare, forex spread betting is available at Capital.com, IG, CMC Markets, Pepperstone, Spreadex, Trade Nation, FxPro (via FxPro Edge), ActivTrades, StoneX Trading and OANDA. XTB does not offer spread betting to UK clients, and nor does FOREX.com. For a ranking across all markets, see the best spread betting brokers in the UK.
Which broker has the lowest forex spread betting spreads?
On EUR/USD, Trade Nation's fixed 0.5-point spread and Pepperstone's published 0.5-point average (August 2026) are the lowest figures we found on a like-for-like basis. CMC Markets also quotes a 0.5-point minimum, but a minimum is a best-case floor rather than a typical cost. Trade Nation's fixed 0.4 points is the lowest on AUD/USD. Our guide to forex spreads explains why minimum and average spreads differ.
How much margin do I need to spread bet on forex?
FCA rules set a minimum margin of 3.33% (30:1 leverage) on major pairs and 5% (20:1) on all other pairs for retail clients. A £10-per-point GBP/USD bet at 1.3372 has a notional value of about £133,720, so it needs around £4,453 of margin. Your losses are based on the full position, not the margin. Our position size calculator helps you size a trade to the amount you are prepared to risk.
Why does AUD/USD need more margin than EUR/USD?
The FCA defines a major pair as any two of the US dollar, euro, Japanese yen, pound sterling, Canadian dollar and Swiss franc. The Australian and New Zealand dollars are not on that list, so AUD/USD and NZD/USD count as minor pairs and carry 5% margin rather than 3.33%, even though many brokers market them as majors. Read more about FCA regulation and retail protections.
Is forex spread betting tax-free?
For most UK residents, forex spread betting profits are free of Capital Gains Tax and stamp duty because HMRC treats spread bets as bets (HMRC Capital Gains Manual, CG56105). Losses cannot be offset against other gains. Our spread betting vs CFDs guide works through the tax difference with examples. Tax treatment depends on your individual circumstances and can change.
When are forex spreads tightest?
Variable spreads are usually tightest when the most trading is taking place, which for most pairs is the London session and especially the overlap with New York, roughly 1pm to 5pm UK time. London is the world's largest forex centre, with 37.8% of global turnover in April 2025 according to the Bank of England. Spreads tend to widen around the 10pm UK daily rollover and before major data releases.
What does it cost to hold a forex spread bet overnight?
Positions open at the daily rollover, usually 10pm UK time, pay or receive an overnight funding adjustment based on the interest rate difference between the two currencies plus a broker fee. Spreadex publishes 1.5% a year and Trade Nation 2.5% a year as their fee. Wednesday's charge is normally three times the daily amount to cover the weekend.
Sources and method
Broker figures come from each broker's own published spread, margin and market pages, collected between June and October 2026 and labelled by what they measure.
- BIS Triennial Central Bank Survey: global FX trading hits $9.6 trillion a day (April 2025)
- Bank of England: BIS Triennial Survey, UK results (2025)
- FCA Handbook COBS 22.5: margin and leverage limits for retail clients
- FCA Handbook glossary: major foreign exchange pair
- HMRC Capital Gains Manual CG56105: financial spread betting
- Pepperstone UK: forex pairs and spreads
Risk Warning: Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The majority of retail investor accounts lose money when spread betting.