The best-spread betting platforms for beginners are similar to the best UK forex brokers, with low fees, and top trading platforms. Our guide is designed to help you learn the basics of spread betting, while finding a broker and trading platform.
Overall, I recommend OANDA as the best spread betting platform for beginners with its easy-to-use OANDA Trade platform and low stake sizes. However, there are many choices when it comes to the best spread betting platforms for beginners, and it isn’t easy just to single out the best spread betting broker.
Below, I have collected the six best spread betting brokers tested by our analysts at Spread-Bet.co.uk and highlighted the unique benefits for beginners to help you find the right broker.
1. OANDA: Best Beginner Spread Betting Broker
Why We Recommend OANDA
We found OANDA a standout choice for its wide array of tradable assets, including an impressive 69 currency pairs and 21 bullion trading products. With no commissions and competitive spreads starting from one pip, Spread Betting with OANDA is economical. We also liked their platform range which includes OANDA Trade, MT4 and TradingView.
We also liked the platform range you can choose from, this includes OANDA Trade, MT4 and TradingView. Using OANDA Trade has the advantage of a guaranteed stop loss while MT4 has Expert Advisors for automation. TradingView is a great choice for charts and technical analysis.
Pros
- Guaranteed stop loss with OANDA Trade
- Competitive spreads
- Extensive variety of forex pairs for spread betting
Cons
- Single account option only
- No stock trading available
- Customer support is not 24/7
OANDA Trade Offers Beginner-Friendly Tools
The OANDA Trade platform has over 100+ technical indicators and an intuitive design that helps you find bets and execute them relatively simply without distractions. OANDA Trade allows you to use smaller stake sizes (from 0.01p per point), which is lower than those of its competitors.
This is ideal if you are a beginner and want to transition to a live account but are not quite ready to risk too much money. Using 1p per point, you’ll experience real profit and loss without losing too much.
76.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
2. Pepperstone: Best Low Spread Broker for Beginners
Why We Recommend Pepperstone
We were particularly impressed with Pepperstone for a handful of compelling reasons. To start, they offer among the quickest execution speed we’ve seen in the spread betting market. This, combined with very competitive spreads and access to top-tier trading platforms like MT4, MT5, TradingView and cTrader, makes them a compelling choice.
Our clincher was their award-winning customer service, bolstered by stringent tier-1 regulation from notable bodies across the globe.
Pros:
- Great spread betting platforms
- Tight spreads for forex spread betting
- Good range of markets
Cons:
- Lack of digital payment options
- Crypto betting is not available
- The demo account is limited to 30 days
Pepperstone Has Tight Spreads For Spread Betting
We rated Pepperstone highly for all of their services, but in particular because of its low spreads, which are from 0.7 pips on EUR/USD.
Choosing a broker like Pepperstone with low spreads is beneficial because lower spreads make it easier for you to turn a profit while reducing your overall trading costs.
Pepperstone ReviewVisit Pepperstone
75.3% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
3. CAPITAL.COM: Offers TradingView
Why We Recommend Capital.com
We found Capital.com to be a standout option, with the extensive range of technical indicators available on TradingView surpassing what most other platforms offer.
Unlike some brokers, Capital.com offers the ability to spread bet directly through this platform, which we consider a significant advantage. Using this platform has a guaranteed stop loss for risk management. Popular TradingView is a good choice for technical analysis.
Pros
- Spread betting with TradingView
- Tight competitive spreads
- Unlimited demo accounts
Cons
- Can’t customise the web platform
- Limited market analysis tools
- No MetaTrader 5 platform
4. IG: Wide Range of Financial Products
Why We Recommend IG
We liked IG for its extensive range of financial products, and it quickly became evident that its proprietary platform stands out as the best spread betting platform in the UK for novices. With unique features like guaranteed stop losses and the benefit of commission-free trading, IG offers an optimised trading experience that’s hard to beat.
Pros
- Solid demo account
- Competitive low spreads
- The IG Platform is beginner-friendly
Cons
- Limited platform customisation
- No account type variety
- No social trading tools
70% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
5. SPREADEX: Sports Spread Betting Broker
Why We Recommend Spreadex
Spreadex is a sports and financial spread betting broker that caters to various interests. While no third-party trading platforms like MT4 are available, the broker’s proprietary platform offers a user-friendly interface for beginner traders.
Whether you are interested in forex spread betting, betting on a football match, or an upcoming political election, Spreadex provides a well-rounded spread betting experience.
Pros
- Financial and sports spread betting
- No minimum deposit requirement
- Competitive spreads
Cons
- No MetaTrader platforms
- Do not offer a demo account
- Does not offer 24/5 customer support
64% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
6. CMC Markets: Best Spread Betting Mobile App
Why We Recommend CMC Markets
CMC Markets offers its award-winning Next Generation (NGEN) mobile app for both spread betting and CFD trading. With a strong focus on innovation and technology, CMC Markets provides a seamless trading experience, whether on desktop or mobile.
The broker also provides excellent customer support, essential if you are a beginner trader. CMC Markets also has a London-based customer service team that is available via live chat, phone, email, or in person during office hours.
Pros
- Award-winning mobile app for iOS and Android
- Over 12,000 instruments to spread bet
- No deposits and withdrawal fees
Cons
- Inactivity fee of £10 per month
- Wider forex spreads than some brokers
- MT4 has fewer symbols than CMC NGEN
CMC Markets ReviewVisit CMC Markets
69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
How To Choose The Right Spread Betting Platforms As A Beginner?
As a beginner, there are many factors you should consider to choose the right spread betting platform. Below are the key areas you should review before opening a new spread betting account.
1. Spreads
Spreads are an essential factor when selecting the right broker as a beginner because lower spreads reduce your trading costs and the likelihood of turning a profit.
The spread is the difference between the buy and sell price the spread betting provider offers you, and this is the fee the broker charges for its services. You should look for a broker with the lowest possible spreads on the assets you wish to bet on.
2. Execution Speed
As a beginner, you may not notice execution speed much, but it is essential because you want to execute at the price you want. If there is a delay, and you get executed at another price (this is called slippage), it can cost you more over time if you get slipped.
3. Market Range
One of the only real considerations on the list that makes a difference is whether or not the broker has the markets you want to bet on.
Not all brokers provide access to the same markets (some don’t provide shares), so you should double-check on the broker’s website to see if they offer your markets.
4. Customer Service
No matter what level of trading experience you have, in my opinion, customer service is paramount (especially when dealing with financial markets and risking your money).
You can test this out with the live chat to see how responsive they are, but I also recommend calling them by phone too. It’s important to consider this because if you have an issue while in an open bet, every second could be costing you money.
5. Trading Platforms
All brokers offer a range of trading platforms, and you should pick a broker that offers the platform you want to use.
Fortunately, most brokers offer a similar range, including MetaTrader 4, MT5, and TradingView, making it easier to focus on the above points that matter when choosing a broker.
6. Minimum Deposits
A simple factor some beginners overlook is the minimum deposit the broker will accept, as this varies for each broker. You must have enough funds and be willing to deposit them into a live account that meets the minimum deposit before you can start spread betting.
Not all brokers require a minimum deposit; a few, such as Pepperstone, offer excellent services with no deposit minimums.
Note: The Financial Conduct Authority regulates all Spread Betting UK brokers, meaning your accounts are secure and protected in the UK.
Use this list as a guide, but choose a broker that matches your needs. For example, don’t settle for a broker with high spreads because it offers a trading platform you prefer to use – find something else or try another platform.
High spreads over time can cost you more compared to adapting to another trading platform (which is free).
What Are The Basics For Novice Spread Bettors?
As a novice, you should know the basics of spread betting before opening a live spread betting account. Below, I’ll guide you through the key terms brokers use so you’ll understand the terminology.
The Spread
The spread is the difference between the buy (bid) and sell (ask) price the broker offers you to enter the markets, and all assets have a spread. This is the fee the broker charges to provide its services, and you pay it when you open your bet.
Leverage
Leverage allows you to use a small deposit (the margin) to control a larger position size, allowing you to benefit from smaller financial market movements that can accelerate your spread betting profits (and losses).
Brokers will show leverage as a ratio (1:10), meaning that for every £1 you deposit as margin, the broker will loan you £10 as leverage. So, if you want to control a position of £10,000, with 1:10 leverage, the broker requires you to have £1,000 as a margin to open the bet.
Long and Short Bets
Long and short bets describe which direction of the financial market you are betting on. If you are going long, it means you predict the underlying asset’s price will rise and buy the market. Otherwise, if you are short, you predict the price will fall and sell the market.
Stake Size
The stake size is how much you want to risk (stake) per point, which is how you control your bet size. You will either earn (or lose) your stake size for each point the market moves in (or against) your bet.
For example, if you bought EUR/USD at 1.0800 and staked £10 per point, you will make £10 for every point the market moves above 1.0800. You will also lose £10 per point if the market moves below 1.0800.
What Are Low-Stake Beginner Spread Betting Platforms?
Two low-stake beginner spread betting platforms are ideal if you want to start risking with real funds but are not so keen on betting larger stake sizes.
The lowest stake size offered by a spread betting broker is 1p per point, which is available on the OANDA Trade platform. A lower stake size allows you to easily transition from a demo to a live account with minimal risk.
Another platform that provides low-stake options is Pepperstone, which offers low-stake sizes from 10p per point. Other spread betting brokers offer a low stake of 50p per point on their spread betting platforms, which is enough to be low risk but also enough to make it worthwhile.
| Minimum Stake Size Available | Brokers |
| 0.01p | OANDA, Capital.com |
| 0.10p | Pepperstone, CMC Market |
| 0.50p | IG Group, Spreadex |
Demo Accounts Provide No Stake Spread Betting
You can spread bet on a demo account with no stakes of your own; the spread betting demo account comes with its own virtual funds to use instead. All brokers provide demo accounts for free, and you get access to all the markets the broker provides, including forex, indices, and commodities.
A demo account will give you an experience as close to betting on live markets without the risk of losing your funds, which is great if you are a beginner.
Islamic Accounts Provide Swap Free Spread Betting
Spread betting companies do not offer swap-free spread betting accounts because it is considered gambling in the UK, which is, therefore, against Muslim laws.
If you want to trade the markets with leverage, then trading CFDs is an alternative to spread betting, where you can access Islamic accounts that are swap-free.
FAQ
Which Spread Betting Company Is Best?
Overall, I recommend Pepperstone as the best spread betting company as they provide excellent customer service, tight spreads, and a solid choice of markets to bet on.
Plus, they allow me to spread bet with TradingView (my favourite forex trading platform), which has excellent advanced charts and tools I use daily to find trade ideas.
How Do You Start Spread Betting?
To start spread betting, you must understand what spread betting is and how to analyse the markets for profitable ideas. Once you have the foundations, you should develop your spread betting and risk management strategy by practising on a demo account.
When you feel confident enough to spread bet with real funds, you must open a live account (check the list above for suggestions).
How Profitable Is Spread Betting?
Spread betting can be a profitable method of growing your capital, and with the use of leverage, it can accelerate your wins (and losses). It depends on how good you are at finding profitable bets, managing risk, and how much capital you have – the more capital you can risk, the more you can potentially profit.
You can see the total profit earned from your bet using a spread betting calculator, which includes a complete breakdown of your position and PnL.
Who Can Spread Bet?
Spread betting is available to any UK citizen aged 18 years or older and qualifies for a spread betting account. You must meet the broker’s requirements and complete a short questionnaire to qualify for an account. Spread Betting is a good option for popular professional traders and day traders.
Why Choose Spread Betting?
Choosing spread betting has many advantages for UK bettors as you’ll enjoy the perks of speculating on a range of popular markets using leverage with low trading fees and no tax.
Compared with other derivatives, spread betting is the most cost-effective, allowing you to boost your earnings by paying less in fees.
Is Spread Betting Or CFD Trading Better For Beginners
For a beginner, I think spread betting is better than CFD trading overall for a beginner due to its straightforward approach to trading fees (no tax).
Furthermore, I think that using a stake size vs. contract size is easier to understand because you enter your risk per point instead of how many contracts you want. This also makes spread betting more transparent when recording your profit and losses.
