What commission do raw spread accounts charge in the UK?
Verdict
- Raw spread accounts at UK-regulated brokers in our data charge $3.00 to $3.50 per standard lot per side; Pepperstone, our pick, charges from £2.25 per side in a GBP account, $3.50 in USD on MT5 and TradingView, and $3.00 on cTrader.
- CMC Markets prices its FX Active account differently: a raw spread from 0.0 pips plus 0.0025% of each transaction.
- Capital.com, our second choice in the UK, has no raw-spread commission account in our data.
- Pepperstone also publishes per-side rates in EUR (2.60) and CHF (3.30), matching its other UK base currencies.
A raw spread account passes the market spread through with no mark-up and charges a commission on each lot instead. Brokers quote that commission in different ways, per side, per round trip or as a percentage, so here it is in one place, with Pepperstone's rate in every UK account currency.
Pepperstone Razor: from £2.25 a side
Pepperstone Limited (FCA 684312) runs its raw spread pricing as the Razor account. In a GBP account the commission is from £2.25 per standard lot per side, so £4.50 for a round trip. In a USD account it is $3.50 per side on MT5, TradingView and Pepperstone's platform, $3.00 on cTrader, and a single $7 charge on MT4 when the position opens. What that buys: a published EUR/USD average of 0.1 pips, with a minimum of 0.0 on the UK site.
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Razor commission in each UK account currency
These are the MT5, TradingView and Pepperstone-platform rates. cTrader is cheaper in USD at $3.00 per side on FX, while gold on cTrader is $3.50 per side.
| Account currency | Per side | Round trip |
|---|---|---|
| GBP | £2.25 | £4.50 |
| USD | $3.50 | $7.00 |
| EUR | €2.60 | €5.20 |
| CHF | CHF 3.30 | CHF 6.60 |
Raw spread commissions at other UK-regulated brokers
Per-side figures as each broker publishes them. CMC's percentage model costs more on bigger trades and less on smaller ones, so convert it at your usual size.
| Broker | Account | Commission | Round trip per standard lot |
|---|---|---|---|
| Tickmill (FCA 717270) | Raw | $3 per lot per side | $6 |
| Vantage | Raw ECN | $3.00 per lot per side (global site figure) | $6 |
| FxPro (FCA 509956) | Raw+ | $3.50 per side, published for FX generally | $7 |
| CMC Markets (FCA 173730) | FX Active | 0.0025% per transaction | 5 units per 100,000 of trade value |
| Capital.com (FCA 793714) | No raw account in our data | Not applicable | Not applicable |
Worked example: 3 lots of GBP/USD in a GBP account
Commission is charged on the way in and on the way out. Using Pepperstone's GBP rate and its published Razor average of 0.2 pips on GBP/USD, where 3 lots are worth $30 a pip:
- Commission to open: 3 × £2.25 = £6.75.
- Commission to close: another £6.75.
- Spread at the 0.2-pip average: 0.2 × $30 = $6, converted into pounds in a GBP account.
- Total: £13.50 plus $6 of spread, before any overnight fee.
Is a raw spread account right for you?
- Yes if you trade FX or gold often: the commission is fixed and the spread sits close to the market.
- Less clearly if you mainly trade shares: share CFDs carry commission on Pepperstone's Standard account too, so Razor's edge is mostly in FX.
- Probably not if you prefer spread bets: they carry no commission and different tax treatment.
- Check the platforms: in the UK, MT4 and TradingView come with Razor but not with the Standard CFD account.
Sources
Commission schedules as published.
What does 'per side' mean?
The commission is charged once when you open a position and again when you close it. Pepperstone's £2.25 per side is £4.50 for a round trip on one standard lot.
How is commission charged on smaller trades?
Brokers quote it per standard lot of 100,000 units, so check the symbol specification for how it applies to smaller sizes. Pro rata, 0.1 lots at £2.25 per lot would be about 22.5p per side.
Which UK raw account has the lowest commission?
In our data, Tickmill's and Vantage's $3 per side and Pepperstone's $3.00 on cTrader tie at $6 per round trip. Pepperstone adds cTrader, TradingView and spread betting under one FCA-regulated company.
CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. Pepperstone states that 73.6% of retail investor accounts lose money when trading spread bets and CFDs with it. This page is not investment advice; confirm current commissions on each broker's website.