Which brokers offer the tightest EUR/USD spreads?
Verdict
- Pepperstone is our pick for tight EUR/USD pricing from Hong Kong: a published Razor average of 0.1 pips, and on cTrader an all-in cost of $7 per standard lot, level with the cheapest we can verify.
- XS's Elite account also averages 0.1 pips with a $6 round-turn commission, but needs a $500 minimum; FP Markets' Raw account averages 0.11 pips plus $3 per side.
- IC Markets publishes the lowest raw average, 0.01 pips, but adds $3.50 per side and does not list Hong Kong among accepted countries in our data.
- None of these firms holds an SFC licence in our data; Pepperstone serves Hong Kong from the Bahamas (SCB, SIA-F217).
The tightest spread and the cheapest trade are not the same thing once commission is added. Pepperstone's EUR/USD average is 0.1 pips on Razor, and on cTrader its total cost per lot ties for the lowest we can verify. Here are the published averages, the all-in maths and the account that makes most sense from Hong Kong.
Spread versus total cost per lot
Every raw-spread account pairs a near-zero spread with a commission, so we convert both into dollars for one standard lot (100,000 units, $10 a pip), opened and closed. On that basis Pepperstone's cTrader pricing, at a 0.1-pip average plus $6 round-trip commission, comes to $7, matching XS Elite and undercutting the 0.01-pip IC Markets account once commission is counted. Pepperstone also lets you start with $10.
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Published EUR/USD averages, all-in
| Account | Average spread | Commission (round trip) | All-in cost | Accepts Hong Kong (our data) |
|---|---|---|---|---|
| Pepperstone Razor, cTrader | 0.1 pips | $6 | $7 | Yes |
| Pepperstone Razor, MT5/TradingView | 0.1 pips | $7 | $8 | Yes |
| Pepperstone Standard | 1.1 pips | None | $11 | Yes |
| XS Elite | 0.1 pips | $6 | $7 | Yes |
| FP Markets Raw | 0.11 pips | $6 | $7.10 | Yes |
| IC Markets Raw Spread | 0.01 pips | $7 | $7.10 | Not listed |
Why 'from 0.0' doesn't settle it
Pepperstone's own headline says EUR/USD from 0.0 pips on Razor; IG's UK site quotes from 0.6 points; plenty of firms lead with zero. A 'from' figure is the narrowest quote of the day. Averages tell you what most trades pay, which is why every number in the table above is an average the broker publishes. Where a broker publishes only a minimum, we leave it out rather than set it against someone else's average.
Which account suits a Hong Kong trader
- Pepperstone Razor on cTrader: lowest all-in cost we can verify, $10 minimum, HKD account available.
- XS Elite: same $7 all-in, but a $500 minimum and account currencies limited to USD, EUR and JPY.
- FP Markets Raw: 10 cents more per lot; accepts Hong Kong residents in our data, with a $100 minimum.
- Capital.com, our usual second choice, publishes only live spreads, so we cannot place it in this table.
The regulation behind the price
None of the brokers above shows an SFC licence in our data. Pepperstone Markets Limited is regulated by the Securities Commission of The Bahamas under SIA-F217 and names no compensation scheme; its retail clients are not liable for negative equity. Tight pricing is worth little if you can't withdraw smoothly, so test a small deposit and withdrawal first.
Sources
Figures as published by each broker or regulator on its own site.
What is Pepperstone's average EUR/USD spread?
0.1 pips on Razor plus commission, and 1.1 pips on Standard with no commission, as published by Pepperstone.
Is a lower spread always cheaper?
No. IC Markets' 0.01-pip average plus $7 commission costs more per lot than Pepperstone's 0.1 pips plus $6 on cTrader.
Does XS have tighter EUR/USD spreads than Pepperstone?
XS Elite publishes the same 0.1-pip average with a $6 round-turn commission, so the all-in cost matches Pepperstone on cTrader. XS needs $500 to open Elite.
CFDs are complex, leveraged products, and most retail traders who use them lose money, often fast. Make sure you understand how they work and can afford the loss. This is not investment advice; broker terms quoted here can change after publication.