EBEI · July 2026
Pepperstone, Forex.com, Axi and Eightcap tie at the top of the July 2026 index at 59.5 / 100
Issue period: 2026-07-01 → 2026-07-31. Scored from each of the 23 brokers’ advertised EUR/USD spread and tier-1 regulator-licence count as recorded in our broker data. No live spread snapshots, uptime probes or execution measurements were captured.
Executive summary
Pepperstone, Forex.com, Axi and Eightcap share first place in the July 2026 EU Broker Execution Index at 59.5 out of 100. Each records a 0.0-pip advertised EUR/USD spread and three or more listed tier-1 regulator licences — the only two inputs that differ between brokers. XTB follows at 58.3 with a 0.1-pip advertised spread.
Scores are lower than in the May issue because the fixed values changed between the two scoring runs: uptime from 9 to 7.5 points, and compensation from 5 points (for any broker with a listed tier-1 licence) to 0 for every broker. Nineteen brokers fell by exactly that 6.5 points. Axi and FXCM fell 1.5 points — the same change, offset by a CySEC licence added to their records. BlackBull Markets fell 1.5 points because, with no listed tier-1 licence, it received no compensation points in May either. None of these movements reflects any change in how the brokers execute orders.
Nothing was measured this issue: no spread snapshots, uptime probes or execution statistics were captured, and the execution-quality category scores zero for every broker. For a trader, the index shows which brokers advertise the tightest raw EUR/USD spread and list the most tier-1 licences. It does not measure fills, slippage or all-in cost including commission; each broker's order execution policy describes how it handles orders.
Rankings
Scored out of 100 using methodology v1.0. Only advertised spread and tier-1 licence count differ between brokers; the remaining points are fixed values identical for every broker. Read methodology.
| # | Broker | Score | Δ vs last | Highlights |
|---|---|---|---|---|
| 1 | Pepperstone BaFin (Germany) · CySEC (Cyprus) | 59.5 | -6.5 |
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| 2 | Forex.com CySEC (Cyprus) · FCA (UK) | 59.5 | -6.5 |
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| 3 | Axi CySEC (Cyprus) · FCA (UK) | 59.5 | -1.5 |
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| 4 | Eightcap ASIC (Australia) · FCA (UK) | 59.5 | -6.5 |
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| 5 | XTB KNF (Poland) · FCA (UK) | 58.3 | -6.5 |
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| 6 | FXCM CySEC (Cyprus) · FCA (UK) | 57.0 | -1.5 |
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| 7 | Tickmill CySEC (Cyprus) · FCA (UK) | 54.5 | -6.5 |
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| 8 | Admirals CySEC (Cyprus) · FCA (UK) | 54.5 | -6.5 |
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| 9 | FxPro FCA (UK) · CySEC (Cyprus) | 54.5 | -6.5 |
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| 10 | IC Markets ASIC (Australia) · CySEC (Cyprus) | 54.5 | -6.5 |
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| 11 | Interactive Brokers SEC (USA) · FCA (UK) | 53.3 | -6.5 |
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| 12 | IG BaFin (Germany) · FCA (UK) | 52.0 | -6.5 |
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| 13 | Capital.com FCA (UK) · CySEC (Cyprus) | 52.0 | -6.5 |
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| 14 | Plus500 CySEC (Cyprus) · FCA (UK) | 49.5 | -6.5 |
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| 15 | XM CySEC (Cyprus) · ASIC (Australia) | 47.0 | -6.5 |
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| 16 | eToro CySEC (Cyprus) · FCA (UK) | 47.0 | -6.5 |
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| 17 | Saxo Bank Danish FSA (Denmark) · FCA (UK) | 47.0 | -6.5 |
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| 18 | OANDA FCA (UK) · ASIC (Australia) | 47.0 | -6.5 |
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| 19 | Trade Nation FCA (UK) · CMVM (Portugal) | 47.0 | new |
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| 20 | BlackBull Markets FMA (New Zealand) · FSA (Seychelles) | 44.5 | -1.5 |
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| 21 | Trading 212 FCA (UK) · CySEC (Cyprus) | 43.3 | -6.5 |
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| 22 | AvaTrade Central Bank of Ireland (Ireland) · CySEC (Cyprus) | 43.3 | -6.5 |
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| 23 | Swissquote FINMA (Switzerland) · FCA (UK) | 38.3 | -6.5 |
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Methodology changes for this issue
- Correction 2026-09-28: summary and highlights rewritten to state what this issue scores — advertised EUR/USD spread (first figure recorded, usually a raw-account spread excluding commission) and the count of tier-1 regulator licences listed for the broker group. The other five categories are fixed values; no execution, uptime or slippage data was measured. Scores and ranks are unchanged.
- Correction 2026-09-28: BlackBull Markets is ranked in this issue but is now recorded as not available to EU retail clients; it was not flagged when this issue was scored.
- Correction 2026-09-28: the score changes shown against the May issue come from the changed fixed values and from licence-record updates, not from broker performance. The previous headline and summary described them as broker movements and stated that EU firms must still publish annual best-execution reports; that obligation was deleted in the 2024 MiFID II review.