Pepperstone or Exness, which has lower spreads on gold?
Verdict
- Pepperstone is the only one of the two whose gold spread we can verify: it publishes an XAU/USD average of 0.12 on Razor (plus $3.50 commission per side) and 0.19 on Standard, which is why we recommend it to UAE gold traders. Exness publishes no fixed gold spread on the pages we checked, so declaring a winner without live quotes would be a guess.
- Exness's cost claim is relative and about forex, not gold: up to 50% lower forex costs than the average of brokers it compared in the week of 5–10 April 2026.
- On published averages, a 100-ounce gold trade costs about $19 at Pepperstone on either account.
- Beyond spread, Exness names no UAE entity, while Pepperstone offers AED accounts and caps UAE retail gold leverage at 1:200.
There is no published Exness gold spread to set against Pepperstone's, so the honest answer is a method rather than a winner. Below is what each broker states, and a fair way to test them yourself.
What we can verify, and what we can't
Pepperstone states its gold averages openly: 0.12 on Razor, where you also pay $3.50 per side, and 0.19 on Standard with no commission. These are averages over time, not live quotes. Exness doesn't publish an equivalent gold figure on the pages we checked. That makes Pepperstone the broker you can budget with, and it's why it gets our recommendation for gold in the UAE.
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Pepperstone's gold cost at three position sizes
XAU/USD is quoted in dollars per ounce, so a 0.12 spread costs $0.12 per ounce. The table assumes a 100-ounce standard lot, with commission scaled to size; check the contract size in your platform before relying on it.
| Position | Razor (spread + commission) | Standard (spread only) |
|---|---|---|
| 1 ounce | $0.12 + $0.07 = $0.19 | $0.19 |
| 10 ounces | $1.20 + $0.70 = $1.90 | $1.90 |
| 100 ounces | $12 + $7 = $19 | $19 |
What Exness says instead
Exness's headline cost claim is that it cut trading costs by up to 50% on forex, measured against the average of other brokers it compared in the week of 5–10 April 2026. It is a relative, time-limited figure about currency pairs, so it tells you nothing concrete about gold. Exness also advertises swap-free trading on popular assets, which can matter more than spread if you hold gold for days, but it doesn't publish the fees or the list of excluded instruments.
How to compare gold spreads yourself
- Open both platforms and add XAU/USD to the watchlist.
- Note the gap between bid and ask at three moments: the London open, the US open (when US data often lands) and the quiet late-US session.
- For Pepperstone Razor, add $0.07 per ounce of commission ($7 per 100-ounce lot) before comparing.
- Repeat on two or three days, because one snapshot can mislead.
- If you hold overnight, compare the swap, or the swap-free terms, as well.
Gold costs beyond the spread
- Leverage: Pepperstone allows UAE retail clients up to 1:200 on gold.
- Overnight: Pepperstone does not offer swap-free accounts to UAE residents, so gold held past the rollover pays or earns swap.
- Regulation: Exness lists no UAE company; Pepperstone's UAE CFDs are issued by its Bahamas-licensed company, and its group includes a DFSA-regulated DIFC company.
- Funding: Pepperstone offers AED accounts with Mashreq Bank and Barclays transfers; Exness doesn't publish an AED account.
Sources
Published pricing and claims from both brokers.
Does Exness publish its gold spread?
Not as a fixed or average figure on the pages we checked.
Is Pepperstone's 0.12 gold spread guaranteed?
No. It is a published average, and live spreads vary through the day.
Which Pepperstone account is best for gold?
On published averages, Razor and Standard cost about the same for gold; Razor is cheaper if you also trade forex.
Can UAE residents trade gold swap-free?
Not at Pepperstone. Capital.com and XS offer swap-free accounts to UAE residents.
CFDs are complex instruments and carry a high risk of losing money rapidly because of leverage. Only trade with money you can afford to lose, and make sure you understand how CFDs work. This page is not investment advice; broker terms change, so confirm them on each broker's own website before opening an account.