Spread bets give you exposure to the following risks:

• Market risk – Spread bet prices mirror the underlying asset, so any unfavourable price movement will reduce the value of your position.

• Leverage risk – Spread bets are leveraged products, meaning you can control a large position with a relatively small deposit. While this amplifies potential gains, it also magnifies losses.

• Market volatility and gapping – Prices may move in sudden jumps in volatile markets.

• Risk of margin call – If equity falls below margin level, positions may be closed automatically.

• Liquidity risk – In illiquid markets, spreads widen and slippage may occur.