Raw-spread accounts compared: what published commissions add up to

Raw or ECN-style accounts advertise spreads from 0.0 pips and add a per-lot commission. To compare them you need to turn the commission into a round-turn cost and look at average spreads, not just the minimum. Here is what six brokers publish.

Broker and account	Published spread	Published commission	Round-turn commission per lot
FP Markets Raw	Average EUR/USD 0.1 pips (September 2026 table)	US$3 per side	US$6
Tickmill Raw	From 0.0 pips	US$3 per lot per side	US$6
FxPro Raw+	Zero spreads for over 90% of the trading day	Up to US$3.50 per lot per side	Up to US$7
Exness Raw Spread	From 0 pips	Up to US$3.50 per side per lot	Up to US$7
HFM Zero	From 0.0 pips on forex	Starting at US$3 per lot	Basis (per side or round turn) not stated on the pages we read
XM Zero	Not listed on the account page we read	USD 7 per USD 100,000 traded (XM CySEC costs document)	Basis (per side or round turn) not stated in the document we read

What the table tells you

On commission alone, the accounts that publish US$3 per side cost about US$6 to open and close one standard lot, and those that cap at US$3.50 per side cost up to US$7. That is before the spread. Only FP Markets publishes a dated average spread for the pair (0.1 pips, which adds about US$1 per lot), giving an all-in cost of about US$7 per lot. For the others, ‘from 0.0 pips’ is a best case.

Read the fine print

• ‘From’ spreads describe the tightest moment, often for a small share of the day. Average spreads are more useful.
• Commission can be quoted per side, per round turn, per lot or per US$1 million traded. Convert them to the same unit.
• Commission may be charged in your account currency at a different rate (FP Markets lists US$3, €2.75 or £2.25 per side).
• The regulated entity you join, not the brand, decides which account types and leverage you can use.

• FP Markets: forex spreads
• Tickmill: accounts overview
• FxPro: account types
• Exness: pro accounts
• HFM: trading accounts
• XM: costs and charges (CySEC)

General information for education only, not financial advice. Trading forex and CFDs carries a high risk of loss. Read the disclaimer.