Razor vs Standard account, which is cheaper?
Verdict
- At Pepperstone, Razor is the cheaper account for most markets: about $7 to $8 per round-turn EUR/USD lot against $11 on Standard, at published averages.
- Indices and crypto carry no commission on either account, and Razor's spreads are equal or tighter: US500 0.4 against 0.5, BTC/USD 15.15 against 20.15.
- Gold is the exception: Razor's 0.12 spread plus commission is about level with Standard's 0.19 on a 100-ounce trade.
- Share CFDs cost the same on both, 0.07% per side on Australian shares; Razor also adds MT4 and TradingView in Australia.
Razor is cheaper for nearly everything Pepperstone offers, because its spreads are tighter and its commission, where there is one, is smaller than the spread difference. Below is the comparison market by market, using Pepperstone's published averages for its Australian clients, so you can check it against what you actually trade.
Market by market
Index and crypto spreads are Pepperstone's August 2026 averages for Australia; neither account pays commission on them.
| Market | Razor | Standard | Cheaper |
|---|---|---|---|
| EUR/USD | 0.1 pips + USD 3.00 (cTrader) to 3.50 | 1.1 pips | Razor |
| GBP/USD | 0.2 pips + commission | 1.2 pips | Razor |
| USD/JPY | 0.3 pips + commission | 1.3 pips | Razor |
| Gold | 0.12 + USD 3.50 (cTrader) or AUD 4.50 (MT5) | 0.19 | About level |
| US500 | 0.4 points | 0.5 | Razor |
| NAS100 | 1 point | 1.2 | Razor |
| GER40 | 1 point | 1.3 | Razor |
| AUS200 | 1.5 points | 1.5 | Same |
| BTC/USD | 15.15 | 20.15 | Razor |
| ETH/USD | 2.01 | 2.51 | Razor |
| Australian share CFDs | 0.07% per side | 0.07% per side | Same |
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EUR/USD in dollars
One standard lot, opened and closed in a USD account, at $10 a pip:
- Razor on cTrader: $1 spread + $6 commission = $7.
- Razor on MT5, TradingView or Pepperstone's app: $1 + $7 = $8.
- Razor on MT4 with an AUD account: commission is AUD 7 per lot, charged when the trade opens.
- Standard: 1.1 pips = $11, no commission, on any platform it offers.
Other differences besides price
- Platforms in Australia: Standard runs on Pepperstone's web platform and app, MT5 and cTrader; Razor adds MT4 and TradingView.
- Cost tracking: Standard has one number per trade; Razor shows spread and commission separately.
- Everything else is shared: the $10 minimum deposit, ASIC licence 414530, retail leverage caps and negative balance protection.
Which one to pick
- If you trade forex more than occasionally, pick Razor.
- If you want TradingView or MT4, you need Razor.
- If you trade mostly gold, either works; compare the live spread on the day.
- If you want the simplest possible cost view while learning, Standard is fine; ask Pepperstone about adding Razor once you trade more often.
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Sources
Terms as each broker publishes them on its own site.
Is Pepperstone Razor a true raw-spread account?
Pepperstone describes Razor as raw spreads plus commission; the published EUR/USD average is 0.1 pips.
Does Standard really have no commission?
On FX, gold, indices and crypto, yes. Pepperstone says the cost is a 1-point mark-up inside the FX spread. Share CFDs carry commission on both accounts.
Can I switch from Standard to Razor later?
Pepperstone's UK site says clients can hold several account types at once; ask Pepperstone Australia how to add Razor and what happens to open positions.
Whichever account you choose, CFDs are leveraged and carry a high risk of losing money rapidly. Spreads are Pepperstone's published averages and vary in live markets. Read the PDS and TMD. This page is not investment advice.