Which MT4 broker has the lowest spreads?
Verdict
- Pepperstone is our pick for low MT4 spreads from Hong Kong: its Razor account publishes averages of 0.1 pips on EUR/USD, 0.2 on GBP/USD and 0.3 on USD/JPY, with $7 commission per lot charged when you open.
- XS's Elite account is published at the same 0.1-pip EUR/USD average with a $6 round-turn commission, so it is about $1 a lot cheaper all in, but it needs $500 to open.
- IC Markets publishes a lower raw average (0.01 pips), but our database does not list it as accepting Hong Kong residents.
- Capital.com runs MT4 too, but publishes no EUR/USD average we can compare.
The lowest spread on MT4 almost always belongs to a raw-spread account that charges commission, so compare the spread and the commission together. On published averages, Pepperstone's Razor account sits at the bottom of the range for brokers that accept Hong Kong residents, and it is the one we recommend. XS comes out marginally cheaper per lot; here is why we still put Pepperstone first.
Pepperstone Razor: the published MT4 averages
On Pepperstone's international site, MT4 is available on both Standard and Razor accounts. Razor passes through raw spreads and charges a commission instead; Standard folds a mark-up into the spread and charges none. The figures below are Pepperstone's own published averages, not best-case minimums. On MT4 the Razor commission is USD 7 per lot, taken when the position opens. We put Pepperstone first because those tight averages come with a $10 entry point, HKD accounts and four other platforms if you outgrow MT4.
| Instrument | Razor | Standard |
|---|---|---|
| EUR/USD | 0.1 | 1.1 |
| GBP/USD | 0.2 | 1.2 |
| USD/JPY | 0.3 | 1.3 |
| XAU/USD | 0.12 | 0.19 |
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Which MT4 broker has the lowest spreads? The all-in comparison
One standard lot of EUR/USD, opened and closed, at each broker's published average and $10 a pip:
- XS Elite: 0.1 pips ($1) + $6 commission = about $7. Minimum $500. XS lists MT4 and MT5 but does not say on the Elite page which platform the account uses, so confirm MT4 before you fund.
- FP Markets Raw: 0.11 pips ($1.10) + $6 commission = about $7.10. Accepts Hong Kong residents; $100 minimum.
- Pepperstone Razor on MT4: 0.1 pips ($1) + $7 = about $8. Minimum $10.
- Pepperstone Standard: 1.1 pips = about $11, no commission.
- IC Markets Raw: 0.01 pips + $7 = about $7.10, but it is not listed as accepting Hong Kong residents in our data.
Why we still rank Pepperstone first
A dollar a lot matters to a high-volume scalper, and if that is you, XS Elite or a move to Pepperstone's cTrader platform (where FX commission drops to $3.00 per side, for about $7 a lot) closes the gap. For most traders the other terms weigh more. Pepperstone lets you start with $10 rather than $500, holds HKD accounts (XS offers USD, EUR and JPY), and publishes its averages for several pairs and gold rather than a single EUR/USD figure. Neither firm holds an SFC licence: Pepperstone's Hong Kong clients contract with Pepperstone Markets Limited in the Bahamas (SCB, SIA-F217).
How to read spreads inside MT4
- Add the Spread column in Market Watch to see the live spread in points; on five-digit pricing, 10 points equal 1 pip.
- Check at the hours you actually trade: spreads widen around the daily rollover and major news.
- Remember the commission does not appear in the spread; on Pepperstone Razor MT4 it shows as a charge on the trade.
- Compare averages with averages. A 'from 0.0' headline is a minimum, not what you will usually pay.
Sources
Does Pepperstone offer MT4 on the Standard account?
Yes, on its international site both Standard and Razor accounts run MT4. (On the UK site MT4 is Razor only.)
Is a 0.0-pip spread really free?
No. Raw-spread accounts charge commission instead. Pepperstone Razor's MT4 commission is $7 per lot round turn, so the spread figure alone understates the cost.
Which is cheaper for gold on MT4 at Pepperstone?
Razor averages 0.12 on XAU/USD against 0.19 on Standard, but Razor adds commission, so compare both at your usual trade size.
Is XS available to Hong Kong residents?
Yes, XS accepts Hong Kong residents in our database. It shows no SFC licence; its licences include ASIC, CySEC, FSCA and the Seychelles FSA.
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