Which forex brokers offer raw spread accounts?
Verdict
- Pepperstone's Razor account is our top raw spread account for UK traders: raw FX spreads from 0.0, a published 0.1-pip EUR/USD average, and commission from £2.25 per lot per side.
- Other FCA-regulated firms with raw or commission-based FX accounts include CMC Markets (FX Active), Tickmill (Raw), Vantage (Raw ECN) and FxPro (Raw+).
- Commissions run from $3.00 to $3.50 per lot per side at most of them; CMC charges 0.0025% of the trade value instead.
- A raw account usually beats a commission-free one for active traders: at Pepperstone, $7 to $8 a round lot of EUR/USD versus $11 on Standard.
A raw spread account passes the interbank spread through with little or no mark-up and charges a separate commission. You see exactly what you pay. Here are the UK-regulated firms that offer one, what each charges, and how to tell the best fit for your trading.
Pepperstone Razor, our first choice
Razor gives UK clients raw FX spreads from 0.0, with Pepperstone publishing a 0.1-pip average on EUR/USD and 0.2 on GBP/USD. Commission is £2.25 per lot per side in a GBP account, $3.50 on MT5, TradingView and Pepperstone's platform, and $3.00 on cTrader. It is also the only Pepperstone CFD account in the UK with MT4 and TradingView. Pepperstone Limited is regulated by the FCA (684312).
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Raw spread accounts at FCA-regulated firms
| Firm | Account | FCA reference | Spread | Commission |
|---|---|---|---|---|
| Pepperstone | Razor | 684312 | From 0.0; EUR/USD avg 0.1 | £2.25/side (GBP); $3.00-$3.50/side (USD) |
| CMC Markets | FX Active | 173730 | From 0.0 | 0.0025% per transaction |
| Tickmill | Raw | 717270 | From 0.0 | $3/side |
| Vantage | Raw ECN | 590299 (per its UK site) | From 0.0 | $3.00/side |
| FxPro | Raw+ | 509956 | From 0.0 (generic FX) | $3.5/side |
Which forex brokers charge commission instead of marking up the spread?
All five firms in the table do so on their raw accounts: the spread is passed through and you pay a stated commission per lot or per transaction. Their commission-free accounts work the other way. Pepperstone says its Standard account carries a 1-point mark-up on FX inside the spread, which is how a 0.1-pip raw average becomes a 1.1-pip Standard average. Tickmill's Classic account (quoted from 1.6 pips) and Vantage's Standard STP account (EUR/USD from 1.4 pips) are also spread-only, according to their sites.
Picking between them
- Want a published average, not just a floor? Pepperstone is the only one in the table that gives one.
- Use cTrader? Pepperstone's $3.00 per side is the lowest flat FX commission there; FxPro also supports cTrader.
- Trade in pounds? Pepperstone quotes commission directly in GBP at £2.25 per side.
- Want guaranteed stops? CMC Markets offers them and Pepperstone doesn't; we haven't verified guaranteed-stop terms at Tickmill, Vantage or FxPro.
- The Tickmill, Vantage and FxPro raw terms come from their main websites. Confirm the same account and pricing apply to their UK companies.
Sources
What does raw spread mean?
The broker passes on the underlying market spread with little or no mark-up and charges a separate commission instead.
Is a raw spread account better for beginners?
Not necessarily. A single all-in price can be easier to follow, but for frequent trading a raw account is usually cheaper.
What is Pepperstone's raw account called?
Razor. In the UK it runs on MT4, MT5, TradingView, cTrader and Pepperstone's own platform.
CFDs and spread bets are complex instruments with a high risk of losing money rapidly due to leverage. Pepperstone says 73.6% of retail investor accounts lose money trading spread bets and CFDs with it. Not investment advice.