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.
Capital.com and OANDA lead FCA-regulated gold CFD brokers for UK traders on XAU/USD cost, with Pepperstone strongest for raw-spread scalpers. Gold sits in the FCA’s 20:1 retail leverage band, equivalent to 5% minimum margin, so every one of the eight brokers below carries FSCS cover and takes GBP funding.
Which broker is best for gold CFD trading in the UK?
Capital.com is the best gold CFD broker in the UK on all-in XAU/USD cost, with zero-commission pricing and the simplest all-in quote. OANDA follows with spread-only gold and TradingView charting, and Pepperstone has the tightest advertised raw spread for active traders. Retail gold leverage is capped at 20:1 at every FCA broker.
Our eight picks for gold CFDs, ranked:
- Capital.com: zero-commission XAU/USD with the simplest all-in quote.
- OANDA: spread-only gold with TradingView charting.
- Pepperstone: tightest advertised raw gold spread for active traders.
- IG Markets: spot and futures gold on the deepest book.
- CMC Markets: gold cash advertised from 0.20 on Next Generation.
- eToro: percentage-spread gold pricing on the simplest platform.
- Plus500: streamlined spread-only gold, quoted live in the platform.
- HYCM: long-standing FCA gold specialist on MetaTrader.
Comparison table: gold CFD brokers in the UK 2026
| Rank | Broker | Account type | Advertised XAU/USD spread | Commission per side | Gold instruments | Visit broker | More details |
|---|---|---|---|---|---|---|---|
| 1 |  Capital.com#1 Top gold CFD pick | Market-maker | Dynamic, no fixed advertised minimum | None | XAU/USD spot | Visit Capital.com | |
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| 2 |  OANDA | Spread-only | Not published on the UK pricing page | None | XAU/USD spot | Visit OANDA | |
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| 3 |  Pepperstone | Raw (Razor) or Standard | Advertised from 0.1 points on spot gold | Razor spot gold only | XAU/USD spot | Visit Pepperstone | |
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| 4 |  IG Markets | Spread-only | Advertised from 0.3 points spot, futures from 0.6 | None on commodity CFDs | Spot and futures | Visit IG Markets | |
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| 5 |  CMC Markets | Market-maker | Advertised from 0.20 on gold cash | None | Spot and futures | Visit CMC Markets | |
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| 6 |  eToro | Spread-only | Advertised from 0.025% | None | XAU/USD spot | Visit eToro | |
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| 7 |  Plus500 | Spread-only | Not published; quoted live in the platform | None | XAU/USD spot | Visit Plus500 | |
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| 8 |  HYCM | Spread-only | Not separately published; spread-only on MetaTrader | None | XAU/USD spot | Visit HYCM | |
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The figures above are advertised minimums from each broker’s UK site, each in its own quoting convention, normalised as described in how we rate brokers. They are a desk-based assessment of each broker’s advertised UK pricing rather than spreads captured on a live account. A zero-commission market-maker quote is not zero cost; the spread carries the cost. Gold sits under a 20:1 FCA cap, and a £10 per point position moving 30 points is a £300 result, so the CFD profit calculator shows it in GBP before you trade.
Spread figures are advertised minimums from each broker’s UK site, captured 10 July 2026, each in the broker’s own quoting convention. Read a figure against that broker’s platform rather than down the column, and re-verify on the broker’s current UK disclosure before relying on any figure.
All eight brokers hold FCA authorisation with FSCS cover up to £85,000 per eligible person and Financial Ombudsman Service access. All apply the FCA’s 20:1 retail leverage cap on gold under PS19/18, equivalent to 5% minimum margin, with negative balance protection and the 50% margin close-out rule.
For an active gold trader, a raw spread plus commission on Pepperstone can beat a wider all-in market-maker quote; for an occasional trader, the simpler all-in quote is easier to read. IG also advertises gold futures from 0.6 points against 0.3 for its undated spot market. Cost pressure on gold follows the wider spread market, and the lowest spread brokers guide ranks the FCA field on spread cost alone.
1. Capital.com: lowest all-in cost on spot gold
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- XAU/USD dynamic, no fixed advertised minimum
- Trading platforms
- MT4, TradingView, own web and app
- Minimum deposit
- £20
- Regulation
- Capital Com (UK) Limited (FRN 793714)
◎ Standout: a zero-commission XAU/USD quote where the spread carries the whole cost, with no separate dealing charge.
Why higher here? Gold Fit weights XAU/USD pricing and gold platform coverage, which lifts Capital.com above its #4 sitewide position. See the ranking method ↓
Why we recommend Capital.com
Capital Com (UK) Limited quotes spot gold as a zero-commission market-maker price, so the cost sits inside a single XAU/USD spread rather than a spread-plus-commission split. For traders who want one number to watch, it is the simplest all-in gold quote in this set, and our UK review scored it 85 out of 100.
The trade-off is transparency: a dynamic market-maker spread is harder to benchmark than a fixed advertised figure, and there is no raw account for scalpers who would rather pay a tight spread plus commission. Active gold traders chasing the last fraction of a point should compare Pepperstone below.
Pros & cons
- Zero commission on spot gold
- Clean all-in quote that is easy to read
- TradingView charting on the account
- Dynamic spread is hard to benchmark against a fixed figure
- No raw-plus-commission account for scalpers
- Spot gold only, no futures form
2. OANDA: spread-only gold with TradingView charting
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- XAU/USD spread-only; UK minimum not separately published
- Trading platforms
- MT4, MT5, TradingView, own platform
- Minimum deposit
- £0
- Regulation
- OANDA Europe Limited (FRN 542574)
◎ Standout: spread-only gold pricing paired with TradingView charting on an FCA account.
Why we recommend OANDA
OANDA Europe Limited runs spread-only gold pricing, so the XAU/USD spread carries the cost with no separate commission. It pairs that with TradingView and MetaTrader charting, which makes it a strong pick for chart-led gold traders, and our UK review scored it 88 out of 100.
OANDA does not publish a fixed minimum gold spread on its UK pricing page, so read the live quote in the platform before trading. Scalpers who want a raw spread plus commission will find Pepperstone's structure a closer fit.
Pros & cons
- No separate commission on spread-only gold
- TradingView and MetaTrader both supported
- Long-established FCA operator
- UK gold spread is not published as a fixed minimum
- No raw-account option on gold
- Spot gold only
3. Pepperstone: tightest raw gold spread for active traders
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- XAU/USD advertised from 0.1 points on Razor
- Trading platforms
- MT4, MT5, cTrader, TradingView
- Minimum deposit
- £10
- Regulation
- Pepperstone Limited (FRN 684312)
◎ Standout: a raw Razor gold spread advertised from 0.1 points, the tightest starting point in this set for active traders.
Why we recommend Pepperstone
Pepperstone Limited is the raw-spread pick for gold. Its Razor account advertises spot gold from 0.1 points, and the same account runs on MT4, MT5, cTrader or TradingView. For an active gold trader who trades size, a tight raw spread plus commission often beats a wider all-in market-maker quote, and our UK review scored Pepperstone 90 out of 100, the highest here.
The Razor structure adds a commission on each gold trade, so the all-in cost depends on how the spread and commission combine at your size; confirm the current commission on Pepperstone's UK costs page before relying on it. Occasional traders who prefer a single all-in number may find Capital.com or Plus500 simpler.
Pros & cons
- Raw gold spreads advertised from 0.1 points on Razor
- Four platforms on one FCA account
- Highest overall UK score in this set
- A commission applies on the Razor gold trade
- Standard account carries a wider all-in spread
- Spot gold only, no futures form
4. IG Markets: spot and futures gold on a deep book
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- XAU/USD advertised from 0.3 points spot, futures from 0.6
- Trading platforms
- IG platform, MT4, ProRealTime
- Minimum deposit
- None published
- Regulation
- IG Markets Limited (FRN 195355)
◎ Standout: both undated spot gold and dated gold futures on one of the deepest FCA books, trading since 1974.
Why higher here? Gold Fit weights XAU/USD pricing and gold platform coverage, which lifts IG Markets above its #9 sitewide position. See the ranking method ↓
Why we recommend IG Markets
IG Markets Limited offers the widest gold range here, listing undated spot gold advertised from 0.3 points alongside dated gold futures from 0.6 points, with no separate commission on its commodity CFDs. Its FCA record runs back to 1974, the longest in this set, and our UK review scored it 80 out of 100.
The spot spread sits wider than a raw Razor account, and there is no cTrader for algorithmic traders. Traders who value gold-form choice and a long track record over the tightest starting spread will find IG hard to beat.
Pros & cons
- Spot and futures gold on one account
- Deep liquidity and strong research
- Longest FCA record in this set
- Wider spot spread than a raw account
- No cTrader
- Platform depth suits committed traders
5. CMC Markets: gold cash and futures on Next Generation
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- XAU/USD advertised from 0.20 on gold cash
- Trading platforms
- Next Generation, MT4
- Minimum deposit
- £0
- Regulation
- CMC Markets UK plc (FRN 173730)
◎ Standout: several gold CFD forms, including a gold cash instrument advertised from 0.20, on the chart-led Next Generation platform.
Why we recommend CMC Markets
CMC Markets UK plc lists several gold CFD forms, including a gold cash instrument advertised from 0.20, all on its Next Generation platform with its advanced charting and no separate dealing commission. The firm has traded since 1989 under an LSE-listed parent, and our UK review scored it 82 out of 100.
MetaTrader coverage is limited and there is no cTrader, and as a market maker the cost sits inside the spread. Raw-spread scalpers will find Pepperstone cheaper on a tight gold trade, but chart-led traders who want several gold forms in one place are well served.
Pros & cons
- Gold cash advertised from 0.20 with no commission
- Multiple gold CFD forms
- Strong proprietary charting
- No MT5 or cTrader
- Market-maker spread carries the cost
- Platform has a learning curve
6. eToro: percentage-spread gold on a simple platform
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- XAU/USD advertised from 0.025%
- Trading platforms
- eToro platform
- Minimum deposit
- US$50
- Regulation
- eToro (UK) Ltd (FRN 583263)
◎ Standout: gold priced as a percentage spread from 0.025% on the simplest platform in this set.
Why higher here? Gold Fit weights XAU/USD pricing and gold platform coverage, which lifts eToro above its #27 sitewide position. See the ranking method ↓
Why we recommend eToro
eToro (UK) Ltd prices gold as a percentage spread advertised from 0.025%, with no separate commission, on the simplest platform here. For a beginner who wants straightforward gold access rather than raw-plus-commission maths, it is an easy starting point, and our UK review scored it 68 out of 100.
Accounts are USD-denominated, so GBP deposits carry a conversion cost, and a percentage spread is harder to line up against the point spreads other brokers quote. Cost-focused active traders will do better on a raw account.
Pros & cons
- Very simple platform for new traders
- Percentage-spread gold pricing, no separate commission
- Low entry amount
- USD account base means GBP deposits pay a conversion cost
- Percentage pricing is harder to compare with point spreads
- One platform only
7. Plus500: streamlined spread-only gold
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- XAU/USD not published; quoted live in the platform
- Trading platforms
- Plus500 web and app
- Minimum deposit
- £100
- Regulation
- Plus500UK Ltd (FRN 509909)
◎ Standout: a single streamlined platform with spread-only gold pricing and no separate commission.
Why higher here? Gold Fit weights XAU/USD pricing and gold platform coverage, which lifts Plus500 above its #25 sitewide position. See the ranking method ↓
Why we recommend Plus500
Plus500UK Ltd runs a single streamlined platform with spread-only gold pricing, so there is no separate commission to add. It suits occasional gold traders who want a simple all-in quote, and our UK review scored it 70 out of 100.
Plus500 does not publish a fixed minimum gold spread, so the quote is only visible live in the platform, and there is no MetaTrader support or deep research suite. For a clean interface and one-line gold pricing it does the job.
Pros & cons
- Clean, simple platform
- Spread-only gold, no commission
- Listed parent as a structural signal
- No advertised minimum gold spread to benchmark
- No third-party platforms
- Research thinner than IG or CMC
8. HYCM: a metals-focused MetaTrader account
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- XAU/USD spread-only; UK minimum not published
- Trading platforms
- MT4, MT5, own platform
- Minimum deposit
- US$20
- Regulation
- HYCM Capital Markets (UK) Limited (FRN 186171)
◎ Standout: the longest gold lineage on this page, tracing to a Henyep group that began trading precious metals in 1977.
Why higher here? Gold Fit weights XAU/USD pricing and gold platform coverage, which lifts HYCM above its #22 sitewide position. See the ranking method ↓
Why we recommend HYCM
HYCM traces to the Henyep group, which began trading precious metals in 1977, the longest gold lineage of any broker on this page. Spot gold CFDs run on MT4 and MT5 with spread-only pricing, HYCM Capital Markets (UK) Limited is FCA-regulated with FSCS cover, and our UK review scored it 71 out of 100.
HYCM does not publish a fixed minimum UK gold spread, so confirm the live quote before trading, and its platform range is narrower than the leaders here. It suits traders who want a metals-focused MetaTrader account rather than the lowest tested all-in cost.
Pros & cons
- Long precious-metals heritage
- Spot gold on MT4 and MT5
- FCA-regulated with FSCS cover
- UK gold spread is not separately published
- Narrower platform range than the leaders
- Lower overall score than the top picks
Why gold is popular to trade
Gold attracts traders as a hedge against inflation and currency weakness, a defensive role explored in our forex hedging strategies guide, and as a liquid market that moves on interest-rate expectations and risk sentiment. Its deep liquidity keeps spreads tight. Gold CFDs trade roughly 23 hours a day, from the Sydney open on Sunday evening to the New York close on Friday evening UK time, with a daily one-hour break: CMC Markets, for example, lists spot gold trading from 23:00 Sunday to 21:59 on weekdays (broker site, accessed 10 July 2026). Gold often moves inversely to the US dollar, which gives traders a way to express a macro view without holding the metal.
How gold CFDs work and the FCA leverage cap
A gold CFD tracks the price of gold, usually quoted as XAU/USD, the dollar price of one troy ounce. Trading a gold CFD gives leveraged exposure to that price without owning physical metal. The FCA caps retail gold leverage at 20:1, the same band as non-major currency pairs and major indices, and one step above the 10:1 cap on other commodity CFDs, so the maximum exposure is twenty times the margin posted. The 20:1 cap is equivalent to a 5% minimum margin requirement, so £500 of margin is needed for every £10,000 of exposure. Negative balance protection means a retail account cannot fall below zero, and the 50% margin close-out rule applies if equity drops too far.
Some brokers quote gold in points rather than pips, and a points figure is not directly comparable to a pip spread. We normalise every gold quote to GBP per point so the comparison holds.
Margin Calculator
FX updated 00:03 BST, 20 July 2026
£14,820.05margin required
- Notional value£296,401.01
- FCA leverage cap for gold20:1
- Margin rate5%
- Close-out floor (50% of margin)£7,410.03
Margin on 1.00 standard lot of gold, 20 July 2026. One standard gold lot is 100 troy ounces, so at a spot price of US$3,994.30 an ounce the position is £296,401.01 of exposure once converted at £0.7421 per US dollar. At the FCA’s 20:1 gold cap the margin rate is 5%, so initial margin is £14,820.05, and the 50% close-out floor sits at £7,410.03 of equity. Gold is the only CFD asset class our calculators price directly; to work out the margin on a gold position at your own size, use the margin calculator.
What drives the gold price
Four forces move XAU/USD more than any others. Real interest rates matter most: gold pays no yield, so when inflation-adjusted US rates rise, holding gold costs more and the price tends to fall. The US dollar is second, because gold is priced in dollars, so a stronger dollar usually means weaker gold. Risk sentiment is third, as demand tends to rise in periods of market stress, which is part of why gold has repeatedly set record highs during recent crises. Central-bank buying is fourth, with central banks acting as persistent net buyers of gold in recent years, according to World Gold Council data. UK traders should note that these drivers price in most heavily during the London and New York sessions, when gold liquidity peaks. How interest-rate expectations move markets is covered in the education section.
Gold CFD vs gold ETF vs physical gold
A gold CFD is leveraged short-term exposure: you can go long or short at up to 20:1, pay daily financing on positions held overnight, and any gains fall within Capital Gains Tax. A physical gold ETC, such as the London-listed iShares Physical Gold or Invesco Physical Gold, tracks the spot price for a small annual fee, is unleveraged, and can sit inside an ISA or SIPP where gains are sheltered. Physical gold is the long-hold route: UK legal-tender bullion coins such as Britannias and Sovereigns are generally exempt from Capital Gains Tax because they are legal tender, though that exemption applies to the coins themselves and not to gold CFDs, and you still pay for storage, insurance and dealer spreads. The CFD suits a trading view measured in hours or weeks; the ETC and coin routes suit allocation measured in years. We are not licensed to give tax advice.
| Feature | Gold CFD | Gold ETC | Physical gold |
|---|---|---|---|
| Leverage | Up to 20:1 | None | None |
| Typical horizon | Hours to weeks | Months to years | Years |
| Ongoing cost | Spread plus overnight financing | Annual management fee | Storage, insurance, dealer spread |
| Tax on gains | Within Capital Gains Tax | Within CGT unless held in an ISA or SIPP | Legal-tender coins generally CGT-exempt |
| Ownership | None, price exposure only | Fund units backed by bullion | Direct physical metal |
How is gold trading taxed in the UK?
Gold CFD profits fall within Capital Gains Tax for UK residents, above the annual exempt amount, and CFD losses can be set against gains. No stamp duty applies, because no metal changes hands. HMRC does not normally treat placing a spread bet as trading, so spread-betting profits on gold are not taxed and losses attract no relief (BIM22015), though it is a different product with its own risks. Gold ETCs are assessable for Capital Gains Tax unless they are held inside an ISA or SIPP, while UK legal-tender coins such as Britannias and Sovereigns are generally CGT-exempt. That coin exemption does not extend to a gold CFD. Tax treatment depends on your individual circumstances and can change. We are not licensed to provide tax advice, so confirm your position with a qualified adviser.
Compare brokers by the factor that decides it
Different gold traders weigh cost, platform and market range differently. 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.
What you trade decides it
Each market carries its own FCA leverage cap, so the by-asset pages rank brokers per instrument.
Cost decides it
The same trade costs different amounts on different account types. These lists rank on the all-in figure.
The platform decides it
Pick your trading software first, then compare the brokers that carry it.
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FAQs
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About the author
Justin Grossbard is the co-founder and CEO 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 of Marketing.