Which brokers have the lowest spreads on GBP/USD?
Verdict
- Pepperstone is our pick for GBP/USD: Razor averages 0.2 pips plus commission and Standard averages 1.2 pips with none, both published figures.
- Among brokers in our data that accept UAE residents, that is tighter than FP Markets (0.33 Raw, 1.43 Standard averages).
- IC Markets publishes a lower 0.04 Raw average, but it is not listed as accepting UAE residents in our data.
- Capital.com and XS do not publish a GBP/USD figure in our data, so they are not ranked here.
GBP/USD, or cable, usually costs a little more to trade than EUR/USD, so the gap between brokers shows up more clearly. On published averages Pepperstone is the tightest of the brokers in our data that accept UAE residents, which is why it is our pick. The figures and the full cost per lot are below.
Pepperstone's GBP/USD pricing
Pepperstone publishes average GBP/USD spreads of 0.2 pips on Razor and 1.2 pips on Standard; its UK site lists minimum spreads of 0 and 1 respectively. Razor commission is $3.50 per side on MT5, TradingView and the Pepperstone platform, or $3.00 per side on cTrader. Retail leverage on major pairs for UAE residents is up to 1:200, and you can fund in AED through Mashreq Bank or Barclays.
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GBP/USD spreads and costs compared
Costs below use $10 per pip on a standard lot, the published spread and the round-turn commission.
| Broker and account | Spread | Type | Commission | Approx. cost |
|---|---|---|---|---|
| Pepperstone Razor (cTrader) | 0.2 | Average | $6 | $8 |
| Pepperstone Razor (MT5/TradingView) | 0.2 | Average | $7 | $9 |
| Pepperstone Standard | 1.2 | Average | None | $12 |
| FP Markets Raw | 0.33 | Average | $6 | $9.30 |
| FP Markets Standard | 1.43 | Average | None | $14.30 |
| IC Markets Raw (UAE not listed) | 0.04 | Average | $7 | $7.40 |
| ActivTrades | From 0.8 | From (target) | Not in our data | Not comparable |
| eToro | From 2 | From | Not in our data | Not comparable |
Where Pepperstone wins, and where it does not
- Against FP Markets, Pepperstone is cheaper on both account types: by about $1.30 per lot on raw pricing (cTrader against FP Raw) and $2.30 on commission-free accounts.
- IC Markets publishes a lower raw cost, but our data does not list the UAE among the countries it accepts.
- Capital.com shows only live spreads and XS publishes only its EUR/USD figure, so neither can be compared on GBP/USD from published data.
- "From" figures, such as ActivTrades' 0.8 or eToro's 2, are best cases rather than averages.
Getting the best GBP/USD price in practice
Cable is most liquid when London and New York overlap, and spreads are widest at the daily rollover and around UK and US data releases. If you trade around Bank of England decisions or UK inflation figures, test the live spread at those moments before sizing up. And if you hold cable for days, overnight swap will cost more than the spread difference between brokers; Pepperstone does not offer UAE residents a swap-free account, while Capital.com and XS do.
Sources
Spreads from each broker's published pricing pages.
Is GBP/USD more expensive to trade than EUR/USD at Pepperstone?
Slightly. Pepperstone publishes Razor averages of 0.2 pips on GBP/USD against 0.1 on EUR/USD, and 1.2 against 1.1 on Standard.
Which Pepperstone platform is cheapest for GBP/USD?
cTrader, where Razor commission is $3.00 per side on FX against $3.50 on MT5 and TradingView.
What leverage can I use on GBP/USD in the UAE with Pepperstone?
Up to 1:200 as a retail client and 1:500 as a Pro client, according to Pepperstone's UAE costs page.
CFDs and other leveraged products carry a high risk of rapid losses. Consider your experience and whether you can afford to lose your money before trading. We report what brokers publish; this is not investment advice, and terms can change without notice.