Which forex brokers offer ECN or raw spread accounts?
Verdict
- Pepperstone is our pick for a raw-spread forex account from Hong Kong: its Razor account passes on raw spreads (published EUR/USD average 0.1 pips) and charges $3.00–$3.50 commission per side, depending on platform.
- XS offers a comparable Elite account (0.1-pip EUR/USD average, $3 per side, $500 minimum), and FP Markets, which also accepts Hong Kong residents, has a Raw account averaging 0.11 pips plus $3 per side.
- Capital.com, our usual second choice, publishes no raw-spread account in our data.
- 'ECN' is a marketing label more than a regulated term; judge an account by its published average spread, commission and execution policy.
Brokers use 'ECN', 'raw', 'zero' and 'Razor' for broadly the same idea: a spread close to the interbank price, with the broker paid through a separate commission. For a Hong Kong trader, Pepperstone's Razor account is the one we would choose, and below we show how it stacks up against the other raw-pricing accounts open to Hong Kong residents.
Pepperstone Razor, explained
Razor is Pepperstone's raw-pricing account. Its published averages are 0.1 pips on EUR/USD, 0.2 on GBP/USD and 0.3 on USD/JPY, with commission per side of $3.50 on MT5, TradingView and Pepperstone's own platform, $3.00 on cTrader for FX, and $7 charged on opening on MT4. An HKD account pays HKD 28.17 per side. Pepperstone does not market Razor as 'ECN'; it says orders are filled from 50 milliseconds with no dealer intervention. Razor needs the same $10 minimum as the Standard account, and it is the only Pepperstone account that includes TradingView. Hong Kong clients contract with Pepperstone Markets Limited (SCB Bahamas, SIA-F217); there is no SFC licence.
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Raw-spread accounts open to Hong Kong residents
Brokers with raw accounts that our data does not list as accepting Hong Kong residents include IC Markets (Raw Spread, 0.01-pip average, $3.50 per side) and Vantage (Raw ECN, $3 per side).
| Broker / account | EUR/USD average | Commission per side | Minimum |
|---|---|---|---|
| Pepperstone Razor (cTrader) | 0.1 pips | $3.00 | $10 |
| Pepperstone Razor (MT5, TradingView) | 0.1 pips | $3.50 | $10 |
| XS Elite | 0.1 pips | $3.00 | $500 |
| FP Markets Raw | 0.11 pips | $3.00 | $100 |
| Capital.com | No raw account in our data | — | 20 |
Raw spread or standard spread?
Raw pricing is not automatically cheaper; it depends on how you trade. Per standard lot of EUR/USD at Pepperstone's averages:
- Razor on cTrader: about $1 spread + $6 commission = $7.
- Razor on MT5: about $1 + $7 = $8.
- Standard: 1.1 pips = about $11, no commission.
- For very small positions the commission is proportional, so the gap shrinks but Razor stays cheaper per unit at these averages; Standard's appeal is simpler costing, not price.
What to verify before choosing a raw account
- Ask for the average spread on the pairs you trade, not the 'from 0.0' headline.
- Check the commission on your platform: at Pepperstone it differs between cTrader, MT4 and MT5.
- Find out whether commission is quoted per side or round turn, and in which currency.
- Read the execution policy for how orders are filled and whether a dealing desk can intervene.
- Confirm which entity holds your account and which regulator handles complaints.
Sources
Is Pepperstone an ECN broker?
Pepperstone does not use that label in the material we checked. Its Razor account offers raw spreads plus commission, and it says it executes with no dealer intervention.
Which raw account is cheapest for Hong Kong residents?
At published averages, Pepperstone Razor on cTrader and XS Elite both work out at about $7 per EUR/USD lot. Pepperstone needs $10 to open; XS Elite needs $500.
Does Capital.com have a raw spread account?
Not in the data we hold. Its published account types do not include a raw or commission-based forex account.
Can I hold a Razor account in Hong Kong dollars?
Yes. HKD is one of the base currencies on Pepperstone's international site, with commission of HKD 28.17 per side.
CFDs are complex, leveraged products with a high risk of losing money rapidly. Make sure you understand how they work and can afford the risk before trading. This page is general information, not investment advice; check each broker's current terms before opening an account.