What commission do raw spread accounts charge?
Verdict
- At Pepperstone, our pick, the Razor raw-spread account charges US$3.50 per standard lot per side on MT5, TradingView and its own platform, US$3.00 per side on cTrader for FX, and US$7 at opening on MT4; in an SGD account the rate is SGD 4.55 per side.
- Across the brokers in our data, raw-account FX commissions run from US$2.25 to US$3.50 per side: Fusion Markets US$2.25; FP Markets, Vantage, Tickmill and XS (Elite) US$3.00; IC Markets US$3.50.
- Commission is half the cost: Pepperstone's Razor EUR/USD averages 0.1 pips, so a round turn on MT5 costs about US$8 per lot all-in.
- Pepperstone serves Singapore from the Bahamas (SCB SIA-F217) with no MAS licence, and none of the other raw-account brokers above shows a MAS licence in our data either.
Raw-spread accounts pass on the market spread and charge a fixed commission for each lot. Here is what that commission is at Pepperstone, platform by platform and currency by currency, and how it compares.
Pepperstone Razor commission by platform
| Platform | Per side | Round turn |
|---|---|---|
| cTrader (FX) | US$3.00 | US$6 |
| cTrader (gold) | US$3.50 | US$7 |
| MT5 | US$3.50 | US$7 |
| TradingView | US$3.50 | US$7 |
| Pepperstone platform | US$3.50 | US$7 |
| MT4 | Charged once at opening | US$7 |
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The same commission in other account currencies
If you hold the account in another currency, Pepperstone sets a per-side rate in that currency: SGD 4.55, HKD 28.17, AUD 3.50, EUR 2.60, GBP 2.25, CHF 3.30, JPY 303, NZD 4.75 and CAD 3.50. An SGD account avoids converting each commission charge, and SGD is one of ten base currencies on the international site Singapore residents use. Index and crypto CFDs carry no commission even on Razor; share CFDs have their own per-side rates.
Raw-account commission at other brokers
| Broker and account | Commission | Published EUR/USD spread |
|---|---|---|
| Pepperstone Razor | US$3.00 to US$3.50 | 0.1 pips average |
| IC Markets Raw Spread | US$3.50 | 0.01 pips average |
| FP Markets Raw | US$3.00 | 0.11 pips average |
| Vantage Raw ECN | US$3.00 | From 0.0 pips |
| Tickmill Raw | US$3.00 | From 0.0 pips |
| Fusion Markets Zero | US$2.25 | Not EUR/USD-specific |
| XS Elite (US$500 minimum) | US$3.00 | 0.1 pips average |
Converting per-side, round-turn and percentage pricing
- Per side × 2 = round turn: US$3.50 per side is US$7 per lot opened and closed.
- Per million traded: US$7 per 100,000 round turn equals US$70 per million.
- Percentage pricing: CMC Markets, which is MAS-licensed in Singapore, quotes its FX Active account on its UK site at 0.0025% per transaction, which is US$2.50 on a 100,000 trade.
- Always add the spread: a low commission with a wide average spread can cost more overall.
Sources
Commission and spread terms as each broker publishes them.
Why is Pepperstone's MT4 commission charged at opening?
Pepperstone charges the full US$7 per lot when an MT4 position opens instead of splitting it across both sides; the total is the same as MT5.
Do raw spread accounts charge commission on indices?
Not at Pepperstone: index CFDs carry no commission on either account type.
Is a raw spread account cheaper than Standard?
On Pepperstone's published averages, yes for EUR/USD: about US$8 per round-turn lot on Razor MT5 against US$11 on Standard.
Low commissions don't reduce the risk of leveraged CFD trading, which can lose you money quickly. Spreads are published averages or minimums and vary in live markets. Not investment advice.