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13 brokers in our data sell a raw-spread account with a separate commission, the setup most of them market as ECN. They are ranked by what EUR/USD costs on those accounts, from terms published up to 19 Oct 2026.
Low Spread Brokers does not give personal investment advice.
For traders who open many positions and want the spread and the commission shown as two separate numbers. The order comes from our costs score; none of the 13 brokers publishes the execution venue behind its account, so that is not scored. Read first:how we rankhow we make moneyrankings by country
On published terms, Pepperstone’s Razor account comes first: EUR/USD from 0.0 pips plus GBP 2.25 per lot per side on its UK entity. Admirals and CMC Markets (FX Active, USD 2.50 per lot per side) follow. “ECN” is a sales label here, so we compare the all-in cost, not the name of the account.
Double the commission: it is charged when you open and again when you close, so GBP 2.25 per lot per side is GBP 4.50 per round-turn lot.
Check the commission currency. Pepperstone’s GBP 2.25 applies to GBP accounts; its terms list USD 3.50 on USD accounts and EUR 2.60 on EUR accounts.
Find the entity that would open your account: IC Markets has no UK entity, and Exness opens UK and EEA retail accounts only through offshore companies.
Not sure which broker fits you?
Pick what matters most and go straight to the ranking built for it.
Every ranking shows the company behind each broker and the loss rate that company publishes.
ECN forex brokers, ranked by trading costs
Ranked by this page’s rule from published broker data, not by commission. Advertiser disclosure
Why this order: only brokers with a raw-spread account that charges commission (sold as ECN, Raw, Razor or Zero), sorted by our costs score: the cheaper of the standard spread and the raw spread plus round-turn commission on EUR/USD. Ranked from our data on 13 brokers, updated 19 Oct 2026. How we rank
Ranked by this page’s rule · 19 Oct 2026
Your country decides which company opens your account, and with it your leverage cap and protections.
Depends on entity: up to Up to 1:30 (Trade.MT5 / Zero.MT5, retail) (CySEC)
Funding methods
Bank transfer, Visa/Mastercard, Klarna, Skrill, Brite
StandardRawIslamicProfessional3 of 5 licences checked on the register, 20 Oct 2026
Why #3scores on its commission-free Trade.MT5 account (EUR/USD from 0.5 pips); the Zero.MT5 commission is volume-tiered and not published as one figure.
Depends on entity: up to 50:1 implied (margin from 2% on EUR/USD, retail) (CFTC / NFA)up to 30:1 (major forex pairs, retail; margin 3.33%) (FCA)up to 1:30 (retail, per account comparison table on EU site) (KNF)up to up to 20:1 (retail) (MAS)up to 25x implied (individual FX margin at least 4% of transaction amount) (JFSA)
Funding methods
Debit card, Credit card, Bank transfer (Faster Payments, BACS, CHAPS, SWIFT, SEPA)
StandardRawProfessional4 of 8 licences checked on the register, 20 Oct 2026
0.0 pips (RAW ECN (inferred: unlabeled block), 17 Feb 2026)
Platforms
MT4, MT5, TradingView, proprietary
Max retail leverage
Depends on entity: up to 30:1 (major currency pairs, retail); lower for other instruments (FCA)up to up to 30:1 (retail clients) (ASIC)up to 100:1 to 500:1 (global help center, all account types; certain products fixed) (VFSC)
Funding methods
Debit card, Credit card, Bank transfer, Skrill, Neteller, E-wallets, Alternative payment methods
StandardRawECNIslamicCopyCentSpread bettingProfessional2 of 6 licences checked on the register, 20 Oct 2026
Depends on entity: up to 1:30 (ASIC)up to 1:30 (retail, all account types) (CySEC)up to 1:5000 (MetaTrader accounts), 1:1000 (cTrader); described as dynamic (FSA Seychelles)up to 1:200 (SCB)
Funding methods
Credit/debit card, Bank transfer, PayPal, Skrill, Neteller, UnionPay, BPAY, FasaPay, POLi
StandardRawIslamicProfessional3 of 4 licences checked on the register, 20 Oct 2026
Depends on entity: up to 30:1 (depending on instrument, retail) (FCA)up to 30:1 (major currency pairs, retail) (CySEC, ASIC)up to 30:1 default for major currency pairs (as stated on fxcm.com/za open-account page) (FSCA)up to 1000:1 (accounts with equity < $10,000; 400:1 for $10k-50k; 100:1 above $50k; MT4 < $10k max 400:1) (Unregulated)
Funding methods
Debit/credit card (Visa, Mastercard; Discover in UK), Bank wire, PayPal (UK, AU), Google Pay, Apple Pay (UK, AU), Open Banking (UK), Skrill, NETELLER, Rapid Transfer (UK), China Online Payment (markets), Crypto (markets)
StandardRawSpread bettingProfessional4 of 6 licences checked on the register, 20 Oct 2026
Depends on entity: up to 1:400 (CMA Kenya)up to 1:Unlimited if eligible (equity < 5,000 USD); 1:2000 by default; 1:1000 / 1:500 at higher equity (FSA Seychelles, CBCS, BVI FSC)
Funding methods
Bank card (Visa, Mastercard, 3D Secure), Prepaid cards (not US-issued), Local and global payment methods (region-dependent, listed only in Personal Area)
StandardRawIslamicDemoCent3 of 10 licences checked on the register, 20 Oct 2026
Who each broker suits, in the order of this list. Facts from published terms.
1Pepperstonethe lowest published commission in this list (GBP 2.25 per lot per side, UK)8.5/10
2CMC Marketsa raw-pricing account with no minimum deposit (£0)7.8/10
3Admirals (Admiral Markets)MT4 and MT5 traders in the UK or the EEA7.7/10
4OANDAraw pricing in Australia or Singapore, where OANDA publishes it8.0/10
6FP MarketscTrader and MT5 on raw pricing (published average 0.19 pips)7.9/10
7Tickmilla raw account from $100 with USD 3.00 per lot per side7.7/10
Scores by criterion
Each criterion scored 0–10. Darker means a higher score; an empty cell means not measured.
Scores by criterion
Broker
Costs
Platforms
Regulation
Accounts
Research
Support
Pepperstone
8.2
9.5
9.0
7.0
Not measured
Not measured
CMC Markets
8.0
6.5
9.0
7.0
Not measured
Not measured
Admirals (Admiral Markets)
8.0
6.5
8.0
8.0
Not measured
Not measured
OANDA
7.6
8.0
9.0
7.0
Not measured
Not measured
Vantage
7.6
8.0
8.0
8.0
Not measured
Not measured
FP Markets
7.6
9.5
8.0
6.5
Not measured
Not measured
Tickmill
7.6
8.0
7.5
8.0
Not measured
Not measured
FxPro
7.2
9.5
8.0
5.0
Not measured
Not measured
IC Markets
6.8
9.5
8.0
8.5
Not measured
Not measured
XM
6.8
6.0
8.0
8.0
Not measured
Not measured
ThinkMarkets
Not measured
8.0
9.0
9.0
Not measured
Not measured
FXCM
Not measured
7.0
7.0
6.5
Not measured
Not measured
Exness
Not measured
6.5
3.5
6.0
Not measured
Not measured
Preliminary scores from published broker data. Research and support are not scored until live-account tests, and a broker with no published EUR/USD spread in pips has no costs score.
At a glance
Forex broker comparison table
What the table shows
Licence numbers as each broker publishes them (we have not yet matched them on the registers), which entity serves which country, and spreads with the date we copied them from the broker’s own pages.
How to use this table
Sort by score, spread or minimum deposit. Deposits stay in the broker’s own currency, so compare them only within one currency.
50:1 implied (margin from 2% on EUR/USD, retail) (CFTC / NFA) · 30:1 (major forex pairs, retail; margin 3.33%) (FCA) · 1:30 (retail, per account comparison table on EU site) (KNF) · up to 20:1 (retail) (MAS) · 25x implied (individual FX margin at least 4% of transaction amount) (JFSA)
0.0 pipsRAW ECN (inferred: unlabeled block) · 17 Feb 2026
MT4, MT5, TradingView, proprietary
Standard, Raw, ECN, Islamic, Copy, Cent, Spread betting, Professional
30:1 (major currency pairs, retail); lower for other instruments (FCA) · up to 30:1 (retail clients) (ASIC) · 100:1 to 500:1 (global help center, all account types; certain products fixed) (VFSC)
Spreads as published by each broker, latest check 19 Oct 2026. Minimum deposits are shown in each broker’s own currency and are not converted.
Highest score in our data
Our ECN pick for October 2026
Pepperstone publishes Tier 1 licences from 5 regulators and quotes EUR/USD from 0.0 pips on its Razor account (checked 19 Oct 2026). The trade-off: the GBP 2.25 commission applies to GBP accounts only; USD and EUR accounts pay more per side.
An ECN account is cheaper only if your volume covers the commission.
1
Spread from, or average spread?
“From” is the best moment of the day. Pepperstone publishes both for Razor: from 0.0 pips, average 0.1 pips. IC Markets publishes only an average (0.1 pips), which is why it sits lower here.
Most brokers in this list charge USD 3.00–3.50 per lot per side; FXCM’s Active Trader rate is USD 4.00 per lot per side. Multiply by two, then by the lots you trade in a month.
For UK residents, the brokers here with an FCA-regulated entity and a raw account are Admirals (Admiral Markets), CMC Markets, FxPro, OANDA, Pepperstone, ThinkMarkets, Tickmill and Vantage. The entity sets your leverage cap and your compensation scheme, not the brand.
A desk score from the brokers’ published terms. We have not opened live accounts yet, so nothing on this page is a test result.
1Copy published termsSpreads, commission, deposits, platforms and account types from each broker’s own pages, each with its date (latest 19 Oct 2026).
2List the entitiesEvery licensed company of a brand, with the licence number the broker publishes. Matching each number on the regulator’s register is the next step.
3Score four criteriaCosts, platforms, regulation and accounts, 0–10 each, by a fixed formula. Research and support stay unscored until we test them.
4Apply this page’s ruleThe filter and sort written under the ranking heading. Ties are broken by the overall score.
Weights in the preliminary score
Costs · 31%
Regulation & safety · 31%
Platforms · 19%
Accounts & funding · 19%
13brokers scored
19 Oct 2026latest data check
What does not affect a score
Partner status and advertising. We have no affiliate or advertising agreements with brokers.
We have no affiliate or advertising agreements with brokers, and no click to a broker is paid. If that changes, the site will say so first; partner status is not an input to any score, whose formulas use spreads, platforms, licences and account terms only.
What we don’t do
No bonuses or sign-up offers. No offshore leverage presented as a feature. No claim that we tested an account we have not opened. No personal investment advice.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money. Consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.
Low Spread Brokers does not give personal investment advice.
An electronic communication network matches orders from banks, funds and other brokers. Retail brokers use “ECN” for an account that passes on a raw interbank spread and adds a fixed commission. None of the brokers in our data publishes its liquidity providers per account, so we treat ECN as a pricing model and compare costs.
Data collected up to 19 Oct 2026
2Do ECN brokers charge commission?
Yes, that is how they earn on a raw spread. In our data it runs from GBP 2.25 per lot per side (Pepperstone, GBP accounts) to USD 4.00 per lot per side (FXCM Active Trader), charged on opening and again on closing.
Data collected up to 19 Oct 2026
3ECN or market maker: which is safer?
Safety comes from the entity, not the execution model. A Tier 1 regulated entity must keep client money segregated and, in the UK, the EU and Australia, give retail clients negative balance protection; an offshore entity of the same brand may not. Check the licence number on the regulator’s register.
Data collected up to 19 Oct 2026
4Which ECN brokers accept UK clients?
In our data: Admirals (Admiral Markets), CMC Markets, FxPro, OANDA, Pepperstone, ThinkMarkets, Tickmill and Vantage. FXCM UK is selling its client book to Trade Nation (announced 6 Oct 2026), so it is not shown as open to new UK clients.
Data collected up to 19 Oct 2026
5Is a 0.0 pip spread real?
It is the lowest quote the broker publishes, usually in the busiest hours. Brokers that also publish an average tell you more: Pepperstone Razor 0.1 pips, FP Markets Raw 0.19 pips on EUR/USD.
Data collected up to 19 Oct 2026
6How do I compare ECN brokers?
Add the average raw spread to the round-turn commission for the pair you trade, then check the entity, the platform and the minimum deposit. The comparison table on this page puts the published spread, deposit and platforms side by side.
Data collected up to 19 Oct 2026
Who wrote and checked this page
Written and checked by
Low Spread Brokers team
Copies broker costs and account terms from the brokers’ own pages, records the date and source of each figure and checks entities and licence numbers on the regulators’ registers; for this page that check is still in progress.