Pepperstone vs Capital.com: which one actually has the lowest spread?
Verdict
- Pepperstone publishes exact average spreads by account type: its Razor account shows 0.1 pips on EUR/USD, 0.2 on GBP/USD, 0.3 on USD/JPY and 0.12 on gold (XAU/USD) — the lowest of those, gold, comes with a per-lot commission on top.
- Capital.com does not publish a comparable average-spread table for these pairs; its site describes spreads as variable and set by liquidity providers rather than quoting a fixed average.
- That gap in published data is itself the finding: you can verify Pepperstone's spread claim against a source page, and you currently cannot do the same for Capital.com.
- Pepperstone's tightest spreads sit on its Razor account, which charges $3.50 per lot per side in commission — the all-in cost, not the spread alone, is what determines whether it's actually cheaper for you.
- Both are regulated by the FCA, ASIC and CySEC among others, so the spread comparison sits on top of comparable regulatory footing, not instead of it.
"Lowest spread" gets thrown around as a broker-marketing line more than it gets actually shown. We went to both brokers' own published pricing pages to see which one puts a number on it — and which one doesn't.
What Pepperstone actually publishes
Pepperstone's markets pages list average spreads by account type. The Razor account — raw interbank-style pricing plus a separate commission — is where its tightest numbers sit. The Standard account folds the cost into a wider spread instead, with no separate commission line.
| Pair | Razor (+ commission) | Standard |
|---|---|---|
| EUR/USD | 0.1 pips | 1.1 pips |
| GBP/USD | 0.2 pips | 1.2 pips |
| USD/JPY | 0.3 pips | 1.3 pips |
| XAU/USD (gold) | 0.12 | 0.19 |
Gold spreads specifically: where Pepperstone's number is tightest
If you're pricing a gold (XAU/USD) strategy specifically, Pepperstone's Razor account is the one with a published figure to check: 0.12 average, against 0.19 on Standard. Razor's commission ($3.50 per lot per side) applies on top — for a trader doing meaningful gold volume, running the two side by side against your expected lot size is the only way to know which account is actually cheaper for you.
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Capital.com: no published average-spread table
Capital.com's help centre describes spreads as set dynamically by its liquidity providers and does not publish a fixed average-spread figure for EUR/USD, GBP/USD, USD/JPY or gold the way Pepperstone does. That's not necessarily a worse pricing model — dynamic pricing can be competitive — but it means there's no number here we can verify and repeat with a source link. What we can verify: Capital.com is regulated by the FCA, CySEC and ASIC, charges no commission on its standard account, and its minimum deposit is $20 against Pepperstone's $10.
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Which one fits your trading style
- Scalping or high-frequency, pip-sensitive strategies: Pepperstone's Razor account is the one with a published number to hold it to — check the commission against your typical lot size before assuming it's cheaper.
- You want a single, simpler all-in price with no separate commission line: Capital.com's spread-only model is easier to budget against, even without a published average to benchmark it.
- Gold traders specifically: Pepperstone is currently the only one of the two with a citable, published gold spread.
- Either way, don't take a marketing page's word for "lowest spread" — go to the broker's own pricing page (linked above) and read the actual number.
Which broker has the lowest spread, Pepperstone or Capital.com?
On the pairs we could verify, Pepperstone publishes the lower, citable average spread (0.1 pips on EUR/USD, Razor account). Capital.com does not publish a comparable average-spread figure, so a direct number-for-number comparison isn't currently possible — only Pepperstone's side of it is verifiable.
What is Pepperstone's spread on gold (XAU/USD)?
Pepperstone publishes an average of 0.12 on its Razor account and 0.19 on Standard, per its own commodities spreads page. Razor also carries a $3.50 per lot per side commission.
Does Capital.com publish its exact spreads?
Not as a fixed average-spread table. Capital.com's help centre describes spreads as variable, set by its liquidity providers, rather than quoting the kind of static average Pepperstone publishes.
Is a lower spread always the cheaper option?
No — a raw-spread account like Pepperstone's Razor adds a separate commission per lot, so the all-in cost depends on your trade size and frequency, not the spread number alone.