Which broker has the lowest spread on the Nasdaq 100?
Verdict
- Pepperstone, our recommended broker, publishes a Nasdaq 100 (NAS100) spread of 1 point minimum and 1 point average on Razor, and 1.2 on Standard, with no commission.
- We found no verified average Nasdaq 100 spread from other brokers, so we cannot say who is lowest; we can say Pepperstone's figure is an average, which is the honest basis for comparison.
- The NAS100 forward has a 3-point minimum spread, and the NAS100 perpetual CFD charges 0.015% commission per side, about USD 7.50 per side on USD 50,000 of exposure.
- For frequent Nasdaq traders, Razor saves 0.2 points per trade over Standard.
The Nasdaq 100 moves more points in a day than most indices, so its spread in points looks larger than the S&P 500's even when it is cheap relative to the move. Here is Pepperstone's published pricing across its three Nasdaq contracts, and how to compare it with any other quote.
Pepperstone's Nasdaq 100 spread
Pepperstone's Australian index fee table, from August 2026 data, puts NAS100 at a 1-point minimum and a 1-point average on Razor, and 1.2 and 1.2 on Standard. Its UK costs page lists the same minimums. With the average equal to the minimum on both accounts, the quote held at its best level across the measurement period. There is no commission on index CFDs, so the spread is the full entry cost. Pepperstone Group Limited issues these CFDs in Australia under AFSL 414530.
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Three Nasdaq contracts, three cost structures
Perpetual cost example: on USD 50,000 of exposure, 0.015% is USD 7.50 per side, or USD 15 per round trip, before any spread and funding. Pepperstone's Australian pages do not state whether retail clients can trade perpetuals.
| Contract | Spread | Commission | Holding cost |
|---|---|---|---|
| NAS100 cash, Razor | 1 min / 1 avg | None | Overnight financing |
| NAS100 cash, Standard | 1.2 min / 1.2 avg | None | Overnight financing |
| NAS100-F forward | 3 min | None | Built into the price |
| NAS100 perpetual | Not published | 0.015% per side | Weekly-set funding, applied daily |
What 1 point versus 1.2 points means over a month
A trader making five NAS100 round trips a day pays 5 points of spread on Razor and 6 on Standard, at the published averages. Over 20 trading days that is 100 points against 120. Multiply by the value per point in your platform's symbol specification to see it in dollars. If you also trade FX, Razor's commission applies there; on indices alone, Razor is simply the cheaper of Pepperstone's two accounts.
How to check another broker's Nasdaq quote
- Ask for an average, not a 'from': a minimum tells you about the best second of the day.
- Match the contract: cash CFD to cash CFD, not cash to forward.
- Look at the same hours: the US cash session, which runs through the Australian night, is when NAS100 is usually tightest.
- Add any commission, and for Capital.com (AFSL 513393), weigh its guaranteed stops against the spread you see live.
Sources
Is NAS100 the same as the Nasdaq Composite?
No. NAS100 tracks the Nasdaq 100, the 100 largest non-financial companies listed on Nasdaq, not the broader Composite.
Is the Nasdaq forward ever cheaper than the cash CFD?
Only once you count financing: the forward costs more to enter (3 points minimum) but has no nightly financing, so it can work out cheaper on long holds.
Does the spread on NAS100 widen at the US open?
Spreads can widen briefly around the open and major US data. Pepperstone's published figures are averages over the period, not guarantees.
The Nasdaq 100 is volatile, and CFDs on it are leveraged: you can lose more than you expect very quickly. Spreads quoted are published averages for a past period. Not investment advice.