Which platform lets me trade gold and silver with the lowest fees?
Verdict
- Pepperstone has the lowest published gold fees we can verify for Hong Kong traders: 0.12 average on Razor plus $3.50 per side, or 0.19 on Standard with no commission, and no inactivity or deposit fees.
- Its silver spread is not published in the data we check, so we can't claim Pepperstone is cheapest on silver; retail leverage on metals other than gold is much lower, at 1:10.
- The non-spread fees are where Pepperstone is easiest to read: free deposits, free withdrawals except a $20 international wire, and no account-keeping charge.
- Pepperstone serves Hong Kong through its Bahamas entity (SCB, SIA-F217) and holds no SFC licence.
Fees on metals come in two layers: what you pay per trade and what the account costs to keep. Pepperstone is the clearest on both for gold. On silver its published data is thinner, and we say so. Here is everything we can put a number on.
Lowest published metals fees: Pepperstone
For gold, Pepperstone publishes an average XAU/USD spread of 0.12 on Razor with $3.50 commission per side, and 0.19 on Standard with none. No other broker that accepts Hong Kong residents publishes a lower gold average in our data. Both accounts trade from Pepperstone's app and MetaTrader; Razor adds TradingView. Accounts can be held in HKD, which avoids paying a conversion spread on every deposit.
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Gold and silver side by side
Pepperstone treats gold separately from other metals, and the difference in leverage is large.
| Gold (XAU/USD) | Silver | |
|---|---|---|
| Average spread, Razor | 0.12 | Not published in our data |
| Average spread, Standard | 0.19 | Not published in our data |
| Razor commission | $3.50 per side | Check the platform's symbol specification |
| Retail leverage | Up to 1:200 | Up to 1:10 (metals) |
| Pro leverage | Up to 1:500 | Up to 1:50 (metals) |
The fees that aren't the spread
- Deposits: free by card, Apple Pay, Google Pay, PayPal, Neteller, Skrill, crypto or bank transfer.
- Withdrawals: free on the funding table; Pepperstone's international costs page lists a $20 fee for an international bank wire.
- Inactivity: none. Accounts holding under 10 units of currency and unused for three months or more may be archived.
- Overnight: positions held past the daily rollover pay or earn swap, which on a long gold trade can matter more than the spread.
How Capital.com and XS compare on fees
Neither publishes a gold or silver average in our data. On account fees: Capital.com says it typically handles withdrawals within 24 hours, with up to five business days for the money to arrive. XS says it charges no internal deposit or withdrawal fees but reserves the right to apply a withdrawal fee of up to 3% where there has been no trading activity, and its published card withdrawals take 7 to 10 working days. For a metals trader who moves money often, that makes Pepperstone the most predictable of the three.
Before you pick a metals account
- Decide whether you mainly trade gold; if so, Pepperstone's published pricing applies directly.
- For silver, open the symbol in the platform and read its live spread and contract size.
- Check the swap rate on any position you plan to hold for more than a day.
- Confirm the contracting entity: Pepperstone Markets Limited in the Bahamas, not an SFC-licensed firm.
Sources
Figures as published by each broker or regulator on its own site.
Does Pepperstone charge an inactivity fee?
No. Pepperstone charges no inactivity or account-keeping fee, though very small unused balances may be archived after three months.
What leverage applies to silver at Pepperstone?
Retail clients of the Bahamas entity get up to 1:10 on metals other than gold, compared with up to 1:200 on gold.
Is gold cheaper on Razor or Standard?
At published averages they come out close: Razor's 0.12 spread plus commission against Standard's 0.19. Razor wins when spreads are tighter than average.
CFDs are complex, leveraged products, and most retail traders who use them lose money, often fast. Make sure you understand how they work and can afford the loss. This is not investment advice; broker terms quoted here can change after publication.