Forex brokers publish spreads on different bases. Of the nine brokers listed on this site, XS publishes an average, while HFM, Axi, XM, Exness, DecodeFX, Vantage, INFINOX and Monaxa publish a minimum ("from"), so the same "1.0 pips" does not mean the same thing. Accounts with spreads from 0.0 pips also charge a round-turn commission, so the spread alone does not tell you the cost of a trade.
This article lists each broker's published spread and commission by account type as of 10 September 2026, split into commission-free accounts and commission-based low-spread accounts, converts round-turn commission into pips for a total-cost estimate, explains the difference between average and minimum, and sets out the order in which to check. The figures are published values verified on official pages, not live spreads.
Forex spread comparison: commission-free accounts
| Broker | Account | Published spread | Basis | Minimum deposit |
|---|---|---|---|---|
| XS | Standard | 1.1 pips average | EURUSD average | None |
| XS | Pro | 0.7 pips average | EURUSD average | USD 500 |
| HFM | Premium | from 1.4 pips | Minimum | USD 0 |
| HFM | Pro | from 0.6 pips | Minimum | USD 100 |
| HFM | KATANA (InfinityX) | from 0.3 pips | Minimum | USD 500 |
| Axi | Standard | from 0.7 pips | EUR/USD minimum | No set minimum (payment-method minimums only) |
| XMTrading | Standard / Micro | as low as 1.0 pips | Minimum | USD 5 |
| XMTrading | KIWAMI | as low as 0.6 pips | Minimum | USD 5 |
| Exness | Standard | from 0.2 pips | Minimum | Depends on region |
| Exness | Pro | from 0.1 pips | Minimum | Depends on region |
| DecodeFX | STD | from 0.34 pips | Minimum under this site's IB setting | USD 100 |
| Vantage Trading | Standard | from 1.5 pips | Minimum | JPY 5,000 / USD 50 |
| Vantage Trading | Premium | from 0.0 pips | Minimum | USD 3,000 first deposit* |
| INFINOX | STP | from 0.9 pips | Minimum | Not stated officially |
| Monaxa | Standard | from 1.8 pips | Minimum | USD 15 |
| Monaxa | Pro | from 0.9 pips | Minimum | USD 50 |
※ Published values verified on each broker's official account-type page (verification dates are on each broker page). "Minimum" is the floor of a variable spread and does not mean you can always trade at that value. DecodeFX's STD spread is IB-specific with no official common value, so the figure is this site's IB setting.
Among commission-free accounts, the smallest published figures are Vantage Trading's Premium (from 0.0 pips, USD 3,000 first deposit), then Exness Pro (from 0.1 pips) and Standard (from 0.2 pips), and HFM's KATANA (from 0.3 pips, USD 500). These are minimums, however, and cannot be ranked directly against XS's 1.1 pips average.
Forex spread comparison: commission-based low-spread accounts
| Broker | Account | Published spread | Commission (official wording) | Round-turn commission in pips* |
|---|---|---|---|---|
| XS | Elite | 0.1 pips average | USD 6 round turn | 0.6 pips → about 0.7 pips total (average) |
| HFM | Zero | from 0 pips | USD 6 round turn per standard lot (forex) | 0.6 pips → from 0.6 pips total |
| Axi | Premium | from 0.0 pips | USD 4.5 round turn per lot | 0.45 pips → from 0.45 pips total |
| Axi | Elite | from 0.0 pips | USD 3.5 round turn per lot | 0.35 pips → from 0.35 pips total (USD 25,000 first deposit) |
| XMTrading | Zero | as low as 0 pips | USD 10 per USD 100,000 traded* | 1.0 pips if 1 lot = 100,000 units → from 1.0 pips total |
| Exness | Raw Spread | from 0.0 pips | up to USD 3.50 per side per lot | up to 0.7 pips round turn → up to 0.7 pips total |
| Exness | Zero | from 0.0 pips | from USD 0.05 per side per lot | from 0.01 pips round turn (varies by symbol) |
| DecodeFX | PRO | from 0.0 pips | USD 7 per standard lot | 0.7 pips → from 0.7 pips total |
| Vantage Trading | ECN | from 0.0 pips | JPY 900 / USD 6 round turn per lot | 0.6 pips → from 0.6 pips total |
| INFINOX | ECN | from 0.2 pips | from USD 5 per lot* | from 0.5 pips → from 0.7 pips total |
| Monaxa | Zero | from 0.0 pips | USD 3.50 per side per lot | USD 7 round turn = 0.7 pips → from 0.7 pips total |
※ *Pip conversion is this site's calculation assuming 1 pip on one standard lot (100,000 units) is about USD 10 for USD-quoted pairs such as EUR/USD, following each broker's stated charging unit (per side, round turn or per notional). JPY-quoted pairs have a different pip value, and actual commission depends on account currency and symbol.
With round-turn commission included, Axi's Elite (from 0.35 pips) and Premium (from 0.45 pips) are the smallest published totals, followed by HFM Zero, Vantage ECN and XS Elite (0.6 to 0.7 pips) and DecodeFX PRO, Monaxa Zero and Exness Raw Spread (0.7 pips). Elite is based on a USD 25,000 first deposit, XS Elite is an average and the rest are minimums. Commission is a fixed cost per trade, so it does not widen when spreads do, which is the practical difference from commission-free accounts.
Average and minimum spreads cannot be compared directly
XS publishes the average EURUSD spread, a value smoothed over a period that will be wider or narrower at particular times of day. The "from" and "as low as" figures at HFM, Axi, XM, Exness, Vantage, INFINOX and Monaxa are the floor of a variable spread, reachable on major pairs in liquid hours. Putting a 1.1 pips average next to a 0.6 pips minimum does not tell you which is actually tighter.
Axi's official Japanese page states the EUR/USD minimum; other symbols differ. DecodeFX's STD account has IB-specific markups with no official common spread, according to the broker, so we list this site's IB setting (from 0.34 pips). INFINOX's official Japanese page shows the average XAUUSD spread in points; the pip figures above are values this site verified.
1. Compare like with like (average against average, minimum against minimum). 2. For commission-based accounts, convert round-turn commission to pips and add it. 3. Check the live spread on the symbols and hours you trade, on a demo account or with a small position. Published values narrow the field; the final decision should rest on live values.
Calculating total cost including commission in money terms
Total cost is spread plus round-turn commission. On one standard lot (100,000 units), 1 pip is about USD 10 for USD-quoted pairs and JPY 1,000 for JPY-quoted pairs such as USD/JPY. A 0.1 lot trade costs one tenth of that.
- 01Turn the spread into money
Trading 1 lot of EUR/USD with a 0.6 pips spread at execution costs about USD 6 in spread.
- 02Add the round-turn commission
On an HFM Zero account, USD 6 round turn brings the total to about USD 12 (1.2 pips equivalent). If a commission-free account shows 1.4 pips at the same moment, that is about USD 14, so the Zero account is cheaper for that trade.
- 03Multiply by frequency and size
Trading 0.5 lot five times a day, a USD 1 difference per trade is USD 5 a day and USD 100 over 20 trading days. The more you trade, the more the commission-inclusive total matters.
Actual spreads vary by time, symbol and market conditions, and can far exceed the published minimum around economic releases or in thin hours. Include swap, deposit and withdrawal fees and currency conversion in your total cost. This site does not recommend a specific account type and does not guarantee profit.
By trading style: whether spread or commission matters more
Short-term trading with many trades
Per-trade costs accumulate, so compare the total in pips including round-turn commission. Commission-based low-spread accounts keep the commission part fixed even when spreads widen, which makes costs easier to forecast.
Longer holding periods with few trades
The spread difference per trade is a small share of the result; swap and deposit and withdrawal terms matter more. Choosing a commission-free account on minimum deposit and platform is one approach.
Starting small
Commission-free accounts with a low minimum deposit (XS Standard, HFM Premium, XM Standard, Monaxa Standard, Exness Standard) are the entry point. Low-spread accounts require between USD 200 and USD 25,000, with Vantage Premium at a USD 3,000 first deposit and Axi Elite at USD 25,000.
Frequently asked questions
Q. Which forex broker has the tightest spread?
A. Several brokers publish accounts from 0.0 pips (HFM Zero, Axi Premium and Elite, Exness Raw Spread and Zero, DecodeFX PRO, Vantage ECN and Premium, Monaxa Zero). Including round-turn commission, Axi Elite (from 0.35 pips) and Axi Premium (from 0.45 pips) are the smallest published totals. Published values are minimums and live spreads vary by time and symbol, so no single broker can be called the tightest.
Q. Which is tighter, "1.1 pips average" or "from 0.6 pips"?
A. They cannot be compared. An average is smoothed over a period; "from" is the floor of a variable spread that may only be reached in liquid hours, so the average can be closer to what you actually trade at. Compare like with like, then check live values.
Q. Is a 0.0 pips account really free to trade?
A. No. Accounts from 0.0 pips charge round-turn commission, typically USD 3.5 to 7 per standard lot, equivalent to 0.35 to 0.7 pips. And 0.0 pips is a minimum, not a value you can always trade at.
Q. How do I convert round-turn commission into pips?
A. For USD-quoted pairs such as EUR/USD, 1 pip on one standard lot (100,000 units) is about USD 10. A USD 6 round-turn commission is about 0.6 pips; USD 3.50 per side is USD 7 round turn, about 0.7 pips. For JPY-quoted pairs 1 pip is JPY 1,000, so the conversion depends on account currency and exchange rate.
Q. Should I focus on spread or commission?
A. On the total. The more trades you make, the more the per-trade total matters, so short-term traders compare the commission-inclusive total in pips. For longer holds the spread difference is small and swap and funding terms have more effect on total cost.
Sources and conditions
FX Textbook is an independent information site, not a broker or provider of personal investment advice. Forex and CFDs involve risk. You may lose some or all of your invested capital. No trading result is guaranteed.
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Narrowed the field? Check the conditions by account type.
Spread basis, commission, minimum deposit, leverage and platforms are set out in the same format for each broker.
Brokers covered in this column
Account types, trading conditions and current offers are on each broker page.