Last updated: August 2026. Spreads are variable. The figures below are typical averages under normal conditions (sampled 2026), not live quotes.
Spread is the cost you pay on every trade, so it is the first number most people compare. It is also the number most easily misread: an account advertising 0.0 pips can cost more than one advertising 0.3 pips once commission is counted, and neither figure tells you what you actually pay after rebates.
This page compares 15 brokers on both account structures, then shows how to convert them to a single all-in number.
Standard (commission-free) accounts
| # | Broker | USD/JPY | EUR/USD | XAU/USD |
|---|---|---|---|---|
| 1 | Exness | 1.1 pips | 1.0 pips | $2.0 |
| 2 | ThreeTrader | 1.1 pips | 1.0 pips | $2.1 |
| 3 | IC Markets | 1.1 pips | 1.0 pips | $2.0 |
| 4 | OQtima | 1.2 pips | 1.1 pips | $2.3 |
| 5 | Titan FX | 1.3 pips | 1.2 pips | $2.2 |
| 6 | AXIORY | 1.3 pips | 1.2 pips | $2.8 |
| 7 | Vantage | 1.4 pips | 1.3 pips | $2.5 |
| 8 | HFM | 1.5 pips | 1.3 pips | $3.0 |
| 9 | BigBoss | 1.5 pips | 1.4 pips | $3.0 |
| 10 | FBS | 1.5 pips | 1.1 pips | $3.2 |
| 11 | XM | 1.6 pips | 1.7 pips | $3.5 |
| 12 | FXGT | 1.6 pips | 1.5 pips | $3.2 |
| 13 | IS6FX | 1.6 pips | 1.5 pips | $3.8 |
| 14 | Land Prime | 1.7 pips | 1.6 pips | $3.5 |
| 15 | IronFX | 1.8 pips | 1.8 pips | $3.5 |
ECN / raw-spread accounts
| # | Broker | USD/JPY | EUR/USD | Commission (round turn) |
|---|---|---|---|---|
| 1 | Exness | 0.0 pips | 0.0 pips | None (Pro) |
| 2 | ThreeTrader | 0.1 pips | 0.0 pips | $4 / lot |
| 3 | IC Markets | 0.1 pips | 0.1 pips | $7 / lot |
| 4 | OQtima | 0.2 pips | 0.1 pips | $6 / lot |
| 5 | Vantage | 0.2 pips | 0.1 pips | $6 / lot |
| 6 | HFM | 0.2 pips | 0.1 pips | $6 / lot |
| 7 | Titan FX | 0.3 pips | 0.2 pips | $7 / lot |
| 8 | AXIORY | 0.3 pips | 0.2 pips | $6 / lot |
| 9 | FXGT | 0.3 pips | 0.2 pips | $6 / lot |
| 10 | BigBoss | 0.4 pips | 0.3 pips | $5 / lot |
| 11 | Land Prime | 0.4 pips | 0.3 pips | $7 / lot |
| 12 | IS6FX | 0.5 pips | 0.4 pips | $7 / lot |
| 13 | IronFX | 0.5 pips | 0.4 pips | $7.5 / lot |
Converting to all-in cost
Commission has to be expressed in pips before the two account types can be compared:
All-in cost (pips) = spread + (round-turn commission ÷ value of one pip)
On USD/JPY at 150, one pip on a standard lot is worth about $6.7. A $7 round-turn commission is therefore about 1.05 pips. Worked through:
| Broker | Account | Spread | Commission | All-in |
|---|---|---|---|---|
| Exness | Pro | 0.7 pips | None | 0.7 pips |
| ThreeTrader | Raw | 0.1 pips | $4 | 0.7 pips |
| IC Markets | Raw | 0.1 pips | $7 | 1.15 pips |
| AXIORY | Nano | 0.3 pips | $6 | 1.2 pips |
| Titan FX | Blade | 0.3 pips | $7 | 1.35 pips |
The number after rebates
If you trade through a rebate service, part of that all-in cost comes back on every lot. On a broker paying, say, $6 per lot on gold, the effective cost of a gold trade falls by roughly the same amount you paid in spread — which is why the cheapest broker on paper is not always the cheapest in practice.
Compare in this order: all-in cost first, rebate rate second, and only then the headline spread. Per-lot rebate rates for each partner broker are listed on that broker's page.
Frequently asked questions
Is a 0.0 pip spread really free?
No. Raw-spread accounts recover cost through commission. Convert the commission into pips before comparing it with a commission-free account.
Why do quoted spreads differ from what I see?
Published figures are averages under normal conditions. Spreads widen in thin liquidity — the early-morning hours and the minutes around major data releases — sometimes by several times.
Which account type suits low-volume trading?
Commission-free standard accounts are simpler and usually adequate. Raw accounts pay off when volume is high enough for the tighter spread to outweigh the commission.
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