Trading 212 is a multi-asset broker that does not offer spread betting markets. Instead, the broker found popularity for low-cost single share investing and offering CFDs. In this article, I’ll highlight what Trading 212 offers while providing my top alternative brokers for spread betting.
Trading 212 stopped offering spread betting in November 2020 . The company informed traders that this decision was made as a strategic shift towards CFD trading and commission-free stockbroker services. The best alternative UK spread bettors have based on comparing 16 accounts is Pepperstone. You can view the full list of providers on the UK spread betting platform page.
As of 2024, Trading 212 limits its offering to traditional commission-free share trading and CFD services. While these are solid offerings, I think it’s worth noting that the absence of spread betting does limit the range of trading options for some potential clients.
Interestingly, I’ve noticed a significant demand for spread betting among Trading 212’s user base, who desire to see this service added to the platform. Given this persistent demand, Trading 212 might reverse their decision and recommence spread betting in the future.
As Trading 212 does not offer spread betting, I have a collection of alternative spread betting brokers that have scored top marks in my testing. These are:
I scored Pepperstone a nearly perfect 98/100 in my testing as it achieved top marks across every category, including low trading costs, fast execution speeds and the best range of trading platforms.
From my trading costs tests, Pepperstone had the lowest average spread on EUR/USD at 0.80 pips, almost 30% better than the industry average of 1.12 pips.
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Spread Bet Spreads
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|---|---|---|---|---|---|
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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 01/01/2025
The other 8 currency pairs I tested also had spreads well below the industry average. With impressively low spreads like this across the board, I gave Pepperstone a top score of 10/10 for trading costs.
| 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 |
Another factor influencing this high score was how cheap Pepperstone’s costs were for share spread betting. UK stocks start from just a 4 point spread, while US stocks are as low as 0.10%. These fees made Pepperstone the most affordable broker out of the 16 I tested for share spread betting.
| 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% |
Trading experience is another core category I evaluate, and here, Pepperstone also earned a perfect 10/10. It produced the fastest average execution speeds in my tests, with limit orders averaging just 77ms. No other broker came close to challenging Pepperstone in these tests, as shown in the table below.
| 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 think execution speed is vital for betting, as even millisecond delays can cause negative slippage on stop-loss orders, costing you more in losses. Pepperstone’s ultra-fast order processing gives you a major edge, knowing you’ll have access to one of the fastest platforms tested.
Pepperstone also scored top marks in the Trading Platform category by offering the widest selection of top-tier platforms, including TradingView, MetaTrader 4, MetaTrader 5, and cTrader. This solid platform lineup allows Pepperstone to accommodate every type of trader.
TradingView is ideal for technical analysis and charting; MT4 and MT5 are the most popular retail platforms, while cTrader offers powerful tools for algo-trading and automation. Having all these options in one place is a huge advantage, as you can choose the best platform for your trading style while benefiting from Pepperstone’s excellent trading conditions.
My Take on Pepperstone
Based on my testing, I scored Pepperstone a 10/10 in the most important categories—trading costs, trading experience, and platform selection. Its combination of industry-leading low spreads, execution speeds, and versatile platforms is unmatched, earning it an overall score of 98/100 and my strong recommendation as the best spread betting broker available. For a top-notch trading experience, I think Pepperstone is the clear choice.
75.3% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
I found the Spreadex mobile app to be the best overall of the different mobile trading apps I tested, scoring a perfect 10/10. The app was easy to use, with access to watchlists, services, and charts within a tap or two.
Unlike other broker apps I tried, it didn’t lag when switching between charts and executing trades was hassle-free, as you could trade directly from the charts.
The app has more technical indicators than the MT4 app, offering 35+ technical indicators with moving averages and relative strength index as popular options.
A feature I liked was the automated Pro Trend lines, which show you minor and major support and resistance levels, helping you find potential breakout opportunities.
In addition to its excellent app, Spreadex is one of my best spread betting brokers, placing second in my overall testing with an impressive score of 96/100. The broker scored highly for its range of markets, trading costs, and trading platforms.
Spreadex offers one of the largest selections of 10,000 financial spread betting markets, larger than most of the 16 brokers I tested (only IG Markets offer more). This covers many assets, including forex, commodities, shares, indices, bonds, ETFs, and options.
As for trading costs, the broker also impressed with its tight spreads. I found the broker averaged 0.90 pips on EUR/USD while outperforming in 6/9 currencies tested, including GBP/USD and USD/JPY.
| 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’s spread betting app is the top choice if you want advanced technical analysis features on the go. It packs advanced charting tools into a small screen and provides access to 11,000+ spread bet markets with low spreads from 0.90 pips on EUR/USD. But Spreadex isn’t just about its app – it scored 10/10 in multiple categories during my tests, including trading experience, contributing to its decent 96/100 overall score.
64% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
OANDA is an excellent choice if you’ve just started spread betting. In my broker review, OANDA scored an impressive 91/100, placing it third among the 16 brokers I tested. What sets OANDA apart for beginners is its trading platform, OANDA Trade. It allows you to spread bet with stakes from 1p per point and lower margins compared to other brokers that offer 50p minimum bet sizes.
Small bet sizes are useful if you’re new because they let you experience live trading without risking too much when starting. This way, you can get a feel for risking money without being severely financially punished for any mistakes.
Additionally, the OANDA Trade allows you to set up a guaranteed stop loss order (GLSO), a solid risk management tool, especially in volatile markets. Even if the market gaps and your stop loss level are missed, your GLSO will still be closed at the price level you set, protecting you from market slippage.
On top of the OANDA Trade platform, you can also access MetaTrader 4 and TradingView, two top alternatives with advanced charting capabilities. For example, MetaTrader 4 allows you to automate your trades through its Expert Advisors, while TradingView has market screeners to help find trading ideas automatically. Neither of these features is found on OANDA Trade.
The low spreads from my testing also make OANDA a top choice for new traders. Low trading costs mean you’ll profit more from your trades. OANDA achieved below-industry-average spreads, which makes it one of the lowest tested. As you can see from the table below, it averaged a one pip spread on EUR/USD while also performing well against the industry.
| 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 |
These low spreads are why I gave them a 9/10 for trading costs, although not quite as low as Pepperstone’s.
My Take on OANDA
I gave OANDA an overall score of 91/100, and the broker scored highly on the tests that I think matter most for beginners. These include low spreads from one pip on EUR/USD and features like lower stake sizes from 1p per point and guaranteed stop-loss orders. If you’re a new spread bettor, I recommend choosing OANDA as your broker.
76.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
My top pick for accessing the most spread bet markets is IG Markets, which has an impressive 17,000+ financial markets. This selection is the most out of the 16 brokers tested, with only Spreadex and CMC Markets coming close to this range.
With IG, you can bet on a wide variety of financial instruments, including forex, indices, shares, bonds, commodities, ETFs, interest rates, and options. This variety allows you to explore different market opportunities under one trading account.
One feature that caught my attention is IG’s offering of forward/future markets. The unique feature of these markets is that you do not pay overnight fees if you hold a position for longer than a day; instead, you pay slightly wider spreads.
This feature provides a cheaper alternative to daily funded bets (that charge overnight fees) and opens up spread betting for longer-term strategies and hedging portfolios against temporary market downturns.
The broker also doesn’t disappoint when it comes to spread betting platforms, providing access to IG Trading platform, MetaTrader 4, and Pro Real Time. The IG Trading Platform is user-friendly and packed with features like signals, IGTV and access to its option markets.
MetaTrader 4 is popular among experienced traders as you can use custom indicators and automation tools. Pro Real Time is another powerful platform that offers advanced technical analysis tools, such as automated ProReal Trends, that automate support and resistance levels.
My Take on IG Markets
With a score of 86/100, I highly rate IG Markets, especially for its large catalogue of financial instruments. Not only does it offer standard markets like forex, but having options and futures markets gives you more tools to profit from the markets that most brokers do not offer. The trading platforms are excellent, offering a mix of user-friendly interfaces and advanced features. If you’re looking for a spread betting broker with extensive market options and excellent platforms, I don’t think you can go wrong with IG Markets.
70% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
AvaTrade offers a unique feature among the 16 spread betting brokers I tested – fixed spreads. During my trading cost analysis, I was impressed by how competitive their fixed spreads, particularly for EUR/USD at 0.90 pips, below the industry average of 1.12 pips.
| 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 |
However, it’s important to note that this competitive edge doesn’t extend across all currency pairs. In fact, 6 out of the 9 currencies I tested had wider spreads than the industry average. Additionally, markets outside the major pairs don’t benefit from fixed spreads. This inconsistency led me to give AvaTrade a score of 3/10 for overall trading costs.
Despite this low score, I believe there’s still value here if you only bet on specific pairs. If you’re primarily betting on EUR/USD, EUR/GBP, or EUR/JPY, you’ll appreciate the benefits of fixed spreads.
One category where AvaTrade stood out was the Trading Platform, where I gave them a 7/10. They utilise MetaTrader 4 and MetaTrader 5, which are user-friendly platforms suitable for every trader, including advanced traders who use automated trading tools.
My Take on AvaTrade
While AvaTrade didn’t perform well in categories like trading costs or range of markets, its unique offering of fixed spreads for spread betting sets it apart. I scored its trading costs at 3/10 due to wider spreads in many markets, but the fixed spread option is competitive on its major pairs. AvaTrade might be a top pick if you want stable trading costs and avoid price spikes during volatile markets. However, if tighter spreads are more important, I’d recommend checking out Pepperstone instead, as its spreads are generally lower.
Trading 212 is a brokerage that was founded in 2004 and has grown to become one of the leading brokers in Europe, best known for its “commission-free investing”. With approximately 3 million users across Europe and over £3.5 billion in customer assets under management, Trading 212 has established itself as a major player in the online brokerage space.
The broker offers two main account types: the “Invest Account” for commission-free investing in the stock markets and the “CFD Account” for more advanced traders looking to trade contracts for difference. Even though Trading 212 offers commission-free trading, the company primarily generates revenue through currency conversion fees and the spreads charged on its CFDs and shares.
If you want to spread bet, the best alternative is Pepperstone which in 2025 was names the best spread betting platform in the UK.
Spread betting has risks as it involves potentially gaining (or losing) money, just like all forms of speculating on the markets. You also take on leverage, which can amplify your profits and losses whenever the market price direction moves; even the smallest movement can make you money (or losses). Only spread bet with money you can afford to lose, implement strict risk management to help limit your losses, and practise on a demo account before depositing real funds.
Spread betting is speculating on the price movement of a financial market without owning the underlying asset. You bet an amount per point of price movement, and your profit or losses are based on the number of points at which the price moves in your direction. For example, if you bet £10 per point going long on the FTSE 100 and the index increased by 10 points, you’d make £100 profit. View our page on what is spread betting to learn more.
Spread betting can be worth it if you are consistently profitable, as you can take advantage of the fact that it’s exempt from capital gains tax and stamp duty. Plus, with leverage, you can profit from smaller market movements during the day, potentially making quick returns (or losses).
To truly benefit from spread betting, you should have a solid trading strategy and risk management in place. The key is to take it seriously like a spread betting professional.
Trading 212 is not gambling, as it is an FCA-regulated broker offering share dealing and CFD trading services. However, trading CFDs can be considered high-risk (like spread betting), which is why they may be considered gambling due to the nature of leveraged products and the volatility of the markets. The tax office though does consider spread betting gambling which is why profits are treated differently from trading.
Spread Betting is better than CFD trading based primarily on the way profits are treated by the UK tax office. Here are some key differences between CFDs and spread betting. Spread bets are tax-free in the UK, while CFDs incur capital gains tax. Additionally, you do not pay currency conversion fees when spread betting on international assets like US shares in Apple. This benefit is because you place your bets using £ per point on an asset and never own the underlying market.
No, you cannot spread bet cryptocurrencies as the Financial Conduct Authority has restricted the product for retail traders. If you are a professional, some brokers in the UK will provide a spread betting account for crypto trading. View the instruments you can page on our spread betting markets page.
This review focuses exclusively on UK-spread betting brokers. We compared trading accounts from FCA-regulated brokers offering spread betting services. For consistency, we primarily evaluated accounts using the MetaTrader 4 platform.
Our Methodology:
Our goal is to provide UK traders with well-informed recommendations for the best spread betting brokers in the market. You can learn more about how we perform our spread bet broker reviews on our methodology page.
