To find the best account for spread betting on forex, you need to:
Choose the currency pair you want to spread bet on
Compare companies by checking the spreads they offer
The best platform for spread betting on forex will offer the smallest spread.
How does the spread work?
The spread is the difference between the buy and sell price, and is measured in pips.
This comparison shows the size of the spread offered by each forex spread betting company on the following currency pairs:
Euros and pounds (EUR/GBP)
US dollars and Japanese yen (USD/JPY)
Pounds and US dollars (GBP/USD)
Euros and US dollars (EUR/USD)
Most currency pairs measure pips by the fourth decimal point:
For example, if the forex pair EUR/GBP has a buy price of 0.8315 and a sell price of 0.8313, the spread is 2 pips (0.8315 - 0.8313 = 2).
The exception is if currency pairs include the Japanese yen, then the second decimal point is used.
How do you make a profit
When you spread bet on forex, you are predicting if the value of one currency will go up or down against another.
The first currency in a pair is known as the base currency, the second is the counter currency.
If you buy: You need the sell price to grow higher than your original buy price. This means the base currency needs to outperform the counter currency.
If you sell: You need the buy price to fall lower than your original sell price. This means the counter currency needs to outperform the base currency.
Forex spread betting FAQs
What is forex spread betting?
It is a form of trading that lets you bet on one currency growing or falling in value against another. Learn more about spread betting here.
Do forex trading companies charge fees?
Some charge for cash withdrawals or for not using your account for over a year. Check each company's terms before opening an account.
How much do I need to open a forex trading account?
Most accounts are free to open, but you need to deposit a minimum amount to begin forex trading, such as £100. Check the terms before you apply.
Is forex trading regulated in the UK?
Yes, all UK based forex trading companies are regulated by the Financial Conduct Authority, which means they cannot mislead or scam you.
Do I pay tax when forex trading?
No, any profits you make are not subject to Income Tax, Capital Gains Tax or Stamp Duty.
Can I forex trade through a mobile app?
Yes, but only if the company offers a mobile app. You still need to open an account online and add money before you can forex trade on an app.
About our forex spread betting platforms comparison
Who do we include in this comparison?
How do we make money from our comparison?
We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.