What's the best broker for trading oil CFDs?
Verdict
- Pepperstone is our pick for trading oil CFDs from Hong Kong: it offers crude as standard commodity CFDs and as WTI and Brent perpetual CFDs, on MT4, MT5, cTrader, TradingView and its own app.
- Retail leverage on commodities other than gold is capped at 1:50 at Pepperstone's Bahamas entity, which serves Hong Kong but holds no SFC licence.
- Capital.com's Bahamas company lists retail leverage of up to 200:1 on commodities, and XS advertises up to 1:2000 dynamic leverage without naming the entity.
- None of the three publishes an oil spread in the data we verify, so compare live quotes before you commit.
Oil moves fast and gaps over weekends, so the best oil broker is the one that gives you sensible leverage, flexible ways to hold a position and a platform you can manage risk on. Pepperstone covers all three. Here is how its oil offer is built, how leverage compares with Capital.com and XS, and what we could not verify.
Why Pepperstone comes first for crude
Three things set Pepperstone apart for an oil trader. It lists about 40 commodity CFDs (account table, March 2025 data). Its Bahamas retail margin table includes WTOIL-PERP and BRENTOIL-PERP, so you can hold WTI or Brent without a contract roll. And a Razor account reaches the oil market from MT4, MT5, cTrader, TradingView or the Pepperstone app (the perpetuals run on all of them except MT4), so you can automate in cTrader or chart in TradingView without moving money. The entry point is a $10 deposit.
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Cash CFD or perpetual: two ways to hold crude
A standard oil CFD charges financing each night you hold it. A perpetual CFD has no expiry; Pepperstone sets a funding rate weekly in advance and applies it daily at 5 pm New York time, and perpetuals trade 24/7 without a crypto wallet. On its Australian costs page Pepperstone lists commission of 0.015% per side on WTOIL and BRENTOIL perpetuals. Which suits you depends on how long you hold: check the funding rate for the week against the cash CFD's overnight charge before choosing.
Oil leverage at Pepperstone, Capital.com and XS
This is the clearest published difference between the three. A lower cap is not a weakness on oil: a 2% move at 1:50 is a 100% swing on your margin.
| Pepperstone | Capital.com | XS | |
|---|---|---|---|
| Entity cited | Pepperstone Markets Ltd (SCB, Bahamas) | Capital Com Online Investments Ltd (SCB, Bahamas) | Not specified on the page |
| Oil leverage | 1:50 (commodities other than gold) | 200:1 (commodities) | Up to 1:2000 dynamic |
| SFC licence | No | Not listed | Not listed |
| Platforms | MT4, MT5, cTrader, TradingView, app | Web, app, MT4, MT5, TradingView | MT4, MT5, XS app |
What we could not verify
- Oil spreads: none of the three brokers publishes a WTI or Brent spread in the data we check, so we make no cost claim.
- Which Capital.com or XS company would hold a Hong Kong account: neither names one for Hong Kong, so ask before you fund.
- Contract sizes: confirm the lot size of each oil CFD in the platform's specification before you size a trade.
Questions to settle before your first oil trade
- Decide whether you will hold for hours or weeks; that picks cash CFD or perpetual.
- Compare the live WTI quote at each broker at the same moment, ideally during US hours.
- Set a stop-loss; Pepperstone does not offer guaranteed stops, so a gap can fill it at a worse price.
- Confirm the company on your agreement: for Pepperstone it is the Bahamas entity, not an SFC-licensed firm.
Sources
Figures as published by each broker or regulator on its own site.
Can I trade Brent and WTI at Pepperstone?
Yes. Both appear as perpetual CFDs (BRENTOIL-PERP and WTOIL-PERP) on Pepperstone's Bahamas retail margin table, alongside its commodity CFD range.
Why is Pepperstone's oil leverage lower than XS's?
Pepperstone's Bahamas entity caps retail commodities other than gold at 1:50. XS advertises dynamic leverage up to 1:2000 but does not say which entity that applies to.
Is oil trading at Pepperstone regulated in Hong Kong?
No. Hong Kong clients deal with Pepperstone Markets Limited, licensed in the Bahamas (SIA-F217). Pepperstone holds no SFC licence.
Trading CFDs on margin is high risk: leverage can wipe out a deposit quickly, and these products are not suitable for everyone. Nothing on this page is investment advice. Fees, spreads and leverage change, so confirm them on the broker's own site before trading.