All sections on this page
- Broker comparison table
- What are the seven best CFD brokers in the UK?
- Other brokers we reviewed
- How to choose a CFD broker
- How to start trading CFDs in the UK
- How we ranked the seven CFD brokers
- How CFD costs work
- The risks of CFD trading
- How are CFDs taxed in the UK?
- CFD markets by asset
- FCA rules for CFD trading
Risk warning: 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 trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This page is general information, not financial advice. Advertiser disclosure.
Pepperstone rates as the strongest all-round CFD broker for UK traders on the balance of raw pricing, platform range and FCA regulation. The ranking below weighs CFD market breadth against all-in cost in GBP, with every broker authorised by the FCA and covered by FSCS. Each pick links to its full review.
What is the best CFD broker in the UK?
Pepperstone is the best CFD broker in the UK for most active traders, pairing a tight raw spread and competitive commission with the full MT4, MT5, cTrader and TradingView platform set. Traders who prioritise market range over the last fraction of a pip may prefer IG or CMC Markets, which carry wider multi-asset CFD ranges.
Our seven picks, ranked:
- Pepperstone: best overall for UK CFD traders.
- CMC Markets: broad CFD instrument range.
- IG Markets: market breadth and the longest FCA record.
- City Index: established multi-asset range.
- XTB: large index and ETF menu on xStation.
- eToro: copy trading and simplicity.
- Plus500: clean spread-only platform.
Watch: Best CFD Forex Brokers (2026). Ranked on regulation, spreads, fees and trading platforms.
Jump to Comparison table · Broker reviews 1-7 · How to choose · Costs · FCA rules · FAQs
Broker comparison table: scores, spreads and platforms
Each broker below holds FCA authorisation, segregates client money, and provides FSCS cover up to £85,000 per eligible person. Scores come from our UK rating model; the definition sits in how we ranked the seven brokers. Ranking weighs CFD market range and all-in GBP cost, so it does not track score alone.
| Broker | 2026 score | Average spread (8 pairs) | Platforms | FCA entity (FRN) |
|---|---|---|---|---|
1 Pepperstone | 90 | 0.41 pips avg (Razor) plus £2.25/side | MT4, MT5, cTrader, TradingView | Pepperstone Limited (684312) |
2 CMC Markets | 82 | 0.89 pips avg (Standard) | Next Generation, MT4 | CMC Markets UK plc (173730) |
3 IG Markets | 80 | 1.62 pips avg (IG Trading) | IG platform, MT4 | IG Markets Limited (195355) |
4 City Index | 78 | 0.7 pips (advertised) | Web Trader, TradingView, MT4 | StoneX Financial Ltd (446717) |
5 XTB | 77 | 1.41 pips avg (Standard) | xStation 5 | XTB Limited (522157) |
6 eToro | 68 | 1.50 pips avg (Retail) | eToro platform | eToro (UK) Ltd (583263) |
7 Plus500 | 70 | 1.60 pips avg (Retail CFD) | Plus500 web and app | Plus500UK Ltd (509909) |
Scores are from our UK rating model. The spread shown is each broker's average across eight major pairs on the account named, from our monthly spread benchmark; City Index is not in that benchmark, so its figure stays an advertised starting rate. Commission applies on raw or Razor accounts. Confirm current pricing on the broker's UK site before relying on any figure. How we ranked ↓
Risk warning: CFDs are leveraged products and carry a high risk of loss. The majority of retail CFD accounts lose money. Review the broker's Key Information Document before trading.
Interactive Brokers is a strong multi-asset option for traders who also want underlying share access, covered in the share CFD guide. The wider in-set CFD roster, including Eightcap, Forex.com, Vantage and Tickmill, appears in the by-asset pages below. For a ranking built on pricing alone, the lowest spread brokers guide adds commission back in for the all-in figure.
What are the seven best CFD brokers in the UK?
The seven picks below appear in ranking order.
1. Pepperstone: best overall for UK CFD traders
Why we recommend Pepperstone
Pepperstone Limited pairs raw-spread pricing with the widest platform choice of any FCA broker we rank. The Razor account averages 0.41 pips across eight major pairs plus a fixed £2.25 per side, and the same account runs on MT4, MT5, cTrader or TradingView. Our UK review scored it 90 out of 100.
The trade-off is product breadth. Its CFD range is narrower than CMC's or IG's, and its share CFDs lean toward US and global stocks rather than the London market. Pepperstone publishes a retail loss figure of 72.9%, in line with the rest of this set. Traders who want the deepest single-stock or index menus should compare the two market makers ranked below.
Pros & cons
- Razor raw pricing averages 0.41 pips across eight pairs
- Four platforms on a single account
- £2.25 per side commission confirmed on GBP Razor accounts
- Narrower CFD range than CMC or IG
- Commission applies on the Razor account
- No ISA or underlying share dealing
2. CMC Markets: broad CFD instrument range
Why we recommend CMC Markets
CMC Markets UK plc is the range pick. Next Generation lists a broad menu of CFD instruments across indices, shares, commodities, treasuries and FX, spread-only with no dealing commission outside share CFDs. The firm has been trading since 1989 and its parent is listed on the London Stock Exchange.
The platform is proprietary, so MetaTrader coverage is limited to FX and index CFDs, and raw-spread scalpers will find Pepperstone cheaper on majors. For traders who value one deep multi-asset platform over the tightest FX pricing, CMC is the stronger fit.
Pros & cons
- One of the widest instrument menus in the set
- Strong proprietary charting
- LSE-listed parent as a structural signal
- No MT5 or cTrader
- Market-maker spread carries the cost outside share CFDs
- Platform has a learning curve
3. IG Markets: market breadth and the longest FCA record
Why we recommend IG Markets
IG Markets Limited offers some of the deepest overall market access in this set, with index, share, commodity and bond CFDs on one account. Its FCA record runs back to 1974, the longest here, and the parent is listed on the London Stock Exchange.
Headline FX spreads sit wider than Pepperstone's raw pricing, and the platform set omits MT5 and cTrader. Traders who want breadth and a long track record over the tightest majors pricing will find IG hard to beat.
Pros & cons
- One of the deepest market ranges here
- Longest UK regulatory record
- Strong research and charting
- Wider FX spreads than a raw account
- No MT5 or cTrader
- Platform depth suits committed traders
4. City Index: established multi-asset range
Why we recommend City Index
City Index, the retail brand of StoneX Financial Ltd, covers indices, shares, FX and commodities with per-market pricing close to IG's. It suits traders who want an established multi-asset book with TradingView connectivity.
Its costs on this page are advertised starting rates; we have not recorded live UK spreads for this broker, so treat the figures as indicative. City Index and Forex.com share the StoneX parent, so compare the two before you open with either.
Pros & cons
- Broad multi-asset range
- TradingView connectivity
- StoneX backing
- Advertised pricing only, no raw account
- Overlaps with sister brand Forex.com
- Fewer platforms than Pepperstone
5. XTB: large index and ETF menu on xStation
Why we recommend XTB
XTB Limited runs everything through xStation 5, its own platform, and lists one of the larger index and ETF CFD ranges of the FCA set. Pricing is floating spread with no separate commission on most markets.
XTB removed MetaTrader 4 support, so MT4 traders should look elsewhere. For traders happy on a single strong proprietary platform, the index and ETF coverage is the draw.
Pros & cons
- Large index and ETF CFD range
- Well-built proprietary platform
- Floating spread with no separate commission on most markets
- No MetaTrader or cTrader
- Spread-only pricing wider than raw on majors
- Single-platform lock-in
6. eToro: copy trading and simplicity
Why we recommend eToro
eToro (UK) Ltd is the pick for social and copy trading. The platform is the simplest here and the copy features are unmatched in this set. Costs are the trade-off: accounts are USD-denominated, so GBP deposits pay a conversion fee, and headline spreads sit wider than the leaders.
New traders who want to follow other investors while they learn get the most from eToro. Cost-focused active traders will do better on a raw account.
Pros & cons
- Copy trading unmatched in this set
- Simplest platform for new traders
- Low entry amount
- USD account base means GBP deposits pay a conversion cost
- Wider FX spreads than the leaders here
- One platform only
7. Plus500: clean spread-only platform
Why we recommend Plus500
Plus500UK Ltd runs a single streamlined platform with spread-only pricing. It suits occasional traders who want a simple all-in quote rather than raw-plus-commission maths.
There is no MetaTrader support and no advertised minimum spread to benchmark, and research tools are thinner than IG's or CMC's. For a clean interface and one-line pricing, it does the job.
Pros & cons
- Simple platform
- Spread-only, no commission
- Listed parent as a structural signal
- No third-party platforms
- Dynamic spreads are hard to benchmark
- Research thinner than IG or CMC
Other brokers we reviewed
Nineteen more FCA-regulated brokers hold full reviews on this site. Several match or beat the featured seven on the overall rating model, but the CFD ranking weighs CFD market range and all-in trading cost first, and every broker below holds a verifiable Firm Reference Number on the FCA register.
| Broker | 2026 score | Known for |
|---|---|---|
 OANDA | 88 | No minimum deposit for small accounts |
 Interactive Brokers | 87 | Lowest FX commissions at scale on the TWS platform |
 Capital.com | 85 | Strongest built-in learning tools |
 Forex.com | 83 | Deep currency-pair range on four platforms |
 Tickmill | 82 | Low-cost raw account on MT4 and MT5 |
 Vantage | 82 | Raw ECN pricing with a low per-side commission |
 ThinkMarkets | 79 | ThinkZero raw account on MT4 and MT5 |
 Axi | 78 | Raw MT4 account for algo and copy traders |
 Saxo | 78 | Premium multi-asset platform, SaxoTraderGO |
 FxPro | 77 | NDD execution across four platforms |
 Admirals | 76 | Commission-model Zero account on MetaTrader |
 FXCM | 75 | Markup pricing with TradingView integration |
 HFM | 75 | Low-minimum entry account on MT5 |
 Trading 212 | 74 | Commission-free trading app with an ISA option |
 Eightcap | 72 | Tightest advertised raw spread |
 ATC Brokers | 71 | Specialist MT4 account for experienced traders |
 HYCM | 71 | Long-running FCA brand on MetaTrader |
 Swissquote | 71 | Swiss-bank backing across four platforms |
 Trade Nation | 69 | Genuine fixed spreads on its own platform |
OANDA scores highest of the group and features in our gold CFD ranking on spread-only pricing, while Interactive Brokers appears in the share CFD ranking for traders who also want the underlying stock. For a cost-led shortlist, the lowest spread ranking covers the raw-account field.
How to choose a CFD broker
Five checks separate the seven brokers above. Run them in order. One of them usually settles it.
Verify the FRN
FCA register; match the entity.
Match the platform
MetaTrader, cTrader or the broker's own.
Price the full cost
Spread, commission, overnight financing.
Test on a demo
Try the platform before funding it.
Confirm risk controls
Negative balance protection and stop terms.
Verify the FRN by looking the firm up on the FCA Financial Services Register, and match it to the entity that will hold your money. MetaTrader and cTrader traders need Pepperstone, while chart-led traders should trial Next Generation or xStation on a demo; every broker here offers one (see the demo account guide). Price the full cost by adding commission back to the spread, as the worked example in how CFD costs work shows. Negative balance protection is mandatory, and stop-loss and guaranteed-stop terms vary by firm.
How to start trading CFDs in the UK
Opening a CFD account with an FCA-regulated broker takes four steps.
- Choose an FCA-authorised broker and confirm its Firm Reference Number on the FCA register.
- Complete the application and appropriateness assessment, which the FCA requires for CFD accounts.
- Fund the account in GBP and confirm the firm’s minimum deposit.
- Place a first trade within the FCA leverage cap for that instrument, using a stop where appropriate.
A demo account lets you test the platform before risking capital. See the demo account guide for the brokers that offer one.
Compare brokers by the factor that decides it
Different traders rank on different things. Start from the factor that decides it for you.
Start with the overall ranking
Our main UK list scores every FCA-regulated broker on cost and execution.
The platform decides it
Pick your trading software first, then compare the brokers that carry it.
Cost decides it
The same trade costs different amounts on different account types. These lists rank on the all-in figure.
You are starting out
Simple platforms and demo accounts to learn on before any money is at risk.
How we ranked the seven CFD brokers
Rankings weigh five inputs: all-in GBP trading cost, CFD market range, platform set, FCA entity strength, and account terms. The cost figures on this page are a desk-based assessment of each broker’s advertised UK pricing rather than spreads we captured on a live account, and Pepperstone’s is cross-checked against its live UK costs page. Every broker is assessed on demo and live accounts under our published process. Full detail sits in how we rate brokers.
How CFD costs work
A CFD position costs the spread, any commission, and overnight financing. One pip on a standard EUR/USD lot of 100,000 units is worth about $10, so a raw account at 0.0 pips plus commission is often cheaper than a spread-only account at 0.8 pips once you hold size. Pepperstone’s Razor account, for example, runs raw pricing that averages 0.41 pips across eight pairs plus £2.25 per side, about £4.50 round-turn on one lot. A spread-only account at 0.8 pips pays roughly $8 in spread on the same lot, near £6 at current rates, with no separate commission. Hold overnight and financing accrues daily at the benchmark rate plus the broker’s markup. The lowest commission brokers guide runs this test across the full FCA set.
Pepperstone's Razor figure is a raw spread plus £2.25 per side commission; the other bars are spread-only advertised rates. Plus500 quotes dynamic spreads with no fixed minimum, so it has no bar above.
The risks of CFD trading
CFDs are leveraged, so losses scale with exposure, not with your deposit. The FCA’s caps limit exposure but do not remove gap risk: prices can jump past a stop-loss, and a standard stop fills at the next available price. Negative balance protection means a retail account cannot fall below zero, but it does not protect the balance itself. FCA firms must publish the percentage of their retail accounts that lose money, and the figures across this set run from roughly 57% to 77%. How stop-loss orders behave in fast markets is covered in the education section.
How are CFDs taxed in the UK?
CFDs let a UK trader take a leveraged position on price movement without owning the asset; see What is a CFD? for the full mechanics. Profits sit within Capital Gains Tax and no stamp duty applies, since no share changes hands; spread betting is the tax-free alternative. Tax treatment depends on individual circumstances and may change.
CFD markets by asset
CFDs cover most liquid markets, from commodity CFDs and treasury and bond CFDs to indices and shares. Each market carries its own FCA leverage cap and cost basis, so the by-asset pages rank brokers per instrument.
- Gold CFDsBest brokers for trading gold, capped at 20:1 for retail
- Index CFDs20:1 on major indices and 10:1 on non-major
- Share CFDsBest share CFD brokers, capped at 5:1 for retail
- Commodity CFDs10:1 on non-gold commodities
- Treasury and bond CFDs30:1 on relevant sovereign debt
FCA rules for CFD trading
The FCA applies binding rules to retail CFD accounts under PS19/18. Retail leverage is capped per instrument: 30:1 on major currency pairs, 20:1 on non-major pairs, gold and major indices, 10:1 on other commodities and non-major indices, 30:1 on relevant sovereign debt (government bonds issued by the UK, a eurozone member state, the US, Japan, Canada or Switzerland), and 5:1 on individual equities and on anything the rules do not otherwise list. A 50% margin close-out rule applies per account, negative balance protection prevents a retail account falling below zero, and a standardised risk warning with the firm’s retail loss percentage must be shown. Crypto CFDs are banned for UK retail clients under FCA PS20/10, so no broker on this page offers them to you.
FAQs
Is Pepperstone the best CFD broker in the UK?
Are CFDs legal in the UK?
Do you pay tax on CFD profits in the UK?
What is the maximum CFD leverage in the UK?
Are CFD losses covered by the FSCS?
Which CFD broker is safest in the UK?
Can I trade crypto CFDs in the UK?
What is the difference between CFD trading and share investing?
Is CFD trading profitable?
Do Hargreaves Lansdown or AJ Bell offer CFD trading?
Related pages
About the author
Justin Grossbard is the co-founder and head of research at CompareForexBrokers. He has traded forex since 1998, leads UK broker research and has personally reviewed every FCA-regulated broker on this site. His work has appeared in Forbes, Kiplinger and Finance Magnates, and he holds a Bachelor of Commerce (Honours) and a Master's in Marketing.