Which broker is cheapest for trading forex, indices and commodities together?
Verdict
- For a UK trader who mixes all three asset classes, Pepperstone is our pick: one login covers 90+ FX pairs, 20+ indices and 40 commodities, with published minimum spreads for each on every account type.
- Its spread betting account charges no commission and matches Razor's minimum index spreads (US500 0.4, UK100 1, GER40 0.9), so it is often the cheapest of Pepperstone's three accounts for a mixed portfolio.
- Razor is the cheaper choice if most of your volume is FX or gold: raw spreads from 0.0 on EUR/USD and 0.08 on spot gold, plus commission from £2.25 per lot per side.
- Rivals rarely publish index and commodity spreads in our data; CMC Markets lists gold from 0.2 points and eToro from 0.025%.
The cheapest broker for a mixed portfolio is the one whose costs stay low on all three asset classes in the same account, not the one with the best EUR/USD headline. Pepperstone is our pick because it publishes per-market spreads for FX, indices and gold on each UK account, so you can price the mix before you open one.
Why Pepperstone covers the full mix at low cost
Pepperstone's UK markets page lists 90+ currency pairs, 20+ indices and 40 commodities, all tradable from the same spread betting or CFD account, and you can hold several account types at once. Its costs page publishes minimum spreads for every key market on all three accounts, which makes it possible to work out a blended cost rather than guess one.
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Published minimum spreads by market and account
These are Pepperstone's published minimums, the tightest each spread gets; typical spreads are wider. Razor adds commission on FX and spot gold (from £2.25 per lot per side in GBP). Spread betting has no commission on any market, and Standard charges commission only on shares.
| Market | Razor | Standard | Spread bet |
|---|---|---|---|
| EUR/USD | 0.0 | 1.0 | 0.5 |
| GBP/USD | 0.0 | 1.0 | 0.8 |
| Spot gold | 0.08 | 0.19 | 0.1 |
| US500 | 0.4 | 0.6 | 0.4 |
| UK100 | 1 | 1.2 | 1 |
| GER40 | 0.9 | 1.2 | 0.9 |
| NAS100 | 1 | 1.2 | 1 |
Which Pepperstone account is cheapest for a mixed portfolio
Look at the index rows: spread betting matches Razor's minimum spreads on US500, UK100, GER40 and NAS100 without any commission, and is cheaper than Standard on every market in the table. If indices make up a large share of your trading, the spread betting account usually comes out ahead. Pepperstone also says spread betting profits are exempt from capital gains tax in the UK, though tax depends on your circumstances. Razor makes more sense when FX and gold dominate, because its 0.0 FX and 0.08 gold minimums undercut the spread betting figures and the commission is spread over a large volume.
- Mostly indices: spread betting account.
- Mostly FX or gold, trading CFDs: Razor.
- You want no commission and the simplest pricing on CFDs: Standard, at a higher spread.
A sample week priced at the minimum spreads
Take a spread bettor staking £5 a point on four trades: one EUR/USD, one UK100, one GER40 and one US500. At Pepperstone's published spread betting minimums, the spread costs are £2.50 (0.5 × £5), £5 (1 × £5), £4.50 (0.9 × £5) and £2 (0.4 × £5): £14 in total, with no commission. Positions held past 10 pm UK time also pay an overnight fee, and in busy markets spreads will be wider than these minimums.
How the alternatives compare across asset classes
Few rivals publish figures for indices and commodities that we could verify. CMC Markets lists gold from 0.2 points and eToro from 0.025%; for Capital.com we hold no static spread figures at all. Capital.com is still worth a look if you want spread betting with guaranteed stops, which Pepperstone does not offer. Whichever you consider, open the live price screen for the specific markets you trade before funding.
Sources
Spreads and fees as published by each broker.
Do index trades carry commission at Pepperstone?
Pepperstone quotes Razor commission on FX and spot gold. The spread betting account charges no commission on any market, and the Standard account charges commission only on shares.
How much leverage can I use on each asset class in the UK?
For retail clients, Pepperstone UK allows up to 1:30 on major FX, 1:20 on major indices and gold, and 1:10 on other commodities.
Can I hold a spread betting and a Razor account at the same time?
Yes. Pepperstone UK says you can hold several account types at once, so you can trade indices by spread bet and FX through Razor.
CFDs and spread bets are leveraged, complex products, and you can lose money quickly. Pepperstone Limited reports that 73.6% of its retail investor accounts lose money trading them; other providers publish their own figures. Nothing on this page is investment or tax advice.