Which brokers offer raw spread or ECN accounts?
Verdict
- Pepperstone's Razor account is our pick among raw-spread accounts for UAE traders: a 0.1-pip EUR/USD average plus $3.50 per side, or $3.00 on cTrader, from $10.
- Other raw or zero-spread accounts in our data: XS Elite, FP Markets Raw, Tickmill Raw, IC Markets Raw Spread, Vantage Raw ECN, CMC Markets FX Active and Equiti Premier.
- 'ECN' is a marketing label, not a regulated category; compare the commission, the published average spread and the minimum deposit instead.
- Capital.com has no raw-spread account in our data; its case rests on its UAE licence and swap-free account rather than raw pricing.
A raw-spread account passes on the spread from the broker's price feed and charges a fixed commission per lot. Plenty of brokers offer one; the differences are in the commission, the platforms and the minimum deposit. For a UAE resident, Pepperstone's Razor account is the one we would open first.
Pepperstone Razor: raw pricing on every major platform
Razor is Pepperstone's raw-spread account. It runs on MT4, MT5, cTrader, TradingView and Pepperstone's own web platform and app, so you are not tied to one piece of software. Commission depends on the platform: $3.50 per side on MT5, TradingView and the Pepperstone platform, $7 charged at opening on MT4, and $3.00 per side on cTrader for forex. Pepperstone says its orders fill from 50 milliseconds with a 99.32% fill rate and no dealer intervention, based on trades from the first quarter of 2026. For UAE residents the account can be held in AED, and CFDs are issued by the SCB-licensed Pepperstone Markets Limited.
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Raw spread accounts side by side
| Account | EUR/USD spread | Commission | Minimum | Accepts UAE residents (our data) |
|---|---|---|---|---|
| Pepperstone Razor | 0.1 avg | $3.50/side; cTrader $3.00 | $10 | Yes |
| XS Elite | 0.1 avg | $3.00/side | $500 | Yes |
| FP Markets Raw | 0.11 avg | $3.00/side | $100 | Yes |
| Tickmill Raw | From 0.0 | $3.00/side | $100 | Yes |
| Equiti Premier (UAE) | 0.0 typical | $3.50/side | From $3,000 | Yes, UAE CMA Category 1 licence |
| CMC Markets FX Active | From 0.0 | 0.0025% per transaction | No minimum listed | Yes |
| IC Markets Raw Spread | 0.01 avg | $3.50/side | No minimum listed | Not listed |
| Vantage Raw ECN | From 0.0 | $3.00/side | $50 | Not listed |
What 'ECN' does and does not tell you
Brokers use 'ECN', 'raw' and 'zero' for the same idea: a thin spread and a separate commission. The label says nothing about who takes the other side of your trade or how fast you are filled, so look for evidence instead. Useful questions before you open one:
- Is the spread figure an average or a 'from' minimum? Pepperstone, XS, FP Markets and IC Markets publish averages; Tickmill, Vantage and CMC publish minimums.
- Is the commission charged per side or once per round turn, and does it change by platform?
- Which entity holds your account? Pepperstone's UAE clients deal with its Bahamas company; XS's Dubai company is a financial-consultation firm and does not say it holds retail accounts.
- Can you keep the account in AED? Pepperstone and FP Markets say yes; XS and Tickmill do not offer it.
When a raw account is the wrong choice
If you trade rarely and in small sizes, a commission line on every ticket can feel noisier than an all-in spread, even though Pepperstone's numbers show Razor costs less per lot than Standard. If you need a swap-free account as a UAE resident, Pepperstone cannot help; XS applies swap-free status automatically to UAE residents on all its MT4 and MT5 account types, Elite included, and Capital.com converts accounts on request.
Sources
Account terms from the brokers' own pages.
Is Pepperstone an ECN broker?
Pepperstone calls Razor a raw-spread account and says its orders are filled with no dealer intervention. We describe it by what it publishes: a 0.1-pip EUR/USD average plus commission.
Which raw account has the lowest commission?
In our data, XS, FP Markets, Tickmill and Vantage charge $3.00 per side, matching Pepperstone on cTrader. Pepperstone's MT5 and TradingView commission is $3.50 per side.
Can I open a raw spread account with a small deposit?
Yes at Pepperstone, where the minimum is $10. XS Elite asks for $500 and FP Markets for $100.
CFDs are complex and traded on margin, so the risk is high and losses can build quickly. Account terms, spreads and commissions are as published by each broker on the date shown and may have changed. This is general information, not advice.