ETX Capital was a forex broker offering spread betting and CFD markets before closing its business on 17 March 2023. In this article, you’ll learn who ETX Capital was, what happened to them, and the best alternative spread betting brokers based on my testing in 2025.
No, ETX Capital does not offer spread betting or any other trading services as the broker has discontinued its operations entirely. If you want access to spread betting services, you should check out some of our top picks like Pepperstone for its low spreads and range of markets.
If you are an old ETX Capital client, you should be able to access your account with Capital.com which took over ETX Capital’s clients after it closed.
We’ve tested several spread betting brokers and found some excellent alternatives to ETX Capital. Here’s our list of top-performing spread betting providers:
After testing 16 spread betting brokers, Pepperstone performed the best and is my favourite broker scoring maximum marks across the tests including trading costs, trading experience and platform choice.
Pepperstone achieved the lowest spreads across the 9 currency pairs tested, with EUR/USD having the lowest at 0.80 pips. Comparing this spread across the industry average of 1.12 pips on EUR/USD, Pepperstone beat its competitors by 0.32 pips leading to a significant saving over time.
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Spread Bet Spreads
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0.80 | 1.10 | 1.40 | 1.00 | 1.40 |
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0.90 | 1.20 | 1.40 | 1.10 | 1.80 |
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1.00 | 1.10 | 1.50 | 1.20 | 1.50 |
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0.85 | 1.40 | 1.40 | 0.82 | 1.77 |
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1.10 | 1.30 | 1.60 | 1.20 | 1.60 |
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1.20 | 1.30 | 1.30 | 1.20 | 1.70 |
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1.00 | 1.50 | 1.50 | 1.00 | 1.80 |
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1.00 | 1.30 | 1.60 | 1.30 | 1.50 |
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1.30 | 1.50 | 1.50 | 1.50 | 1.50 |
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0.90 | 1.40 | 1.40 | 1.30 | 2.20 |
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0.90 | 1.20 | 1.60 | 1.50 | 1.80 |
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1.10 | 1.50 | 1.40 | 1.40 | 1.70 |
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1.20 | 1.50 | 1.50 | 1.40 | 1.80 |
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1.90 | 1.20 | 2.00 | 1.00 | 1.70 |
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1.40 | 1.70 | 1.60 | 1.40 | 1.80 |
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1.40 | 1.40 | 1.70 | 1.90 | 1.70 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 03/01/2025
For the other 8 currency pairs, 6/8 had better than industry average spreads with EUR/GBP (1.1 pips) and GBP/USD (1.40 pips) performing the best.
| Pepperstone's Spread | Average Industry Spread | |
|---|---|---|
| EUR/USD | 0.8 | 1.12 |
| AUD/USD | 1.0 | 1.32 |
| EUR/GBP | 1.1 | 1.46 |
| GBP/USD | 1.4 | 1.94 |
| USD/JPY | 1.2 | 1.52 |
| AUD/JPY | 1.7 | 2.13 |
| EUR/JPY | 2.0 | 2.06 |
| USD/CAD | 1.4 | 2.09 |
| USD/SGD | 2.9 | 3.11 |
In the table above you can see how impressive Pepperstone performed across the pairs, making it a great option if you like to trade multiple forex pairs.
Alternatively, if you spread bet on shares then Pepperstone also had the lowest fees for buying and selling shares. Starting from a 4-point spread for UK shares like Barclays and also spread bet on major US stocks like Tesla and Amazon with a 0.10% spread. With access to over 1,000 shares, Pepperstone’s fees are the lowest out of the 16 brokers tested.
| 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 trading services were excellent while I was testing the broker using the MetaTrader 4 platform. The broker achieved some of the fastest execution speeds on the platform, averaging 77ms limit orders and 100ms market order execution speeds.
| 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 |
I highly rate brokers with fast execution speeds as your orders are less likely to get rejected and your stop loss orders have a lower chance to get slipped. You should always pick a broker with fast execution speeds as it can save you a fortune during volatile markets or price spikes.
The broker also offers the most trading platforms for spread betting which is refreshing as I found most brokers only provide one or two platforms. With access to MetaTrader 4, TradingView, MetaTrader 5, and cTrader Pepperstone will appeal to all trading styles, especially if you automate your bets as this is limited amongst its peers.
My Take on Pepperstone
Pepperstone is a broker that provides a large range of services and does it well, so much so it ranked first place in my spread betting broker reviews. After testing the broker I scored them 98/100 for providing great value with the lowest trading costs across 1,200+ markets, fastest execution speeds, and most trading platforms. Out of the brokers tested, Pepperstone is the broker I recommend most as it ticks the most boxes that will suit any trading style from scalping to algo trading.
75.1% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Spreadex offered the best proprietary mobile app in my testing with a well-designed user interface that was easy to swipe between charts and markets. Other mobile apps (including MT4) tend to have a slow response or lag between switching charts, which isn’t ideal if you need to quickly analyse the chart or place a trade.
The mobile app has access to over 35 technical indicators including the Relative Strength Index, MACD, and moving averages providing you with enough resources for on-the-go trading analysis. An interesting indicator I found was the Pro Trend Lines which provide automated support and resistance levels on your charts around significant price action areas across different timeframes.
Spreadex’s excellent service is why I rated its spread betting app highly. While using the app I was pleased to find you can spread bet on the broker’s 10,000+ financial markets, while other apps are limited like MetaTrader 4 and shares. Spreadex’s market coverage includes forex, ETFs, indices, commodities, stocks, and even options making it a top competitor for IG Markets.
Out of the 16 brokers tested for average spreads, Spreadex claimed second place behind Pepperstone by achieving below-industry-average spreads across 6/9 of the forex pairs tested. Its best currency pair was EUR/USD averaging 0.90 pips during the tests and outperforming the industry average of 1.12 pips.
| SpreadEX Spread | Average Industry Spread | |
|---|---|---|
| EUR/USD | 0.9 | 1.12 |
| AUD/USD | 1.1 | 1.32 |
| EUR/GBP | 1.2 | 1.46 |
| GBP/USD | 1.4 | 1.94 |
| USD/JPY | 1.1 | 1.52 |
| AUD/JPY | 1.8 | 2.13 |
| EUR/JPY | 1.8 | 2.06 |
| USD/CAD | 1.8 | 2.09 |
| USD/SGD | 2.6 | 3.11 |
My Take on Spreadex
Spreadex has achieved a great balance of providing solid trading experience with a large range of markets and low spreads. I rated the broker second-place out of the 16 brokers tested scoring an impressive 96/100 as the low spreads from 0.90 pips and 10,000+ financial markets. These trading conditions give you a solid environment to day trade on multiple markets, especially if you need to execute trades or analyse the markets with the mobile app.
64% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
I found that OANDA has the best trading services and features that support beginners the best while testing the broker thanks to its OANDA Trade platform.
The key highlight while using the OANDA Trade platform lets you set your stake sizes to 1p per point, significantly lower than other brokers setting it at 50p per point. If you are migrating from a demo account to a live account, it provides the perfect opportunity to trade with financial risk without being overexposed.
This way, any mistakes you make with real money, you wouldn’t financially suffer compared to larger stake sizes, while giving you confidence in your trades when you make profitable bets.
OANDA Trade platform also allows you to set guaranteed stop-loss orders (GLSO) that can protect your positions from slipping, preventing further losses during volatile markets. A GLSO will exit at the price you set, no matter what the current market price is, ensuring you only realise your maximum loss set.
Once you get confident spread betting, OANDA also offers MetaTrader 4 and TradingView as alternative platforms. These platforms offer more advanced features like market scanners and custom indicators allowing you to tailor your trading strategy.
Another consideration I took for OANDA was how low its spreads were, and I found the broker outperformed the industry average with 8/9 of the forex pairs tested. EUR/USD averaged 1 pip, but it was USD/JPY that was the highlight of the tests achieving the lowest average spread of 1 pip of the 16 brokers tested.
| OANDA Spread | Average Industry Spread | |
|---|---|---|
| EUR/USD | 1.0 | 1.12 |
| AUD/USD | 1.2 | 1.32 |
| EUR/GBP | 1.1 | 1.46 |
| GBP/USD | 1.5 | 1.94 |
| USD/JPY | 1.0 | 1.52 |
| AUD/JPY | 1.8 | 2.13 |
| EUR/JPY | 1.8 | 2.06 |
| USD/CAD | 1.5 | 2.09 |
| USD/SGD | 3.0 | 3.11 |
Plus the broker has no minimum deposit allowing you to deposit what you feel comfortable with when it comes to funding your account.
My Take on OANDA
After testing OANDA I think its major strength is providing a solid service for beginners, especially with the lowest stake sizes from £0.01p and guaranteed stop-loss orders. However, the broker scored an impressive 91/100 on my tests, so it certainly held its own against the industry and is suitable for experienced traders too. Scoring 9/10 for low trading costs and trading platforms including MT4 and TradingView allows you to bet with spreads from 1 pip and advanced charting tools.
76.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
IG Markets impressed with its 17,000+ spread bet markets, the most out of the 16 brokers I tested, making it a great option if you trade multiple markets. While using the broker I found you can access 100+ currencies covering all major, minor and exotic pairs while also offering indices, commodities, bonds, shares, ETFs, futures and option markets.
What stood out for IG Markets was its range of futures markets which are great if you want to benefit from spread betting’s tax exemptions while betting on longer-term ideas. Futures have wider spreads than the standard Daily Funded Bets (DFBs), but unlike DFBs futures do not charge overnight financing saving you a fortune of medium-to-long term bet ideas.
To take full advantage of IG Market’s full selection of markets you have to use its IG Trading platform, it’s the only way to bet on futures and options. For a proprietary platform, I found it to be decent as it provides excellent charts, trading signals, and real-time market sentiment information. However, it does lack custom indicators and trading automation which is where the broker’s alternative platforms MetaTrader 4 and ProReal Time shine.
ProRealTime and MetaTrader 4 offer similar features when it comes to technical analysis, but I think ProRealTime has an edge with its exclusive features like market scanner and ProReal Trends. The ProReal Trends is a free algorithm tool that automates support and resistance levels and trend channels using multi-timeframe analysis to find strong areas for potential betting opportunities.
My Take on IG Markets
I scored IG Markets a respectable 86/100 with strong performances in its trading costs and range of market categories. With average spreads from 0.85 pips on EUR/USD and access to 17,000+ markets, I think IG Markets provides great value. If you bet on multiple markets or want to spread bet on longer-term trading ideas with its futures markets, you should check out this broker.
Amongst the 16 brokers I’ve tested, AvaTrade is the only broker to offer fixed spreads on its markets, which were surprisingly competitive in my tests. Fixed spreads are great if you trade intraday as the spreads will not widen around volatile news announcements, while variable spreads become more expensive and may lead to price rejections.
Fixed spreads are known to be generally expensive, but AvaTrade impressed me during my trading costs test, with fixed spreads on EUR/USD at 0.90 pips. Not only is this below the industry average of 1.12 pips but is better than other variable brokers like City Index and Capital.com.
| AvaTrade Average Spread | Average Industry Spread | |
|---|---|---|
| EUR/USD | 0.9 | 1.12 |
| AUD/USD | 1.5 | 1.26 |
| EUR/GBP | 1.2 | 1.35 |
| GBP/USD | 1.6 | 1.53 |
| USD/JPY | 1.4 | 1.26 |
| AUD/JPY | 2.0 | 1.86 |
| EUR/JPY | 1.7 | 1.85 |
| USD/CAD | 1.8 | 1.69 |
| USD/SGD | 3.0 | 2.81 |
One style of trading that will benefit from fixed spreads is if you automate your trades as you’ll always pay the same trading costs, even in volatile markets. Fortunately, AvaTrade provides MetaTrader 4 and MetaTrader 5, both are excellent platforms for automating your bets.
Alternatively, MT4 and MT5 are great platforms for technical analysis with access to 30+ trading indicators including Bollinger Bands and MACD.
An area I felt let down by AvaTrade was its range of 150+ markets is limited compared to other brokers like Pepperstone and Spreadex. The broker does offer popular markets like forex, indices, stocks, and commodities but if you want access to more stocks I think a broker like IG Markets would be better.
My Take on AvaTrade
AvaTrade is a broker worth highlighting as it offers fixed spreads which may appeal to you if you want steady spreads during volatile markets. While the broker’s fixed spreads on forex markets are competitive, the broker’s fees on the rest of its market are expensive which is why I scored them 3/10. This score, along with a limited 150+ markets led to the broker scoring 48/100 on my tests as other brokers like Pepperstone provided higher-quality services at lower fees.
Founded in 1965 and based in the City of London, ETX Capital had a long-standing reputation in the industry and provided spread betting and CFD markets to retail and professional traders. The broker was best known for its range of markets and ETX Trading platform at the time which had over 16,500 active retail and professional traders. However, ETX Capital has officially closed down its operations in 2023, which means you can no longer access its services.
ETX Capital shut down its operations on 17th March 2023 after its parent company Guru Capital reported a net loss of £6.8 million.
Before this, Guru Capital tried to revive ETX Capital by rebranding it OvalX in May 2022, giving it a fresh start under Guru. However, Guru made large investments in the company, and economic events piled up losses, leading to layoffs and selling the broker’s client book to Capital.com.
We recommend looking for an alternative broker with all 16 FCA-regulated providers compared on the top spread betting platform UK page.
Spread betting is risky because it involves betting your own money to speculate on a market’s price direction, which can cost you money if your prediction is wrong. It’s also risky because it uses leverage, allowing you to open large positions with smaller capital (margins). This means your profits and losses can be amplified. You need to use risk management like stop-loss orders to help protect your capital by shortening your losses.
Learn more about exposure on our spread betting risks page.
Spread betting is a derivative product that allows you to speculate on the price movement of financial instruments without owning the underlying asset. You place bets on whether the price will rise or fall, and your profit or loss is determined by how accurate your prediction and the size of your position is.
Our spread betting guide gives a more in-depth explanation of this type of trading in the UK.
Spread betting can be very profitable if you have a solid trading strategy and risk management to protect your capital from bets that don’t perform. Profitability will depend on your bet sizes, the markets you bet on, and how accurate your analysis is. However, spread betting is not guaranteed to be profitable due to the nature of financial markets. So, if you want to be consistently profitable it requires experience, skill, market-proven trading strategy, and discipline.
Learn about how professional spread betting works and the discipline you need to be a successful trader.
Yes, spread betting is tax-free in the UK, meaning it is exempt from capital gains tax and stamp duty. Being tax-free is what makes spread betting appealing compared with CFDs and traditional markets and can lower your trading costs if you are a profitable spread bettor.
View our tax spread bet UK guide to understand how the HMRC treats this form of trading.
Yes, spread betting is legal in the UK and is a regulated trading activity overseen by the Financial Conduct Authority (FCA), only FCA-regulated brokers can offer spread betting. The United Kingdom is the only country to allow spread betting that is exempt from capital gains and stamp duty taxes, other countries may have their versions. We explain this in the spread betting regulation section of the website,
The main difference between spread betting and CFDs is how they are treated by tax laws. Spread betting is exempt from paying capital gains tax on profits and stamp duty on purchases, while CFDs are charged capital gains tax but are also exempt from stamp duty. Another key difference is that spread betting is based on using GBP for all bets, including international markets like US shares, so there are no currency conversion fees.
Learn more about the differences in our spread betting vs CFD trading section.
No, you can’t spread bet cryptocurrencies in the UK as a retail trader as the FCA has restricted the assets due to being high-risk assets. If you wish to speculate on the crypto markets then you must be a professional trader as defined by the FCA or look for an offshore CFD broker. View our spread bet markets page to see what can be traded by UK traders.
There has been a decline in spread betting popularity since COVID, leading to a rationalisation in the industry. This has led to decreased choice and competition although some players such as Pepperstone have raised the industry standard from their fees to being the first to offer new platforms like TradingView. Brokers that no offer have a spread bet facility include OvalX, Markets.com, Admirals, Trading 212
