No broker is cheapest on everything. Pepperstone is our pick for low, published all-in costs, with an SGD Razor account at SGD 9.10 per lot round turn on FX, no inactivity or deposit fees and an SGD base currency that avoids conversion, but Fusion Markets and IC Markets' higher-minimum tiers advertise lower commissions.
Your questions, answered
Which broker has the best spreads overall?
Raw-spread accounts at Pepperstone, IC Markets, Fusion Markets and XS all quote major FX from about 0.0 to 0.1 pips, so spreads alone rarely separate them. What differs is the commission and the spread on less-traded markets. Judge on the two or three instruments you trade most, not on EUR/USD alone.
Broker cost comparison for Singapore traders
Pepperstone: raw FX plus SGD 4.55 per side on an SGD account, no inactivity fee, SGD base currency. XS Elite: from 0.1 pips plus $6 round turn, $500 minimum, no SGD base. IC Markets: USD 3.50 per side on its raw account, less on Raw Pro tiers. Fusion Markets: USD 2.25 per side. The MAS-licensed providers publish their own rate cards, which are worth comparing too.
What hidden costs do CFD brokers charge?
The costs people miss are overnight financing, currency conversion on deposits and profits, wider spreads outside main sessions, and withdrawal charges. Some brokers also charge inactivity or data fees; Pepperstone says it charges neither. XS reserves the right to charge up to 3% on a withdrawal where there has been no trading activity, which is worth knowing before you deposit.
Is commission based or spread only pricing better for active traders?
For active FX and gold traders, commission-based pricing is usually cheaper and easier to measure. Pepperstone's Standard account adds a 1-pip markup on FX, about US$10 per lot, against US$7 round-turn commission on Razor. If you trade mainly indices, it makes no difference at Pepperstone, because indices are priced the same on both accounts.
Which brokers offer rebates for high volume traders?
Pepperstone's active-trader programme pays $1, $2 or $3 per FX lot, refunded daily, but only to professional clients meeting monthly volume tiers starting at 200 FX lots. CMC Markets Singapore advertises custom rebates for high-volume traders through CMC Alpha under its MAS licence. IC Markets' Raw Pro tiers cut commission by asking for a larger minimum balance instead.
What commission do raw spread accounts charge?
The common rate is about USD 3.50 per lot per side, or USD 7 round turn, which is what Pepperstone charges on MT4 and MT5 in USD and what IC Markets lists for its standard raw account. Pepperstone's SGD accounts pay SGD 4.55 per side. Fusion Markets advertises USD 2.25 per side, and IC Markets' Raw Pro tiers go to USD 1.50 or USD 1.00 with minimums of US$5,000 or US$100,000.
Which brokers charge inactivity fees?
Pepperstone does not: it states there are no account-keeping or inactivity fees, though it may archive accounts holding less than 10 units of currency that have not traded for three months or more. Archived accounts can be reactivated on request. Check each MAS-licensed provider's fee schedule, since some local brokers do charge for dormant accounts.
Which brokers charge no deposit or withdrawal fees?
Pepperstone charges no deposit fees and no withdrawal fees, except $20 for withdrawals to an international bank. XS says it charges no internal fees on deposits or withdrawals and bears its payment providers' fees. In both cases your own bank, card issuer or e-wallet can still charge for the transfer or the currency conversion.
What is the total cost of a round turn trade?
On a Pepperstone SGD Razor account, one lot of EUR/USD costs the raw spread plus SGD 9.10 commission to open and close. If the raw spread is 0.1 pips, that adds about US$1, so the round turn is roughly SGD 9.10 plus US$1. On the Standard account, the same trade costs the spread only, with its 1-pip markup.
How much do spreads widen during news events?
There is no fixed figure: during major releases such as US non-farm payrolls, which land at 8.30pm or 9.30pm Singapore time, spreads on majors and gold can widen several times over for seconds or minutes. Pepperstone's published spreads are minimums, not news-time quotes. If you trade news, check spreads on a demo during the next release before going live.
Which broker offers the best value for small accounts?
Pepperstone suits small accounts: a $10 minimum, an SGD base currency and no inactivity or account fees, so a small balance is not eaten by charges. XS's Standard account has no minimum, while its Elite and Pro accounts need $500. With a small account, keep leverage low, because fees matter less than one oversized loss.
What are typical spreads on the major currency pairs?
Pepperstone publishes minimum spreads of 0.0 on Razor and 1 pip on Standard for EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CAD and USD/CHF. XS lists average EUR/USD spreads of 0.1 on Elite, 0.7 on Pro and 1.1 on Standard. Typical, meaning average, spreads at most brokers are a little above their minimums during the main sessions.
What currency conversion fees do brokers charge on SGD deposits?
With an SGD base currency at Pepperstone, a deposit from a Singapore bank is credited in SGD and there is nothing to convert. Pepperstone does not publish a separate conversion markup on its fee page, so if you deposit SGD into a USD account, check the rate shown before you confirm. XS accepts only EUR, USD and GBP, so your bank or card provider will convert SGD at its own rate.
Which broker is cheapest for holding positions long term?
For long holds, the financing rate matters most. Pepperstone's index and share CFDs charge the reference rate plus 2.5% a year, and its forward CFDs on oil and gold have no separate overnight charge because funding is in the price. For holding shares for years, owning them through a MAS-licensed stockbroker is usually far cheaper than any CFD.
Which broker has the tightest spreads on GBP/USD?
Pepperstone's published minimum on GBP/USD is 0.0 pips on Razor and 1 pip on Standard, the same as its EUR/USD. GBP/USD usually quotes wider than EUR/USD in Asian hours and tightens when London opens, around 3pm or 4pm Singapore time. Compare brokers on GBP/USD at the hour you trade it.
Which broker has the lowest margin requirements?
Offshore brokers have the lowest margins: XS advertises dynamic leverage up to 1:2000, and Pepperstone's retail maximum is 1:200 on FX, or 0.5% margin. MAS-licensed firms require at least 5% on retail FX. Low margin is not a saving; it only lets you lose a larger amount on the same deposit.
How do brokers calculate overnight financing?
For FX, Pepperstone uses tom-next rates from tier-1 banks for the two currencies, applied at 5pm New York time and tripled on Wednesday nights for the weekend. For index and share CFDs it uses the position value times the reference rate plus or minus 2.5%, divided by 360. Commodity CFDs use the futures basis plus or minus a 2.5% annual charge, divided by 365.
Which brokers offer transparent pricing with no hidden fees?
Pepperstone publishes its commissions per platform and per account currency, its financing formulas and its funding fees, and its accounts carry no admin, data or platform fees. XS publishes spreads and commissions per account and states it charges no internal deposit or withdrawal fees. Transparency still leaves swap rates to check in the platform, because they change daily.
How do broker spreads compare on gold and oil?
On gold, Pepperstone publishes spot gold from 0.08 on Razor plus commission and from 0.2 on Standard. On oil, it advertises CFDs from 0.02 without a separately confirmed figure for each grade on the pages we read, so compare live quotes. Gold commission on Razor is the same USD 3.50 per lot per side as FX.
Which broker has the tightest spreads during the Asian session?
In Asian hours, yen and Australian-dollar pairs, the Japan 225 and gold tend to quote tightest, while EUR and GBP pairs widen. Pepperstone does not publish separate Asian-session spreads, and nor do most brokers. Record spreads at 10am Singapore time on two demos for a week; that tells you more than any advertised minimum.
Do Singapore traders pay tax on CFD trading profits?
Usually not, if the trading is a personal investment activity: IRAS says gains from buying and selling shares and other financial instruments as personal investments are generally not taxable, and Singapore has no capital gains tax. If your trading looks like a business, judged by factors such as frequency, holding period and how it is financed, IRAS may treat profits as taxable income. This is general information; for your situation ask IRAS or a tax adviser.
Is trading income taxable in Singapore?
Income from trading as a trade or business is taxable in Singapore, while gains on personal investments generally are not. IRAS looks at badges of trade such as how often you deal, how long you hold, your intention and whether you borrow to trade. A full-time trader with frequent short-term CFD trades should expect to be asked about it.
Which broker is cheapest for trading indices and commodities together?
Pepperstone, in our view, because index CFDs and commodity CFDs carry no commission on its Standard account, and on Razor only spot gold adds one, with the US 500 from 0.4 points and spot gold from 0.2 on Standard. One account covers both, so there is no need for a second platform. Long holds on both still pay financing, so compare the forward contracts for multi-week positions.
Published 2026-10-21. Informational only, not investment advice. CFDs are leveraged products and most retail accounts lose money.
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