Forex spread comparison 2026: 10 brokers by account type, with commission included

Conclusion: compare spreads on the same basis, with commission

• XS publishes averages; the other 9 brokers mostly publish "from" minimums
• An average of 1.1 pips and a minimum of 0.6 pips cannot be ranked
• Most accounts from 0.0 pips charge USD 3.5 to 7 per round turn
• USD 6 round turn is 0.6 pips on EUR/USD and 0.9 pips on USD/JPY
• Before deciding, watch the live spread in a demo account's Market Watch

Forex and CFDs are leveraged products and you can lose some or all of the money you deposit. This article lists account conditions; it does not give trading advice or indicate profits.

What is a spread? Counting pips and the value of 1 lot

The spread is the gap between the buy price (ask) and the sell price (bid) at the same moment. If you buy and sell straight away, you lose that gap. You pay it on every trade, so it is a real trading cost.

Spreads are measured in pips. On USD-quoted pairs such as EUR/USD, 1 pip is USD 0.0001. On JPY-quoted pairs such as USD/JPY, 1 pip is JPY 0.01.

The formula is spread (pips) × value of 1 pip × lots. One lot of EUR/USD at 1.4 pips costs USD 14.

Spread and profit or loss

A new position starts at a loss equal to the spread. Buy EUR/USD on a 1.4-pip account and the price must rise 1.4 pips just to break even.

Japanese vs offshore broker spreads: units, fixed vs variable

Japanese brokers quote USD/JPY spreads in sen. One sen is JPY 0.01, the same as 1 pip at an offshore broker, so 0.2 sen reads as 0.2 pips.

Why offshore spreads can look wider

On commission-free accounts, the broker's margin is built into the spread. XS explains on its contract specifications page that charts show pre-markup prices by default.

Commission accounts keep the markup small and charge per lot instead. Set against Japanese brokers on spread alone, commission-free accounts look wide and commission accounts look tight.

Fixed and variable spreads

All 10 brokers publish variable spreads. The spread moves with the market and the time of day, and the published figure is an average or a floor. Even accounts labelled fixed may have exceptions for fast markets in their terms.

Forex spread comparison table 1: commission-free accounts

On commission-free accounts the spread is the only trading cost.

The smallest minimum is Vantage Premium, from 0.0 pips. It is based on a single first deposit of USD 3,000.

Next come Exness Pro (from 0.1 pips) and Standard (from 0.2 pips). Exness minimum deposits vary by region. HFM KATANA starts from 0.3 pips with a USD 500 minimum deposit.

Forex minimum deposits compared by account type

Forex spread comparison table 2: low-spread commission accounts

Accounts from 0.0 pips trade a tighter spread for a per-lot commission. Brokers charge per side (opening or closing) or per round turn (both).

Among fixed amounts, Axi Elite at USD 3.5 and Premium at USD 4.5 round turn are the smallest. Elite needs a USD 25,000 first deposit and Premium USD 500.

Exness Zero starts from USD 0.05 per side and rises by symbol. Check the commission on major pairs in your platform's symbol specification.

XMTrading Zero charges by the value traded. The dollar value of 1 lot moves with the exchange rate, so we have not converted it.

Commission-free vs commission accounts: STP and ECN types

Forex accounts either build the cost into the spread with no commission, or narrow the spread and charge commission separately. The first type is often called STP and the second ECN.

Some commission-free accounts also start from 0.0 pips, such as Vantage Premium. Judge by the commission line and the deposit threshold, not the account name.

Bonus-eligible accounts are mostly commission-free. HFM's 20% deposit bonus applies to the Top-Up Bonus account, published from 1.4 pips.

Dealing desk and no dealing desk (STP and ECN)

With a dealing desk (DD), the broker takes the other side of client orders. With no dealing desk (NDD), orders are passed to outside liquidity providers, called STP or ECN.

Some brokers, such as INFINOX, name accounts STP and ECN. The name alone does not show how orders are executed. We have not tested each broker's order handling, so check the execution model in the terms.

Average vs minimum spreads: how each broker publishes

An average spread smooths the gaps recorded over a period. A minimum spread is written as "from" or "as low as" and shows the floor in calm markets.

Setting XS's 1.1-pip average beside HFM's 1.4-pip minimum does not tell you which is tighter. On the same account, the minimum always comes out below the average.

Averages can cover different periods

XS's contract specifications show the previous trading day's average. If two averages cover different periods or hours, they are not like for like either. Read the note beside each figure before lining them up.

Where to check spreads on each broker's official site

The pages and lines in the table below let you check the latest value yourself before opening an account.

• Whether the figure says average, from or as low as
• Which pair it applies to (if none, a floor on main symbols)
• Whether commission is per side or round turn, in USD or JPY
• When the value dates from, such as a check date or previous trading day

Official figures change without notice. If the check date on our broker page looks old, compare it with the official page.

Calculating cost with commission: EUR/USD vs USD/JPY

Cost with commission is the spread in money plus the round-turn commission. How a USD commission converts into pips depends on the pair.

1. 01
   Turn the spread into money

   Per lot, 1 pip is USD 10 on EUR/USD and JPY 1,000 on USD/JPY.

2. 02
   Turn commission into pips

   On EUR/USD, USD 1 = 0.1 pips. On USD/JPY at JPY 150 to the dollar, USD 1 = 0.15 pips.

3. 03
   Add them

   HFM Zero at 0 pips costs USD 6 on EUR/USD and JPY 900 (0.9 pips) on USD/JPY.

JPY vs USD accounts: the weight of commission

Vantage ECN charges JPY 900 round turn on JPY accounts and USD 6 on USD accounts. Which is heavier in yen depends on the exchange rate.

At exactly JPY 150 both are JPY 900. The weaker the yen, the lighter a commission fixed in yen becomes.

How the gap grows with trading volume

Trading 0.1 lot five times a day for 20 days a month adds up to 10 lots. If a commission-free account actually trades at 1.4 pips, that costs USD 140 a month on EUR/USD.

If a commission account trades at 0.2 pips plus USD 6, that is USD 8 per lot, or USD 80 a month. The USD 60 gap widens as you trade more.

Costs beyond the spread: swaps and funding fees

Spread and commission are not the only money that moves. Holding a position overnight adds a swap. Some brokers also charge for deposits or withdrawals.

The longer you hold, the more swaps outweigh spread differences. If you trade rarely, compare swap and funding terms in the same way.

Swap points explained, with a calculation (beginner guide)

Spreads by instrument: USD/JPY, EUR/USD and gold

Three brokers name the pair behind their figure: XS (EUR/USD average), Axi (EUR/USD minimum) and AXIORY (USD/JPY cost example). The other seven publish minimums without naming a pair.

Gold (XAUUSD) and silver (XAGUSD)

Brokers quote gold in pips, dollars or cents. Converting adds error, so we show each as published.

XS silver is 3.3 pips on Elite, 3.9 pips on Pro and 4.3 pips on Standard and Cent. These are previous-day averages from the official contract specifications (checked 6 October 2026).

Stock index, oil and crypto CFDs

Spreads on stock index, oil and crypto CFDs also differ by symbol. We do not collect published values for these symbols. Contract size varies by symbol too, so check both in your platform's symbol specification.

Gold trading at offshore brokers compared: spreads, leverage and commission

Broker by broker: accounts and spreads at all 10

No ranking. Figures are the same published values as in the tables above.

XS

• The only one of the 10 to publish EUR/USD averages
• Standard averages 1.1 pips with no minimum deposit
• Elite averages 0.1 pips plus USD 6, about 0.7 pips in total
• Silver averages per account are in the contract specifications

HFM

• Five commission-free accounts plus Zero with commission
• KATANA from 0.3 pips with a USD 500 minimum deposit
• Zero from 0 pips plus USD 6 round turn, minimum deposit USD 0
• Cent: 1 lot = 1,000 units, trades FX and gold

Axi

• Standard from 0.7 pips on EUR/USD, no commission
• Premium USD 4.5 and Elite USD 3.5 per round turn
• First deposit: Premium USD 500, Elite USD 25,000
• Gold on Standard from USD 0.18 (official)

XMTrading

• Standard and Micro from 1.0 pips, KIWAMI from 0.6 pips
• KIWAMI has no commission and starts from USD 5
• Zero charges USD 10 per USD 100,000 traded
• Up to 10 live accounts per person (official)

Exness

• Commission-free Pro from 0.1 pips, Standard from 0.2 pips
• Raw Spread charges up to USD 3.50 per side
• Zero from USD 0.05 per side, varying by symbol
• Per-side fees double for a round turn
• All five accounts offer up to 1:2000 (unlimited under conditions)

DecodeFX

• STD from 0.34 pips with the FX Textbook setting
• PRO from 0.0 pips plus USD 7 per standard lot
• CENT from 1.7 pips with a USD 1 minimum deposit
• All three accounts offer up to 1:2000

Vantage Trading

• Standard from 1.5 pips, deposits from JPY 5,000
• ECN from 0.0 pips plus JPY 900 round turn (USD 6 on USD accounts)
• Premium from 0.0 pips with no commission, USD 3,000 first deposit

INFINOX

• STP from 0.9 pips; ECN from 0.2 pips plus from USD 5
• Gold from 15 cents on STP and 8 cents on ECN (official)
• Both accounts offer up to 1:1000 on MT4 and MT5

Monaxa

• Standard and Cent from 1.8 pips, Pro from 0.9 pips
• Zero from 0.0 pips plus USD 3.50 per side, minimum deposit USD 200
• Cent offers up to 1:1000 (the other three up to 1:2000)

AXIORY

• Per-account spread tables are images; we use the cost example
• USD/JPY example: Standard 0.5 pips, Nano and Tera 0.2 pips
• Nano and Tera charge USD 3 per side (USD 6 round turn)
• Max has no commission and leverage up to 1:2000

How to choose a forex account type: Standard, ECN and Cent

When forex spreads widen: times and events

Variable spreads widen when few people are trading or prices move fast. Spreads near the published minimum appear when the market is busy.

The change-of-day process is called rollover. Its time differs by broker, so read your broker's notice on trading hours once after opening an account.

A "from" value is a floor. At these times your order may fill at a wider spread than the published one.

How to check live spreads yourself

Published values help you shortlist accounts. Before deciding, watch the spread on the pairs you trade in a demo account.

1. 01
   Open a demo account

   HFM demos are created in the myHF area. XMTrading allows up to five demo accounts per person.

2. 02
   Add the spread column

   Right-click Market Watch in MT4 or MT5 and add the "Spread" column.

3. 03
   Convert the units

   The spread column shows points. On 5-digit prices (3 digits for USD/JPY), 10 points equal 1 pip.

4. 04
   Record across sessions

   Note the spread in Tokyo, Europe and New York hours and around data releases. Check commission in your trade history.

How to open and use a forex demo account (beginner guide)

Pitfall checklist for choosing an account by spread

Slippage is a price difference separate from the spread. No broker's published value includes it, so test it in a demo account and with small trades.

If you plan to scalp or use automated trading, read the conditions in the terms. Even tight-spread accounts may restrict how you trade.

By trading style: which accounts' spreads to check first

Using more than one account

You can hold both a commission-free and a commission account at one broker. XMTrading allows up to 10 live accounts per person (official, checked 20 October 2026).

Account conditions for each broker are set out in the same format in our broker directory.

Frequently asked questions

Sources and conditions

Brokers covered in this column

Account types, trading conditions and current offers are on each broker page.

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Background reading

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