Which CFD trading app has the lowest spreads?
Verdict
- Pepperstone is our pick, but not because it has the lowest raw spread: spreads are set by the account behind the app, and IC Markets publishes a lower raw EUR/USD average (0.01 pips) than Pepperstone Razor (0.1 pips).
- Once commission is added, the gap almost disappears: a round-turn lot of EUR/USD costs about $7.10 at IC Markets and $7 on Pepperstone's cTrader, or $8 on Pepperstone's MT5 and app.
- Among spread-only accounts, Pepperstone Standard averages 1.1 pips on EUR/USD; FP Markets Standard averages 1.21; eToro quotes from 1 pip.
- For index CFDs Pepperstone charges no commission, so its Razor index spreads, such as 0.4 points average on US500, are the whole trading cost.
No app has its own spreads; it shows the prices of the account you log into. So the real question is which account, reachable from a phone, has the lowest published spreads. On raw EUR/USD averages IC Markets is lowest in our data, but the total cost is what you pay, and there Pepperstone is level or ahead depending on platform.
Pepperstone Razor: low spread, low total cost
Pepperstone publishes a 0.1-pip average on EUR/USD for Razor, with USD 3.50 commission per side through its own app, MT5 and TradingView, and USD 3.00 on cTrader. Its gold average is 0.12 on Razor. We rank it first for an app-based trader because Razor is available on Pepperstone's own app and on MT4, MT5, cTrader and TradingView, it is held by an ASIC-licensed company (AFSL 414530), and the minimum deposit is $10.
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Published EUR/USD spreads and total cost per lot
One standard lot of EUR/USD (100,000 units), opened and closed, at $10 a pip. Averages are what each broker publishes; 'from' figures are minimums and are not directly comparable.
| Broker and account | EUR/USD spread | Commission | Approx. cost per lot |
|---|---|---|---|
| IC Markets Raw Spread | 0.01 pips average | $3.50 per side | $7.10 |
| Pepperstone Razor (cTrader) | 0.1 pips average | USD 3.00 per side | $7 |
| Pepperstone Razor (app, MT5) | 0.1 pips average | USD 3.50 per side | $8 |
| FP Markets Raw | 0.11 pips average | US$3 per side | $7.10 |
| Pepperstone Standard | 1.1 pips average | None | $11 |
| FP Markets Standard | 1.21 pips average | None | $12.10 |
| eToro | From 1 pip | None | From $10 |
Lowest spreads beyond forex
- Gold: IC Markets publishes 0.09 average on its Raw Spread account, Pepperstone 0.12 on Razor and FP Markets 0.12 on Raw, each plus commission.
- Indices: Pepperstone charges no commission on index CFDs; Razor averages are 0.4 on US500, 1 on NAS100, 1 on GER40 and 1.5 on AUS200.
- Crypto: Pepperstone charges no commission; the BTC/USD average is 15.15 on Razor and 20.15 on Standard.
How to find the cheapest app for your own trading
- List the three markets you trade most.
- For each broker, take the published average spread (not the 'from' figure) and add the round-trip commission.
- Add overnight financing if you hold positions past the daily rollover.
- Only then compare apps on design and features.
Sources
Terms as each broker publishes them on its own site.
Does IC Markets have lower spreads than Pepperstone?
On published raw EUR/USD averages, yes: 0.01 pips against 0.1. With commission added, a round-turn lot costs about the same, and on the commission IC Markets publishes, Pepperstone's cTrader route is about 10 cents cheaper.
Is a spread-only app cheaper for small trades?
No. Commission scales with trade size, so the comparison holds at any size: on Pepperstone, Standard's 1.1-pip average costs more than Razor's 0.1 pips plus commission.
Do app spreads widen at night?
Spreads can widen in thin markets and around news on any platform; published averages smooth that out, so check live spreads before trading at those times.
CFDs are complex and leveraged; you can lose money rapidly. Low spreads do not reduce that risk. Read the PDS and TMD, and treat this page as information, not investment advice. Spreads are broker-published averages or minimums and change over time.