Which brokers offer fixed spreads instead of variable spreads?
Verdict
- Among the UK brokers we track, none publishes a fixed-spread account; Pepperstone, our top pick, offers variable spreads but publishes both minimum and average figures, so you can see how much they move.
- On Pepperstone Razor the commission is the predictable part: from £2.25 per lot per side on a GBP account, whatever the spread does.
- Rivals describe their pricing as variable too: FOREX.com UK says 'variable spreads as low as 1pt', Trading 212 says 'spreads are dynamic', and FxPro advertises floating spreads.
- If you need a guaranteed exit price rather than a guaranteed spread, look at guaranteed stops instead, which Capital.com, IG and CMC offer and Pepperstone does not.
We could not find a fixed-spread account at any of the UK brokers in our data, so we won't name one. What you can get is pricing whose variability is published, and that is why Pepperstone stays our pick for traders who want predictable costs.
Pepperstone: variable spreads, published averages
Pepperstone's spreads move with the market, but it publishes how much. On EUR/USD, Razor's minimum is 0.0 pips and its average 0.1; Standard's minimum is 1.0 and its average 1.1. A gap of a tenth of a pip between the best and the typical price is what most traders are really after when they ask for a fixed spread. Razor adds a commission that does not move: from £2.25 per lot per side on a GBP account, or $3.50 on a USD account on MT5.
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Fixed and variable spreads: the trade-off
A fixed spread stays the same whatever the market is doing; the broker absorbs the risk and usually prices it in, so fixed spreads tend to sit wider than a variable spread in calm conditions. A variable spread follows market liquidity: tight most of the day, wider around news releases, the daily rollover and thin trading hours. For most retail traders, a low average matters more than a constant number.
- Fixed spread: known cost per trade, usually higher on average.
- Variable spread: lower in normal conditions, but it can widen sharply at news.
- Raw spread plus commission: the commission is fixed; only the small raw spread moves.
How UK brokers describe their own spreads
| Broker | How spreads are described | EUR/USD figure |
|---|---|---|
| Pepperstone | Variable; minimum and average published | Razor 0.0 / 0.1 avg; Standard 1.0 / 1.1 avg |
| FOREX.com UK | 'Variable spreads as low as 1pt' | As low as 0.7 pts |
| Trading 212 (CFD) | 'Spreads are dynamic' | Not published |
| FxPro | Floating | FX from 1.2 pips all-inclusive (Standard) |
| Capital.com | Live spreads on the forex page | No static figure |
When spreads widen, and how to plan for it
Variable spreads widen when liquidity thins, so the cost of a trade depends on when you place it. Pepperstone's UK terms add a second risk: stop-loss orders are not guaranteed to fill at your level, so a gap can move your exit. Practical steps:
- Avoid opening positions in the minutes around major data releases if cost certainty matters to you.
- Use a raw-spread account so most of your cost is the fixed commission.
- If you need a guaranteed exit, choose a broker that offers guaranteed stop-loss orders, such as Capital.com, and accept the premium they charge.
Sources
Spread descriptions as published by each broker.
Does Pepperstone offer a fixed-spread account?
No. Pepperstone's spreads are variable on all three UK accounts. It publishes minimum and average spreads, and the Razor commission is a fixed amount per lot.
Are fixed spreads cheaper than variable spreads?
Usually not in normal markets. A broker offering a fixed spread carries the risk of market spikes and tends to price that into a wider spread. Fixed spreads can work out cheaper only during volatile periods.
What is the closest thing to a fixed trading cost?
A raw-spread account such as Pepperstone Razor, where the commission is fixed per lot and the raw spread is small. On EUR/USD, Pepperstone publishes a 0.1-pip average on Razor.
Trading on margin magnifies losses as well as gains. Spread bets and CFDs are complex and high-risk: 73.6% of retail investor accounts lose money when trading them with Pepperstone Limited. Fees and terms change, so confirm them on each broker's own site before you trade. Not investment advice.