Which CFD broker is best for high volume traders?
Verdict
- Pepperstone is our pick for high-volume traders: Razor on cTrader costs about $7 per EUR/USD lot (0.1-pip average plus $6 round-turn commission), with published execution from 50 ms and a 99.32% fill rate.
- On price alone the gap is small: XS's Elite account also works out to about $7 a lot and FP Markets' Raw account to about $7.10, using each firm's published averages.
- Pepperstone's edge is the package: cTrader and TradingView alongside MetaTrader, a $10 minimum against XS's $500, API trading and cTrader Automate for algorithms.
- For Singapore residents, none of these three holds a MAS licence; Pepperstone serves Singapore from the Bahamas (SCB SIA-F217).
At high volume, a tenth of a pip or a dollar of commission becomes thousands a year, so the comparison has to use averages, not "from" figures. Three brokers that accept Singapore residents publish averages on EUR/USD; here is how they line up.
Pepperstone wins on cost plus tools
Pepperstone's cTrader commission of $3.00 per side is its lowest, and cTrader is also where its algorithmic tools live. Qualifying professional clients can raise FX leverage to 1:500 on the international site, which frees margin for traders running several positions, at the price of losing standing negative-balance protection.
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Cost per $10 million traded
One hundred round-turn standard lots of EUR/USD, published average spreads, USD accounts.
| Broker / account | Average spread | Commission per round turn | Cost per lot | Cost per 100 lots |
|---|---|---|---|---|
| Pepperstone Razor, cTrader | 0.1 pips | $6 | $7 | $700 |
| Pepperstone Razor, MT5 | 0.1 pips | $7 | $8 | $800 |
| XS Elite | 0.1 pips | $6 | $7 | $700 |
| FP Markets Raw | 0.11 pips | $6 | $7.10 | $710 |
| Pepperstone Standard | 1.1 pips | $0 | $11 | $1,100 |
Beyond the per-lot price
- Platforms: Pepperstone offers MT4, MT5, cTrader and TradingView; XS lists MT4, MT5 and its app; FP Markets lists MT4, MT5, cTrader, TradingView, WebTrader, Iress and an app.
- Minimums: Pepperstone $10, XS Elite $500, FP Markets $100.
- Execution data: Pepperstone publishes a speed and fill-rate figure; we have none for the other two.
- Regulation for Singapore residents: Pepperstone via SCB Bahamas; XS and FP Markets list no MAS licence either.
Questions to put to any broker before you scale
- Is there active-trader pricing at my volume? None is published in our data for these three.
- What is the swap on my main pairs, long and short?
- Is there a cap on order size or open positions?
- Can I connect by API, and at what cost?
Sources
What is Pepperstone's cheapest account for volume traders?
Razor on cTrader: a 0.1-pip EUR/USD average plus $3.00 per side, about $7 a round-turn lot.
Is XS cheaper than Pepperstone?
On EUR/USD the published cost per lot is the same, about $7. XS's Elite account needs $500 to open; Pepperstone needs $10.
Does Pepperstone offer a professional account?
Yes. On the international site you self-certify two of three criteria and get up to 1:500 on FX, without standing negative-balance protection.
CFDs are leveraged and complex, so losses can build quickly and can equal your whole deposit. Read the broker's risk disclosure first. We publish broker-stated facts for information only, not as investment advice.