What are typical spreads and commissions on CFDs?
Verdict
- On Pepperstone, our top pick, the typical cost of EUR/USD is a 0.1-pip average spread plus USD 3.50 commission per side (Razor), or a 1.1-pip average with no commission (Standard).
- Index and crypto CFDs at Pepperstone carry no commission; the cost is the spread. Share CFDs carry a commission instead, such as USD 0.02 per US share.
- Other brokers publish similar ranges: FP Markets averages 0.11 pips plus USD 3 per side on its Raw account, and XS quotes from 0.1 pips on its Elite account with a USD 6 round-turn commission.
- Watch the costs outside the spread too: overnight financing on positions you hold, and fees on international bank withdrawals.
A CFD costs you in two ways: the spread you cross when you open and close, and, on some accounts, a commission. Which one dominates depends on the instrument. Here are typical figures, using the averages brokers actually publish rather than their lowest "from" numbers.
Pepperstone's published costs by instrument
These are Pepperstone's published averages for forex and gold, together with its commission rules for other CFDs. Singapore residents trade under the international entity, Pepperstone Markets Limited.
| Instrument | Razor account | Standard account |
|---|---|---|
| EUR/USD | 0.1 pips + USD 3.50/side | 1.1 pips, no commission |
| GBP/USD | 0.2 pips + USD 3.50/side | 1.2 pips, no commission |
| USD/JPY | 0.3 pips + USD 3.50/side | 1.3 pips, no commission |
| Gold (XAU/USD) | 0.12 + commission | 0.19, no commission |
| Index CFDs | Spread only, no commission | Spread only, no commission |
| US share CFDs | USD 0.02 per share | USD 0.02 per share |
| Hong Kong share CFDs | 0.2% per side | 0.2% per side |
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Spread or commission: what one trade costs
Take one standard lot of EUR/USD, where a pip is worth USD 10. On Razor via MT5, the round trip costs USD 1 in spread plus USD 7 in commission, or USD 8. On cTrader the commission is USD 3.00 per side, so USD 7. On Standard you pay USD 11 in spread and nothing else. The commission model wins for anyone trading often; Standard keeps the bill to a single number. In an SGD account, the Razor commission is SGD 4.55 per side.
How other brokers compare
- FP Markets (accepts Singapore residents): Raw account 0.11 pips average plus USD 3 per side; Standard 1.21 pips average, no commission.
- XS (accepts Singapore residents): Elite account from 0.1 pips on EUR/USD, USD 6 round-turn commission, USD 500 minimum.
- eToro: EUR/USD CFDs from 1 pip, published as a starting figure.
- Phillip Securities (POEMS, MAS-regulated): FX CFD spreads "from as low as 0.3 pips" with no commission; that is a minimum, not an average, so it is not directly comparable.
Costs that sit outside the spread
- Overnight financing (swap) on positions held past the daily rollover; it varies by instrument and direction.
- Withdrawals: free at Pepperstone except international bank wires, which its international costs page puts at USD 20.
- Inactivity: Pepperstone charges none, though accounts below 10 currency units and unused for three months or more may be archived.
- Currency conversion if your account currency differs from the instrument's; Pepperstone offers SGD as a base currency.
Sources
Pricing pages published by each broker.
Are "from 0.0 pips" spreads what I will pay?
Usually not. "From" figures are minimums seen at the best moments. Published averages, such as Pepperstone's 0.1 pips on EUR/USD Razor, are a better guide.
Do index CFDs have a commission at Pepperstone?
No. Index CFDs are priced through the spread alone on both account types.
Which account is cheaper for a beginner trading small sizes?
On EUR/USD, Razor works out cheaper per lot (about USD 8 vs USD 11). Standard is simpler to read because the whole cost sits in the spread.
CFDs are complex instruments with a high risk of rapid losses because of leverage. Published averages change and are not a guarantee of the price you will get. This is not investment advice; check current costs on the broker's site.