Admirals are a forex broker offering CFD and share dealing services, but no longer offers spread betting services. In this article, I’ll share who Admirals are, as well as giving you my best alternative brokers for spread betting in the UK.
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Admirals no longer offers spread betting to UK traders . The broker discontinued its spread betting markets in 2023 and has no immediate plans to reintroduce these markets, instead focusing on CFDs and traditional shares trading.
I prefer spread betting for its tax advantages and low trading costs, so Admirals lacking in this department was a letdown for me. If you’re like me and want to spread bet, I’d highly recommend Pepperstone as an alternative option, as it offers excellent trading conditions with the tightest spreads in the industry.
It’s worth noting that Admirals is regulated by the FCA, which theoretically allows them to offer spread betting if they decide to reintroduce the service. However, as of my latest check in 2024, they haven’t added this option to their services. I’ll keep an eye out for any changes, but for now, if spread betting is your priority, you’ll need to consider other brokers.
Considering that Admirals no longer offers spread betting, I have a curated list of alternative spread betting brokers that achieved the best scores in my broker tests. These are:
Pepperstone stands out as a top-tier spread betting broker, earning an impressive 98/100 in the spread betting broker tests. I found their performance exceptional across key categories, particularly in trading platforms, execution speed, and cost-effectiveness.
For trading costs, I observed an average EUR/USD spread of just 0.60 pips, saving you 0.4 pips when compared to the industry average of 1.0 pips.
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Spread Bet Spreads
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|---|---|---|---|---|---|
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0.60 | 1.10 | 1.00 | 0.70 | 1.30 |
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0.90 | 1.20 | 1.40 | 1.10 | 1.80 |
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0.80 | 1.20 | 1.40 | 1.40 | 1.90 |
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0.85 | 1.40 | 1.40 | 0.82 | 1.77 |
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0.90 | 1.20 | 1.30 | 1.10 | 1.80 |
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1.40 | 1.50 | 1.50 | 1.00 | 2.40 |
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1.10 | 1.30 | 1.40 | 1.40 | 1.60 |
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0.60 | 1.50 | 1.30 | 0.60 | 2.00 |
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0.90 | 1.70 | 1.00 | 0.80 | 1.90 |
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0.80 | 2.20 | 1.40 | 0.80 | 1.90 |
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1.20 | 1.80 | 1.70 | 1.10 | 2.70 |
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0.80 | 1.00 | 1.00 | 1.00 | 2.50 |
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1.40 | 1.10 | 1.60 | 1.40 | 1.00 |
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1.40 | 1.60 | 1.80 | 2.10 | 1.80 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 07/01/2025
This trend held true across all eight currency pairs I tested, which is the key factor behind achieving a solid 10/10 in this category, as you can see below.
| Pepperstone's Spread | Average Industry Spread | |
|---|---|---|
| EUR/USD | 0.6 | 1.0 |
| AUD/USD | 0.7 | 1.1 |
| EUR/GBP | 1.1 | 1.4 |
| GBP/USD | 1 | 1.3 |
| USD/JPY | 0.8 | 1.3 |
| AUD/JPY | 1.7 | 2.1 |
| EUR/JPY | 2 | 2.2 |
| USD/CAD | 1.3 | 1.9 |
| USD/SGD | 2.9 | 3.6 |
If you want to spread bet shares, UK stocks typically begin at a 4 points spread and US stocks start at 0.10%. These low costs set Pepperstone apart from the competition, making share spread betting more affordable.
| Share Category | Pepperstone Spread | Industry Average |
|---|---|---|
| UK Shares | 4pt | 5.19pt |
| US Shares | 0.10% | 0.16% |
| Geman Shares | 0.10% | 0.15% |
| Hong Kong Shares | 0.10% | 0.20% |
| Australian Shares | 0.10% | 0.17% |
Pepperstone’s execution speeds are unmatched, averaging execution speeds of 77 ms for limit orders and 100 ms for market execution, and outperformed every other broker I tested.
| Execution Speed Tested Results | |||||
|---|---|---|---|---|---|
| Broker | Overall | Limit Order Speed | Limit Order Rank | Market Order Speed | Market Order Rank |
| Pepperstone | 1 | 77 | 1 | 100 | 1 |
| City Index | 2 | 95 | 2 | 131 | 2 |
| FxPro | 3 | 151 | 5 | 138 | 3 |
| Admiral Markets | 4 | 132 | 3 | 182 | 6 |
| CMC Markets | 5 | 138 | 4 | 180 | 5 |
| IG | 6 | 174 | 6 | 141 | 4 |
Rapid execution is crucial in trading, especially in volatile markets where prices can change in milliseconds. With Pepperstone, my trades were being executed at the prices I saw without being slipped, supporting my findings in the test.
Pepperstone also offers the most choice when it comes to spread betting trading platforms, catering to traders of all levels and preferences. I had access to MetaTrader 4, MetaTrader 5, TradingView, and cTrader. Each platform has its strengths:
My Take on Pepperstone
Pepperstone’s top scores in trading costs, execution speed, and platform variety are well-deserved, making them my highest rated broker with a score of 98/100. Spread betting with a broker with the lowest spreads (from 0.80 pips) and fast execution speeds (sub-100ms), made sure I was using the best trading environment. In addition to its 4 spread betting options, I don’t think you can go wrong with Pepperstone and is my choice for spread betting.
73.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Out of the 16 spread betting brokers tested, Spreadex’s mobile trading app was a clear winner in my book, scoring a strong 10/10 for its tools and performance. The trading app had your standard mobile app tools like watchlists, technical indicators and push notifications, but what stood out for me was its Pro Trend Lines feature.
With the Pro Trend Lines, you get automated support and resistance levels based on minor and major price action areas based on its algorithm. You can combine these with any of the 35+ technical indicators like Bollinger Bands on the app’s advanced chart to find new trading ideas on the go.
As far as the app went, it was responsive and lightweight on my iPhone, making it easy to swipe between charts and my watchlist. Other broker platforms I’ve experienced tend to hang when switching markets or the price feeds lag, so I think Spreadex has done an excellent job with its app.
With a score of 96/100, Spreadex clinched the second spot in my overall rankings, excelling in multiple categories including trading costs and range of spread bet markets.
In my tests, Spreadex offered over 11,000 spread betting markets covering shares, forex, indices, commodities, ETFs, bonds, and even options markets which may appeal to advanced bettors.
Spreadex’s trading costs were also impressive, achieving 0.90 pips on EUR/USD, making them some of the most competitive in the industry as you can see below:
| SpreadEX Spread | Average Industry Spread | |
|---|---|---|
| EUR/USD | 0.9 | 1.0 |
| AUD/USD | 1.1 | 1.1 |
| EUR/GBP | 1.2 | 1.4 |
| GBP/USD | 1.4 | 1.3 |
| USD/JPY | 1.1 | 1.3 |
| AUD/JPY | 1.8 | 2.1 |
| EUR/JPY | 1.8 | 2.2 |
| USD/CAD | 1.8 | 1.9 |
| USD/SGD | 2.6 | 3.6 |
My Take on Spreadex
Spreadex is a solid spread betting broker that has an excellent set-up with its low trading costs, large range of markets, and decent trading platforms. The broker’s was best-in-class for me, as you should expect an app to work smoothly and perform your analysis easily, and Spreadex delivered on this front. If you rely on a mobile device to perform your analysis or execute bets on the go, I highly recommend Spreadex for its app and decent trading conditions.
65% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
If you’re just starting out with spread betting, I found OANDA has plenty of beginner-friendly features to make the transition from demo to live account less intimidating.
For example, a feature I like is on the OANDA Trade platform that lets you spread bet from £0.01p per point, which is the lowest I’ve come across in my tests. This lower stake allows you to ease into risking real funds, without suffering steep losses if you make a mistake. Putting this into perspective, most of the 16 brokers tested have a minimum stake size of 0.50p per point.
Another box ticked for a beginner-friendly broker was that OANDA Trade also has guaranteed stop loss orders. This tool is particularly valuable for new traders, as it ensures your position closes at the exact price you specify, helping avoid slippage during volatile market conditions. It’s a safety net that can help you manage risk more effectively as you learn the ropes.
While OANDA Trade is user-friendly, you’re not limited to just one platform, you also have access to TradingView and MetaTrader 4 as alternatives. These platforms offer advanced charting tools and a wide range of technical indicators, allowing you to grow your analytical skills as you gain valuable market experience.
In my spread comparisons tests, OANDA consistently delivered competitive rates. OANDA’s EUR/USD spread averaged one pip, which is lower than the industry average. Providing you with lower costs, ensuring the spreads do not eat too much into your profits.
| OANDA Spread | Average Industry Spread | |
|---|---|---|
| EUR/USD | 0.8 | 1.0 |
| AUD/USD | 1.4 | 1.1 |
| EUR/GBP | 1.2 | 1.4 |
| GBP/USD | 1.4 | 1.3 |
| USD/JPY | 1.7 | 1.3 |
| AUD/JPY | 2.4 | 2.1 |
| EUR/JPY | 2.9 | 2.2 |
| USD/CAD | 1.9 | 1.9 |
| USD/SGD | 2 | 3.6 |
As you can see from the table above, OANDA has competitive spreads, with 8/9 currencies tested achieving lower spreads than the industry.
My Take on OANDA
As a broker, I gave OANDA a score of 91/100 placing them third among the 16 brokers I tested. The combination of low spreads (from one pip on EUR/USD), small stake sizes starting at 1p per point, and the guaranteed stop loss order creates an environment where you can learn and grow as a trader with minimal risk. While OANDA might not be perfect for everyone, its beginner-friendly features make it a solid choice if you’re just starting out in spread betting.
76.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
IG Markets is the best multi-asset broker thanks to its impressive range of 17,000+ markets, the most available across the 16 brokers tested. The brokers range includes all the classic markets, from shares to forex, but also other methods of betting on financial instruments through options and futures trading.
I found these additional markets an excellent means of trading, as futures let you spread bet on markets without paying overnight fees, but you do pay a wider spread. This makes futures markets a cost-effect approach to longer trading ideas or hedging, two methods that would typically become expensive after a few days with daily funded bets.
The options markets give you another form of speculating on the markets with limited risk and unlimited profit potential, allowing you to take advantage of news announcements, benefiting from volatility. If you want to take up spread betting options markets, only IG Group and Spreadex make this possible.
Beyond the impressive market selection, I was pleased with IG’s range of trading platforms covering MetaTrader 4, Pro Real Time, and IG Trading Platform.
While testing the platforms, only IG Trading platform offers the broker’s full catalogue of financial instruments (including futures and options markets). Although it gives you full access, the IG Trading platform is well-equipped for technical analysis with its advanced charts, 50+ indicators, and Signal Centre built in to the app.
If you want to automate your spread betting, or use custom indicators, MetaTrader 4 would be my preference as you can use the MQL4 language. However, MT4 doesn’t support trading shares, which would force you to choose between IG Trading platform and Pro Real Time if you bet on shares (both are solid alternatives).
My Take on IG Markets
I rated IG Markets 86/100 in my spread betting broker tests after achieving top scores for trust and range of markets, while performing in other categories like trading costs. The broker gives you a stable and fast trading platform, with spreads from 0.85 on EUR/USD, just being Pepperstone. With over 17,000+ markets, IG positions itself as the go-to broker if you bet across multiple assets.
69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
AvaTrade is one of the few brokers offering fixed spreads on its spread betting markets. Have fixed spreads means your trading costs will be the same regardless of market volatility, making it an attractive option if you day trade, keeping your trading costs the same.
I compared AvaTrade’s fixed spreads against its competitors with variable spreads (changing depending on volatility) and was impressed that the spreads were competitive. For example, AvaTrade’s EUR/USD is fixed at 0.90 pips, which matches Spreadex’s average spread and better than the industry average of 1.0 pips.
| AvaTrade Average Spread | Average Industry Spread | |
|---|---|---|
| EUR/USD | 0.9 | 1.0 |
| AUD/USD | 1.1 | 1.1 |
| EUR/GBP | 1.2 | 1.4 |
| GBP/USD | 1.3 | 1.3 |
| USD/JPY | 1.3 | 1.3 |
| AUD/JPY | 2.1 | 2.1 |
| EUR/JPY | 1.8 | 2.2 |
| USD/CAD | 1.8 | 1.9 |
| USD/SGD | 3.9 | 3.6 |
The fixed spreads across the majors provide mixed results in my tests. EUR/USD, EUR/JPY, and EUR/GBP are the top performers, beating the industry averages. However, the other currency pairs are on the expensive side.
Another benefit for fixed spreads is for automated trading, ensuring your robots don’t get exposed to high spreads during news announcements and keeping your average trading costs low. With AvaTrade you can spread bet using MetaTrader 4 and MT5, giving you the best trading tools for automated trading and technical analysis.
My Take on AvaTrade
Despite an overall score of 48/100, AvaTrade’s offering of fixed spreads on major pairs sets it apart. While it may not be the best all-around choice, it could be ideal if you are focusing on major currency pairs and prefer the predictability of fixed spreads.
66% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Founded in 2001, Admirals (formerly Admiral Markets) is a forex broker that offers CFD markets and traditional share dealing services. With over 20 years of experience, the broker has an impressive client base of over 250,000 traders with an equally impressive trading volume of £430 billion per year.
I’d put Admirals as one of the largest CFD brokers in the UK. However, the fact it no longer offers spread betting means it can’t compete with other top brokers like Pepperstone, Spreadex or OANDA. View the best spread betting UK platform list on our comparison page.
Spread betting is a tax-free way to speculate on financial markets without owning the underlying asset. You place bets on whether an instrument’s price will rise or fall, with my profit or loss determined by how far the market moves from the opening price. Spread betting has many benefits, like exempt from stamp duty and capital gains tax, while also having competitive trading cost comparable to CFD trading.
Yes, spread betting is legal and regulated in the UK through the Financial Conduct Authority (FCA). The FCA oversees spread betting firms, ensuring they operate fairly and protect client funds, ensuring maximum protection of your money and trading activities.
The main difference I’ve noticed is that spread betting is tax-free in the UK, while CFD profits are subject to capital gains tax. Additionally, spread betting is also based in GBP, allowing you to bet on international markets like Australian shares without paying a currency conversion fee, saving on trading costs. View our CFD Trading vs Spread Betting section to learn more.
Spread betting is risky due to the nature of using leverage to control larger positions with a smaller deposit. This allows you to benefit from smaller market movements to make quicker profits, but also amplifies your losses if you get the market direction wrong. Fortunately, as spread betting is regulated by the FCA, you will never lose more than your initial deposit thanks to the Negative Balance Protection.
No, you can’t place a spread bet on any cryptocurrency as a retail trader as it has been restricted by the FCA due to its volatility and high-risk nature. If you want to speculate on crypto markets like BTC/USD or ETH/USD, you should use a crypto exchange. View the spread bet markets you can trade on.
Spread betting can be profitable if you can develop a trading strategy that can generate consistent returns. Your profit is scalable depending on the risk you would like to expose your account to, ranging from £1 to £1,000 per point. To help maintain your profits, solid risk management needs to be applied to limit your losses while banking the profitable bets. View our guide on making money with spread betting to understand the risks and benefits.
The following brokers no longer offer spread bet facilities; ETX Capital, Markets.com, OvalX, Trading 212. Core reasons that these brokers have left this vertical include the costs of operations and compliance, reduced popularity and shifts to overseas markets and instruments.
