Which broker has the lowest spreads on BTCUSD?
Verdict
- Pepperstone has the lowest BTCUSD spread we can verify: a published average of 15.15 on Razor and 20.15 on Standard, with no commission on crypto CFDs.
- That makes Razor about $5 cheaper per bitcoin of exposure, with nothing added back, unlike on FX, where Razor's lower spread comes with a commission.
- Capital.com and XS accept Hong Kong residents but publish no BTCUSD spread in our data.
- Pepperstone holds no SFC licence; Hong Kong clients deal with Pepperstone Markets Limited in the Bahamas (SIA-F217), where retail BTC/USD leverage is 1:20.
On bitcoin CFDs the spread is the main dealing cost, so a published average is the number to compare. Pepperstone's Razor account has the lowest one we can source. Here is what it means in dollars, how it compares with ETH and LTC, and the regulatory position for a Hong Kong trader.
Pepperstone Razor: the lowest BTCUSD average we found
Pepperstone publishes BTCUSD at a 10 minimum and a 15.15 average on Razor, and 15 and 20.15 on Standard. Crypto CFDs carry no commission on either account, so on bitcoin Razor is simply the cheaper choice. Among the brokers that accept Hong Kong residents, no other publishes a BTCUSD average we can verify.
Affiliate link — we may earn a commission at no extra cost to you.
The spread in dollars
BTCUSD is quoted in dollars per bitcoin, so the spread is the cost per coin of exposure:
- 1 BTC on Razor at the average: about $15.15 to open and close.
- 1 BTC on Standard: about $20.15.
- 0.1 BTC on Razor: about $1.52.
- Holding past the daily rollover adds a financing charge, which on a multi-day crypto trade can exceed the spread.
Bitcoin next to Pepperstone's other crypto CFDs
These figures come from Pepperstone's Australian crypto spreads page. The Bahamas retail margin table, which applies to Hong Kong, lists 44 coins against the US dollar.
| Coin | Razor | Standard |
|---|---|---|
| BTCUSD | 10 / 15.15 | 15 / 20.15 |
| ETHUSD | 2 / 2.01 | 2.5 / 2.51 |
| Commission | None | None |
Leverage and protections
- Retail BTC/USD leverage at Pepperstone's international entity: 1:20. Capital.com's Bahamas company also lists 20:1 on crypto.
- Pro clients can reach 1:500 on BTC and ETH at Pepperstone, with only discretionary negative balance protection.
- Retail clients are not liable for negative equity under the Bahamas terms.
Not a Hong Kong-regulated product
Pepperstone does not appear on the SFC register, and the bitcoin CFDs it offers Hong Kong residents are issued by its Bahamas entity. No compensation scheme is named. A CFD also gives you no coin to withdraw, only the price movement; if you want to own bitcoin, a CFD is the wrong product.
Sources
Figures as published by each broker or regulator on its own site.
Is there commission on BTCUSD at Pepperstone?
No. Crypto CFDs carry no commission on Razor or Standard; you pay the spread and any overnight financing.
What leverage can I use on bitcoin from Hong Kong?
Pepperstone's Bahamas entity allows retail clients up to 1:20 on BTC/USD.
Can I withdraw bitcoin from a Pepperstone CFD account?
No. A CFD tracks bitcoin's price; you never own the coin. Withdrawals are paid in money to your funding method.
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.