Short answer: In our data, the cheapest published EUR/USD costs are $1 to $3.50 per standard lot round trip, from Hantec Markets, FXOpen, Trive and Axi. The lowest spread on paper is usually 0.0 pips on a raw account, but that account also charges a commission, so compare the all-in cost per lot, not the spread.
A 0.0 pip headline is the oldest trick in broker marketing. This guide shows how spread and commission add up, which brokers publish the lowest numbers, and why we show cost on every broker page but don't let it move the Verdict Score.
Spread vs all-in cost per lot
The spread is the gap between the buy and sell price. On EUR/USD, one pip on one standard lot (100,000 units) is worth $10. So a 1.0 pip spread costs you $10 every time you open and close a 1-lot trade.
Raw or ECN-style accounts advertise spreads from 0.0 pips, then charge commission per lot. Brokers usually quote it per side (opening and closing are charged separately), so a "$3.50 per side" account costs $7 per lot round trip.
The formula we use:
All-in cost per lot = spread in pips × $10 + round-turn commission
Two quick examples:
- Standard account, 1.0 pip spread, no commission: 1.0 × $10 + $0 = $10 per lot
- Raw account, 0.1 pip average spread, $7 round-turn commission: 0.1 × $10 + $7 = $8 per lot
Trading smaller? Scale it down: 0.1 lot costs a tenth of those figures. Use the pip value calculator for other pairs, where the pip value changes with the quote currency.
Raw vs standard accounts
| Standard account | Raw / ECN account | |
|---|---|---|
| Spread | Wider, built-in markup (often 0.6 to 1.5 pips in our data) | From 0.0 pips |
| Commission | Usually none | Charged per lot, often $5 to $7 round turn |
| Cost is clear? | Yes, the spread is the whole cost | Only if you add the commission |
| Suits | Small accounts, occasional traders | Frequent traders, scalpers, larger size |
Across the brokers that publish both, our data shows the raw account saving anywhere from $0 (IC Markets, $8 either way) to $7 per lot (Equiti and IFX Brokers), with about $4 typical. Trade 2 lots a month and that's $8. Trade 200 and it's $800. For a fuller look at execution models, read what an ECN forex broker is.
Cheapest published EUR/USD costs in our data
Each broker's cheapest published EUR/USD account, calculated with the formula above from the spreads and commissions on the broker's own site. We skip any raw account (under 0.5 pips) with no published commission, because the true cost is unknown and we'd rather leave it out than understate it.
| Broker | Cheapest account | EUR/USD spread | Commission (round turn) | All-in per lot | Verdict Score | Complaint flags |
|---|---|---|---|---|---|---|
| Hantec Markets | Hantec Global | 0.1 (from) | $0 | $1.00 | 6.5 | None |
| FXOpen | Elite ECN | 0.0 (from) | $3.00 | $3.00 | 7.6 | None |
| Trive | Prime (EU) | 0.3 (from) | $0 | $3.00 | 7.9 | None (Trustpilot profile removed) |
| Axi | Elite | 0.0 (from) | $3.50 | $3.50 | 9.1 | None |
| GO Markets | GO Plus+ | 0.0 (from) | $5 | $5.00 | 8.7 | None |
| Windsor Brokers | Zero VIP | 0.0 (from) | $5 | $5.00 | 6.8 | None |
| FP Markets | Raw | 0.0 (from) | $6 | $6.00 | 9.2 | None |
| Vantage | Raw ECN | 0.0 (from) | $6 | $6.00 | 9.0 | None |
| Zero Markets | Super ZERO | 0.1 (average) | $5 | $6.00 | 8.8 | None |
| IFX Brokers | Raw | 0.0 (from) | $6 | $6.00 | 6.9 | None |
| IG | CFD | 0.6 (from) | $0 | $6.00 | 6.9 | Poor support |
| NAGA | Standard | 0.6 (from) | Not published | $6.00 (spread only) | 6.8 | None |
| Valetax | PRO | 0.6 (from) | $0 | $6.00 | 5.8 | Poor support (India) |
| Equiti | Premier | 0.0 (from) | $7 | $7.00 | 7.9 | Withdrawals refused, poor support |
| FXTM | Advantage | 0.0 (from) | $7 | $7.00 | 7.6 | None |
| IC Markets | Raw Spread (MetaTrader) | 0.1 (average) | $7 | $8.00 | 9.8 | None |
| Skilling | Standard | 0.8 (from) | $0 | $8.00 | 7.6 | None |
| City Index | Standard | 0.8 (typical) | $0 | $8.00 | 6.5 | None |
| Fineco | CFD (FX) | 0.8 (from) | $0 | $8.00 | 4.0 | None |
| Moneta Markets | Prime ECN | 0.26 (average) | $6 | $8.60 | 8.1 | None |
| Axiory | Nano | 0.3 (average) | $6 | $9.00 | 7.4 | None |
| Xellion Markets | Standard | 0.9 (from) | Not published | $9.00 (spread only) | 6.6 | None |
| OANDA | Spread-only | 1.0 (from) | $0 | $10.00 | 6.7 | Withdrawals refused |
| VT Markets | Standard STP | 1.2 (from) | $0 | $12.00 | 6.8 | Withdrawals refused, poor support |
| Markets.com | Standard | 1.3 | Not published | $13.00 (spread only) | 7.3 | Poor support |
| Errante | Standard | 1.5 (from) | $0 | $15.00 | 8.0 | None |
How to read it:
- "From" is a floor, not what you'll pay. Most brokers publish the lowest spread they ever show. IC Markets, Zero Markets, Moneta Markets and Axiory publish averages instead. A 0.1 pip average can easily cost less in practice than a "from 0.0" headline.
- Top-tier accounts often come with conditions. Accounts called Elite, VIP or Prime can need a bigger deposit or trading volume. Check the account terms on the broker page before planning around the cheapest row.
- Entity matters. Trive's cheapest row is an EU account. Traders outside the EU are usually on a different entity with different pricing.
- Some brokers don't publish usable figures. Exness, Pepperstone, Tickmill and others give no EUR/USD spread we can use (Pepperstone and Tickmill publish commissions only), so they have no cost figure here. That's a gap in what they publish, not proof they're expensive.
Why cost doesn't move our score
Our Verdict Score is built from payout (35%), leverage (25%), safety (25%) and service (15%). Cost is shown on every broker page and carries zero weight. That's deliberate.
From top to bottom, this table spans $1 to $15 a lot. A refused withdrawal can cost the whole account. Equiti, OANDA and VT Markets all appear above, and all three carry a "withdrawals refused" flag from recent reviews. A tight spread is no use if your profit stays with the broker.
So pick in this order:
- Can you get your money out? Check complaint flags and the withdrawal time page for anything on your shortlist (for example IC Markets withdrawal time).
- Is the licence strong enough for your balance? See forex broker licence tiers.
- Do the leverage and deposit fit you? See /rankings/.
- Then, among the brokers that pass, take the cheapest.
Brokers that do well on both cost and our score: IC Markets (9.8, $8 per lot), FP Markets (9.2, $6), Axi (9.1, from $3.50), Vantage (9.0, $6), Zero Markets (8.8, $6) and GO Markets (8.7, $5). None carries a complaint flag. Axi's Trustpilot page does show a notice that the company has received regulatory attention, and Vantage's shows a high-risk investment warning; both are noted on their broker pages.
Costs the spread doesn't show
The all-in figure covers opening and closing a trade. It leaves out:
- Swap (overnight financing). Charged or paid on positions held past the daily rollover. For swing traders this can outweigh the spread. Swap-free (Islamic) accounts replace it with other fees at some brokers.
- Slippage. Market orders during news can fill worse than the quote. FxPro and JustMarkets both carry a "slippage / price spikes" flag in our review data.
- Spread widening. Spreads blow out at the daily rollover and around major news, especially on raw accounts.
- Deposit, withdrawal and inactivity fees. Listed on each broker page, and they do count in our payout score.
- Currency conversion. Funding a USD account in another currency can cost more than a month of spreads.
How to check the real cost yourself
- Open a demo or small live account on the exact account type you plan to use.
- Watch EUR/USD during your normal trading hours, not just when it's quiet.
- Add the commission from the account terms, both sides.
- Place a few small trades and compare the fill with the quote.
- Make a small test withdrawal before you deposit more.
The forex profit calculator and lot size calculator show what a given cost means for your position size.
FAQ
Which forex broker has the lowest spread?
On paper, plenty of brokers advertise 0.0 pip EUR/USD spreads on raw accounts, including FP Markets, Vantage, Axi, GO Markets and FXOpen. The lowest all-in published cost in our data is Hantec Markets at $1 per lot (0.1 pip "from", no commission), then FXOpen and Trive at $3 and Axi at $3.50.
Is a raw spread account always cheaper than a standard account?
Usually, not always. A raw account at 0.0 pips plus $7 commission costs $7 per lot. A standard account at 0.6 pips costs $6. Run the formula on both before you choose.
How is commission quoted?
Most brokers quote per side, per standard lot. Double it for the round trip. We always show round-turn commission so you can add it straight to the spread.
Why doesn't the Verdict Score include cost?
Because a few dollars a lot matters less to most traders than whether withdrawals arrive, how much leverage is available and how strong the licence is. Cost is still on every broker page so you can compare it.
Why do some brokers have no cost figure?
They don't publish a EUR/USD spread we can use, or they publish a raw spread without the commission. We leave those blank rather than guess.
Are the spreads in the table live?
No. They're the figures each broker publishes on its own site, as last checked. Live spreads move all day and widen during news and rollover.
CFDs are leveraged products; most retail accounts lose money.