Tool
Broker Fee Comparison Calculator
Enter your monthly trading volume and holding period. See total annual costs across Pepperstone, BlackBull, IG, XM, and Exness — ranked cheapest-first with a full spread + commission + swap breakdown.
1 standard lot = 100,000 units. Enter your total monthly volume across all trades.
0 for day trading (no swap). Set higher for swing/position trading to include overnight costs.
Presets
Lowest cost: Exness Pro
$3.00/lot all-in | $60.00/month | $720.00/yearNot EU-eligible
| Rank | Broker / Account | Spread/lot | Commission/lot | All-in/lot | Monthly | Annual |
|---|---|---|---|---|---|---|
| 1 | ExnessProNot EU | $3.00 | Included | $3.00 | $60.00 | $720.00 |
| 2 | IGStandard | $6.00 | Included | $6.00 | $120.00 | $1,440.00 |
| 3 | PepperstoneStandard | $7.70 | Included | $7.70 | $154.00 | $1,848.00 |
| 4 | BlackBullECN Prime | $2.00 | $6.00 | $8.00 | $160.00 | $1,920.00 |
| 5 | BlackBullStandard | $8.00 | Included | $8.00 | $160.00 | $1,920.00 |
| 6 | XMUltra Low | $8.00 | Included | $8.00 | $160.00 | $1,920.00 |
| 7 | PepperstoneRazor | $1.70 | $7.00 | $8.70 | $174.00 | $2,088.00 |
| 8 | ExnessRaw SpreadNot EU | $1.70 | $7.00 | $8.70 | $174.00 | $2,088.00 |
BlackBull ECN Prime — Your Cost Breakdown
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Pepperstone Razor — Your Cost Breakdown
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Annual Cost at Different Volumes (EUR/USD, day trading)
Spread + commission only, no swaps. Sorted cheapest-first per volume tier.
| Broker / Account | 5 lots/mo | 20 lots/mo | 50 lots/mo | 100 lots/mo |
|---|---|---|---|---|
| Exness Pro* | $180.00 | $720.00 | $1,800.00 | $3,600.00 |
| IG Standard | $360.00 | $1,440.00 | $3,600.00 | $7,200.00 |
| Pepperstone Standard | $462.00 | $1,848.00 | $4,620.00 | $9,240.00 |
| BlackBull ECN Prime | $480.00 | $1,920.00 | $4,800.00 | $9,600.00 |
| BlackBull Standard | $480.00 | $1,920.00 | $4,800.00 | $9,600.00 |
| XM Ultra Low | $480.00 | $1,920.00 | $4,800.00 | $9,600.00 |
| Pepperstone Razor | $522.00 | $2,088.00 | $5,220.00 | $10,440.00 |
| Exness Raw Spread* | $522.00 | $2,088.00 | $5,220.00 | $10,440.00 |
* Not currently accepting EU residents. Included for reference only.
Account Structure Comparison
| Feature | Pepperstone Razor | BlackBull ECN Prime | IG Standard |
|---|---|---|---|
| Pricing model | Raw spread + commission | Raw spread + commission | Spread-only (no commission) |
| EUR/USD all-in | ~$8.70/lot | ~$8.00/lot | ~$6.00/lot |
| Min deposit | EUR 0 | USD 0 | EUR 0 |
| Inactivity fee | None (12 months) | None | EUR 14/mo after 24 mo |
| Swap-free | Available | Available | Limited |
| EU regulation | BaFin (DE) | FMA (NZ) | BaFin (DE) |
| Platforms | MT4, MT5, cTrader, TradingView | MT4, MT5, cTrader, TradingView | IG Platform, MT4 |
Methodology
All-in cost per lot = (average EUR/USD spread in pips x $10 pip value) + round-turn commission. Spreads are averages observed during London session (08:00-16:00 GMT). Swap rates are approximate for EUR/USD long positions at current central bank rate differentials and vary daily. Inactivity fees are listed but not included in the annual cost calculation. Currency conversion fees (if depositing in a currency other than the account base currency) are not included. Data as of June 2026; verify current rates on each broker's website before opening an account.
How Forex Broker Fees Work
Every forex trade has three cost components: the spread (the difference between the bid and ask price), the commission (a separate per-lot charge on some account types), and the swap (overnight financing for leveraged positions held past rollover). The spread is always present and is the broker's primary revenue source. On raw-spread accounts, the spread is passed through at near-interbank rates with an explicit commission added. On standard accounts, the commission is baked into a wider spread.
Spread + Commission: All-in Cost Per Lot
The only fair way to compare broker costs is to look at the all-in cost per lot: the spread converted to dollars plus any round-turn commission. For EUR/USD, one pip equals $10 per standard lot. A broker quoting 0.17 pips average spread plus $7.00 commission charges $1.70 + $7.00 = $8.70 per lot. A broker quoting 0.60 pips with zero commission charges $6.00 per lot. The spread-only account appears cheaper per lot, but raw-spread accounts offer tighter entry/exit prices, which matters for scalping and limit-order strategies.
Swap Costs: The Hidden Multiplier for Swing Traders
Day traders pay zero swap. But if you hold a EUR/USD long position overnight, you pay roughly $5-7 per lot per night in swap financing. Over a 5-night average hold on 10 lots per month, that adds $3,000-4,200 to your annual cost — often exceeding the spread+commission component. The calculator models this directly: set your average hold time to see how swap costs change the cheapest-broker ranking.
Volume Matters: Cost Scaling Is Linear
A $1.00 per-lot cost difference between two brokers is trivial at 5 lots/month ($60/year) but significant at 100 lots/month ($1,200/year). The volume-tier comparison table in the calculator shows how costs scale linearly. At high volumes, even a 0.1-pip spread difference translates to hundreds of dollars annually. This is why professional and high-volume traders gravitate to raw-spread accounts despite the commission complexity.
What This Calculator Does Not Include
Currency conversion fees (typically 0.5-1.0% if your deposit currency differs from the account base), guaranteed stop-loss premiums, and withdrawal fees are not modelled. These vary by deposit method and broker. Slippage (the difference between the expected and actual fill price) is also excluded — it depends on market conditions, order type, and execution infrastructure. For a deeper look at execution quality, see the EU Broker Spread Index.
Frequently Asked Questions
What is the cheapest forex broker for EU traders?
For EU-eligible brokers, BlackBull ECN Prime and Pepperstone Razor are the cheapest raw-spread options, with all-in EUR/USD costs of approximately $8.00 and $8.70 per lot respectively. IG's spread-only Standard account offers ~$6.00/lot but with fewer platform options. The cheapest broker depends on your volume: at high volumes (50+ lots/month), the per-lot cost difference compounds significantly. Use this calculator to compare based on your actual trading volume.
How do I calculate my total forex trading cost?
Total trading cost = (average spread in pips x $10 pip value + round-turn commission) x lots per month x 12 months + swap costs. For example, at 20 lots/month on Pepperstone Razor (0.17 pip spread + $7.00 commission = $8.70/lot), your annual spread+commission cost is $8.70 x 20 x 12 = $2,088. Add swap costs if holding overnight.
What is the difference between raw spread and standard accounts?
Raw spread (or ECN/Razor) accounts charge a tight spread close to the interbank rate plus a separate per-lot commission. Standard accounts wrap the commission into a wider spread with no separate charge. At typical EUR/USD rates, the all-in cost is similar — raw spread accounts suit scalpers who need the tightest possible spreads, while standard accounts offer simpler cost tracking.
What are swap fees and when do they apply?
Swap (overnight financing) is charged when you hold a leveraged position past the daily rollover time (typically 17:00 New York / 22:00 GMT). The rate depends on the interest rate differential between the two currencies in the pair, plus a broker markup. For EUR/USD long positions, the swap is typically $5-7 per lot per night. Triple swap applies on Wednesdays to account for the weekend. Day traders who close all positions before rollover pay zero swap.
Do inactivity fees matter when choosing a broker?
Inactivity fees matter if you trade intermittently. XM charges $15/month after 90 days of inactivity; IG charges EUR 14/month after 24 months. Pepperstone and BlackBull have no inactivity fees (Pepperstone has a dormancy policy after 12 months but no fee). If you trade at least once per quarter, inactivity fees are irrelevant. The calculator excludes inactivity fees from the annual cost since they only apply to dormant accounts.
Why does the calculator show different costs for the same broker?
Most brokers offer multiple account types with different pricing structures. Pepperstone has Razor (raw spread + commission) and Standard (spread-only); BlackBull has ECN Prime (raw + commission) and Standard (spread-only). The calculator shows each account type separately so you can compare both the within-broker options and the cross-broker costs. The cheapest account depends on your trading style and volume.
Are there hidden fees not shown in this calculator?
This calculator covers the three main trading costs: spreads, commissions, and swaps. Additional costs not modelled include: currency conversion fees (if your deposit currency differs from the account base currency — typically 0.5-1.0%), guaranteed stop-loss premiums (broker-specific), and withdrawal fees (most brokers waive these for bank transfers and e-wallets). These vary by deposit method and are detailed in each broker's review.
How often is the fee data updated?
The spread and commission data is based on London-session averages observed in June 2026. Spreads fluctuate with market conditions — they widen during low-liquidity periods (Asian session, holidays) and tighten during London-New York overlap. The EU Broker Spread Index on this site publishes monthly measured costs. Always verify current rates on the broker's website before opening an account.
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