Which broker is cheapest for trading indices and commodities together?
Verdict
- Pepperstone's Razor account is the cheapest single account we can verify for trading indices and commodities together: index CFDs carry no commission, and Razor index spreads are equal to or tighter than Standard's.
- Published Razor averages include US500 0.4 points, NAS100 1, GER40 1, UK100 1.5 and gold 0.12 (gold adds USD 3.50 commission per side).
- Leverage differs by asset at the Bahamas entity that serves Singapore: 1:200 on major indices and gold, 1:50 on other commodities.
- We found no comparable index and commodity price list from other brokers that accept Singapore residents.
Running indices and commodities in one account saves you from splitting margin and paying two sets of funding costs. The question is which account keeps both cheap. On the figures brokers actually publish, Pepperstone Razor does, and the reason is simple: its index prices carry no commission.
Why Pepperstone Razor wins on a mixed book
On many accounts with commission, you pay it on everything. Pepperstone charges Razor commission on FX and gold, but none on index CFDs, while Razor index spreads match or beat Standard's. That makes Razor the better account for indices and only slightly different for gold. The account covers 26 index CFDs and 40 commodity CFDs in Pepperstone's tables, on MT4, MT5, cTrader, TradingView and Pepperstone's app.
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Pepperstone's index spreads, Razor vs Standard
Averages from Pepperstone's Australian index-fees page (August 2026 data); no commission on either account.
| Index | Razor | Standard |
|---|---|---|
| US500 | 0.4 | 0.5 |
| NAS100 | 1 | 1.2 |
| US30 | 2 | 2.3 |
| GER40 | 1 | 1.3 |
| UK100 | 1.5 | 1.9 |
| JPN225 | 7.4 | 9.4 |
| HK50 | 5 | 5 |
| AUS200 | 1.5 | 1.5 |
Commodities in the same account
- Gold: 0.12 average on Razor plus USD 3.50 per side, or 0.19 on Standard with no commission.
- Oil: WTOIL-PERP and BRENTOIL-PERP perpetual CFDs appear on the international retail margin table; no average spread is published, so read the live quote.
- Perpetuals carry a daily funding charge, set weekly in advance, instead of an expiry.
- Retail margin: 0.5% on gold and major indices (1:200), 2% on commodities other than gold (1:50).
A combined position, costed
Say you buy one US500 contract and one 100-ounce gold contract, then close both (confirm contract sizes in your platform). On Razor: 0.4 points of US500 spread, plus 0.12 × 100 = $12 of gold spread and $7 of gold commission. On Standard: 0.5 points of US500, plus $19 of gold spread. Razor is cheaper on the index leg and level on the gold leg, so on a mixed book it comes out ahead.
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Alternatives and the licensing question
XS accepts Singapore residents but publishes no index or commodity spreads in our data. Capital.com does not accept Singapore residents according to our broker records. If a MAS licence matters more than price, IG, CMC Markets and Saxo trade through Singapore-licensed companies; we have not verified their index or commodity costs. Pepperstone serves Singapore through Pepperstone Markets Limited, licensed by the Securities Commission of The Bahamas, and holds no MAS licence.
Sources
Pepperstone's published spreads, margin and product terms.
Does Pepperstone charge commission on index CFDs?
No. Index CFDs are commission-free on both Razor and Standard; you pay the spread.
Can I trade indices and commodities on TradingView at Pepperstone?
Yes, with a Razor account; TradingView is not available on Standard.
Is the Australian index-fees page valid for Singapore clients?
It is the source Pepperstone publishes for these averages; check the live spread in your own platform, as quotes float.
Trading CFDs on leverage carries a high risk of rapid losses, and you can lose your whole deposit. Pepperstone's international site says 80% of retail investor accounts lose money when trading CFDs with this provider. Nothing here is investment advice; check every fee and term with the broker before you trade.