IG: 17,000+ markets with ProRealTime charting and L2 Dealer DMA on the Pro tier

IG Group plc (LSE: IGG) is a publicly-listed UK broker founded in 1974 and the largest UK CFD provider by client base. The CFD product runs alongside spread betting, with 17,000+ markets across forex, indices, shares, commodities, crypto and options. Proprietary platform plus MT4, ProRealTime and L2 Dealer DMA for Pro-tier clients.

I funded IG with £500 on 14 January 2026 (FCA FRN 195355). EUR/USD averaged 0.6 pips and median execution measured 85 milliseconds across 50 market orders. Phone support averaged 11 minutes 12 seconds to reach an agent.

IG CFD platform with ProRealTime charts and Level 2 order book tested January 2026
IG's CFD platform tested January 2026: ProRealTime charts and Level 2 order book in one workspace.

Pros (CFD lens)

  • 17,000+ markets, widest catalogue of the six tested
  • Only broker offering Market Maker + DMA (L2 Dealer) on the Pro tier
  • ProRealTime charting available with 4+ trades a month
  • FTSE 100 listed (LSE: IGG), strongest balance sheet on this list

Trade-offs (CFD lens)

  • Phone support averaged 11 minutes 12 seconds during testing
  • £12 monthly inactivity fee after 24 dormant months
  • L2 Dealer DMA gated to professional-tier qualified clients
  • 17,000+ markets can feel overwhelming for first-time CFD traders
IG 2026 CFD test scorecard.
TestResultIndustry AvgDateMethodVerdict
Total tradable markets17,000+~6,80014 Jan 2026Platform auditWidest of six
EUR/USD spread (London open)0.6 pips0.65 pips14 Jan - 7 Apr 202630 samplesJoint-tightest
Median execution latency85ms63ms14 Jan - 7 Apr 202650 market ordersMid-pack
DMA access (Pro tier)L2 Dealer available1 of 6 offers it14 Jan 2026Account auditJoint-rare with Saxo
Phone support wait11 min 12 sec6 min 30 sec5 Feb 20263 callsSlowest of six
Inactivity fee£12/month after 24 months~£8/month after 1214 Jan 2026Account termsHigher but latest trigger

What does IG's L2 Dealer actually give a CFD trader?

Direct Market Access on UK and US equity CFDs through the L2 Dealer platform. Real Level 2 order-book pricing, with the ability to place limit orders inside the spread rather than accepting the broker's quoted price. The trade-off is the Professional-tier client classification, which removes negative balance protection.

Why does IG rank #1 for CFD trading?

Range and platform depth. IG offers the widest market access on test (17,000+ markets) and is the only proprietary platform here with direct market access on its Pro tier, backed by a regulatory pedigree dating to 1974. Median execution at 85ms is mid-pack rather than fastest, and the sheer breadth can feel overwhelming for a first-time CFD trader, but for anyone who wants one account covering everything from indices to single shares, IG sets the benchmark.

Who should pick a different CFD broker?

Cost-sensitive scalpers placing 5+ lots a month should pick Pepperstone Razor. First-time CFD traders should pick Capital.com for the lower entry point and faster fills. Anyone needing UK-based phone support should pick Spreadex.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Spreadex: the only UK-domiciled broker pairing CFDs and spread betting on one login

Spreadex is a privately-held UK-domiciled Market Maker founded in 1999 in St Albans. The financial side covers CFDs and spread betting from a single proprietary platform with no MetaTrader option. UK and Ireland clients only.

I funded Spreadex with £500 on 14 January 2026 (FCA FRN 190941). EUR/USD averaged 0.6 pips through London hours. A UK-based agent rang me the same week offering trade-placement help: no other broker on this list did that.

Spreadex CFD dashboard showing top fallers, top risers and popular markets January 2026
Spreadex CFD dashboard tested January 2026: top fallers, top risers and popular markets in a single workspace.

Pros (CFD lens)

  • Only UK-domiciled broker on the list with full FSCS coverage through a UK entity
  • UK-based phone team rang me proactively after sign-up
  • CFDs and spread betting accessible from the same single login
  • 9-minute account setup, fastest of the six brokers tested

Trade-offs (CFD lens)

  • No MT4, MT5 or cTrader (proprietary platform only)
  • No demo account for first-time CFD traders to practise
  • Smaller instrument catalogue than IG or Saxo
  • UK and Ireland clients only
Spreadex 2026 CFD test scorecard.
TestResultIndustry AvgDateMethodVerdict
EUR/USD spread (London open)0.6 pips0.65 pips16 Jan - 7 Apr 202630 samplesJoint-tightest
Phone support wait (UK-based)2 min 4 sec6 min 30 sec5 Feb 20263 calls3x faster than avg
Account setup time9 minutes14 minutes16 Jan 2026Email verify to first tradeFastest of six
GBP/USD spread (London open)0.9 pips0.95 pips16 Jan 202620 samplesTighter than avg
FTSE 100 spread1.0 points1.0 points16 Jan 202620 samplesAt avg
£500 card withdrawal1 business day2 business days30 Jan 2026Real-money testFastest of six

Why does Spreadex's UK-domiciled status actually matter?

Three things UK retail clients rarely think about until they need them. Client money sits in segregated UK bank accounts, FSCS protection applies through the UK scheme directly rather than via passporting, and customer support is UK-based with a 2-minute average phone wait against the six-broker average of seven.

What's the catch with Spreadex's narrower platform offering?

No MetaTrader, no cTrader, no demo account. TradingView IS supported (you can trade Spreadex directly from TradingView charts), but if your workflow needs MT4, MT5 or cTrader for algorithmic execution you'll need a different broker. Spreadex's proprietary platform is functional and quick to learn but doesn't suit pure-algo traders or people who want to practise risk-free first.

Who should pick a different CFD broker?

Algo traders need MetaTrader or cTrader (pick Pepperstone). Range-hungry traders should pick IG (17,000+ markets versus Spreadex's ~10,000). And anyone outside the UK or Ireland can't open a Spreadex account at all.

65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Pepperstone Razor: cheapest all-in forex CFD cost for traders placing 5+ lots a month

Pepperstone is an Australian-founded STP/ECN broker with a UK FCA-authorised entity. The Razor account routes orders to liquidity providers without dealer intervention, giving 0.0 to 0.2 pip EUR/USD spreads with a £2.25 per-side commission. MT4, MT5, cTrader and TradingView all supported.

I funded Pepperstone Razor with £500 on 14 January 2026 (FCA FRN 684312). A standard 1-lot EUR/USD round-trip on Razor cost about £6.30 all-in (£4.50 commission plus £1.80 spread). IG's spread-only build came in at £6 to £9; CMC at £6 to £7.

Pepperstone MT5 trading platform with advanced charting tested for UK CFD execution January 2026
Pepperstone MT5 platform tested January 2026: advanced charting and fast execution on the Razor ECN routing.

Pros (CFD lens)

  • Tightest baseline EUR/USD spread tested (0.1 to 0.3 pips on Razor)
  • Cheapest all-in forex CFD cost above five standard lots a month
  • MT4, MT5, cTrader and TradingView all on the same login
  • 47ms median execution, second-fastest of the six tested

Trade-offs (CFD lens)

  • £2.25 per side commission only pays off above ~5 standard lots a month
  • Stricter wealth and trading-experience checks during sign-up
  • Demo account limited to 30 days
  • Phone support is not UK-based
Pepperstone 2026 CFD test scorecard.
TestResultIndustry AvgDateMethodVerdict
EUR/USD spread (Razor)0.1 pips0.65 pips14 Jan - 7 Apr 202630 samplesTightest of six
All-in cost (1 lot EUR/USD round-trip)£6.30£7.4028 Jan 2026Calculation from test dataCheapest above 5 lots/mo
Median execution latency47ms63ms14 Jan - 7 Apr 202650 market orders2nd fastest
Platforms supportedMT4 + MT5 + cTrader + TradingView1-2 of these per broker14 Jan 2026Platform auditWidest of six
Commission per side per lot£2.25£0 at 5 of 614 Jan 2026Account termsRazor-tier only
Demo duration30 daysUnlimited at peers14 Jan 2026Account auditShortest of six

When does Pepperstone Razor actually beat the commission-free brokers?

Above five standard lots a month. Below that, the £2.25 commission tax dominates the spread saving and Capital.com or Spreadex come in cheaper. At ten or more lots a month, Razor's all-in cost is the cheapest of the six. Volume determines the right tier, not strategy.

What does the STP/ECN routing actually buy you?

Orders go to liquidity providers without the broker taking the other side. Spreads tighten in calm markets because there's no dealer mark-up. The trade-off is that during news events your fill price comes from whichever LP is quoting, not from the broker absorbing the spike (which Market Maker brokers can do).

Who should pick a different CFD broker?

Sub-5-lots-a-month traders should pick Capital.com or Spreadex on cost. Anyone needing a demo account beyond 30 days should look elsewhere. Traders wanting UK-based phone support should pick Spreadex, IG or Trade Nation.

73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Capital.com: fastest median fills (24ms) and the lowest minimum deposit on the test

Capital.com is a Cyprus-headquartered Market Maker broker founded in 2016, operating its UK arm under FCA authorisation. The CFD product covers forex, indices, shares, commodities and crypto. Mobile-first proprietary platform paired with MT4 and TradingView.

I funded Capital.com with the £20 minimum on 14 January 2026 (FCA FRN 793714). EUR/USD averaged 0.6 pips through London hours and median execution measured 24 milliseconds across 50 market orders, the fastest of the six tested.

Capital.com CFD dashboard tested January 2026 showing top-traded assets and live quote panel
Capital.com's discover dashboard tested January 2026: the watchlist and quick-trade panel that hits 24ms median fills.

Pros (CFD lens)

  • 24ms median EUR/USD execution, fastest of the six tested
  • £20 minimum deposit, lowest of any major UK CFD broker
  • Zero commission on forex and indices, all costs in the spread
  • FCA-regulated, negative balance protection, FSCS-eligible

Trade-offs (CFD lens)

  • No MT5 for UK clients (MT4 only on the MetaTrader side)
  • Phone support is not UK-based
  • 5,000+ markets is narrower than IG's 17,000+ or Saxo's 70,000+
  • No DMA route for traders who want exchange-listed depth
Capital.com 2026 CFD test scorecard.
TestResultIndustry AvgDateMethodVerdict
Median execution latency24ms63ms14 Jan - 7 Apr 202650 market ordersFastest of six
EUR/USD spread (London open)0.6 pips0.65 pips14 Jan - 7 Apr 202630 samplesJoint-tightest
Min deposit£20£6714 Jan 2026Account openingLowest of six
Account setup time11 minutes14 minutes14 Jan 2026Gmail to first trade2nd fastest
Live chat response38 seconds97 seconds4 Feb 20265 attempts2.5x faster
NFP window EUR/USD max1.2 pips1.4 pips31 Jan 20261 releaseHeld tighter

What does Capital.com do best for CFD trading?

Speed and accessibility. The 24ms median execution wasn't even close: Capital.com filled my market orders faster than any other broker on the test, and at the £20 entry point that speed is accessible to anyone. The proprietary platform handles position management cleanly without overwhelming a first-time CFD trader.

What's the trade-off you should know about?

Capital.com is Market Maker rather than DMA, so the spread is the entire cost. That's fine for retail-size positions but professional traders who want exchange-traded depth need Saxo. And MT5 still isn't live for UK clients, only MT4 and TradingView.

Who should pick a different CFD broker?

Anyone wanting DMA execution on listed instruments should pick Saxo. Anyone trading more than five lots a month should pick Pepperstone Razor on cost. And traders needing UK-based phone support should pick Spreadex instead.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

CMC Markets: 115+ technical indicators and a native pattern recognition scanner

CMC Markets plc (LSE: CMCX) is a UK-listed Market Maker broker founded in 1989. The Next Generation platform's depth is the differentiator: 12,000+ markets, 115+ technical indicators, and a native pattern recognition scanner none of the other five brokers offer. MT4 and MT5 both supported.

I funded CMC with £500 on 14 January 2026 (FCA FRN 173730). EUR/USD averaged 0.7 pips through London hours, slightly wider than Capital.com or IG. The pattern recognition scanner identified five chart patterns on my GBP/USD chart on 22 January, four of which the price action eventually played out.

CMC Markets Next Generation platform with pattern recognition tools tested January 2026
CMC Next Generation platform tested January 2026: 115+ indicators and the native pattern recognition scanner.

Pros (CFD lens)

  • 115+ technical indicators on the Next Generation platform
  • Only broker on this list with a native pattern recognition scanner
  • Guaranteed stops available with a small premium per use
  • 12,000+ markets, second-widest after IG

Trade-offs (CFD lens)

  • EUR/USD spread (0.7 pips) widest of the top four
  • EUR/USD widened to 1.6 pips during the 6 February BoE rate decision
  • 168ms p95 latency in news windows, worst slip of the six
  • £10 monthly inactivity fee after 12 months without a trade
CMC Markets 2026 CFD test scorecard.
TestResultIndustry AvgDateMethodVerdict
Technical indicators (Next Gen)115+~4014 Jan 2026Platform auditMost of six
Pattern recognition scannerAvailable0 of 5 others14 Jan 2026Platform auditUnique on this list
EUR/USD spread (Next Gen)0.7 pips0.65 pips14 Jan - 7 Apr 202630 samplesSlightly wider
EUR/USD during BoE window1.6 pips max1.3 pips avg6 Feb 20261 releaseWidest news slip
Total markets (Next Gen)12,000+~6,80014 Jan 2026Platform audit2nd widest
Inactivity fee£10/month after 12 months£8/month at peers14 Jan 2026Account termsEarlier trigger than IG

What does CMC's pattern recognition scanner actually do for a CFD trader?

It scans price action against a library of recognised technical patterns (head-and-shoulders, double tops, flag-and-pole continuations) and tags them in real-time across watched charts. The closest the other five brokers offer is TradingView's manual pattern drawing tools. Useful for traders who anchor their entries on chart structure.

How did CMC's execution hold up under news pressure?

EUR/USD widened to 1.6 pips during the 6 February 2026 BoE rate decision, the widest of the six brokers tested in that window. Execution latency also jumped to 168ms p95, the worst news-window slip I measured. Use guaranteed stops if you trade scheduled news events on CMC.

Who should pick a different CFD broker?

News-event traders should be cautious given the BoE-window slip. Beginners may find Next Generation's depth overwhelming compared with Capital.com's stripped-down interface. And the native platform doesn't feel as polished as IG's despite the indicator depth.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail CFD accounts lose money. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Saxo: 70,000+ instruments through SaxoTraderPRO with DMA depth on listed markets

Saxo is a Danish multi-asset broker with a UK FCA-authorised entity (Saxo Markets UK Ltd), serving professional and high-net-worth clients alongside retail. Two platforms: SaxoTraderGO for everyday CFD trading and SaxoTraderPRO for institutional-grade depth-of-market workflows. 70,000+ instruments including equities, bonds, options, futures and CFDs.

I tested Saxo on the Classic tier in January 2026 (FCA FRN 551422). Commission starts at £3 per trade on Classic, dropping at Platinum and VIP tiers. The DMA route gives real order-book pricing on listed CFDs that no other broker on this list offers at retail.

SaxoTraderGO global indices overview tested January 2026 showing UK 100 S and P 500 DAX 40 and major European indices with live spreads
SaxoTraderGO global indices overview tested January 2026: UK 100, S&P 500, DAX 40 and European indices with live spreads.

Pros (CFD lens)

  • 70,000+ instruments, widest catalogue of the six tested
  • Only retail broker offering DMA depth on listed CFDs
  • SaxoTraderPRO offers institutional-grade depth-of-market panel
  • Tighter overnight swap rates than four of the six brokers tested

Trade-offs (CFD lens)

  • £3 per trade commission on Classic dwarfs commission-free peers
  • SaxoTraderPRO has the steepest learning curve of the six
  • £500+ realistic minimum despite the £0 stated floor
  • Differentiating research gated to Platinum (£200,000+) and VIP tiers
Saxo 2026 CFD test scorecard.
TestResultIndustry AvgDateMethodVerdict
Total instruments70,000+~10,00014 Jan 2026Platform auditWidest of six
DMA depth on listed CFDsAvailable0 of 5 others at retail14 Jan 2026Account auditUnique at retail
EUR/USD spread (Classic)0.6 pips0.65 pips14 Jan - 7 Apr 202630 samplesJoint-tightest
Commission per trade (Classic)£3.00£0 OTC peers14 Jan 2026Account termsOTC peers cheaper at retail
EUR/USD swap long (per lot)-£6.80-£7.9014 Feb 2026Overnight testTighter than avg
Median execution latency70ms63ms14 Jan - 7 Apr 202650 market ordersMid-pack

What does Saxo's DMA route actually buy you over Market Maker CFDs?

Real bid-ask depth from the underlying exchange order book rather than a single quote from the broker's dealing desk. For listed-instrument CFD traders or anyone whose strategy depends on tight slippage during high-volume sessions, this matters. The trade-off is the per-trade commission and the steeper platform learning curve.

When does Saxo's commission per trade actually pay off?

Above approximately twenty trades a month at Classic tier, the commission cost is offset by tighter spreads and DMA depth. Below that, OTC brokers like Capital.com or IG come out cheaper because the spread-only model carries no per-trade floor. Volume determines the right route.

Who should pick a different CFD broker?

UK retail clients prioritising cost should pick Capital.com or Pepperstone Razor. First-time CFD traders will find SaxoTraderPRO's depth overwhelming compared with Spreadex's simpler interface. Anyone wanting research-grade analyst notes without the Platinum-tier £200,000 minimum should pick IG instead.

64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

How did I actually test these CFD platforms?

I funded all six brokers with my own capital between 14 and 28 January 2026: Capital.com (£20), Spreadex (£500), IG (£500), Pepperstone Razor (£500), CMC Markets (£500) and Saxo Classic (£500). All testing ran from a wired Suffolk FTTP 1Gb connection.

Spreads were sampled at 08:00, 10:30 and 14:45 GMT on Monday, Wednesday and Friday for the first three weeks. Execution latency came from 50 EUR/USD market orders per broker. Cost calculations verified through actual fills, not platform-published rates. News-window captures during the 31 January NFP and 6 February BoE rate decision.

What I almost got wrong during testing

My early shortlist leaned on execution speed at the entry tier, where Capital.com's 24ms median fills are genuinely excellent. After three weeks I kept coming back to range: for CFD trading specifically, the breadth of markets and platform depth you get with IG (17,000+ markets, DMA on the Pro tier) is what most traders grow into, which is why IG sits at the top. Capital.com remains the better pick if entry-tier speed and the £20 minimum matter most to you.

You can download my full UK CFD broker test data as a CSV: 53 measured variables across all 6 brokers, including EUR/USD and GBP/USD spreads at London-session times, news-window widening during the 6 February BoE rate decision, execution latency, overnight swap rates, withdrawal speed across bank and card methods, customer support response times and account-protection features. The wider TIC trading dataset covering 17 brokers and ~140 variables is available in the dataset library.

Is CFD trading legal and safe in the UK?

Yes on both counts. Every broker on this list is FCA-authorised, with retail clients covered by the Financial Services Compensation Scheme up to £85,000 per investment firm. The FCA caps retail CFD leverage at 30:1 on major forex, 20:1 on minor pairs and major indices, 10:1 on commodities, 5:1 on shares and 2:1 on crypto. Negative balance protection applies to every retail account. Verify any broker at register.fca.org.uk.

Six FCA safeguards for UK CFD traders, with FSCS cover capped at GBP 85,000 per person per firm
FCA protections for UK retail CFD traders: negative balance protection, leverage caps by asset class, FSCS cover and segregated client funds.

What does CFD trading actually cost?

Three components. The spread is your main cost on Market Maker brokers, baked into the price you trade at. Overnight financing kicks in if you hold positions past the daily cut-off, calculated on the full notional value (because leverage means you're effectively borrowing the rest). Commission applies on STP/ECN (Pepperstone Razor at £2.25/side) and DMA (Saxo from £3/trade). Most retail CFD activity below five lots a month is cheapest on a commission-free Market Maker.

Diagram explaining how leverage works when shorting a stock CFD showing margin requirement versus full notional exposure
How CFD leverage works: a small margin deposit controls a larger notional position, with overnight financing charged on the full notional.

How are UK CFDs actually taxed?

CFD profits are subject to UK Capital Gains Tax on gains above the £3,000 annual exemption (2025/26 tax year). CGT rates are 10% within the basic-rate band and 20% above. Losses can offset gains in the same or future tax years. Spread betting, by contrast, is currently treated by HMRC as gambling and is tax-free for retail clients but losses carry no tax utility. The trade-off matters most for traders with consistent profits or losses.

Side-by-side comparison of UK tax treatment for CFDs versus spread betting. CFDs are taxable at 10-20% CGT with 3000 GBP allowance but losses can offset gains. Spread betting is tax-free for most traders but losses have no tax utility.
CFDs versus spread betting on UK tax: CGT applies to CFDs but losses offset, spread betting is tax-free but losses have no tax value.

So which CFD platform should you actually pick?

A note for first-time CFD traders before the winners below. Capital.com (£20 minimum, 24ms median fills) and Spreadex (UK phone support, 9-minute sign-up) are the gentlest starting points among the six I tested. IG and Saxo's strengths land harder once you've decided what you want to trade and need market range or DMA depth.

IG wins on range. 17,000+ markets and the only Market Maker on this list with a DMA route (L2 Dealer Pro tier). Trade-off: 11-minute average phone wait and the platform feels complex to newcomers.

Pepperstone Razor wins on cost. 0.1 pips on EUR/USD plus £2.25/side, cheapest all-in above five standard lots a month. Trade-off: the commission tax dominates below that volume.

Capital.com wins on speed and entry. 24ms median EUR/USD execution and the £20 minimum deposit make it the lowest-friction credible CFD account I tested. Trade-off: Market Maker only, no DMA route.

FAQs

Is CFD trading legal in the UK?

Yes for FCA-authorised retail clients. UK CFD traders can access leveraged exposure to forex, indices, shares, commodities and crypto through any of the six brokers on this list. All six are FCA-regulated with FSCS coverage up to £85,000 per investment firm and negative balance protection by default.

What's the minimum I need to start CFD trading in the UK?

Capital.com accepts £20, the lowest of the six. Spreadex, IG, Pepperstone and CMC accept £0 floors. Saxo's stated floor is £0 but £500+ is realistic given the per-trade commission. For credible position sizing under FCA leverage caps, £200 to £500 is sensible across most brokers.

Can I lose more than my deposit on a CFD trade?

No, not on a retail account. Every FCA-authorised broker on this list applies negative balance protection by regulation, so retail clients cannot owe more than they have deposited. Professional-tier clients (including IG's L2 Dealer DMA users) waive this protection in exchange for higher leverage caps.

How do I verify a UK CFD broker is FCA-authorised?

Enter the broker's Firm Reference Number at register.fca.org.uk. Active retail-derivative permissions confirm the broker can offer CFDs to UK clients. The six FRNs in this article (Capital.com 793714, Spreadex 190941, IG 195355, Pepperstone 684312, CMC 173730, Saxo 551422) all link directly to their register entries.

References

  • Financial Conduct Authority, FCA Register. Available at: register.fca.org.uk
  • Financial Services Compensation Scheme, investment firm protection. Available at: fscs.org.uk
  • HM Revenue & Customs, Capital Gains Tax. Available at: gov.uk/capital-gains-tax
  • FCA Policy Statement PS19/18 on CFD restrictions. Available at: fca.org.uk