Forex and gold are the most popular financial spread betting instruments however shares (stock) or indices via NYSE, NASDAQ and LSE exchanges are other good options. We look at the best spread betting brokers for stocks.
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| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
9.33 |
SCG, ASIC FCA, CySEC |
1.12 | 1.69 | 1.22 | 0.1 | 0.6 | 0.3 | $3.50 |
|
|
|
77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
|
|
6.4 | FCA | - | - | - | 0.82 | 1.62 | 0.77 | - |
|
|
|
- | £0 | 50+ | - | 30:1 | - |
|
|
6.67 |
ASIC, FCA, BaFin FINMA, NFA/CFTC, MAS CySEC, DFSA, FMA JFSA, BMA, FSCA |
1.13 | 1.66 | 1.01 | 0.16 | 0.59 | 0.29 | $6.00 |
|
|
|
174ms | $450 | 100+ | 12+ | 30:1 | 200:1 |
|
|
7.17 |
ASIC, MAS, FCA CIRO, FMA, BaFin |
1.12 | 1.30 | 1.64 | 0.5 | 0.9 | 0.6 | $2.50 |
|
|
|
138ms | $0 | 338+ | 19+ | 30:1 | 500:1 |
|
|
6.83 | ASIC, MAS, FCA | 0.70 | 1.1 | 2.2 | 0.07 | 0.011 | 0.8 | $2.50 |
|
|
|
95ms | $150 | 84+ | 25+ | 30:1 | 500:1 |
|
|
ASIC, FCA CySEC, SCB |
- | - | - | - | - | - | - |
|
||||||||||
|
7.83 |
ASIC, FCA, CySEC FSA, EFSA, JSC |
0.6 | 1 | 1 | 0.1 | 0.6 | 0.5 | $3.0 |
|
|
|
132ms | $100 | 122+ | 37+ | 30:1 | 500:1 |
|
|
7 |
ASIC, FCA, CySEC FSCA, FSC BVI |
1.6 | 1.6 | 1.9 | - | - | - | - |
|
|
|
150ms | $100 | 54+ | 24+ | 30:1 | 300:1 |
|
Our team reviewed the top spread betting brokers for stocks in 2023 and found that Pepperstone offers the best combination of tradable assets and platform features. Because most spread bettors also trade forex, we shortlisted other UK brokers offering an exceptional spread betting experience.
Pepperstone Wins Best Overall
When testing spread betting brokers for stocks, we took into consideration a number of factors. Beyond the basics – account types, trading costs, leverage, spreads, and platforms – we also looked at features that impact the overall trading experience. Excellent customer service, comprehensive learning materials, and licenses from multiple Tier-1 regulators also impacted a broker’s final score.
Learn more about how we rank brokers here.
Pepperstone not only offers customers excellent value for money when it comes to trading costs and assets, they also provide exceptional support and excellent learning resources suitable for traders of all experience levels. I have ample forex experience but don’t do a lot of spread betting, so I can safely say their educational materials are top-notch from personal experience. The broker also snagged the top spot as Best Spread Betting Broker Overall in 2023 according to our testing, so it’s no surprise it also performed well for stocks.
We awarded Pepperstone Best Spread Betting Broker for Stocks because:
Pepperstone Spread Betting Account
As a no-dealing-desk broker with straight-through processing, Pepperstone also offers a number of benefits that I consider important for anyone attempting spread betting. Specifically, spread betting account holders have access to all the same trading advantages as standard and commission account holders, including:
Spread betting with Pepperstone have no commissions regardless of your choice of financial spread betting instrument and bets use market execution.
Pepperstone Spread Betting Platform
Execution speed is important for spread betting as it can help avoid slippage. While not quite the same as with stocks, we did test the execution speed when using Forex products and found Pepperstone to have the fastest execution speed of the spread betting brokers.
| Brokers / Execution Speed | Limit Orders | Market Orders | Rank |
|---|---|---|---|
| Pepperstone | 77 | 100 | 3 |
| FXCM | 108 | 124 | 6 |
| City Index | 95 | 131 | 6 |
| FxPro | 151 | 138 | 12 |
| Admirals | 132 | 182 | 15 |
| IG | 174 | 141 | 17 |
| ThinkMarkets | 161 | 248 | 20 |
With a speed of 77 ms for Limit Orders and 100 ms for Market Orders, Pepperstone finished 3rd of the 20 CFD brokers we tested for execution speed and 1st for spread betting brokers.
Spread betting account holders can choose between MetaTrader 4, MetaTrader 5, and cTrader. In my view, MT5 is the best platform choice for spread betting stocks since MT4 is not built to connect with centralised exchanges like NYSE, NASDAQ and LSE that are so essential for stock trading.
Our Verdict on Pepperstone
Between the speedy execution and the exceptional charting, Pepperstone has everything an experienced trader could want. I also can’t say enough good things about the account opening and funding process (more on that below). That said, it’s not the cheapest of brokers and spreads could be tighter. We covered spread betting with Pepperstone in a previous review page including an in-depth look at the Pepperstone account opening process for which we gave the broker 15/15/
Pepperstone ReviewVisit Pepperstone
Spreadex Is Tailor-Made for Spread Betting
As the name implies, Spreadex focuses first and foremost on spread betting. While the broker has been around since 1999, it only recently expanded its offering to include financial spread betting. Prior to 2006, the broker specialised in sports betting only.
Since adding financial spread betting to its portfolio, Spreadex has made quite the name for itself in the UK. It won Best Spread Betting Provider at the City of London Wealth
Management Awards in 2016, 2018, and 2020.
Spreadex’s Spread Betting Account
With no minimum deposit, funding, or withdrawal fees, and a slightly tighter minimum spread – 0.6 pips – Spreadex helps keep trading costs down. We would’ve liked the opportunity to trial the broker with a demo account especially since spread betting is not the same as CFD trading, but if it’s a choice between a dummy account and low-cost trading with a guaranteed stop-loss to help save my capital, I’ll take the latter.
Spreadex’s Spread Betting Platform
While testers did appreciate the advanced order types Spreadex offers, we found the technical trading tools solid, but unremarkable. Compared to similar brokers and spread betting platforms, Spreadex isn’t bringing much to the table.
On the other hand, I did have fun trialling the social investing feature. Spreadex is the only spread betting broker for stocks we reviewed to offer this feature, and it led to some interesting insights into how successful bettors read the market.
Our Verdict on Spreadex
I enjoyed exploring a broker experience specifically designed to combine spread betting and CFD trading but would’ve appreciated more advanced trading tools. Customer support also left something to be desired, so I wouldn’t recommend this broker to beginner traders.
IG Provides Access To A Wide Variety Of Trading Products
IG Markets is one of the largest, best-known and widely-regulated online brokers on the planet and consistently tops our list of best brokerages. In keeping with its stellar reputation, the spread betting offering doesn’t disappoint. In addition to stocks, we were able to spread bet commodities, indices, forex, and ETFs. We independently confirmed IG’s claim that UK customers have access to over 17,000 markets – more than any other spread betting broker we reviewed.
IG Markets’ In-house Trading Platform
You could place spread bets using MT4 – but why would you when you have access to an award-winning platform developed based on decades of experience? Our team rated the mobile app experience as among the top ten for 2023, but the desktop and web app are nothing to sniff at.
More advanced traders and spread betting enthusiasts can appreciate the extensive range of technical indicators and drawing tools, while novices will benefit from the easy-to-navigate interface, risk management limit orders, and extensive educational library.
Our Verdict on IG Markets
I appreciated the wide range of markets available on IG and its impressive proprietary platform. At the end of the day, however, I’m not sold on IG as a spread betting broker so much as a CFD and forex broker with a spread betting option. That the broker offers lower-than-average leverage supports my skepticism.
CMC Markets’ Next Generation Platform Has The Most Features
For beginners just starting out in spread betting, CMC Markets hits the sweet spot between powerful trading tools and comprehensive educational resources. Features like the pattern scanner and economic calendar make it easy for new traders to get their feet wet and learn the markets, along with market analysis from Reuters and CMC’s own analysts.
Key Strengths:
Our only gripe? Execution speeds left something to be desired. Our testing found that most other brokers outperformed CMC by several milliseconds when executing a market order.
CMC Markets’ Proprietary Next-Generation Platform
While CMC Markets does offer MetaTrader 4 as a platform option, it is not available for spread betting.
CMC clearly put some thought into the UX – navigating the platform on desktop and mobile proved equally straightforward. Switching between formats can sometimes lead to a less satisfying trade experience, especially on mobile, but Next Generation feels admirably consistent.
We also like the range of trading tools available. In addition to the usual technical indicators and drawing tools, we enjoyed experimenting with the pattern recognition scanner and price projection box. The former is especially useful if you’re new to trading, according to our novice team members.
But the most beginner-friendly feature? The guaranteed stop loss order. This is a must for new traders, in my opinion, and not always available with all brokers. Combine this risk management tool with a solid education, and you have a great spread betting broker for beginners.
Our Verdict on CMC Markets
Don’t let the extensive array of technical trading tools fool you – CMC Markets has a lot to offer newer traders. Of all the brokers I reviewed, CMC had the most extensive library of resources devoted exclusively to spread betting and the best risk management tools.
City Index has the tools to manage your risk and analyse your performance
City Index provides some excellent tools that allow you to control your maximum losses and analyse your performances on its web platform. This is helpful if you are a beginner trader, so you can utilise these tools to protect your capital without worrying about any potential slippage.
Key Strengths:
Tools to Manage Your Risk and Performance
City Index has a few neat features that you can use that are helpful for risk management. The first uses guaranteed stop losses, and the other takes advantage of their Performance Analysis tool. We like it when brokers offer guaranteed stop-loss orders, which can help you limit your losses against a volatile market.
For an extreme example, if you had a standard stop loss on Vodafone (VOD) at 70.50 and the market was volatile, it is possible for the broker to slip you if there was no price at 70.50, but the next best price was at 70.45. Therefore, your stop loss would execute at the 70.45 price, costing you an extra 5p per share more than you were willing to risk (making the loss even greater).
Whereas in the same example, the guaranteed stop loss would have been taken out at 70.50 no matter what. So you wouldn’t have suffered the slippage from the previous example, and it gives you greater peace of mind during volatile markets.
The Performance Analysis tool we also like on City Index automatically analyses your trading performance after every closed position. It can give you data on your trading that you may be unaware of, such as average win rate and average risk:reward, so it can show you the information you can work on to improve as a trader.
Our Verdict on City Index
City Index is a good broker if you want more control over your risk management and a deeper understanding of your trading performances.
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
Capital.com allows you to trade over 3000 stocks
Capital.com works best with TradingView and has a solid choice of tools to help you find new trades with the Stock Screener tool or the ability to compare the stock’s performance against its industry. Capital.com and TradingView are an excellent combination for you if you like to use technicals to trade stocks.
Key Strengths:
Find Stocks to Trade with TradingView’s Tools
The charts by TradingView are user-friendly and more advanced than what you would find on MetaTrader 4. They have easier-to-use tools like the magnet snapping feature that helps you quickly align your support and resistance levels. Alternatively, they can easily overlay another asset over the current stock, which is excellent for comparing market correlation. For example, you can overlay the FTSE100 over the VOD chart to show you whether it is outperforming the markets or not.
In addition to the superb charting, we also like TradingView’s Stock Screener tool, where you can find stocks that match your specific criteria. So, if you prefer to find stocks with a high PE ratio, then you can make this a filter and the tool will show you all the stocks that match the PE ratio you gave or have a higher PE ratio.
What stood out for us is that TradingView also has pre-built screeners, which are ideal for finding stocks based on different metrics like companies with the most cash, stocks close to new highs and undervalued, or stocks with high dividend yield. This is useful to help filter out which stocks you should focus on, especially when Capital.com have over 3,000 stocks to choose from.
Our Verdict on Capital.com
Capital.com is a top broker with competitive spreads and a top selection of stocks to spread bet on. What stands out to us is that you can utilise TradingView and benefit from a platform with the best charting software and stock trading tools for free.
Admirals has MetaTrader 5 to automate stock trading
Admirals offer low spreads with a good range of stocks, and MetaTrader 5 allows you to automate your trades. When you combine all of these, you get a top broker that is ideal if you want to automate your trades.
Key Strengths:
Automate Your Trades with MetaTrader 5
MetaTrader 5 is an upgraded version of MetaTrader 4 with 10+ more technical indicators and 20+ timeframes ranging from tick charts to monthly, and you can now trade stocks on the platform. One of the top features for us is the ability to automate your trades on MetaTrader 5 using Expert Advisors (EAs). The EA follows your trading strategy, risk management, and position sizing settings, allowing you to let the EA run throughout the day to trade on your behalf.
Although, if you want to automate your trades but lack the knowledge of MQL5, you can still use the automated trading features, as MetaTrader 5 has an extensive library of EAs you can use. You simply find an EA with a strategy you like, then install it on your MT5 platform. Just make sure to test it on a demo account before applying it to your live account.
Our Verdict on Admirals
Admirals offers a compelling trading experience with a large selection of stocks across 17 markets and competitive trading costs, ideal conditions for trading stocks. Our key highlight is that it offers MetaTrader 5, allowing you to automate your trades with low spreads, making it our top pick if you want to automate your trades.
Markets.com offers a detailed analysis of its stocks
Most brokers focus on technical analysis tools because they are more exciting than fundamental analysis. This is not the case with Markets.com, which provides excellent tools for fundamental analysis and research tools. So, if you like to trade using market fundamentals, then we think Markets.com is a good fit for you.
Key Strengths:
Get Fundamental Analysis from Markets.com Platform
We like how Markets.com presents the key fundamentals in an easy-to-use fact sheet, with brief commentary and a trend metre based on how Markets.com traders are buying or selling. This information is helpful when you are analysing a company to see if they have solid fundamentals or not. Markets.com also provides a related stocks tab, a collection of companies that share similar fundamentals and current price action, making looking for similar opportunities easier.
We also like that Market.com provides you with Analyst Research from Refinitive Research House (labelled as Thomson Reuters). These reports provide you with an excellent breakdown of the share price and provide guidance if they believe the company is a buy, hold, or sell. It also shares with you any forecasts, what aspects of the company are favourable for the share price, and what they think may impact the company’s growth. These reports are usually made for investment professionals at investment firms and brokerages, so it’s good to see these reports are made available on Markets.com.
Our Verdict on Markets.com
Markets.com is a good broker, but we are surprised that it only offers 293 shares to spread bet on, which is tiny compared to the other brokers on this list. They have major shares in US and UK markets, so if you focus on blue chips, you can take advantage of the fundamental research tools Markets.com provides.
We’ll use Pepperstone as an example of how to set up your spread betting broker account. (Full disclosure – I use Pepperstone for my own trading.)
Step 1 – Create a Profile
Like most licensed and regulated brokers, Pepperstone requires new customers to undergo KYC and anti-money laundering checks and pass a fitness test in order to open an account.
To get started, you’ll need to enter some basic biographical information and specify the type of account you’re requesting: individual or institutional.
Step 2 – Upload an Identity Document
While you don’t have to upload a copy of an identity document at this point, I strongly suggest you do so. Skipping this step just means you’ll end up having to provide them later on in order to complete the process.
I’m pretty cagey about sharing personal information, so I emailed Pepperstone to ask what happens to copies of documents once the broker finishes with AML and KYC checks. Pepperstone assured me they don’t store them, and that their system uses bank-level encryption.
You’ll also need to enter information about your employment and income, but no supporting documents are needed.
Step 3 – Select Your Account Type and Platform
Next, the system will prompt you to select your account type and trading platform. Obviously, you’ll want to choose ‘spread betting’ for your account, but you’ll have a number of options when it comes to platforms.
Note that you’ll also have to agree to special terms and conditions to open a spread betting account. (I strongly suggest you read them, but I’m a fine-print kind of person.)
Step 5 – Fitness Test
Calling this a ‘test’ is a bit of a misnomer. We asked a first-time trader on our team to open an account and even a string of ‘never’ responses didn’t stop Pepperstone from allowing her to move forward. It did, however, prompt Pepperstone to question her preference for a low-spread, commission-based account vs the standard option.
You’ll also need to answer a series of ten basic questions about trading. And by basic, I really do mean basic. Our first-timer ran through the educational materials available with a demo account and did just fine.
Step 6 – Final Verification
Provided you pass the quiz – you will pass the quiz – you’ll be taken to the final verification screen. If you haven’t uploaded an identity document, this is when you’ll need to bite the bullet.
After you’ve passed the fitness test and provided all the necessary information, you’ll wait around 24 hours for final approval from Pepperstone. Once you receive the email confirmation, just add funds to your account and you’re good to go.
Step 7 – Fund Your Account
Before you start trading, you’ll need to add money to your account. Pepperstone makes this admirably simple in my experience. Bank drafts can take a few days, but debit card and PayPal deposits process almost instantaneously.
Choosing the best spread betting broker for you will depend on a number of factors, including your experience level, trading goals, and your betting strategy.
In general, I suggest starting by narrowing your choices to the licensed and regulated brokers available in your jurisdiction. (My team only reviews Tier-1 brokers, so you can feel confident with any of the options I profiled above.)
I also recommend that you be honest with yourself about your trading abilities and your risk tolerance. If you’re not an expert yet, that’s fine. Choosing a broker with wider spreads and better risk management to protect yourself is a smart move. You can always take the training wheels off as your skills improve.
Is spread betting stocks the same as stock trading?
No. Trading stocks involves actually purchasing shares traded on a central exchange. When you spread bet stocks, you predict whether a given stock will rise or fall in price and by how much. Stock traders only make money if the price increases, while spread bettors can profit regardless of whether a stock goes up or down, so long as they correctly foresee how the market will move.
What is the difference between financial and forex spread betting?
Financial spread betting – which includes spread betting stocks – is when a trader places a bet on how the financial markets will move. Forex spread betting is a type of financial spread betting, a trader places bets on how specific currency pairs will behave.
What is the difference between forex trading and forex spread betting?
Forex trading and forex spread betting both involve speculating on the price movements of currency pairs. The difference lies primarily in the nature of the transactions.
Forex trading refers to the buying and selling of currency pairs with the intention of profiting from the fluctuations in their exchange rates. Forex spread betting, on the other hand, is a form of financial spread betting that specifically focuses on currency pairs in the forex market.
What are the pros and cons of spread betting?
In my opinion, spread betting offers day traders a number of advantages, including:
That said, I’ve also experienced some of the downsides of spread betting, like:
Is spread betting legal and safe?
Yes, if you’re a British or Irish citizen living in the UK. Australians can also open spread betting accounts with qualifying brokers.
Is spread betting legal in the US?
Yes but only for sports spread betting. Americans are prohibited from spread betting financial instruments, regardless of where they reside or whether the broker is domiciled.
Are there other Spread Betting Brokers?
Yes, For this review, we only picked the brokers we think are best for betting with stocks but there are other brokers. These include Trading212, FXCM, Avatrade, FxPro and Admirals.
Risk Disclaimer
Trade only with a regulated forex broker or spread betting company licensed by the UK’s Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC).
Day trading carries a high degree of inherent risk, whether you engage in spread betting, forex trading, sport spread betting, CFD trading or any combination thereof. While trading and spread betting with a licensed and regulated brokerage won’t protect you from financial loss, it does ensure that your broker follows certain best practices designed to prevent fraud and unethical market manipulation.
Spread betting is considered gambling, exempt from capital gains tax, and involves placing bets on the direction of price movements. Traders do not own the underlying asset.
CFD trading involves a contract between the trader and the broker, subject to capital gains tax. Traders speculate on price movements without owning the underlying asset.
Spread betting is limited to the UK and Ireland, while CFD trading is available globally. CFDs offer a wider range of markets
The most important information to consider when financial spread betting includes real-time market data for analyzing trends and entry/exit points, fundamental analysis of economic indicators and news events, technical analysis for chart patterns and price behaviour, effective risk management strategies, a well-defined trading plan, monitoring market sentiment, and being aware of trading costs. Understanding these key factors is crucial for making informed spread betting decisions and managing risk effectively.
MetaTrader 4 is the most popular platform for spread betting since more brokers offer this platform than any other platform and by extension, more traders are able to access this platform. Made by MetaQuotes and available for free, MetaTrader 4 has been around since 2007 and has all the essential tools like technical indicators, drawing tools, charts and automation features one will need to make betting decisions.
