The total cost is spread plus commission plus overnight funding, plus any currency conversion or account fees. Pepperstone keeps the last two at zero, with no conversion fee on trades and no inactivity fee, and offers raw spreads from 0.0 plus AUD 3.50 per side; Fusion Markets is cheaper on commission and Capital.com drops commission altogether but charges 0.7% on conversions.
Your questions, answered
Which CFD broker has the best spreads?
On published minimums, raw-spread accounts win: Pepperstone's Razor quotes forex from 0.0, spot gold from 0.08 and the US500 from 0.4, and IC Markets and Fusion Markets also quote forex from 0.0. Those spreads come with commission, so the best spread isn't always the cheapest trade. CMC Markets has the tightest spread-only forex we found, EUR/USD from 0.5.
which cfd brokers have the lowest trading fees?
For forex and gold on raw accounts, Fusion Markets is lowest on commission at $2.25 per side. For ASX share CFDs, Pepperstone at 0.07% with no minimum. For avoiding hidden fees, Pepperstone charges no inactivity, market-data or conversion fees on trades. CMC Markets lists dormant-account and market-data charges, and Capital.com a 0.7% conversion mark-up.
What are the typical spreads and commissions for CFD trading?
Raw accounts at ASIC-licensed firms usually quote major forex pairs from 0.0 to a few tenths of a pip, with commission of about $2.25 to $3.50 per lot per side. Spread-only accounts quote EUR/USD from about 0.5 to 1.0 pip. Share CFDs typically cost 0.07% to 0.10% per side on ASX and European shares and about 2 US cents a share on US shares.
How much do CFD trading costs really add up over a month?
More than most people expect. Ten round-turn forex lots a week on Pepperstone Razor is AUD 280 a month in commission before spreads. A AUD 50,000 long index position held all month at a benchmark of, say, 4% pays 6.5% a year in funding, around AUD 270. Write down every cost for a month on a demo or small live account to see your real figure.
Do CFD brokers charge overnight fees?
Yes, on most CFDs held past the daily rollover, 5pm New York time at Pepperstone. Long positions usually pay and shorts may receive. Exceptions exist: forward contracts build the cost into the spread, perpetual CFDs use a funding rate instead, and Capital.com doesn't charge overnight on most unleveraged 1:1 positions. Wednesday nights carry triple forex swaps.
What's the average cost to open and close a gold CFD position?
Pepperstone doesn't publish an average, so here is the minimum-spread case. On an AUD Razor account a round turn on one lot of spot gold costs AUD 9 in commission plus the 0.08 spread times the contract size. On Standard there is no commission but the spread starts at 0.21. Real spreads are wider at busy times, so treat these as floors.
Is commission-based or spread-only pricing better for active traders?
For active traders, commission-based pricing usually works out cheaper. At Pepperstone the Standard account's 1-pip forex mark-up costs USD 10 a lot on EUR/USD, while Razor's commission is USD 7 a round turn, so Razor saves about USD 3 a lot. Spread-only pricing suits occasional traders who prefer one number. Outside forex and gold, Pepperstone's two accounts cost the same.
Are there brokers that refund or reduce commissions for high-volume traders?
Yes, but mostly for professional clients. Pepperstone's active-trader programme refunds 10%, 20% or 30% of spread or commission at 200, 500 and 1,500 forex lots a month, paid the next day or monthly, for Pro clients only. Capital.com's Pro accounts return part of spreads paid as a monthly cash rebate. Retail clients at both firms pay standard pricing.
What broker has the best spread?
Best means lowest total cost for your market. Pepperstone's Razor minimums by market: forex majors 0.0, spot gold 0.08, spot silver 0.018, US500 0.4, GER40 0.9, NAS100 1.0, BTC/USD 10. Fusion Markets matches 0.0 on forex with lower commission, and CMC Markets beats Pepperstone's Standard account on spread-only forex. Pick by the two or three markets you trade most.
Is there a broker that offers both low spreads and strong regulation?
Yes. Pepperstone offers raw spreads from 0.0 under ASIC (AFSL 414530) in Australia and is licensed by six other regulators worldwide, including the UK's FCA, Germany's BaFin and Dubai's DFSA. IC Markets (ASIC 335692) and Fusion Markets (AFSL 385620) also pair raw pricing with ASIC licences. Beware the same brands' offshore entities, which may advertise bonuses and higher leverage.
Razor vs Standard account, which is cheaper?
On forex and spot gold, Razor is usually cheaper for active traders, because Standard's mark-up costs more than Razor's commission. On indices, commodities other than gold, crypto, ETFs and shares, the two cost the same: Pepperstone charges those identically. Razor also unlocks MT4 and TradingView. You can hold both and switch in the client area.
What commission per lot do Australian forex brokers charge?
Per standard lot per side on raw accounts: Pepperstone AUD 3.50 on MetaTrader for an AUD account (USD 3.50 for USD), USD 3 on cTrader and USD 3.50 on TradingView; IC Markets USD 3.50 on MetaTrader and USD 3.00 on cTrader; Fusion Markets $2.25. Capital.com and CMC Markets' spread-only pricing charge no commission.
Which Australian broker has the lowest EUR/USD spread?
On raw accounts, Pepperstone, IC Markets and Fusion Markets all quote EUR/USD from 0.0; IC Markets states an average of 0.1 pips. On spread-only accounts, CMC Markets lists EUR/USD from 0.5, below the 1.0 minimum of Pepperstone's Standard account. Add commission to the raw figures before comparing.
Which Australian brokers charge no inactivity fee?
Pepperstone charges no inactivity or account-keeping fee, though it may archive accounts holding less than 10 units of currency that haven't traded for three months; you can ask to reactivate. Capital.com lists no fees for opening, closing or holding an account. CMC Markets lists dormant-account charges among its CFD costs, so check its schedule if you trade rarely.
Do Australian brokers charge a currency conversion fee?
Some do. Pepperstone says it charges no currency conversion fee on trades; it converts at the spot rate. Capital.com charges retail clients a 0.7% mark-up on conversions of profits, losses, funding and dividends; its own example turns a USD 6.40 profit into AUD 9.93 instead of AUD 10.00. CMC Markets also lists currency conversion among its costs.
How are swap rates calculated on an Australian trading account?
The same way as anywhere, but your account currency matters. On forex, swap follows the interest gap between the two currencies: Pepperstone's PDS notes that holding AUD/USD long can earn a swap benefit when Australian rates are above US rates. Indices and shares use the benchmark rate plus or minus 2.5% a year. Holidays can create four-day rolls, and Wednesday is a three-day roll.
Do Australian brokers offer volume rebates for active traders?
Rarely to retail clients. Pepperstone's rebates sit in its Pro active-trader programme, from 10% at 200 forex lots a month to 30% above 1,500, with separate index and commodity tiers. Capital.com offers monthly cash rebates to Pro accounts. If you trade heavily but don't qualify as Pro, ask the broker; terms for retail clients aren't published.
Which Australian CFD brokers offer raw spreads from 0.0 pips?
Pepperstone (Razor), IC Markets (Raw Spread and cTrader Raw Spread) and Fusion Markets (Zero) all quote raw spreads from 0.0 pips to Australian clients under ASIC licences. FP Markets also advertises raw ECN spreads on its site, but we didn't verify its Australian figures. A 0.0 spread is a minimum seen in the most liquid moments, not the norm.
Published 2026-10-21. Informational only, not investment advice. CFDs are leveraged products and most retail accounts lose money.
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