What are typical spreads on the major currency pairs?
Verdict
- At Pepperstone, our top pick, published averages are 0.1 pips on EUR/USD, 0.2 on GBP/USD and 0.3 on USD/JPY on the Razor account (plus commission), and 1.1, 1.2 and 1.3 pips on the commission-free Standard account.
- Compare like with like: an average describes what you usually pay; a 'from' figure is the best case and says little about typical cost.
- All-in, a raw-spread account typically lands around 0.7 to 0.8 pips on EUR/USD once commission is converted into pips; Standard-type accounts sit near 1.1 to 1.2.
- For Singapore residents, Pepperstone's account is held by its Bahamas company, not a MAS-licensed firm.
Typical spreads on the majors fall into two bands, depending on whether the broker charges commission separately. Below are the figures brokers that serve Singapore actually publish, labelled as averages or 'from' numbers, and converted into one comparable all-in cost.
Pepperstone's published averages on the majors
Pepperstone publishes average spreads, not just best-case minimums, which is why we use it as the benchmark. Razor charges commission on top (USD 3.50 per side per lot on MT5 and TradingView, USD 3.00 on cTrader); Standard folds a 1-point mark-up into the spread.
| Pair | Razor average | Standard average |
|---|---|---|
| EUR/USD | 0.1 | 1.1 |
| GBP/USD | 0.2 | 1.2 |
| USD/JPY | 0.3 | 1.3 |
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What other brokers publish for EUR/USD
Few brokers publish an average. Where only a 'from' figure exists, we say so; it is not comparable with an average.
| Broker and account | Figure | Type | Commission |
|---|---|---|---|
| Pepperstone Razor | 0.1 pips | Average | $3.50 per side (MT5) |
| XS Elite | 0.1 pips | Average | $6 round turn; $500 minimum |
| FP Markets Raw | 0.11 pips | Average | $3 per side |
| FP Markets Standard | 1.21 pips | Average | None |
| Phillip Securities POEMS FX CFDs | 0.3 pips | From (all pairs, not EUR/USD-specific) | None |
| eToro | 1 pip | From | None stated |
Turning commission into pips for a fair comparison
On a standard lot of EUR/USD, a pip is worth about $10, so every $10 of round-turn commission adds one pip. That puts the raw accounts on one scale:
- Pepperstone Razor, MT5: 0.1 + 0.7 = 0.8 pips equivalent.
- Pepperstone Razor, cTrader: 0.1 + 0.6 = 0.7 pips equivalent.
- XS Elite: 0.1 + 0.6 = 0.7 pips equivalent.
- FP Markets Raw: 0.11 + 0.6 = 0.71 pips equivalent.
- Pepperstone Standard: 1.1 pips, nothing added.
So who is cheapest?
On EUR/USD alone, XS Elite, FP Markets Raw and Pepperstone on cTrader sit within a hundredth of a pip of each other. Pepperstone stays our pick because it also publishes averages on GBP/USD and USD/JPY, offers an SGD base currency and starts at $10, while XS's Elite pricing needs $500. Neither Pepperstone nor XS holds a MAS licence; if that matters most, Phillip Securities and eToro run MAS-regulated Singapore companies, though their published figures are 'from' numbers.
Sources
Spreads as published by each broker.
Why is a 'from 0.0' spread misleading?
It is the tightest quote seen, often for a moment. Pepperstone's Razor EUR/USD average is 0.1 pips, and commission is added on top.
Do spreads differ by platform at Pepperstone?
The spread is the same idea across platforms; the Razor commission differs: USD 3.00 per side on cTrader against USD 3.50 on MT5 and TradingView.
Which major pair is cheapest to trade?
At Pepperstone, EUR/USD has the lowest published average (0.1 pips on Razor), followed by GBP/USD (0.2) and USD/JPY (0.3).
CFDs are leveraged and complex, and they carry a high risk of losing money quickly. According to Pepperstone's international site, 80% of retail investor accounts lose money trading CFDs with this provider. This article is general information, not investment advice, and broker conditions can change without notice.