Markets Desk
Markets desk
Correction · 23 September 2026
An earlier version of this page described its figures as live-account spread measurements across three trading sessions. They were not measurements, and they have been removed. This edition is a model built only from brokers' published pricing: no accounts were opened and no live prices were sampled.
Summary
What the Model Shows
- Lowest modelled all-in cost: Axi (Pro) at $4.50 per standard lot, round turn, from a 0.0 pip EUR/USD spread (published minimum) and a $4.50 modelled round-turn commission.
- Modelled all-in costs across the 17 ranked brokers run from $4.50 to $13.00 per standard lot.
- Of the 6 brokers that publish both a commission-based account and an account with no separate commission, the commission-based account models cheaper at 5, the no-commission account at 1.
- The ranked spreads are not strictly like-for-like: 14 are published minimum or account figures, 2 are published average or typical figures and 1 is a fixed spread.
- 5 EU-eligible brokers in our database could not be modelled from their published figures and are listed separately. Nothing on this page was measured: no accounts were opened and no live prices were sampled.
How the Model Works
This is a model, not a test. Every figure comes from the EUR/USD spread and commission each broker publishes, as recorded in our broker database for the September 2026 edition. We did not open accounts, place trades or sample live prices, so the table shows what published pricing implies, not what any trader paid.
Formula
Modelled all-in cost per standard lot (round turn) = published EUR/USD spread (pips) × $10 per pip + published commission converted to a round turn
- One standard lot is 100,000 EUR. With USD as the quote currency, one pip on EUR/USD is worth $10.
- Commission quoted per lot per side is doubled for a round turn (open and close). Commission quoted as round-turn is used as published. Commission quoted per lot or per 100K with no stated basis is treated as per side and doubled, the more conservative reading.
- Where a broker publishes no commission, the modelled commission is $0. Other fees a broker notes (swaps, conversion, inactivity) are not modelled.
- Every account with a published EUR/USD spread is modelled, and the table shows each broker's lowest modelled cost. Where two accounts model at the same cost, the one without a separate commission is shown.
- Where a published spread names no account, it is paired with the commission wording only if that wording applies to every account. Otherwise the broker is listed as not ranked rather than guessed.
- Only brokers our database lists as eligible for EU/EEA/UK retail clients are included.
- The order is set by modelled cost alone; commercial relationships play no part. Equal modelled costs share a rank and are listed alphabetically.
Ranked: 17 EU-Eligible Brokers by Modelled All-In Cost
Lowest modelled all-in EUR/USD cost per standard lot first. Each row is the broker's lowest-cost account on its published figures.
| # | Broker | Account (as published) | Published EUR/USD spread | Published commission | Modelled all-in cost / lot |
|---|---|---|---|---|---|
| 1 | AxiLowest modelled cost | Pro | 0.0 pips(from) | $2.25 per lot per side (Pro)Modelled: $4.50 round turn | $4.50 |
| 2 | Admirals | Trade | 0.5 pips | None (Trade)Modelled: $0.00 round turn | $5.00 |
| 2 | Trade Nation | Not specified | 0.5 pips(fixed) | None (spread-only)Modelled: $0.00 round turn | $5.00 |
| 4 | Interactive Brokers | IBKR Pro | 0.1 pips(from) | $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: $4.56 round turn | $5.56 |
| 5 | eToro | 0.005% of price at EUR/USD 1.14 | 0.57 pips(from) | None (spread-only)Modelled: $0.00 round turn | $5.70 |
| 6 | Tickmill | Raw | 0.0 pips | $3.00 per lot per side (Raw)Modelled: $6.00 round turn | $6.00 |
| 7 | Capital.com | Not specified | 0.7 pips | None (other fees apply)Modelled: $0.00 round turn | $7.00 |
| 7 | Eightcap | Raw | 0.0 pips | $3.50 per lot per side (Raw)Modelled: $7.00 round turn | $7.00 |
| 7 | IC Markets | Raw Spread | 0.0 pips(from) | $3.50 per lot per side (Raw Spread)Modelled: $7.00 round turn | $7.00 |
| 7 | Pepperstone | Razor | 0.0 pips(from) | $3.50 per lot per side (Razor)Modelled: $7.00 round turn | $7.00 |
| 11 | Plus500 | Not specified | 0.8 pips(from) | No commissions & tight spreads; additional fees may applyModelled: $0.00 round turn | $8.00 |
| 11 | XM | Ultra Low | 0.8 pips(from) | None (Ultra Low)Modelled: $0.00 round turn | $8.00 |
| 13 | AvaTrade | Not specified | 0.9 pips(typical) | None (spread-only)Modelled: $0.00 round turn | $9.00 |
| 14 | Forex.com | RAW Spread; not offered in the UK | 0.0 pips(from) | $5 per 100K (RAW Spread; not offered in the UK)Modelled: $10.00 round turn | $10.00 |
| 15 | FxPro | cTrader | 0.4 pips(from) | $3.99 per lot per side at EUR/USD 1.14 ($0.35 per $10k USD traded) (cTrader)Modelled: $7.98 round turn | $11.98 |
| 16 | FXCM | Standard | 1.3 pips | None (Standard)Modelled: $0.00 round turn | $13.00 |
| 16 | Trading 212 | Not specified | 1.3 pips(avg) | None (zero commission on CFDs; fees apply; zero commission on stocks/ETFs)Modelled: $0.00 round turn | $13.00 |
Modelled all-in cost per lot = published spread in pips × $10 + published commission converted to a round turn. Figures are compiled from brokers' published pricing as recorded in our broker database; they are modelled, not measured. Spread basis: (from) = published minimum; (avg) = published average; (typical) = published typical figure; (fixed) = published fixed spread; no tag = the figure the broker publishes for that account. A 0.0 pip headline is a minimum, and the spread on a given trade can be higher.
Some lowest-cost accounts are premium or active-trader tiers that can carry deposit or volume requirements. Brokers change their pricing; confirm current terms on the broker's own pricing page before opening an account.
Download the data (CC BY 4.0): CSV · JSON · Hugging Face snapshot. Same rows as the table above, modelled from published pricing. Free to reuse with attribution to FX-Brokers.info and a link to this page.
Not Ranked: Published Pricing Insufficient to Model
These EU-eligible brokers are in our database, but their published wording does not allow a cost to be modelled without guessing. Their published figures are shown as recorded.
- 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).
The published EUR/USD spread differs by entity or country (a range), so no single figure is modelled.
- 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.
The published EUR/USD spread differs by entity or country (a range), so no single figure is modelled.
- 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.
The published EUR/USD spread differs by entity or country (a range), so no single figure is modelled.
- 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).
The published EUR/USD spread differs by entity or country (a range), so no single figure is modelled.
- 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).
The published EUR/USD spread differs by entity or country (a range), so no single figure is modelled.
Commission Accounts vs No-Commission Accounts
Brokers price EUR/USD in two main ways: commission-based accounts (Raw, ECN, Razor and similar) that pair a tight headline spread with a separate commission, and accounts with no separate commission (Standard, Classic and similar) where the cost sits in a wider spread. Other fees can apply to either. Here is how the two models split across the ranked table, using each broker's lowest-cost row.
Commission-Based
Suits: higher-volume traders, scalpers and automated strategies, where per-trade cost adds up quickly.
No Separate Commission
Suits: lower-volume traders who prefer one all-in price per trade and no separate commission line.
Same Broker, Both Account Types
6 brokers publish both a commission-based account and an account with no separate commission. On published figures the commission-based account models cheaper at 5, the no-commission account at 1.
| Broker | Commission-based account | No-commission account | Lower modelled cost |
|---|---|---|---|
| Admirals | Zero: 0.0 pips + $6.00 = $6.00 | Trade: 0.5 pips = $5.00 | Trade |
| Eightcap | Raw: 0.0 pips + $7.00 = $7.00 | Standard: 1.0 pips = $10.00 | Raw |
| FxPro | cTrader: 0.4 pips + $7.98 = $11.98 | Standard: 1.2 pips = $12.00 | cTrader |
| IC Markets | Raw Spread: 0.0 pips + $7.00 = $7.00 | Standard: 0.8 pips = $8.00 | Raw Spread |
| Pepperstone | Razor: 0.0 pips + $7.00 = $7.00 | Standard: 1.0 pips = $10.00 | Razor |
| Tickmill | Raw: 0.0 pips + $6.00 = $6.00 | Classic: 1.6 pips = $16.00 | Raw |
Break-even rule
The most common round-turn commission across the modelled accounts is $7.00 per round turn. Against a 0.0 pip headline raw spread, an account with no separate commission models cheaper only if its spread is below 0.70 pips. Because a raw headline is a minimum, check typical raw spreads on the broker's own pricing page before switching.
When Are EUR/USD Spreads Tightest?
Variable spreads reflect liquidity. EUR/USD is typically at its tightest during the London–New York overlap (roughly 13:00–16:00 London time), when the most banks and liquidity providers are quoting. Spreads tend to widen around the daily rollover, in quieter Asian hours and around major releases such as central bank decisions and US payrolls.
This model uses brokers' published figures only, so it does not show how any individual broker prices through the day. If you trade outside the main European and US hours, check the broker's live quotes on a demo account before relying on a headline figure.
Limitations
- Published figures are not what a trader pays on every trade. Minimum (‘from’) and raw headline spreads are the low end of a range; averages and typical figures are the broker's own summaries.
- Spread bases differ between brokers, so small gaps between rows are not meaningful on their own.
- Only EUR/USD is modelled. Other pairs can rank differently.
- Execution quality (slippage, fills, requotes), swaps, currency conversion and account fees are not part of the model.
- Tiered or volume-based commissions are taken at the level the broker publishes; high-volume discounts are not modelled.
- Brokers change their pricing. The model is only as current as the published figures in our broker database.
Conclusion
On published pricing, all-in cost matters more than headline spread. A 0.0 pip raw spread and a sub-1.0 pip standard spread can land within cents of each other once commission is added, which is why the table ranks by modelled all-in cost.
The gap between the lowest and highest modelled costs in the table is $8.50 per standard lot. At an illustrative 20 lots a month, that arithmetic comes to $2,040 a year. That is a calculation on published figures, not a forecast of what any trader will pay.
Higher-volume traders should compare commission-based accounts on typical, not minimum, raw spreads. Lower-volume traders may prefer an account with no separate commission. In both cases, confirm current pricing with the broker and test it on a demo account first.
Compare Trading Costs in More Detail
Compare brokers side by side, read individual reviews, or use our tools to estimate costs for your own trading volume.
Frequently Asked Questions
Risk Disclaimer
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. This model is for informational purposes only and does not constitute investment advice. Figures are compiled from brokers' published pricing, are modelled rather than measured, and may be out of date.