{
  "name": "EU Broker EUR/USD Spread & Cost Model 2026",
  "version": "2026.09",
  "edition": "September 2026",
  "data_as_of": "2026-09-23",
  "license": "https://creativecommons.org/licenses/by/4.0/",
  "attribution": "FX-Brokers.info, EU Broker EUR/USD Spread & Cost Model 2026 (https://fx-brokers.info/research/spread-study-2026), CC BY 4.0",
  "source": "https://fx-brokers.info/research/spread-study-2026",
  "distribution": {
    "csv": "https://fx-brokers.info/data/eu-broker-cost-model-2026.csv",
    "json": "https://fx-brokers.info/data/eu-broker-cost-model-2026.json"
  },
  "unit": "USD per standard lot (100,000 EUR) of EUR/USD, round turn",
  "formula": "modelled_cost_usd_per_lot = published_spread_pips x $10 per pip + published commission converted to a round turn",
  "methodology": "Compiled from the EUR/USD spread and commission each broker publishes, as recorded in the FX-Brokers broker database. Modelled, not measured: no accounts were opened, no trades were placed and no live prices were sampled. One row per broker: its lowest-cost account on published figures. Only brokers the database lists as eligible for EU/EEA/UK retail clients are included.",
  "limitations": [
    "Published figures are not what a trader pays on every trade; minimum and raw headline spreads are the low end of a range.",
    "Spread bases differ between brokers (see spread_basis), so small gaps between rows are not meaningful on their own.",
    "Only EUR/USD is modelled.",
    "Slippage, swaps, currency conversion and account fees are not modelled.",
    "Tiered or volume-based commissions are taken at the published level; volume discounts are not modelled.",
    "Brokers change their pricing; confirm current terms on the broker’s own pricing page."
  ],
  "risk_warning": "CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.",
  "columns": [
    {
      "name": "rank",
      "description": "Position by modelled all-in cost, lowest first. Equal costs share a rank."
    },
    {
      "name": "broker",
      "description": "Broker name."
    },
    {
      "name": "slug",
      "description": "Broker identifier; the review is at https://fx-brokers.info/brokers/{slug}."
    },
    {
      "name": "account",
      "description": "Account named in the broker’s published EUR/USD spread; empty when none is named. Each broker’s lowest-cost account on its published figures."
    },
    {
      "name": "spread_basis",
      "description": "What the published spread represents: published minimum, published account figure, published average, published typical figure or published fixed spread."
    },
    {
      "name": "published_spread_pips",
      "description": "Published EUR/USD spread in pips, as recorded in the broker database."
    },
    {
      "name": "commission_round_turn_usd",
      "description": "Published commission converted to USD per standard lot, round turn. Per-side figures are doubled; figures quoted per lot or per 100K with no stated basis are treated as per side and doubled."
    },
    {
      "name": "modelled_cost_usd_per_lot",
      "description": "published_spread_pips x $10 per pip + commission_round_turn_usd, rounded to cents. Modelled, not measured."
    },
    {
      "name": "eu_uk_regulated",
      "description": "true when the broker database lists at least one regulator in an EU/EEA member state or the UK. A group-level listing: it does not confirm which entity serves a given client."
    },
    {
      "name": "eu_uk_regulators",
      "description": "The EU/EEA/UK regulators behind eu_uk_regulated, semicolon-separated."
    },
    {
      "name": "source_note",
      "description": "The published wording each figure was taken from."
    },
    {
      "name": "data_as_of",
      "description": "Edition date of the model. Figures are recomputed from the broker database on each site build; re-download for the current figures."
    }
  ],
  "rows": [
    {
      "rank": 1,
      "broker": "Axi",
      "slug": "axi",
      "account": "Pro",
      "spread_basis": "published minimum",
      "published_spread_pips": 0,
      "commission_round_turn_usd": 4.5,
      "modelled_cost_usd_per_lot": 4.5,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "CySEC (Cyprus); FCA (UK)",
      "source_note": "Published spread \"From 0.0 pips (Pro)\" (published minimum); published commission \"$2.25 per lot per side (Pro)\", modelled as $4.50 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 2,
      "broker": "Admirals",
      "slug": "admirals",
      "account": "Trade",
      "spread_basis": "published account figure",
      "published_spread_pips": 0.5,
      "commission_round_turn_usd": 0,
      "modelled_cost_usd_per_lot": 5,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "CySEC (Cyprus); FCA (UK)",
      "source_note": "Published spread \"0.5 pips (Trade)\" (published account figure); published commission \"None (Trade)\", modelled as $0.00 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 2,
      "broker": "Trade Nation",
      "slug": "trade-nation",
      "account": "",
      "spread_basis": "published fixed spread",
      "published_spread_pips": 0.5,
      "commission_round_turn_usd": 0,
      "modelled_cost_usd_per_lot": 5,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "FCA (UK); CMVM (Portugal)",
      "source_note": "Published spread \"0.5 pips (fixed on TN Trader 07:00–21:59 GMT+1; 0.6 overnight)\" (published fixed spread); published commission \"None (spread-only)\", modelled as $0.00 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 4,
      "broker": "Interactive Brokers",
      "slug": "interactive-brokers",
      "account": "IBKR Pro",
      "spread_basis": "published minimum",
      "published_spread_pips": 0.1,
      "commission_round_turn_usd": 4.56,
      "modelled_cost_usd_per_lot": 5.56,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "FCA (UK); CBI (Ireland); MNB (Hungary)",
      "source_note": "Published spread \"From 0.1 pips (IBKR Pro)\" (published minimum); published commission \"$2.28 per lot per side (IBKR Pro Tiered: 0.20 bp of trade value at EUR/USD 1.14; USD 2.00 minimum per order)\", modelled as $4.56 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 5,
      "broker": "eToro",
      "slug": "etoro",
      "account": "0.005% of price at EUR/USD 1.14",
      "spread_basis": "published minimum",
      "published_spread_pips": 0.57,
      "commission_round_turn_usd": 0,
      "modelled_cost_usd_per_lot": 5.7,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "CySEC (Cyprus); FCA (UK)",
      "source_note": "Published spread \"From 0.57 pips (0.005% of price at EUR/USD 1.14)\" (published minimum); published commission \"None (spread-only)\", modelled as $0.00 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 6,
      "broker": "Tickmill",
      "slug": "tickmill",
      "account": "Raw",
      "spread_basis": "published account figure",
      "published_spread_pips": 0,
      "commission_round_turn_usd": 6,
      "modelled_cost_usd_per_lot": 6,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "CySEC (Cyprus); FCA (UK)",
      "source_note": "Published spread \"0.0 pips (Raw)\" (published account figure); published commission \"$3.00 per lot per side (Raw)\", modelled as $6.00 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 7,
      "broker": "Capital.com",
      "slug": "capital-com",
      "account": "",
      "spread_basis": "published account figure",
      "published_spread_pips": 0.7,
      "commission_round_turn_usd": 0,
      "modelled_cost_usd_per_lot": 7,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "FCA (UK); CySEC (Cyprus)",
      "source_note": "Published spread \"0.7 pips (variable; live quote in Sep 2026)\" (published account figure); published commission \"None (other fees apply)\", modelled as $0.00 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 7,
      "broker": "Eightcap",
      "slug": "eightcap",
      "account": "Raw",
      "spread_basis": "published account figure",
      "published_spread_pips": 0,
      "commission_round_turn_usd": 7,
      "modelled_cost_usd_per_lot": 7,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "FCA (UK); CySEC (Cyprus)",
      "source_note": "Published spread \"0.0 pips (Raw)\" (published account figure); published commission \"$3.50 per lot per side (Raw)\", modelled as $7.00 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 7,
      "broker": "IC Markets",
      "slug": "ic-markets",
      "account": "Raw Spread",
      "spread_basis": "published minimum",
      "published_spread_pips": 0,
      "commission_round_turn_usd": 7,
      "modelled_cost_usd_per_lot": 7,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "CySEC (Cyprus)",
      "source_note": "Published spread \"From 0.0 pips (Raw Spread)\" (published minimum); published commission \"$3.50 per lot per side (Raw Spread)\", modelled as $7.00 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 7,
      "broker": "Pepperstone",
      "slug": "pepperstone",
      "account": "Razor",
      "spread_basis": "published minimum",
      "published_spread_pips": 0,
      "commission_round_turn_usd": 7,
      "modelled_cost_usd_per_lot": 7,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "BaFin (Germany); CySEC (Cyprus); FCA (UK)",
      "source_note": "Published spread \"From 0.0 pips (Razor)\" (published minimum); published commission \"$3.50 per lot per side (Razor)\", modelled as $7.00 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 11,
      "broker": "Plus500",
      "slug": "plus500",
      "account": "",
      "spread_basis": "published minimum",
      "published_spread_pips": 0.8,
      "commission_round_turn_usd": 0,
      "modelled_cost_usd_per_lot": 8,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "CySEC (Cyprus); FCA (UK)",
      "source_note": "Published spread \"From 0.8 pips (variable)\" (published minimum); published commission \"No commissions & tight spreads; additional fees may apply\", modelled as $0.00 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 11,
      "broker": "XM",
      "slug": "xm",
      "account": "Ultra Low",
      "spread_basis": "published minimum",
      "published_spread_pips": 0.8,
      "commission_round_turn_usd": 0,
      "modelled_cost_usd_per_lot": 8,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "CySEC (Cyprus)",
      "source_note": "Published spread \"from 0.8 pips (Ultra Low)\" (published minimum); published commission \"None (Ultra Low)\", modelled as $0.00 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 13,
      "broker": "AvaTrade",
      "slug": "avatrade",
      "account": "",
      "spread_basis": "published typical figure",
      "published_spread_pips": 0.9,
      "commission_round_turn_usd": 0,
      "modelled_cost_usd_per_lot": 9,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "Central Bank of Ireland (Ireland); CySEC (Cyprus)",
      "source_note": "Published spread \"0.9 pips typical\" (published typical figure); published commission \"None (spread-only)\", modelled as $0.00 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 14,
      "broker": "Forex.com",
      "slug": "forex-com",
      "account": "RAW Spread; not offered in the UK",
      "spread_basis": "published minimum",
      "published_spread_pips": 0,
      "commission_round_turn_usd": 10,
      "modelled_cost_usd_per_lot": 10,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "CySEC (Cyprus); FCA (UK)",
      "source_note": "Published spread \"from 0.0 pips (RAW Spread; not offered in the UK)\" (published minimum); published commission \"$5 per 100K (RAW Spread; not offered in the UK)\", modelled as $10.00 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 15,
      "broker": "FxPro",
      "slug": "fxpro",
      "account": "cTrader",
      "spread_basis": "published minimum",
      "published_spread_pips": 0.4,
      "commission_round_turn_usd": 7.98,
      "modelled_cost_usd_per_lot": 11.98,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "FCA (UK); CySEC (Cyprus)",
      "source_note": "Published spread \"From 0.4 pips (cTrader)\" (published minimum); published commission \"$3.99 per lot per side at EUR/USD 1.14 ($0.35 per $10k USD traded) (cTrader)\", modelled as $7.98 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 16,
      "broker": "FXCM",
      "slug": "fxcm",
      "account": "Standard",
      "spread_basis": "published account figure",
      "published_spread_pips": 1.3,
      "commission_round_turn_usd": 0,
      "modelled_cost_usd_per_lot": 13,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "CySEC (Cyprus); FCA (UK)",
      "source_note": "Published spread \"1.3 pips (Standard) indicative\" (published account figure); published commission \"None (Standard)\", modelled as $0.00 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    },
    {
      "rank": 16,
      "broker": "Trading 212",
      "slug": "trading-212",
      "account": "",
      "spread_basis": "published average",
      "published_spread_pips": 1.3,
      "commission_round_turn_usd": 0,
      "modelled_cost_usd_per_lot": 13,
      "eu_uk_regulated": true,
      "eu_uk_regulators": "FCA (UK); CySEC (Cyprus); FSC (Bulgaria)",
      "source_note": "Published spread \"1.3 pips average\" (published average); published commission \"None (zero commission on CFDs; fees apply; zero commission on stocks/ETFs)\", modelled as $0.00 round turn. Compiled from published pricing; modelled, not measured.",
      "data_as_of": "2026-09-23"
    }
  ],
  "not_ranked": [
    {
      "broker": "IG",
      "slug": "ig",
      "published_spread": "0.6–0.9 pips minimum (0.6 at IG UK and IG International; 0.9 at IG Europe)",
      "published_commission": "None (spread-only on most accounts)",
      "reason": "The published EUR/USD spread differs by entity or country (a range), so no single figure is modelled."
    },
    {
      "broker": "OANDA",
      "slug": "oanda",
      "published_spread": "0.6–0.7 pips minimum (UK 0.6; Australia 0.7); EU entity publishes no EUR/USD spread",
      "published_commission": "None on spread-only pricing; raw/core pricing adds a commission",
      "reason": "The published EUR/USD spread differs by entity or country (a range), so no single figure is modelled."
    },
    {
      "broker": "Saxo Bank",
      "slug": "saxo-bank",
      "published_spread": "0.8–1.6 pips (Classic minimum by country: UK 0.8; Saxo Bank A/S 1.1; France 1.6); lower on Platinum/VIP",
      "published_commission": "None published for FX, except UK: USD 3 on trades under 50,000 units",
      "reason": "The published EUR/USD spread differs by entity or country (a range), so no single figure is modelled."
    },
    {
      "broker": "Swissquote",
      "slug": "swissquote",
      "published_spread": "1.4–1.9 pips entry tier (EU Standard 1.9; international Standard 1.8; UK Premium 1.4)",
      "published_commission": "None (spread-only)",
      "reason": "The published EUR/USD spread differs by entity or country (a range), so no single figure is modelled."
    },
    {
      "broker": "XTB",
      "slug": "xtb",
      "published_spread": "0.8–1.3 pips (from 0.8 at the EU/UK entities; 1.3 standard spread at XTB International)",
      "published_commission": "None (0% commission on CFDs)",
      "reason": "The published EUR/USD spread differs by entity or country (a range), so no single figure is modelled."
    }
  ]
}