Capital.com — Best for Most UK Silver Traders

4.2
3.8
4.4
Trustpilot Score: 4.6 · Checked February 2026

Capital.com is where I'd point most people starting with silver. The XAG/USD spread of $0.020 sits below the industry average of $0.022 (across 100+ brokers surveyed by BrokerChooser), there's zero commission, and UK clients get both spread betting and CFD accounts — so you choose the tax wrapper that suits your stage.

The TradingView integration is genuinely useful for silver. I used it to run gold-silver ratio overlays alongside price alerts — the kind of analysis that matters when the ratio is sitting at ~59:1, well below the long-term 60–80 average, suggesting relative silver strength.

Capital.com trading platform showing live silver price at 79.334 USD with 1-hour chart and 843.2 troy ounce position size on desktop
Capital.com desktop platform displaying live silver (XAG/USD) pricing at 79.334, 1-hour chart view and order ticket set to 843.2 troy ounces — February 2026.

Pros

  • $0.020 XAG/USD spread — below the industry average of $0.022
  • Zero commission on silver trades
  • Both spread betting (tax-free) and CFD accounts available
  • TradingView integration for gold-silver ratio analysis

Cons

  • No silver futures available
  • No silver options
  • Overnight funding on all spot positions — no way to avoid it for silver

What Are Capital.com's Silver Trading Fees?

Capital.com charges zero commission on silver trades. The cost is built into the spread — $0.020 on XAG/USD, which is competitive against the industry average of $0.022 across 100+ brokers surveyed by BrokerChooser. However, every spot position held overnight incurs a funding charge. Capital.com's unleveraged 1X mode — which eliminates overnight charges — is limited to equities and indices, so it's not an option for silver.

Fee TypeCostNotes
XAG/USD Spread$0.020Below industry average ($0.022)
Commission£0Commission-free on all silver trades
Overnight FundingVariableApplied daily on held spot positions
Minimum Deposit£20Low barrier to entry

What Silver Products Does Capital.com Offer?

Capital.com offers spot XAG/USD via both spread bets and CFDs — so UK clients choose the tax wrapper that suits their stage. Spread betting profits are entirely tax-free, while CFD losses can offset other capital gains. The TradingView integration is genuinely useful for silver, supporting gold-silver ratio overlays and price alerts directly within the platform. Capital.com also supports MT4 for traders who prefer that interface.

The limitation is clear: no silver futures and no silver options. If you need to hold positions for days or weeks without cumulative overnight funding, you'll need Spreadex or IG.

Is Capital.com Regulated for Silver Trading in the UK?

Capital.com is authorised and regulated by the Financial Conduct Authority (FCA) under registration number 793714. UK retail clients benefit from FSCS protection up to £85,000 and negative balance protection — you cannot lose more than your deposited funds. FCA rules cap silver leverage at 10:1 for retail traders.

MetricValue
FCA Registration793714
Silver Leverage (Retail)10:1
FSCS ProtectionUp to £85,000
Negative Balance ProtectionYes
Visit Capital.com Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% 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 — Best for Silver Futures & Options via Spread Betting

4.6
4.5
4.2
Trustpilot Score: 4.3 · Checked February 2026

Spreadex has been a UK spread betting specialist since 1999, and what distinguishes it for silver is the product depth within that tax-free wrapper. You get spot silver (daily), quarterly futures, and options — all as spread bets.

The quarterly futures matter. When I modelled holding costs on a multi-week silver position, the cumulative daily funding on spot positions exceeded the wider futures entry spread within about four days. For a gold-silver ratio trade — where you're holding both legs for potentially weeks — futures on both sides means zero daily funding drag. That's a meaningful edge on a paired trade.

Spreadex trading platform showing Silver March contract with sell price 7842.25 and buy price 7852.25, daily candlestick chart and trade ticket panel
Spreadex spread betting platform displaying Silver (Mar) at 7842.25 / 7852.25, with daily chart and trade ticket open — UK account view, February 2026.

Pros

  • Silver futures as tax-free spread bets — no daily funding charges
  • Silver options from 3 points spread ($50/pt) for defined-risk exposure
  • UK spread betting specialist since 1999
  • Spot, quarterly futures, and options all within one wrapper

Cons

  • No weekend silver trading
  • Smaller overall market range compared to IG
  • Position sizing requires discipline — daily moves of 200–400+ cents are routine at ~$80/oz

What Are Spreadex's Silver Trading Fees?

Spreadex charges no commission on silver spread bets. The cost is the spread — from 2 points on spot XAG/USD. Quarterly futures carry a wider entry spread but eliminate daily funding entirely, which makes them cheaper for positions held beyond about four days. Silver options are available from 3 points spread at $50 per point.

Fee TypeCostNotes
XAG/USD Spot SpreadFrom 2 pointsDaily funded positions
Quarterly Futures SpreadWider than spotNo daily funding — cheaper after ~4 days
Silver OptionsFrom 3 pts ($50/pt)Defined-risk — max loss capped at premium
Minimum Deposit£0No minimum deposit required

What Silver Products Does Spreadex Offer?

Spreadex offers spot silver (daily), quarterly futures, and options — all as tax-free spread bets. When spread betting on silver with Spreadex, you trade per cent movement — a £1-per-point bet gains or loses £1 for every one-cent move in XAG/USD. At ~$80/oz, daily moves of 200–400+ cents are routine, so position sizing discipline matters here.

Spreadex silver options give you defined-risk exposure without the margin call danger of leveraged spot — unusual among UK retail brokers. You can buy a call on a silver breakout with your maximum loss capped at the premium paid.

Is Spreadex Regulated for Silver Trading in the UK?

Spreadex is authorised and regulated by the Financial Conduct Authority (FCA) under registration number 190941. As a UK-based spread betting specialist operating since 1999, Spreadex provides FSCS protection up to £85,000 and negative balance protection for retail clients.

MetricValue
FCA Registration190941
Silver Leverage (Retail)10:1
FSCS ProtectionUp to £85,000
Operating Since1999
Visit Spreadex Read Full Review

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.

IG — Best for Experienced Silver Traders

4.4
4.2
4.5
Trustpilot Score: 3.9 · Checked February 2026

IG was founded in 1974 as Investors Gold Index. Precious metals are what the company was built on, and for silver, it shows — this is the deepest product range I've found at any UK broker.

You get spot, quarterly futures (COMEX-based), options, and Weekend Spot Silver — all available via both spread bets and CFDs. The standard silver CFD is 5,000 troy ounces ($50 per point), mirroring the COMEX contract, with mini versions available for smaller accounts.

IG trading platform desktop view showing Spot Silver daily chart around 7,895 with commodities watchlist and open positions panel
IG web platform displaying Spot Silver on the daily chart (price near 7,895), alongside the commodities watchlist and active positions — UK demo account, February 2026.

Pros

  • Deepest silver product range — spot, futures, options, and weekend trading
  • Weekend Spot Silver lets you trade when every other broker is closed
  • Multiple platforms: IG Web, MT4, TradingView, ProRealTime, L2 Dealer
  • Both spread bets and CFDs on all silver products

Cons

  • 17,000+ markets can feel like overkill if you only want XAG/USD
  • Standard silver CFD is 5,000 oz ($50/pt) — large for smaller accounts
  • Wider spreads during weekend trading hours

What Are IG's Silver Trading Fees?

IG's spot XAG/USD spread is $0.020 — matching Capital.com and sitting below the industry average. Overnight funding on spot silver uses a tom-next spread plus an admin fee — the UK spread betting product details currently show 0.8% per annum, though I'd check the current rate on your account. Reports suggest IG has recently adjusted fees on spot metals in some regions. Quarterly futures carry a wider entry spread but eliminate daily funding entirely.

Fee TypeCostNotes
XAG/USD Spot Spread$0.020Matches industry-leading rate
Overnight Funding~0.8% p.a.Tom-next + admin fee on spot positions
Quarterly FuturesWider spreadCOMEX-based, no daily funding
Weekend SilverWider spreadPremium for weekend access
Minimum Deposit£0No minimum deposit required

What Silver Products Does IG Offer?

IG offers the deepest silver product range I've found at any UK broker: spot, quarterly futures (COMEX-based), options, and Weekend Spot Silver — all available via both spread bets and CFDs. The standard silver CFD is 5,000 troy ounces ($50 per point), mirroring the COMEX contract, with mini versions available for smaller accounts.

The weekend trading is worth highlighting. IG's Weekend Spot Silver lets you hold or open positions on Saturday and Sunday when every other broker is closed. If silver gaps on geopolitical news over a weekend, you can react rather than wait for Sunday night's open. Spreads are wider during weekend hours, but the access itself is the differentiator.

Is IG Regulated for Silver Trading in the UK?

IG operates under two FCA registrations: IG Markets Ltd (195355) for CFDs and IG Index Ltd (114059) for spread betting. Founded in 1974, IG is one of the longest-established trading providers in the UK. Clients benefit from FSCS protection up to £85,000, negative balance protection, and segregated client funds.

MetricValue
FCA Registration (CFDs)195355 (IG Markets)
FCA Registration (Spread Betting)114059 (IG Index)
Silver Leverage (Retail)10:1
FSCS ProtectionUp to £85,000
Founded1974
Visit IG Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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.

Why Does Silver Need Different Selection Criteria?

Most "best broker for commodities" guides treat gold and silver identically. They shouldn't. Three structural differences change which platform works best.

What Is the Leverage Gap Between Gold and Silver?

Under ESMA's product intervention measures (adopted by the FCA), silver is classified as an "other commodity" — not a major commodity like gold. Silver requires double the margin of gold for the same notional exposure. At current prices (~$80/oz), a 100-oz position ($8,000 notional) ties up $800 in margin. A 10% adverse move — which happens on major event days — would consume 100% of that margin. Gold's higher leverage makes it more dangerous per unit of capital, but silver's higher volatility (typically 2–4% daily vs gold's 1–2%) more than offsets this. If you're deciding between the two metals, my gold trading platform guide covers the different leverage dynamics in detail.

CommodityFCA ClassificationMax LeverageMargin RequiredMargin on £10,000 Position
GoldMajor commodity20:15%£500
SilverOther commodity10:110%£1,000
Oil (Brent/WTI)Other commodity10:110%£1,000
Chart comparing FCA leverage and margin requirements for gold and silver in the UK, showing gold at 20:1 leverage with 5% margin (£500 on £10,000) and silver at 10:1 leverage with 10% margin (£1,000 on £10,000)
FCA leverage comparison (UK): Gold classified as a major commodity at 20:1 leverage (5% margin = £500 on £10,000), versus Silver at 10:1 leverage (10% margin = £1,000).

What Is the Tax Advantage for UK Silver Traders?

This is the biggest structural edge for UK silver traders, and I'm surprised how often it's glossed over. On a £10,000 silver profit, a higher-rate taxpayer keeps £10,000 via spread betting versus £8,320 via CFDs. That's £1,680 per year — and it compounds. Once you're consistently profitable, trading silver as a spread bet rather than a CFD is one of the simplest ways to improve net returns. If you're new to spread betting, my best spread betting platforms guide covers the basics. (CGT rates: GOV.UK 2025/26.)

Spread BettingCFDs
Capital Gains TaxExempt18% (basic rate) or 24% (higher rate) above £3,000 allowance
Loss offsetNoYes — losses reduce your CGT bill
Best forProfitable tradersTraders who expect losses (learning phase)

How Does Spot vs Futures Affect Overnight Funding?

Every leveraged spot silver position held overnight incurs a funding charge. At current interest rates, this erodes multi-day positions meaningfully. Futures products — available at Spreadex and IG but not Capital.com — eliminate daily funding entirely in exchange for a wider entry spread. The breakeven is typically 3–5 days: hold longer than that, and futures are cheaper. This distinction matters for platform choice: if you're holding silver positions for more than a few days, you need a broker that offers futures — which immediately narrows the field.

Holding PeriodSpotFuturesMy Recommendation
IntradayTighter spread, no fundingWider spread, no benefitUse spot
1–3 daysSpread + fundingWider spread, no fundingCalculate both
1+ weeksSignificant cumulative fundingWider spread onlyFutures
Chart comparing total trading costs of spot silver versus futures over different holding periods, showing spot cheaper short term and futures cheaper after approximately 3 to 5 days
Spot vs futures silver costs (UK spread betting example): Spot is cheaper for intraday trades, while futures become more cost-effective after roughly 3–5 days as daily funding accumulates.

What Are the Key Risks of Trading Silver?

Silver is not a gentle market. Before committing real capital, understand what you're dealing with. Most retail traders do not profit from leveraged silver trading. If you're new to silver, start with a demo account before committing real capital at 10:1 leverage. If you're new to leveraged trading more broadly, my guide to getting started with CFD trading covers the mechanics in more depth.

RiskWhat It MeansWhat I'd Do
High daily volatility2–4% typical, 5–10% on event daysSize positions conservatively; use stop losses
Leverage at 10:1A 5% move = 50% P&L on marginNever use full margin capacity — I keep usage below 30%
Overnight funding dragDaily charges compound on multi-day spot holdsSwitch to futures for swing trades (Spreadex, IG)
Industrial demand exposureSolar, EV, electronics slowdown triggers sell-offsWatch PMI data and industrial output
Liquidity gapsWider spreads in Asian sessionTrade during London/New York overlap
Weekend gapsSunday open can gap significantly from Friday closeReduce exposure before weekends, or use IG's weekend silver

Final Thoughts

Here's the thing most commodity broker lists get wrong: silver is not gold. The FCA caps retail leverage on silver at 10:1, half the 20:1 available on gold. That changes your margin requirements, your position sizing, and ultimately which broker makes sense. Combine that with the spread betting tax advantage — unique to UK traders — and silver deserves its own shortlist.

For most UK silver traders, Capital.com is the best starting point — low barrier to entry, competitive spreads, and tax-free spread betting. If you need futures to avoid overnight funding on longer holds, Spreadex is the specialist choice. And if you want every silver product type under one roof — including weekend trading — IG has the deepest range available.

If you're after a broader comparison, see my guide to the best CFD brokers in the UK.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

FAQs

Is it better to trade silver as a spread bet or CFD in the UK?

Spread betting, in most cases. Profits are entirely tax-free — no CGT, no stamp duty. CFD profits attract CGT at 18% or 24% above your £3,000 annual allowance (2025/26 rates). The one CFD advantage: losses offset other capital gains. If you're still learning and expect losses, that offset has value. Once you're consistently profitable, spread betting saves you 12–17% on gains. I cover the full comparison in my spread betting vs CFDs guide.

What is the FCA leverage limit on silver?

10:1 — meaning 10% margin. This is lower than gold's 20:1 because silver is classified as an "other commodity" under ESMA rules, not a major commodity. A £10,000 silver position requires £1,000 in margin, versus £500 for gold.

What is the best time to trade silver?

The London-New York overlap, 13:30–16:30 GMT. That's when I recorded the tightest spreads and deepest liquidity. Silver also reacts sharply to US data releases (NFP, CPI, Fed decisions) typically at 13:30 GMT. Avoid the Asian session when spreads widen.

Can I trade silver futures via spread betting in the UK?

Yes — Spreadex and IG both offer silver futures as tax-free spread bets. Capital.com offers spot silver only. For positions held beyond 3–5 days, futures typically work out cheaper because you avoid cumulative daily funding charges.

References