Trade Edge Alpha/Trading statistics/CFD loss rates
CFD Loss Rates by Broker
Roughly seven in ten retail CFD accounts lose money. Here is the figure for each UK broker.
Every UK broker selling CFDs and spread bets to retail clients has to publish how many of their accounts lose money. We collected the figure from 18 FCA-regulated brokers on 20 October 2026 and put it in one table, with the regulator data that explains it.
Brokers checked
18
Median losing
69.5%
Range
55–76.6%
Checked
20 October 2026
Short answer
Across 18 FCA-regulated brokers checked on 20 October 2026, between 55% and 76.6% of retail CFD and spread betting accounts lost money over the previous 12 months. The median was 69.5% and the average 69.5%. Roughly seven in ten retail accounts lose money at a typical UK broker.
The data
UK CFD loss rates
by broker
Every UK broker that offers CFDs, spread bets or rolling spot forex to retail clients has to publish the percentage of its retail accounts that lost money. The FCA sets how it is worked out, so the figures can be compared. The table below is each broker’s own published figure, taken from its UK website.
| Broker | % losing | Products covered | Entity named and source | |
|---|---|---|---|---|
| eToro | 55% | CFDs | eToro (UK) Ltd · source | |
| Saxo | 61% | CFDs | Saxo Capital Markets UK Ltd · source | |
| Spreadex | 61% | Spread bets and CFDs | UK website · source | |
| Capital.com | 65% | Spread bets and CFDs | Capital Com (UK) Limited · source | |
| Axi | 67.7% | CFDs | Axi Financial Services (UK) Limited · source | |
| StoneX (formerly City Index) | 68% | CFDs | StoneX UK website · source | |
| Tickmill | 68% | CFDs | Tickmill UK Ltd · source | |
| ActivTrades | 69% | CFDs | ActivTrades PLC · source | |
| CMC Markets | 69% | Spread bets and CFDs | CMC Markets UK plc · source | |
| IG | 70% | Spread bets and CFDs | IG Index Ltd · source | |
| Vantage | 72.65% | CFDs and spread bets | Vantage Global Prime LLP · source | |
| Pepperstone | 73.6% | Spread bets and CFDs | Pepperstone Limited · source | |
| FOREX.com | 74% | CFDs | StoneX Financial Ltd · source | |
| XTB | 74% | CFDs | XTB Limited · source | |
| FxPro | 75% | CFDs and spread bets | FxPro UK Limited · source | |
| Trading 212 | 75% | CFDs | Trading 212 UK Ltd · source | |
| Plus500 | 76% | CFDs | UK website · source | |
| OANDA | 76.6% | CFDs | OANDA Europe Limited · source |
Sorted from lowest to highest loss rate. Each figure is copied from the risk warning on the broker’s UK website on 20 October 2026. Brokers update these every three months, so check the source link for the current number. cityindex.com now redirects UK visitors to StoneX, so City Index is listed under that name. Unweighted average across the 18 brokers: 69.5%. Median: 69.5%.
How it is calculated
What the percentage
actually measures
The rules are in the FCA Handbook, COBS 22.5. In plain English:
- Every three months. Firms must redo the calculation each quarter.
- Over the last 12 months. Each calculation covers the 12 months before the date it was worked out.
- Per account, after all costs. An account counts as losing if the total of its realised and unrealised profit on these products is below zero, including all costs, fees and commissions.
- Only active accounts. Accounts that held no open position in the period are left out, as are deposits and withdrawals.
So the number is a share of accounts, not of money. It says nothing about how much was lost, and it depends heavily on who a broker’s clients are and how they trade. It is a fair guide to how retail clients do overall, not a ranking of broker quality.
Before the rules
How bad it was
before 2019
In 2016 the FCA looked at a sample of client accounts at CFD firms and found that 82% of clients lost money (FCA CP16/40).
In 2018 the EU securities regulator ESMA reported that national regulators’ studies showed 74% to 89% of retail CFD accounts typically lost money, with average losses per client of €1,600 to €29,000 (ESMA, 27 March 2018). It capped leverage and banned binary options for retail clients.
The FCA made its own version permanent in 2019. It estimated the rules would cut retail losses by £267m to £451m a year (FCA PS19/18), and that a permanent ban on binary options would save retail consumers up to £17m a year (FCA, December 2018).
| Underlying | Maximum leverage | Margin |
|---|---|---|
| Major currency pairs | 30:1 | 3.33% |
| Non-major currency pairs, gold, major indices | 20:1 | 5% |
| Commodities other than gold, non-major indices | 10:1 | 10% |
| Individual shares and other | 5:1 | 20% |
| Cryptocurrencies | 2:1 | 50% |
The UK has since gone further on crypto: the FCA banned the sale of crypto derivatives to retail consumers from 6 January 2021, so UK retail clients cannot trade crypto CFDs at all (FCA, October 2020).
The latest
What the FCA is
warning about now
In October 2025 the FCA said its CFD protections stop nearly 400,000 people a year from risking more than their original stake. It warned about firms pushing retail clients to opt up to “professional” status, which removes those protections, and about finfluencers promoting offshore firms. At one firm, more than 90,000 people lost around £75m over four years (FCA, 30 October 2025).
Keep reading
Related statistics
Using these figures?
You are welcome to quote any number on this page. Please credit the original study or regulator, and link to this page as the source of the compilation.
Trade Edge Alpha, “CFD Loss Rates by Broker: UK Table (October 2026)”, updated 20 October 2026. https://tradeedgealpha.com/cfd-loss-rates-by-broker.html
Sources
- Broker risk warnings: each broker’s UK website, linked in the table, checked 20 October 2026.
- FCA Handbook, COBS 22.5, restrictions on the retail marketing of CFDs. https://www.handbook.fca.org.uk/handbook/COBS/22/5.html
- FCA, CP16/40 infographic, December 2016. https://www.fca.org.uk/publication/consultation/cp16-40-infographic.pdf
- ESMA, “ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors”, 27 March 2018. https://www.esma.europa.eu/node/84933
- FCA, PS19/18 Restricting contract for difference products sold to retail clients, July 2019. https://www.fca.org.uk/publications/policy-statements/ps19-18-restricting-contract-difference-products
- FCA, “FCA proposes permanent measures for retail CFDs and binary options”, December 2018. https://www.fca.org.uk/news/press-releases/fca-proposes-permanent-measures-retail-cfds-and-binary-options
- FCA, “FCA warns investors in CFDs they risk losing out on protections”, 30 October 2025. https://www.fca.org.uk/news/press-releases/fca-warns-investors-cfds-risk-losing-out-protections
- FCA, “FCA bans the sale of crypto-derivatives to retail consumers”, 6 October 2020. https://www.fca.org.uk/news/press-releases/fca-bans-sale-crypto-derivatives-retail-consumers
Common questions
FAQ
What percentage of CFD traders lose money?
At the 18 UK brokers we checked on 20 October 2026, between 55% and 76.6% of retail CFD and spread betting accounts lost money over the previous 12 months, with a median of 69.5%. Before the 2018 and 2019 leverage limits, regulators found 74% to 89% of retail accounts lost money.
Which broker has the lowest percentage of losing clients?
In our 20 October 2026 check, eToro had the lowest published figure at 55% of retail accounts losing money, followed by Saxo and Spreadex at 61%. OANDA had the highest at 76.6%. A lower figure reflects the broker’s client base as much as the broker, so it is not a measure of which broker is better.
How often do brokers update the figure?
Every three months. FCA rules require the percentage to be recalculated each quarter, covering the previous 12 months.
Does the percentage include fees and spreads?
Yes. Under FCA rules an account counts as losing money if its total realised and unrealised profit, after all costs, fees and commissions, was below zero over the 12 months.
What leverage can UK retail traders use on CFDs?
At most 30:1 on major currency pairs, 20:1 on minor pairs, gold and major indices, 10:1 on other commodities and minor indices, and 5:1 on individual shares. Crypto CFDs cannot be sold to UK retail clients at all.