On published figures, Pepperstone is our pick for low spreads: Razor forex spreads start from 0.0 with a commission from $3.50 per lot per side, HK50 averages 5 points and NAS100 1 point, both commission-free. It is not the cheapest everywhere: Fusion Markets charges less commission on forex.
Short answer: Pepperstone gives Hong Kong traders the lowest published spreads among our three picks, but judge it on spread plus commission plus overnight funding.
Pepperstone Razor: forex from 0.0, spot gold from 0.08, commission from $3.50 per lot per side; Standard: no commission, 1-pip mark-up on forex.
Index CFDs carry no commission at Pepperstone; published averages are 5 points on HK50, 1 on NAS100 and 0.4 on US500.
Fusion Markets advertises $2.25 per side commission, lower than Pepperstone's $3.50; IC Markets charges the same $3.50.
Pepperstone's minimum funding is $10, with no deposit, inactivity or account-keeping fees.
Capital.com charges no commission at all and puts its cost in the spread; XS's Elite account adds a $6 round-turn commission to raw spreads.
A worked cost example
Take one standard lot of EUR/USD, round trip. On Pepperstone Razor at a 0.0 spread on MT4 or MT5, you pay $7 commission; on cTrader $6; on TradingView $7. On the Standard account you pay no commission but the 1-pip mark-up costs about $10 per lot. So for frequent forex trading, Razor is cheaper; for occasional trades the gap is small and Standard is simpler.
Now add funding. Holding the same lot for a week means seven rollovers, and the Wednesday rollover is charged three times for most pairs. For trades held more than a few days, the overnight rate shown in the platform often costs more than the spread you saved.
Lowest published spreads
Razor raw spreads from 0.0 with commission, commission-free index CFDs at 5 points on HK50, $10 minimum and no inactivity fee; offshore, not SFC-licensed.
XS publishes no loss percentage; its risk warning says it is possible to lose all your capital.
Pepperstone, Capital.com and XS are our partners. We may earn a commission if you open an account through our links. That does not change the facts on this page.
Your questions, answered
Which CFD brokers let me start with a small first deposit?
Pepperstone's minimum top-up is $10, or the local equivalent, by card, Apple Pay, Google Pay, PayPal or e-wallet. Capital.com's international charges page sets a minimum of 10 USD, EUR or GBP for cards and Apple Pay, rising to 50 EUR for wire transfers. XS's Standard account has no account minimum, but its funding methods start at $15 for Skrill and Neteller, $20 for cards and $300 for bank transfer. A small deposit is fine for learning; just keep position sizes matching it.
Which forex brokers offer ECN or raw spread accounts?
Pepperstone's Razor account is a raw-spread account: interbank prices from 0.0 plus a fixed commission on forex and spot gold. XS's Elite account works the same way with a $6 round-turn commission, and IC Markets offers a Raw Spread account at $3.50 per side. Note that 'ECN' is a marketing label more than a regulated term; what matters is that the spread is raw and the commission is stated, which is true of all three.
Which brokers charge the lowest commission on forex trades?
Capital.com charges no commission at all, because its cost sits in the spread. Among raw-spread accounts, Fusion Markets advertises $2.25 per side, lower than Pepperstone. Pepperstone charges $3.50 per lot per side on MT4, MT5 and its own platform, $6 round trip on cTrader and $7 on TradingView; IC Markets charges $3.50 per side. On Pepperstone, trades smaller than a lot pay commission pro rata, with a 0.01 lot rounded up to $0.03.
Which CFD brokers have the lowest overnight swap fees?
Nobody can honestly promise the lowest swap, because rates follow interest rates and change daily. Pepperstone uses market swap rates shown in the platform and charges triple on Wednesdays for most pairs. Capital.com publishes its formula: an interest benchmark plus or minus a 4% annual fee. Swap-free accounts exist, such as XS's Elite swap-free option, but they usually replace swaps with other charges. For long holds, compare the swap in two demos for your exact pair.
Which brokers don't charge deposit or withdrawal fees?
Pepperstone charges no deposit fees and no withdrawal fees, except $20 for international bank withdrawals, which is the method most Hong Kong bank accounts would use. Capital.com charges nothing for deposits or withdrawals. XS says it charges no internal fees, but reserves the right to a withdrawal fee of up to 3% when there has been no trading activity. Your own bank may still charge for receiving an overseas transfer.
Which brokers offer negative balance protection?
Pepperstone and Capital.com both state negative balance protection for retail clients: if a gap pushes your account below zero, it is restored to zero. At Pepperstone this does not apply if you become a Pepperstone Pro client. Capital.com lists it on its safety page for retail clients. The protection limits your loss to your deposit, but you can still lose that whole deposit quickly at high leverage.
Which CFD brokers don't charge inactivity fees?
Pepperstone's help centre says it does not charge account-keeping or inactivity fees; it earns only when you trade. Capital.com's charges page lists no fee for opening, closing or keeping a demo account, and no deposit or withdrawal fees. XS's funding page is the one to read carefully: it reserves the right to a withdrawal fee of up to 3% where there has been no trading activity, which works like an inactivity charge on idle deposits.
Which brokers offer a professional account with higher leverage?
Pepperstone Pro raises leverage from the retail 1:200 to 1:500 on gold, major forex and major indices, and its Pro page mentions up to 1:1000 on gold and forex. To qualify you self-certify two of three criteria: leveraged trading experience, over US$500,000 in cash and portfolio, or work in financial services. You give up negative balance protection. Capital.com's professional accounts go up to 500:1.
Which CFD brokers offer rebates for high-volume traders?
Pepperstone's active-trader programme pays rebates the day after a trade closes or monthly: $1 per forex lot from 200 lots a month, $2 from 500 and $3 from 1,500, plus 10% to 30% off spreads on selected index and commodity CFDs. It is open only to Pepperstone Pro clients and needs the volume kept up over three months. IG's Hong Kong-facing site also advertises volume-based rebates for large traders.
Published 2026-10-21. Informational only, not investment advice. CFDs are leveraged products and most retail accounts lose money.
Lowest published spreads
Zero commission
Elite raw spreads