How do broker spreads compare on gold and oil?
Verdict
- Pepperstone, our pick for commodity traders in Singapore, publishes gold averages of 0.12 on Razor (plus commission) and 0.19 on Standard; we found no published average oil spread from any broker in our data.
- On gold, the two Pepperstone accounts cost about the same per round trip on MT5, so choose by platform, not price.
- Oil trades through WTI and Brent perpetual CFDs on Pepperstone's international retail margin table, at up to 1:50 leverage against 1:200 for gold.
- Singapore residents' accounts sit with Pepperstone Markets Limited in the Bahamas; there is no MAS licence.
Gold and oil behave differently on a broker's price list. Gold is priced like a major currency pair, and serious brokers publish averages for it. Oil spreads are rarely published as a single figure. Here is what can be compared, what cannot, and how to cost each trade.
Pepperstone on gold: published and comparable
Pepperstone's published gold averages are 0.12 on Razor and 0.19 on Standard; its UK site lists a Razor minimum of 0.08. Razor adds commission of USD 3.50 per side, the same rate on cTrader for gold as on MT5, so cTrader's lower FX commission does not apply to XAU/USD. Gold can be traded on MT4, MT5, cTrader, TradingView (Razor) and Pepperstone's app, with retail leverage of up to 1:200 at the Bahamas entity.
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Razor vs Standard on a gold trade
Gold spreads are quoted in dollars per ounce. If your contract is 100 ounces (confirm the size in the symbol specification), the arithmetic is:
| Account | Spread cost | Commission | Total |
|---|---|---|---|
| Razor | 0.12 × 100 = $12 | $7 (2 × $3.50) | $19 |
| Standard | 0.19 × 100 = $19 | $0 | $19 |
Oil: no published figure, so price it yourself
Pepperstone counts 40 commodity CFDs in its account tables, and its international retail margin table lists WTOIL-PERP and BRENTOIL-PERP perpetual CFDs. Perpetuals carry no expiry; instead, a funding rate is set weekly in advance and applied daily at 5 pm New York time. We could not find a published average spread for oil at Pepperstone or at any other broker in our data, so:
- Open the oil symbol at the hours you will trade and record the live spread.
- Multiply it by the barrels in your position for the dollar cost.
- Add the funding rate for each day you hold a perpetual.
- Remember the 1:50 retail cap: 2% margin, against 0.5% on gold.
Other brokers available in Singapore
XS accepts Singapore residents but publishes its average only for EUR/USD (0.1 pips on Elite, with a $6 round-turn commission and $500 minimum), not for gold or oil. MAS-licensed firms such as IG, CMC Markets and Saxo offer commodities through Singapore companies, but we have not verified their gold or oil spreads, so ask each for an average rather than a 'from' figure. Capital.com does not accept Singapore residents according to our broker data.
Sources
Spreads and terms as published.
Is gold cheaper to trade than oil?
We cannot say from published data, because no average oil spread is published. Gold's published average at Pepperstone is 0.12 on Razor.
What leverage applies to oil at Pepperstone's international entity?
Up to 1:50 for retail clients on commodities other than gold.
Can I hold an oil perpetual for weeks?
Yes; perpetual CFDs have no expiry, but you pay or receive the daily funding rate while the position is open.
Leveraged CFD trading is high risk: losses can build quickly and may wipe out your deposit. Pepperstone's international site reports that 80% of retail investor accounts lose money when trading CFDs with this provider. This is not investment advice; verify current terms directly with any broker you consider.