Which broker has the lowest spreads on NAS100?
Verdict
- Pepperstone has the lowest NAS100 spread we can verify for Hong Kong traders: a published 1-point average on its Razor account and 1.2 points on Standard, with no commission on index CFDs.
- Those averages come from Pepperstone's index-fees page (August 2026 data). Hong Kong residents are served by Pepperstone Markets Limited in the Bahamas (SCB, SIA-F217), which holds no SFC licence.
- Capital.com and XS both accept Hong Kong residents, but neither publishes a NAS100 average in the data we check, so there is no like-for-like number to beat Pepperstone's.
- Retail leverage on major indices at Pepperstone's Bahamas entity goes up to 1:200; holding a position overnight adds financing on top of the spread.
On NAS100, the spread is almost the whole cost of a trade, because Pepperstone charges no commission on index CFDs. That makes the published average the number to compare, and Pepperstone's Razor figure of 1 point is the tightest one we can source. Below: the full index price list, why two rivals can't be ranked, and what a Hong Kong account involves.
Pepperstone's NAS100 price, point by point
Pepperstone lists NAS100 at a 1-point minimum and a 1-point average on the Razor account, and 1.2 points minimum and average on Standard. Because index CFDs carry no commission on either account, Razor is simply 0.2 points cheaper per contract with nothing added back. The minimum and the average being the same suggests the quote rarely moves off its floor, though Pepperstone does not promise that. For a Hong Kong trader the account sits with the Bahamas company, so there is no local regulator behind it; more on that below.
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NAS100 next to Pepperstone's other index CFDs
The same page shows how NAS100 sits against the indices Hong Kong traders watch most. US500 is cheaper in points, HK50 and JPN225 dearer, but points are not dollars: compare costs against the size of a typical move in each index, not across indices.
| Index | Razor | Standard |
|---|---|---|
| NAS100 | 1 / 1 | 1.2 / 1.2 |
| US500 | 0.4 / 0.4 | 0.5 / 0.5 |
| US30 | 2 / 2 | 2.3 / 2.3 |
| HK50 | 5 / 5 | 5 / 5 |
| JPN225 | 7 / 7.4 | 9 / 9.4 |
| GER40 | 0.9 / 1 | 1.2 / 1.3 |
Why Capital.com and XS aren't in the ranking
Both firms accept Hong Kong residents, and both are in our recommended order after Pepperstone. Neither, however, publishes a NAS100 average spread in the data we verify: Capital.com shows only live, dynamic prices, and XS's published figure covers EUR/USD on its Elite account. Rather than guess, we leave them out of the comparison. If you hold an account with either, open the NAS100 quote at the same moment as Pepperstone's and compare them directly.
Three NAS100 prices that aren't the cash CFD
- Forward: NAS100-F has a published minimum spread of 3 points, three times the cash CFD's; check how financing is handled on the product page.
- Perpetual: NAS100-PERP appears on Pepperstone's Bahamas retail margin table. Perpetual CFDs have no expiry and pay a funding rate that Pepperstone sets weekly in advance and applies daily.
- Overnight: a cash NAS100 position held past the daily rollover pays financing, which can outweigh a 0.2-point spread saving on a multi-day trade.
The licensing trade-off for Hong Kong residents
Pepperstone has no Hong Kong licence. The SFC's public register returned no result for the name when checked on 21 October 2026, and Pepperstone publishes no Hong Kong site; its international pages, run by Pepperstone Markets Limited under Securities Commission of The Bahamas licence SIA-F217, serve the city. That entity names no compensation scheme. Retail clients are not liable for negative equity under its terms, and Pepperstone states that 80% of retail accounts lose money trading CFDs with this provider.
Sources
Figures as published by each broker or regulator on its own site.
Does Pepperstone charge commission on NAS100?
No. Index CFDs carry no commission on either Razor or Standard; the cost is the spread plus any overnight financing.
How much leverage can I use on NAS100 from Hong Kong?
Pepperstone's Bahamas entity allows retail clients up to 1:200 on major indices. Higher leverage means a smaller move can close your position.
Is a 1-point NAS100 spread guaranteed?
No. It is Pepperstone's published average for August 2026, not a fixed price. Spreads can widen, especially around news and market opens.
CFDs are complex instruments and carry a high risk of losing money rapidly because of leverage. Pepperstone's international site states that 80% of retail investor accounts lose money when trading CFDs with this provider. This page is general information, not investment advice; check each broker's current terms before you open an account.