There are 16 spread betting platforms regulated by the FCA in 2024. Our goal was to compare the brokers based on the factors that matter for UK spread bettors.
How We Score
Spread-Bet.co.uk established a methodology to ensure consistency and reliability when assigning a score to each Spread betting provider as part of our reviews. These scores use eight categories, which are weighted based on their importance when assessing a Spread betting provider.
| Trading Costs | Trading Experience | Trust | Trading Platforms | Customer Service | Range of Markets | Education | Funding | |
|---|---|---|---|---|---|---|---|---|
| Weighting | 25% | 15% | 20% | 15% | 10% | 5% | 5% | 5% |
Below, we discuss each of the eight criteria we use for weighting, along with an explanation of what the category means.
Spreads and Fees
Costs have the largest weighting as these will have the largest impact on profitability.
Our betting scores are largely based on the spreads you pay when placing a bet since this is the largest cost you will pay. Obviously a lower spreads means you will pay less. Most brokers do not charge commissions when trading most financial instruments but there may be exceptions, this will usually be when trading shares.
We also consider other fees you may incur, while most brokers build in holding costs into the spread, some brokers do charge this as a separate daily funding fee.
The other main direct fee we might consider is any costs for using a guaranteed stop loss order(GSLO).
| Standard Published Spreads | Standard Tested Spreads | Inactivity Fees | Deposit / Withdrawal Fees | Active Trader Discount | Other Fees | |
|---|---|---|---|---|---|---|
| Weighting | 40% | 30% | 10% | 10% | 5% | 5% |
Secondary Fees
In addition to direct trading fees, you may encounter some indirect fees. Some spread betting providers have inactivity fees and fees for making deposit or withdrawal. Other indirect fees though unlikely include currency conversion fees (most spread betting is done strictly in GBP) and any costs for having a margin call activated.
Overall Trading Experience
We thing having a positive experience with the spread betting broker is important. You should be able to easily sign up with the broker with minimum fuss so you can get started spread betting right away – its great if the online sign up is so seamless that you don’t need assistance from customer service but its great if a personal account managers around to assist if really needed.
We also looks at the execution speed the brokers offer, faster execution means you are more likely to get you order price and avoid slippage.
Other factors we consider is if the broker offer s professional account – if you are a professional trader, its an advantage to be able to bet using high leverage. Also does the broker have fixed spreads, while most brokers have variable spreads through a standard account, some betting strategies can benefit from fixed spreads.
| Limit Order Speed | Market Order Speed | Ease of Opening | Ease of Withdrawal | Professional Leverage | Standard Account | Fixed Spread Account | Account Manager | |
|---|---|---|---|---|---|---|---|---|
| Weighting | 15% | 15% | 15% | 10% | 10% | 10% | 5% | 5% |
Trust Of Spread Betting Firms
To offer spread betting in the UK, the spread betting provider must be regulated by the FCA (Financial Conduct Authority). The FCA is the financial regulator of the United Kingdom and is responsible for defining the rules spread betting firms must abide by under the terms of their Spread betting license.
While we have not encountered any offshore brokers or unregulated brokers that offer spread betting, ensuring the broker has FCA regulation gives you confidence the spread betting firm operates in a fair manner, has policies in place to protect your funds such as segregated trading accounts and negative balance protection, is a member of the Financial Services Compensation Scheme (FSCS) and that you are protected against fraud and misuse of funds.
Other factors influencing our trust scores include the broker’s age, presence in multiple countries, and any recent issues with regulators. We think that the longer the brokers has been in operation and the more popular the broker is, the more trustworthy they will be.
Trust Scoring Factors
- Regulator Type: FCA (Tier 1)
- Broker Age
- Headquarters Locations
- Search Volume
- Regulatory Issues
- Trustpilot Score
- Public Listing
- Banking Status
Spread Betting Trading Platforms
Our platform scores reflect the popularity and functionality of key trading platforms. We like brokers that offer quality trading platforms and, even better, brokers that give you a choice of quality trading platforms. MetaTrader 4 (MT4) is easily the most popular platform for spread betting; more brokers offer this platform than any other, but that’s not to say other platforms don’t have their own strengths. MetaTrader 5 (MT5) is a multi-asset trading platforms that has a wealth of technical analysis tools and like MT4 allows you to automate your spread betting. Other good (but less popular) platforms for spread betting include cTrader and TradingView along with proprietary platforms some brokers offer.
Beyond the software itself, other factors we consider worthy of a weighting is the devices you can use for trading (ie. for mobile trading) and social or copy trading options. Lastly, but no less importantly, what demo accounts are available? It helps if the demo account is free and has no expiration date so you can fully test the platform before signing up.
Broker Customer Service For UK Traders
Our customer service scores evaluate the variety of channels spread betting providers use, such as live chat, email, and social media. We test the customer sevice to check they have adequate expertise in the subject of spread betting and how responsive they are. We understand no one likes to be left on hold for long periods of time when trying to engage with the brokers customer service team.
Other things we look at include the quality of self-help resources like FAQs or knowledge bases. Multi-lingual support, service hours (24/7 or 24/5), dedicated account managers, and the overall website experience are also key factors.
We also track the number of awards brokers have won at Investment Trends since 2020 to further gauge their customer service excellence.
| Live Chat | CS Knowledge | FAQ / Knowledge Base | Metatrader Guides | Email, Social Media | Support Hours | Investment Trends Awards | CS Languages | Account Manager | Website Experience | |
|---|---|---|---|---|---|---|---|---|---|---|
| Weighting | 15% | 15% | 15% | 5% | 10% | 10% | 5% | 5% | 10% | 10% |
Range of Markets
We consider being able to spread bet on a wide range of financial instruments to be a positive thing (as long as the spreads are good). Being able to diversify your betting is a sound strategy to protect yourself against losses. For this reason, range of markets gets a higher weighting. Popular spread betting products include forex pairs (brokers with a larger ranger of forex pairs are looked on more favourably), CFDs on shares, commodities, indices, bonds, and options.
It is worth to noting that the FCA has banned the trading of cryptocurrency derivatives for retail traders, including spread betting on cryptocurrencies, due to their risk. Brokers providing spread betting and trading in actual shares (as opposed to CFDs on shares) also receive positive scores. This ensures a comprehensive market offering for UK traders.
| Forex | Shares | Commodities | ETFs | Indices | Bonds | Other | |
|---|---|---|---|---|---|---|---|
| Weighting | 30% | 25% | 15% | 10% | 10% | 5% | 5% |
Broker Education Around How To Spread Bet
Our scoring methodology for educational resources focuses on two key areas: the trader’s experience level and the delivery channels used. We prioritise beginner-friendly content, followed by intermediate, and place less emphasis on expert resources. Delivery channels such as articles, blogs, webinars, eBooks, and YouTube are considered. We also value brokers with in-house analysts who provide market commentary and trend analysis. Additionally, an excellent glossary is always beneficial for enhancing understanding.
| Beginner Resources | Intermediate Resources | Expert Resources | Market Research, Analysis | In-house Analyst | Articles, blogs | Webinars | eBooks | Glossary | Youtube | |
|---|---|---|---|---|---|---|---|---|---|---|
| Weighting | 15% | 10% | 5% | 10% | 10% | 10% | 15% | 15% | 5% | 5% |
Spread Bet Funding Methods
Our scoring for funding methods (i.e., making deposits) emphasises the variety of available base currencies. We then assess brokers based on the range of funding options they provide, such as credit cards, bank transfers, etc. Our methodology aligns with current banking trends to reflect the most popular funding methods among traders.
| Visa / Mastercard | Wire Transfer | Paypal | Neteller | Skrill | Rapid Pay EUR/GBP | AMEX | Klarna | Union Pay | |
|---|---|---|---|---|---|---|---|---|---|
| Weighting | 15% | 15% | 15% | 10% | 5% | 5% | 3% | 2% | 5% |
