Which forex brokers offer raw spread accounts in Australia?
Verdict
- Pepperstone's Razor account is the raw spread account we recommend in Australia: spreads from 0.0 pips, a published 0.1-pip EUR/USD average and five platforms, issued by an ASIC-licensed company (AFSL 414530).
- Other ASIC-licensed brokers with raw-pricing accounts in our data: IC Markets (Raw Spread), Fusion Markets (Zero), Vantage (Raw ECN) and FP Markets (Raw).
- Commissions per side range from $2.25 at Fusion Markets to $3.50 at Pepperstone (MT5) and IC Markets; Pepperstone charges $3.00 on cTrader.
- A 'from 0.0' spread is a minimum; only an average tells you what you will typically pay.
A raw spread account passes on the underlying market spread and charges a separate commission, which usually works out cheaper than a commission-free account for regular traders. Most large ASIC-licensed forex brokers offer one. What separates them is the commission, whether they publish averages, and which platforms carry the account.
Pepperstone Razor, our recommendation
Razor runs on five platforms: Pepperstone's web platform and app, MT4, MT5, cTrader and TradingView. Pepperstone publishes averages as well as minimums, so you can see that EUR/USD typically sits at 0.1 pips rather than the advertised floor. On an AUD account the commission is AUD 3.50 per side on MT5 and AUD 7 per lot on MT4; on cTrader forex is USD 6 per round turn.
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Which Australian CFD brokers offer raw spreads from 0.0 pips?
All of these advertise raw forex spreads from 0.0 pips through an ASIC-licensed company:
| Broker (AFSL) | Account | Commission per side | Published EUR/USD average |
|---|---|---|---|
| Pepperstone (414530) | Razor | $3.50; $3.00 on cTrader | 0.1 |
| IC Markets (335692) | Raw Spread | $3.50 | 0.01 (global site) |
| Fusion Markets (385620) | Zero | $2.25 | None per pair; 0.0 claimed on majors |
| Vantage (428901) | Raw ECN | $3.00 | Only 'from 0.0' published |
| FP Markets (286354) | Raw | $3.00 | 0.11 |
Minimum vs average: reading a raw spread claim
Every broker in the table can show 0.0 at quiet moments. What you pay over a month is closer to the average. Pepperstone, IC Markets and FP Markets publish EUR/USD averages; Vantage publishes only a 'from' figure; Fusion Markets makes a general average claim for majors. Where only a minimum is published, open a demo or a small live account and watch the spread at the times you trade.
Is a raw account right for you?
- Yes if you trade often or in size: on EUR/USD, Razor works out at about 0.8 pips all-in against 1.1 on Pepperstone's commission-free Standard account.
- Maybe not if you place a few small trades a month and prefer one simple spread.
- At Pepperstone, Razor is also the only way to use MT4 or TradingView.
Sources
Is Pepperstone Razor an ECN account?
Pepperstone describes Razor as raw spreads plus commission and says its execution involves no dealer intervention. The label matters less than the published cost and the entity you trade with.
Can I hold a Razor account in AUD?
Yes. Razor is available in AUD, USD, EUR, GBP, SGD and HKD in Australia.
Does Capital.com have a raw spread account?
Our data shows none; Capital.com publishes no raw-account commission or static EUR/USD spread.
Raw pricing lowers the cost per trade, not the risk. Margin FX and CFDs are leveraged and can lose you money quickly. Read the broker's PDS and TMD before applying; this page is general information.