Which Australian broker has the lowest EUR/USD spread?
Verdict
- Pepperstone is our pick for Australians who trade EUR/USD: its Razor account averages 0.1 pips, and on cTrader a round-turn standard lot costs about $7.00 all-in, level with or below the rivals we could price.
- On the raw spread alone, IC Markets publishes the lowest average we hold: 0.01 pips on its Raw Spread account, with $3.50 commission per side.
- FP Markets publishes 0.11 pips on its Raw account plus $3.00 per side, which also works out to about $7.10 per lot.
- Vantage, CMC Markets and eToro publish only 'from' minimums for EUR/USD, so their numbers cannot be lined up against averages.
The tightest quoted spread and the cheapest trade are two different answers. Raw-pricing accounts quote close to zero and then charge commission, so we price one lot of EUR/USD all-in at each ASIC-licensed broker that publishes an average, and flag the firms whose figures are only minimums.
Lowest spread or lowest bill: the short answer
If you only compare the raw spread, IC Markets wins: 0.01 pips on average against Pepperstone Razor's 0.1. Add commission and the ranking flattens. Pepperstone charges $3.00 per side on cTrader for forex, so a full lot costs roughly $1 of spread plus $6 commission, about $7.00. IC Markets and FP Markets both land near $7.10. That is why Pepperstone stays our first choice: on the platform where it is cheapest, nobody we can document beats it, and it adds PayID and BPAY funding from $10 through Pepperstone Group Limited (AFSL 414530). On MT5 and TradingView, where commission is $3.50 per side, Pepperstone costs about 90 cents a lot more than IC Markets.
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Published EUR/USD pricing at ASIC-licensed brokers
Only averages can be compared fairly. A 'from' figure is the best moment of the day, not what you usually pay.
| Broker (AFSL) | Account | EUR/USD figure | Type | Commission per side |
|---|---|---|---|---|
| Pepperstone (414530) | Razor | 0.1 pips | Average | $3.50 MT5/TradingView; $3.00 cTrader |
| Pepperstone (414530) | Standard | 1.1 pips | Average | None |
| IC Markets (335692) | Raw Spread | 0.01 pips | Average | $3.50 |
| FP Markets (286354) | Raw | 0.11 pips | Average | $3.00 |
| FP Markets (286354) | Standard | 1.21 pips | Average | None |
| Vantage (428901) | Raw ECN | 0.0 pips | Minimum ('from') | $3.00 |
| CMC Markets (238054) | FX Active | 0.0 pips | Minimum ('from'), UK page | 0.0025% per transaction |
| eToro (491139) | CFD | 1 pip | Minimum ('from') | None |
One lot of EUR/USD, priced all-in
A standard lot is 100,000 euros, where one pip is worth $10 in a USD account. Spread cost plus round-turn commission, using published averages:
- Pepperstone Razor, cTrader: $1.00 + $6.00 = $7.00.
- IC Markets Raw Spread: $0.10 + $7.00 = $7.10.
- FP Markets Raw: $1.10 + $6.00 = $7.10.
- Pepperstone Razor, MT5 or TradingView: $1.00 + $7.00 = $8.00.
- Pepperstone Standard: 1.1 pips = $11.00, no commission.
- FP Markets Standard: 1.21 pips = $12.10, no commission.
Why a tenth of a pip should not decide your broker
The gap between the top three is about ten cents a lot, which a single bad fill can erase. Two cautions also apply. IC Markets' average table sits on its global site, run by its Seychelles company, so confirm the Australian account is priced the same. And each average is a broker-stated figure over its own sample period, not a live quote. In an AUD account, Pepperstone's Razor commission on MT5 is AUD 3.50 per side and MT4 charges AUD 7 per lot when the position opens, so price your own trades in the currency you hold. Capital.com, our usual second choice in Australia, shows live spreads only, so we have no static EUR/USD figure to rank it on.
How to test the spread yourself before funding
- Open demo accounts with your two shortlisted brokers on the same platform.
- Watch EUR/USD at the times you actually trade, including the Asian session and around data releases.
- Add the commission for your platform: Pepperstone's differs between cTrader and MT5.
- Check the minimum deposit: $10 at Pepperstone.
- Place a small live trade and compare the fill with the quoted price.
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Sources
Pricing pages published by each broker.
Is a 0.0 pip spread really free?
No. Accounts quoting from 0.0 pips charge a commission instead, typically $3.00 to $3.50 per side per lot at the brokers above, so the trade still costs around $6 to $7.
Which Pepperstone platform is cheapest for EUR/USD?
cTrader, where Razor forex commission is $3.00 per side instead of $3.50. That makes a round-turn lot about $7.00 rather than $8.00.
Is the Standard account ever the better deal?
For very small or infrequent trades some traders prefer one all-in price. At 1.1 pips, a full lot costs about $11 on Pepperstone Standard, so Razor is cheaper whenever you trade full lots.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This page is general information, not investment advice; read the broker's PDS and TMD before you trade.