What is the best CFD trading account in Australia?
Verdict
- The best CFD trading account in Australia for most active traders is Pepperstone's Razor account: raw spreads with a published EUR/USD average of 0.1 pips, AUD 3.50 commission per side on MT5 in an AUD account, and all five platforms.
- Pepperstone's Standard account suits occasional traders who prefer no commission: a 1.1-pip EUR/USD average, on the Pepperstone app, MT5 and cTrader.
- Capital.com (AFSL 513393) is our alternative if you want guaranteed stop-loss orders.
- Both Pepperstone accounts start at $10 and can be held in AUD, USD, EUR, GBP, SGD or HKD.
An account is a pricing model plus a set of platforms. Here is how to choose between Pepperstone's two Australian accounts, and when another broker's account is the better buy.
Razor: our pick for most traders
Razor separates the spread from the commission, which makes it cheaper per lot on FX and gold and gives you every platform Pepperstone Group Limited (AFSL 414530) offers in Australia: its app, MT4, MT5, cTrader and TradingView. Standard is the simpler product, but in Australia it leaves out MT4 and TradingView.
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Razor vs Standard at Pepperstone Australia
| Razor | Standard | |
|---|---|---|
| EUR/USD average spread | 0.1 pips | 1.1 pips |
| FX commission | MT5: AUD 3.50 per side; MT4: AUD 7 per lot on opening; cTrader: USD 6 round trip | None |
| Gold average spread | 0.12 | 0.19 |
| UK100 / GER40 average spread | 1.5 / 1 points | 1.9 / 1.3 points |
| Index CFD commission | None | None |
| Platforms | App, MT4, MT5, cTrader, TradingView | App, MT5, cTrader |
| Minimum deposit | $10 | $10 |
When does Razor pay off?
On EUR/USD in a USD account, a Razor round trip on MT5 costs about $8 per lot and a Standard round trip about $11, because Standard builds a mark-up into the spread instead of charging commission. Razor is therefore cheaper at every size; the saving is about $3 a lot. At 20 lots a month that is $60. At 0.01 lots it is three cents a trade, which is why a beginner can reasonably prefer Standard's single, all-in price.
When a different account wins
- You want guaranteed stops: Capital.com's help centre describes them; Pepperstone offers none.
- You want MT4 or TradingView without commission: not possible at Pepperstone in Australia, where both are Razor-only.
- You need a swap-free account: Pepperstone limits it to residents of 23 listed countries, and Australia is not one of them.
- You qualify as a wholesale client and want higher leverage: Pepperstone's Pro terms apply, with reduced negative balance protection.
Opening checklist
- Choose the base currency you earn in, so you avoid needless conversion.
- Read the Product Disclosure Statement and Target Market Determination.
- Fund by PayID or BPAY from $10; both are free on Pepperstone's Australian table.
- Place a small trade and a small withdrawal before trading normal size.
Sources
As published by each broker.
Is there a higher minimum for Razor?
No. Both Pepperstone accounts start at $10.
Which Pepperstone account works with TradingView in Australia?
Razor only.
Does Pepperstone charge commission on index CFDs?
No, on either account; the cost is in the spread.
CFD trading is high risk: leverage means a small market move can cost you a large share of your balance, quickly. These products are complex. We give general information, not investment advice; costs and conditions change, so verify them with the broker.