Original Research
Forex Broker Fee Transparency Audit 2026
We audited 20 EU-accessible forex brokers on how clearly they disclose their costs. Not how much they charge — how honestly they tell you about it.
Key Findings
11
A+ or A grade (80+/100)
3
C or D grade (below 70)
7.7/10
Avg inactivity disclosure (worst category)
8.9/10
Avg commission clarity (best category)
Summary
- • Commission clarity is universally strong — nearly every broker publishes commission rates prominently. This is the easiest fee to compare.
- • Inactivity fee disclosure is the weakest category industry-wide. Three brokers bury it in T&Cs or FAQs rather than on their pricing page. One charges after just 90 days.
- • "From" spread labelling remains a problem. Four brokers primarily advertise minimum/"from" spreads without giving equal prominence to typical spreads, making cost comparison harder.
- • Swap rate visibility varies widely. Top-tier brokers publish daily-updated swap tables on their public website; weaker performers show swap rates only inside the trading platform.
- • Currency conversion fees are the second-worst category. Five brokers do not prominently disclose the conversion rate/markup on their website.
- • Brokers that charge no inactivity fee score highest overall — removing a fee eliminates the need to disclose it.
Methodology
We visited each broker's public website (without logging in) and scored their fee disclosure across 10 categories, each worth 10 points. The audit measures disclosure quality, not fee levels. A broker charging high fees transparently scores better than a broker with low fees buried in terms and conditions.
| Category | Max | What we measured | Industry avg |
|---|---|---|---|
| Spread labelling | 10 | Is spread labelling "typical", "from", or "live"? Are per-instrument tables publicly accessible? | 8.3 |
| Commission clarity | 10 | Is commission stated per-lot before account opening? Volume tiers published? | 8.9 |
| Swap publication | 10 | Are swap rates published daily on the public website, or only visible in-platform? | 7.7 |
| Deposit fees | 10 | Are deposit fees (or zero-fee status) stated per method with processing times? | 8.6 |
| Withdrawal fees | 10 | Are withdrawal fees and processing times stated per method? | 8.4 |
| Inactivity disclosure | 10 | Is the inactivity fee on the pricing page (not buried in T&Cs)? How aggressive is the trigger? | 7.7 |
| Conversion fees | 10 | Is the currency conversion rate/markup prominently disclosed? | 7.0 |
| Cost calculators | 10 | Does a standalone trading cost calculator exist on the website? | 7.1 |
| Fee page quality | 10 | Does a dedicated, findable fee/pricing page exist with structured tables? | 8.1 |
| Comparison-friendliness | 10 | Are fees presented in a way that enables meaningful comparison with other brokers? | 7.6 |
Overall Transparency Rankings
Sorted by total transparency score (out of 100). Grade thresholds: A+ (90+), A (80–89), B (70–79), C (60–69), D (<60).
| # | Broker | Grade | Score | Spread | Comm. | Swap | Dep. | Wdl. | Inact. | Conv. | Calc. | Page | Comp. |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | IG | A+ | 96 | 10 | 10 | 10 | 10 | 10 | 8 | 9 | 10 | 10 | 9 |
| 2 | Interactive Brokers | A+ | 96 | 10 | 10 | 10 | 9 | 9 | 10 | 10 | 10 | 10 | 8 |
| 3 | Pepperstone | A+ | 92 | 9 | 10 | 9 | 9 | 9 | 10 | 9 | 9 | 9 | 9 |
| 4 | Exness | A+ | 92 | 9 | 9 | 9 | 10 | 10 | 10 | 8 | 9 | 9 | 9 |
| 5 | Saxo Bank | A | 89 | 9 | 9 | 10 | 9 | 9 | 7 | 9 | 9 | 10 | 8 |
| 6 | OANDA | A | 86 | 10 | 9 | 9 | 8 | 8 | 7 | 8 | 9 | 9 | 9 |
| 7 | CMC Markets | A | 85 | 9 | 9 | 7 | 9 | 9 | 8 | 8 | 8 | 9 | 9 |
| 8 | Tickmill | A | 84 | 9 | 9 | 8 | 9 | 9 | 10 | 7 | 7 | 8 | 8 |
| 9 | XTB | A | 81 | 8 | 9 | 7 | 9 | 8 | 7 | 8 | 8 | 8 | 9 |
| 10 | Admirals | A | 80 | 8 | 8 | 8 | 9 | 8 | 9 | 7 | 8 | 8 | 7 |
| 11 | Swissquote | A | 80 | 8 | 9 | 8 | 8 | 8 | 10 | 8 | 5 | 8 | 8 |
| 12 | XM | B | 78 | 9 | 9 | 9 | 9 | 8 | 4 | 6 | 8 | 8 | 8 |
| 13 | eToro | B | 73 | 8 | 8 | 6 | 8 | 8 | 7 | 7 | 5 | 8 | 8 |
| 14 | FXCM | B | 73 | 9 | 8 | 9 | 8 | 7 | 4 | 6 | 7 | 7 | 8 |
| 15 | BlackBull Markets | B | 71 | 7 | 9 | 6 | 8 | 8 | 10 | 5 | 4 | 7 | 7 |
| 16 | FxPro | B | 71 | 8 | 8 | 8 | 8 | 8 | 5 | 6 | 7 | 7 | 6 |
| 17 | ThinkMarkets | C | 66 | 7 | 9 | 5 | 8 | 8 | 6 | 4 | 6 | 7 | 6 |
| 18 | Axi | C | 64 | 6 | 9 | 5 | 8 | 8 | 10 | 4 | 3 | 6 | 5 |
| 19 | Plus500 | D | 56 | 5 | 9 | 4 | 8 | 8 | 5 | 4 | 3 | 6 | 4 |
Category Deep-Dives
1. Spread Labelling
How a broker labels its spreads matters enormously for comparison accuracy. "Typical" or "average" spreads reflect real trading conditions. "From" or "minimum" spreads show the theoretical best case that may last fractions of a second. "Live" spreads — real-time on the public website — are the gold standard.
Best practice: Interactive Brokers and OANDA both show live, real-time spreads on their public website alongside historical data. Worst practice:"From 0.0 pips" without a typical/average figure alongside it.
2. Swap Rate Publication
Overnight swap/financing costs can represent the largest single cost for position traders — easily exceeding spread costs on trades held for days or weeks. Whether a broker publishes swap rates on their public website, or hides them inside the trading platform, determines whether you can evaluate this cost before opening an account.
| Disclosure level | Brokers | Assessment |
|---|---|---|
| Daily updated on website | IG, Interactive Brokers, Pepperstone, Exness, Saxo Bank, OANDA, CMC Markets, Tickmill, XTB, Admirals, Swissquote, XM, FXCM, FxPro | Best: evaluate before account opening |
| Static table | eToro, BlackBull Markets, ThinkMarkets, Axi | Directional guidance only — rates may be stale |
| Platform only | Plus500 | Must open account and install platform to check |
3. Inactivity Fee Disclosure
Inactivity fees are the single most complained-about "hidden" cost in retail forex. They range from zero (several brokers charge nothing) to $15/month after just 90 days (XM). The issue is not whether a fee exists, but whether you know about it before you stop trading.
| Broker | Fee | Trigger | Disclosure | Score |
|---|---|---|---|---|
| Interactive Brokers | None | — | Not charged | 10/10 |
| Pepperstone | None | — | Not charged | 10/10 |
| Exness | None | — | Not charged | 10/10 |
| Tickmill | None | — | Not charged | 10/10 |
| Swissquote | None | — | Not charged | 10/10 |
| BlackBull Markets | None | — | Not charged | 10/10 |
| Axi | None | — | Not charged | 10/10 |
| Admirals | €10/month after 24 months | after 24 months | Prominent | 9/10 |
| IG | £12/month after 2 years inactivity | after 2 years | Prominent | 8/10 |
| CMC Markets | £10/month after 12 months inactivity | after 12 months | Prominent | 8/10 |
| Saxo Bank | Custody fee of 0 | — | Prominent | 7/10 |
| OANDA | $10/month after 12 months | after 12 months | Prominent | 7/10 |
| XTB | €10/month after 12 months | after 12 months | Prominent | 7/10 |
| eToro | $10/month after 12 months | after 12 months | Prominent | 7/10 |
| ThinkMarkets | $10/month after 6 months | after 6 months | Prominent | 6/10 |
| FxPro | $5/month after 6 months | after 6 months | FAQ only | 5/10 |
| Plus500 | $10/month after 3 months | after 3 months | Prominent | 5/10 |
| XM | $15/month after 90 days inactivity | after 90 days | FAQ only | 4/10 |
| FXCM | Inactivity fee disclosed in terms and conditions | — | T&Cs only | 4/10 |
Pattern: Brokers that charge no inactivity fee (Pepperstone, Exness, BlackBull, Interactive Brokers, Tickmill, Swissquote, Axi) score 10/10 by default. Charging zero eliminates disclosure risk entirely.
4. Currency Conversion Fees
European traders depositing in EUR with a broker whose base currency is USD (or vice versa) face a currency conversion fee on every deposit and withdrawal. This cost can exceed the spread cost for small accounts. Yet it is the second-worst-disclosed fee category in our audit.
Well-disclosed
Interactive Brokers, Pepperstone, Exness, Swissquote, IG, CMC Markets, Saxo Bank, OANDA, XTB
Poorly disclosed
BlackBull Markets, Axi, ThinkMarkets, Plus500
Broker-by-Broker Analysis
Detailed notes on each broker's fee disclosure, sorted by transparency score.
Maximum fee transparency. The pricing page is arguably the most detailed in retail brokerage. Only downside: granularity can overwhelm beginners (a good problem to have).
Spreads (10/10): Shows live, real-time spreads on website. No "typical" or "minimum" label — what you see is what you get.
Commission (10/10): Commission tiers (Fixed and Tiered) published with exact per-share and per-contract rates. Volume breakpoints explicit.
Swaps (10/10): Margin interest rates published with benchmark + markup formula. Daily updated, fully transparent.
Deposits (9/10): Deposit methods and fees disclosed on funding page. Most methods free.
Withdrawals (9/10): One free withdrawal per month, then $10. Clearly stated on fees page.
Inactivity (10/10): No inactivity fee since 2021. Previously $10/month — removal was well-publicised.
Conversion (10/10): FX conversion is a tradeable instrument with published commission. No hidden markup.
Calculators (10/10): Pre-trade cost and commission estimator on TWS. Impact cost analysis for larger orders.
Fee page (10/10): Extensive /pricing page structured by instrument, account type, and region. One of the most comprehensive in the industry.
Comparison (8/10): Extremely granular. Can be overwhelming but every number is there. Fixed vs Tiered comparison table available.
#2 Pepperstone
Excellent fee transparency. Two-account model is easy to understand. No inactivity fee is a genuine competitive advantage. Minor: swap visibility could match IG's downloadable format.
Spreads (9/10): Publishes "typical" spreads for Standard and Razor accounts separately. Real-time spread widget on website shows live prices.
Commission (10/10): Razor account: $7/round turn clearly stated on pricing page. Standard: spread-only, zero commission. Per-platform breakdown available.
Swaps (9/10): Swap rates published daily on website in searchable table. Updated before each rollover.
Deposits (9/10): Zero deposit fees stated on deposits page. Method-by-method table with processing times.
Withdrawals (9/10): Withdrawal page lists zero fees for most methods. International bank wire fee noted. Processing times per method.
Inactivity (10/10): No inactivity fee charged. Stated on pricing page.
Conversion (9/10): Currency conversion at interbank rate disclosed. No hidden markup stated on pricing page.
Calculators (9/10): Forex calculator suite on website (pip, margin, swap). Pre-trade cost shown in platform.
Fee page (9/10): Standalone /pricing page clearly structured by account type. Accessible from main navigation.
Comparison (9/10): Two-account comparison (Standard vs Razor) makes it straightforward. Side-by-side table available.
#3 Exness
Strong transparency. Zero fees on deposits, withdrawals, and inactivity is a genuine differentiator. Spread labelling as "average" rather than "typical" is honest. Multi-currency account reduces hidden conversion costs.
Spreads (9/10): Publishes "average" spreads per account type. Real-time spread ticker on website. Spread history by session available.
Commission (9/10): Zero Spread account: $7/lot. Raw Spread: $7/lot. Standard/Pro: zero commission. All stated on pricing page.
Swaps (9/10): Swap calculator on website shows current swap long/short per instrument. Updated daily.
Deposits (10/10): Zero deposit fees for all methods. Stated clearly on deposits page with 40+ method listings.
Withdrawals (10/10): Zero withdrawal fees stated. Instant withdrawal for most methods. Processing times listed.
Inactivity (10/10): No inactivity fee. No account maintenance charges.
Conversion (8/10): Multi-currency accounts available, reducing conversion need. Conversion at market rate disclosed.
Calculators (9/10): Trading calculator suite on website (investment, currency converter, pip, margin). Swap calculator integrated.
Fee page (9/10): Dedicated pricing page structured by account type. Navigation-accessible.
Comparison (9/10): Four-account comparison table on pricing page. Clear per-account cost structure.
#4 Tickmill
Good transparency. Publishing both typical and minimum spreads side by side is a best practice that few competitors match. No inactivity fee.
Spreads (9/10): Publishes "typical" and "minimum" spreads side by side. Clear methodology.
Commission (9/10): Classic: zero commission. Raw: $6/round turn (recently raised from $4 — disclosed). VIP: $4/round turn.
Swaps (8/10): Swap rates published in contract specifications, updated daily.
Deposits (9/10): Zero deposit fees stated. Multiple methods listed.
Withdrawals (9/10): Zero withdrawal fees for most methods. Processing times per method.
Inactivity (10/10): No inactivity fee charged.
Conversion (7/10): Multi-base-currency accounts. Conversion rates disclosed in conditions.
Calculators (7/10): Forex calculator on website (pip, margin, profit).
Fee page (8/10): Trading conditions page with per-account spread tables.
Comparison (8/10): Dual typical/minimum spread display enables informed comparison. Three accounts well-differentiated.
#5 Swissquote
Good transparency befitting a regulated Swiss bank. No inactivity fee. Lacks a standalone trading cost calculator but otherwise well-disclosed.
Spreads (8/10): Publishes "average" spreads per account tier (Premium/Prime/Elite). Live pricing on website.
Commission (9/10): Spread-only for FX. Stock trading commissions published per exchange. Commission schedule downloadable.
Swaps (8/10): Overnight financing rates published with benchmark + spread formula.
Deposits (8/10): Deposit methods and conditions published. SEPA free, international wire fees vary.
Withdrawals (8/10): Withdrawal conditions published. SEPA free, SWIFT CHF 20 fee.
Inactivity (10/10): No inactivity fee. Swiss banking model with account maintenance included.
Conversion (8/10): CHF base account — conversion rates published for multi-currency operations.
Calculators (5/10): No standalone trading calculator on website. Pre-trade costs in platform.
Fee page (8/10): Pricing & conditions page with structured tier comparison.
Comparison (8/10): Three-tier structure is well-documented. Banking product fees clearly separated from trading fees.
Good transparency on core fees. "From" spread labelling is less informative than "typical". Swap rate visibility and currency conversion disclosure are the main gaps. No inactivity fee is a plus.
Spreads (7/10): Publishes "from" spreads (e.g., "from 0.0 pips" on ECN Prime). Live spreads visible on website ticker. Typical spreads shown in account comparison.
Commission (9/10): ECN Standard: $0. ECN Prime: $6/round turn. ECN Institutional: $4/round turn. Published on pricing page.
Swaps (6/10): Swap rates viewable in platform. Product schedule published but less prominent than competitors.
Deposits (8/10): Zero deposit fees stated. Method-by-method listing with processing times.
Withdrawals (8/10): International wire: $5 fee disclosed. E-wallet withdrawals free. Listed on withdrawals page.
Inactivity (10/10): No inactivity fee charged.
Conversion (5/10): Currency conversion applies but rate/markup not prominently disclosed on website. Available in account terms.
Calculators (4/10): No dedicated trading cost calculator on website. Standard platform calculators available.
Fee page (7/10): Pricing page exists with account comparison. Less granular than top-tier brokers.
Comparison (7/10): Three-tier account comparison table. Clear but could include more worked examples.
#7 Axi
Below average transparency despite competitive pricing. "From" spreads, absent swap visibility on website, no cost calculator, and undisclosed conversion fees. No inactivity fee is a saving grace.
Spreads (6/10): Shows "from" spreads (e.g., "from 0.0 pips"). Typical spreads less prominent. Live spreads in platform.
Commission (9/10): Standard: zero commission. Pro: $7/round turn. Clearly published.
Swaps (5/10): Swap rates in product schedule. Update frequency not clearly stated.
Deposits (8/10): Zero deposit fees stated. Method list with processing times.
Withdrawals (8/10): Zero withdrawal fees for most methods stated.
Inactivity (10/10): No inactivity fee charged.
Conversion (4/10): Currency conversion policy not prominently disclosed on website.
Calculators (3/10): No standalone trading calculator on website.
Fee page (6/10): Pricing page with account comparison. Less granular than tier-1 brokers.
Comparison (5/10): "From" spread labelling hinders accurate comparison. Two-account structure is simple.
#8 Admirals
Good transparency overall. 24-month inactivity grace period is among the most generous. Multiple account types create some comparison complexity but all are documented.
Spreads (8/10): Publishes "typical" spreads per account type. Contract specifications page with per-instrument detail.
Commission (8/10): Zero and Trade.MT5 accounts with different commission structures clearly stated. Per-instrument commission tables available.
Swaps (8/10): Contract specifications include swap rates, updated regularly. Searchable by instrument.
Deposits (9/10): Zero deposit fees for most methods. Method-by-method table with processing times.
Withdrawals (8/10): One free withdrawal per month (bank transfer). Subsequent withdrawals: fee disclosed. E-wallet free.
Inactivity (9/10): €10/month after 24 months. Stated on website. 24-month grace is generous.
Conversion (7/10): Currency conversion fee disclosed in account conditions. Rate varies by currency pair.
Calculators (8/10): Trading calculator on website (profit, pip, margin, swap). Pre-trade estimates in platform.
Fee page (8/10): Dedicated fees and charges page. Contract specifications separately searchable.
Comparison (7/10): Multiple account types add complexity but each is well-documented.
#9 IG
Industry-leading fee transparency. Every cost category is disclosed prominently with worked examples. Minor deduction for inactivity fee being time-gated (2 years) which can catch long-inactive accounts.
Spreads (10/10): Publishes "typical" spreads with clear methodology note. Real-time spreads visible on website without login. Session-specific spread data available.
Commission (10/10): Zero commission on standard account, DMA account commission clearly stated per-side on pricing page. Volume discount tiers published.
Swaps (10/10): Swap rates updated daily on website, downloadable, searchable by instrument. Historical swap data available.
Deposits (10/10): Dedicated deposits page states zero deposit fees for all methods. Third-party fees noted.
Withdrawals (10/10): Withdrawal page clearly states zero fees for bank transfer and card. Processing times listed per method.
Inactivity (8/10): £12/month after 2 years inactivity. Stated on pricing page, not just T&Cs.
Conversion (9/10): 0.5% FX conversion fee clearly stated on pricing page with worked examples.
Calculators (10/10): Trading cost calculator on platform and website. Margin calculator and pip value calculator also available.
Fee page (10/10): Standalone /costs-and-charges page with structured tables, findable via navigation and search.
Comparison (9/10): Fees presented in tabular format with clear per-instrument breakdowns. Easy to screenshot and compare.
#10 CMC Markets
Strong fee disclosure overall. Swap/holding cost visibility on the marketing website could be improved — currently best seen in-platform.
Spreads (9/10): Publishes "typical" spreads for key instruments on website. Real-time spreads also visible on platform demo.
Commission (9/10): Commission-free spread-only model for most instruments. Share CFD commission clearly stated.
Swaps (7/10): Holding costs shown in platform. Rate methodology published. Less visible on marketing website.
Deposits (9/10): Zero deposit fees clearly stated. All methods listed with processing times.
Withdrawals (9/10): Zero withdrawal fees stated. Processing times per method published.
Inactivity (8/10): £10/month after 12 months inactivity. Disclosed on costs page.
Conversion (8/10): 0.5% currency conversion fee stated on pricing page.
Calculators (8/10): Trading cost calculator on website. Margin calculator available.
Fee page (9/10): Standalone /pricing page with clear structure. Navigation accessible.
Comparison (9/10): Clean tabular layout. Spread-only model simplifies comparison.
#11 Saxo Bank
Excellent transparency overall. Tiered pricing adds complexity but each tier is fully disclosed. Custody fee structure could be more prominent.
Spreads (9/10): Publishes "typical" spreads by account tier (Classic/Platinum/VIP). Spread tables on website without login required.
Commission (9/10): Commission structure varies by tier and instrument. Published on pricing page per instrument category. Volume discount published.
Swaps (10/10): Swap rates published daily on website, per-instrument. Financing costs explained in dedicated section.
Deposits (9/10): Zero deposit fees stated on funding page. Minimum deposit (varies by account type) clearly disclosed at registration.
Withdrawals (9/10): Withdrawal fees disclosed on funding page. Bank transfer free, card refund free. Processing times listed.
Inactivity (7/10): Custody fee of 0.12%/year on positions, inactivity-related charges disclosed on pricing page.
Conversion (9/10): Currency conversion fee (0.25-0.5%) stated on pricing page. Auto-conversion rules explained.
Calculators (9/10): Cost calculator integrated into trading platform. Pre-trade cost estimates shown.
Fee page (10/10): Comprehensive /pricing page with instrument-by-instrument tables. Tier comparison prominently displayed.
Comparison (8/10): Per-tier tables enable comparison. Slightly complex due to 3-tier pricing but well-structured.
#12 OANDA
Excellent fee transparency, especially on spreads. Live and historical spread data is best-in-class alongside Interactive Brokers. Inactivity fee disclosed prominently.
Spreads (10/10): Shows live, real-time spreads on website. Historical spread data available for download. "Typical" column also provided.
Commission (9/10): Standard: spread-only. Core: spread + $3.50/side commission. Clearly published.
Swaps (9/10): Financing rates published daily with benchmark rate + markup formula visible.
Deposits (8/10): Deposit methods and fees listed. Bank wire and card fees vary by jurisdiction — disclosed.
Withdrawals (8/10): Withdrawal fees disclosed per method. Bank wire fee varies by region.
Inactivity (7/10): $10/month after 12 months. Published on pricing page.
Conversion (8/10): Currency conversion at market rate. Multi-currency account available.
Calculators (9/10): Forex calculator and margin calculator on website. Historical spread data tools.
Fee page (9/10): Comprehensive pricing page with structured tables per instrument type.
Comparison (9/10): Historical spread data and live pricing enable genuine comparison. Two-account structure is simple.
#13 XTB
Good transparency. Single-account model reduces complexity. "Target" spread labelling is slightly less precise than "typical" but the intent is clear.
Spreads (8/10): Publishes "target" spreads on website. Real-time spread widget. Per-instrument tables available.
Commission (9/10): Zero commission on FX (spread-only). Stock CFDs and real stocks: zero commission up to €100k/month, then 0.2%. Clearly stated.
Swaps (7/10): Swap points published in instrument tables, updated regularly.
Deposits (9/10): Zero deposit fees. Multiple methods listed with processing times.
Withdrawals (8/10): Zero withdrawal fees above €100. Below €100: fee disclosed. Processing times listed.
Inactivity (7/10): €10/month after 12 months. Prominently stated on pricing page.
Conversion (8/10): 0.5% currency conversion fee stated on pricing page.
Calculators (8/10): Trading calculator on website. xStation platform shows pre-trade cost estimates.
Fee page (8/10): Dedicated pricing page. Account conditions clearly structured.
Comparison (9/10): Single-account model makes comparison straightforward.
#14 eToro
Decent transparency. The $5 conversion fee on every non-USD deposit is disclosed but remains a significant hidden cost for European traders. Swap visibility could be improved.
Spreads (8/10): Publishes "typical" spreads per instrument. Spread table on website accessible without login.
Commission (8/10): Commission-free on stocks. CFD spreads are the cost. Clearly stated on trading page.
Swaps (6/10): Overnight fees published on website but update frequency not stated. "Daily" and "weekend" fees listed.
Deposits (8/10): Deposit fees vary by method — stated on deposits page. $5 conversion fee on non-USD deposits prominently disclosed.
Withdrawals (8/10): $5 withdrawal fee clearly stated on fees page. Minimum withdrawal $30.
Inactivity (7/10): $10/month after 12 months. Stated on fees page prominently.
Conversion (7/10): Currency conversion fee (50 pips / ~0.5%) stated on fees page. USD-only base accounts means conversion applies to all non-USD deposits.
Calculators (5/10): No standalone trading cost calculator on website. Pre-trade cost shown in platform.
Fee page (8/10): Standalone /trading/fees page. Structured by fee category.
Comparison (8/10): Single-account model simplifies comparison. Spread table is clean.
#15 ThinkMarkets
Average transparency. "From" spread labelling, hidden conversion fees, and 6-month inactivity trigger are the main gaps.
Spreads (7/10): Shows "from" spreads. Typical spreads shown in account comparison table.
Commission (9/10): Standard: zero commission. ThinkZero: $7/round turn. Clearly stated on pricing.
Swaps (5/10): Swap rates in product specifications. Update frequency unclear.
Deposits (8/10): Zero deposit fees stated.
Withdrawals (8/10): Zero withdrawal fees stated. Processing times listed.
Inactivity (6/10): $10/month after 6 months. Stated on fees page.
Conversion (4/10): Conversion fee not prominently disclosed on website.
Calculators (6/10): Trading calculator available on website.
Fee page (7/10): Pricing page with account comparison.
Comparison (6/10): "From" spreads partially offset by account comparison table showing typicals.
#16 FxPro
Above average but with gaps. Inactivity fee disclosed only in FAQ. Per-platform commission differences (cTrader vs MT4/MT5) add complexity not fully surfaced on the main pricing page.
Spreads (8/10): Publishes "average" spreads by account. Real-time spreads in platform. Website shows per-instrument tables.
Commission (8/10): cTrader: $4.50/side ($9/round turn). MT4/MT5 Raw+: $3.50/side. Standard: zero commission. All published.
Swaps (8/10): Swap rates in product specifications, updated daily.
Deposits (8/10): Zero deposit fees for most methods. Stated on deposits page.
Withdrawals (8/10): Zero withdrawal fees for most methods. Bank wire minimum noted.
Inactivity (5/10): $5/month after 6 months. Disclosed in FAQ rather than on pricing page.
Conversion (6/10): Currency conversion fee exists but rate not prominently published.
Calculators (7/10): Trading calculator suite on website.
Fee page (7/10): Pricing page with account comparison table.
Comparison (6/10): Multiple accounts add some complexity. Per-platform pricing differences require attention.
#17 Plus500
Below average transparency. "Dynamic" spread labelling without typicals, swap rates only in-platform, currency conversion rate undisclosed, and 3-month inactivity trigger. The simplicity of zero commission masks complexity elsewhere.
Spreads (5/10): Shows "dynamic spreads" with "from" values. Real-time spreads in platform only. Website shows minimums, not typicals.
Commission (9/10): Zero commission, spread-only model. Clearly stated.
Swaps (4/10): Overnight funding rate shown per instrument in platform. Not published on public website in searchable format.
Deposits (8/10): Zero deposit fees stated on website.
Withdrawals (8/10): Zero withdrawal fees stated. Processing times listed.
Inactivity (5/10): $10/month after 3 months. Stated on fees page. Three-month trigger is aggressive.
Conversion (4/10): Currency conversion fee applies but specific rate not prominently disclosed on website.
Calculators (3/10): No trading cost calculator. Margin calculator available.
Fee page (6/10): Fees page exists but less granular than competitors. Instrument-level detail requires login.
Comparison (4/10): "Dynamic" and "from" labelling makes comparison difficult. Typical costs not published.
#18 XM
Strong transparency on core trading costs. Major deduction: inactivity fee ($15/month after just 90 days) is only disclosed in FAQ/T&Cs — the most consumer-hostile disclosure gap in the dataset.
Spreads (9/10): Publishes "typical" spreads per account type. Real-time spread widget on website. Historical average available.
Commission (9/10): Standard/Micro: zero commission. XM Zero: $3.50 per side ($7 round turn). Clearly stated.
Swaps (9/10): Swap rates page with searchable table, updated daily. Swap-free accounts also available.
Deposits (9/10): Zero deposit fees. Multiple methods listed with processing times.
Withdrawals (8/10): Zero withdrawal fees for most methods. Bank wire minimum threshold noted. Processing times published.
Inactivity (4/10): $15/month after 90 days inactivity. Disclosed in FAQ and T&Cs rather than on main pricing page. The 90-day trigger is aggressive.
Conversion (6/10): Multi-base-currency accounts available. Conversion methodology not prominently disclosed.
Calculators (8/10): Forex calculator suite on website (pip, margin, profit, currency converter). Swap calculator included.
Fee page (8/10): Pricing page exists with account comparison. Spread tables per instrument available.
Comparison (8/10): Three-account comparison table. Clear structure.
#19 FXCM
Mixed. Excellent spread transparency (live average data, downloadable). Inactivity fee buried in T&Cs is a significant gap.
Spreads (9/10): Publishes "average" spreads from live account data. Historical spread data downloadable.
Commission (8/10): Standard: spread-only. Active Trader: reduced spread + commission. Published on pricing page.
Swaps (9/10): Rollover rates published daily on website, downloadable.
Deposits (8/10): Deposit methods and fees disclosed. Most methods free.
Withdrawals (7/10): Withdrawal fees per method disclosed. Bank wire fee noted.
Inactivity (4/10): Inactivity fee disclosed in terms and conditions. Not on main pricing page. Amount varies by entity.
Conversion (6/10): Currency conversion policies disclosed in account conditions.
Calculators (7/10): Pip calculator and margin calculator on website.
Fee page (7/10): Pricing page exists with spread comparison tables.
Comparison (8/10): Average spread data from live accounts is genuinely useful for comparison.
Fee Disclosure Checklist: What to Check Before Opening an Account
Before funding a forex trading account, verify these 10 disclosure items on the broker's public website. If any are missing or buried in terms and conditions, that is a transparency red flag — not necessarily a dealbreaker, but a reason to read the fine print carefully.
- 1Spread labelling: Does the broker show "typical" or "average" spreads, or only "from"/minimum? If only "from", the real cost may be 2–5x higher.
- 2Commission per lot: Is the commission stated per side or per round turn? Are there volume discounts, and are the thresholds published?
- 3Swap/overnight rates: Can you see current swap rates on the website without opening an account? Are they updated daily?
- 4Deposit fees: Are deposit fees (or the absence of them) stated per method with processing times?
- 5Withdrawal fees: Are withdrawal fees and processing times stated per method? Is there a minimum withdrawal amount?
- 6Inactivity fee: Is there one? How much, and after how many months? Is it on the pricing page or buried in T&Cs?
- 7Currency conversion: If your deposit currency differs from the account base currency, what is the conversion rate or markup?
- 8Cost calculator: Does the broker provide a trading cost calculator so you can estimate total cost before placing a trade?
- 9Dedicated fee page: Is there a standalone, findable pricing/fees page, or is cost information scattered across the site?
- 10Comparison-friendliness: Are fees presented in structured, downloadable format that you can compare against other brokers?
Partner Broker Transparency
Three of the brokers in this audit are fx-brokers.eu affiliate partners. We disclose this relationship and score them using the same methodology as every other broker. Their scores are earned, not gifted.
Related Research
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Operational transparency: regulator register, audit, insurance
Broker Ownership Map
Corporate transparency: who owns each broker
Spread Study 2026
Measured EUR/USD spreads across sessions
Execution Speed Test
Latency, slippage and fill rates measured
Withdrawal Speed Test
Processing times across 5 methods
Deposit Methods Comparison
Methods, fees and processing times
Markets Desk
Markets desk
Frequently Asked Questions
Risk Warning & Disclaimer
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 62% and 89% 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.
This audit evaluates the quality of fee disclosure by forex brokers. It does not constitute financial advice or a recommendation to trade with any specific broker. Fee transparency scores reflect the clarity and prominence of disclosure on each broker's public website as of June 2026.
Some links on this page are affiliate links. fx-brokers.eu may receive a commission if you open an account through these links. This does not affect our scoring methodology — affiliate and non-affiliate brokers are scored identically. See our editorial policy.