Can you compare the top brokers for gold and oil CFDs
Verdict
- Pepperstone is our top broker for gold and oil CFDs in Australia: published gold averages of 0.12 on Razor and 0.19 on Standard, WTI and Brent also available as 24/7 perpetual CFDs, and ASIC licence AFSL 414530.
- On published gold cost per 100 ounces, IC Markets' Raw account is lowest at about $16 a round trip; FP Markets Raw comes to about $18, Pepperstone about $19 on either account, and FP Markets Standard about $25.
- None of the four publishes an average oil spread in our data, so oil can only be compared on a live screen.
- Capital.com, our second choice, is the only one of the four with guaranteed stops in our data.
Gold and oil behave differently, and the broker comparison splits the same way. Gold has published spreads you can turn into a dollar cost; oil mostly doesn't. Below are the ASIC-licensed brokers we hold data for, side by side, followed by what the figures mean per trade.
Our pick for both: Pepperstone
Pepperstone is not the cheapest on paper for gold, but it is the most complete for someone trading both markets. Its Standard and Razor accounts land at the same all-in gold cost, so you can choose the account for its platforms rather than its price. It is also the only broker here offering GOLD, WTOIL and BRENTOIL perpetual CFDs that trade 24/7, and you can start from $10 funded instantly by PayID.
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Gold and oil terms side by side
| Pepperstone | Capital.com | IC Markets | FP Markets | |
|---|---|---|---|---|
| Australian licence | AFSL 414530 | AFSL 513393 | AFSL 335692 | AFSL 286354 |
| Gold average spread | Razor 0.12; Standard 0.19 | Not in our data | Raw 0.09 (global pricing page) | Raw 0.12; Standard 0.25 |
| Gold commission per side | USD 3.50 on cTrader; AUD 4.50 on MT5; Standard none | Not in our data | $3.50 | Raw $3; Standard none |
| Gold round trip, 100 oz | About $19 on either account | Not calculable | About $16 | About $18 Raw; $25 Standard |
| Published oil average | No | No | No | No |
| 24/7 perpetual gold and oil | Yes (GOLD, WTOIL, BRENTOIL) | Not in our data | Not in our data | Not in our data |
| Guaranteed stop-loss | No | Yes | Not in our data | Not in our data |
| Minimum deposit | $10 | $20 | $0 | $100 |
What the gold numbers mean in practice
IC Markets leads on published gold cost by about $3 a lot against Pepperstone. At 20 lots a month that is roughly $60, which matters to a heavy trader and is a rounding error for someone trading a few times a week. Two caveats: IC Markets' 0.09 comes from its global pricing page, which may not match its Australian company's prices, and averages say little about the spread during US data releases. If you trade gold on a schedule, test both at the hour you actually trade.
Oil: what can and can't be compared
Our verified data holds no average WTI or Brent spread for any of these brokers, so we won't rank them on oil price. What we can compare is structure. Pepperstone offers oil as ordinary CFDs and as WTOIL and BRENTOIL perpetuals, which cost 0.015% commission per side plus a daily funding charge; on A$20,000 of exposure that commission is A$3 each way. Its Australian pages don't state whether retail clients can trade the perpetuals, so confirm before relying on them. IC Markets' swap-free terms name WTI (XTIUSD) and Brent (XBRUSD) contracts, but give no spread.
Margin at ASIC retail limits
- Gold: 1:20 at Pepperstone, and 20:1 at Capital.com, so A$10,000 of gold needs about A$500.
- Energy: 1:10 at Pepperstone, so A$10,000 of crude needs about A$1,000.
- Professional clients at Pepperstone can reach 1:500 on gold and 1:20 on energy, in exchange for reduced negative balance protection.
- Oil gaps on inventory and supply news, and Pepperstone's stops are not guaranteed; Capital.com publishes guaranteed stop-losses that remove that slippage risk; read its terms for the cost.
Sources
Spreads, commissions and licence details as each broker publishes them.
Which broker is cheapest for gold CFDs in Australia?
On published averages plus commission, IC Markets' Raw Spread account at about $16 per 100-ounce round trip. Pepperstone comes to about $19, but offers more platforms, perpetuals and a $10 minimum.
Can I trade gold and oil from the same account?
Yes. At Pepperstone both sit in one Standard or Razor account, with one margin pool.
Which of these brokers offers guaranteed stops?
Capital.com, among the four compared here. Pepperstone does not, and our data has no guaranteed-stop terms for IC Markets or FP Markets.
Commodity CFDs are complex and leveraged, and gold and oil can move or gap sharply, so you can lose money quickly. Figures are broker-published averages, not guarantees. Read the PDS and TMD of any provider; this comparison is not investment advice.