Same Markets. Open Pricing. Centrally Cleared.
Spread bet providers may act as market makers. Exchange-traded futures are a structurally different way to trade the same markets. The price is set by the market. Trades are centrally cleared.
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The market is the same. Who takes your trade isn't.
Spread betting and exchange-traded futures both let you trade indices, gold, oil, and FX with leverage. The mechanics underneath are very different. Here is the side-by-side, on the same underlying.
| If you spread bet | If you trade futures |
|---|---|
| You bet £10 per point on the DAX | You buy 1 FDAX contract on Eurex (or 1 MNQ on CME) |
| Your provider sets the spread | Pricing comes from open-market bids and offers |
| Your provider takes the other side of the trade | The exchange clearing house matches you with another participant |
| If you lose, your provider keeps the stake | Your broker earns a commission whichever way the trade goes |
Instruments shown are for illustrative purposes only and are not a recommendation to trade.
Spread betting and futures are taxed differently. Both have trade-offs.
Spread betting and exchange-traded futures have different tax characteristics under UK law. The right choice for your situation depends on your individual circumstances. Here is a general overview of how each is typically treated.
Generally exempt from CGT.
Subject to CGT with loss offset.
Spread-based products and exchange-traded futures aren't the same instrument.
Both let you trade indices, gold, oil, and FX with leverage. The mechanics underneath, counterparty, pricing, contract terms, are very different. Here is the side-by-side.
| Feature | Spread-based products | Exchange-traded futures |
|---|---|---|
| Counterparty | Your provider, who takes the other side of your trade | The exchange clearing house, which guarantees the trade independent of any single broker |
| Pricing | Provider sets the spread; can widen at news, low liquidity, or stop levels | Set by open-market bids and offers; same price every participant sees |
| Contract terms | Vary by provider: point value, margin, hours, rollover treatment | Standardised by the exchange: identical terms across brokers |
| Loss treatment | Generally no tax relief; generally cannot offset against other gains. Tax treatment depends on individual circumstances. | Losses may offset gains in the same tax year or may be carried forward. Tax treatment depends on individual circumstances. |
| Holding overnight | Daily financing charge applied to most positions held past close | Carry embedded in the contract price at roll. No nightly drag. |
| Liquidity | Provider-dependent. Your fill quality is whatever they offer | Pooled across all market participants with visible depth-of-market |
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Futures trading involves substantial risk of loss and is not suitable for all investors. You may lose more than your initial deposit. View NFA Risk Disclosure Statement. NinjaTrader Clearing, LLC is registered with the CFTC and is an NFA member (NFA ID: 0309379). NTC is not authorised or regulated by the FCA.