Which forex broker offers the tightest EUR/USD spread?
Verdict
- For UK residents, Pepperstone has the tightest EUR/USD spread we can verify as an average: 0.1 pips on its Razor account, plus commission of £2.25 per lot per side in a GBP account or $3.00 on cTrader.
- Several FCA-regulated firms advertise from 0.0 pips on raw accounts (CMC Markets FX Active, Tickmill, Vantage, FxPro), but a from figure is a best case, not what you typically pay.
- Commission-free accounts start higher: ActivTrades and CMC Markets from 0.5, IG from 0.6, Saxo from 0.7 and eToro from 1 pip.
- IC Markets publishes an even lower 0.01-pip average, but its licences are ASIC, CySEC and Seychelles, with no FCA entity in our data, so it isn't an option for UK residents here.
The tightest EUR/USD spread is a slippery claim, because brokers publish different things: some a minimum, some a from figure, a few an average. An average over real trading hours is the honest number. On that basis, Pepperstone's Razor account is the tightest you can open from the UK.
Pepperstone Razor: 0.1 pips average on EUR/USD
Pepperstone publishes a 0.1-pip average EUR/USD spread on Razor and a minimum of 0.0 on its UK cost page. You pay commission on top: £2.25 per lot per side in a GBP account, $3.50 on MT5 and TradingView, or $3.00 on cTrader. In a USD account the round trip comes to about $7 to $8 per standard lot. Accounts are held with Pepperstone Limited, regulated by the FCA (684312), and EUR/USD can be traded on five platforms.
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EUR/USD spreads published by brokers that accept UK clients
| Broker and account | Figure | Type | Commission |
|---|---|---|---|
| Pepperstone Razor | 0.1 pips | Average | £2.25/side (GBP) or $3.00-$3.50/side |
| Pepperstone Standard | 1.1 pips | Average | None |
| CMC Markets FX Active | 0.0 pips | From | 0.0025% per transaction |
| Vantage Raw ECN | 0.0 pips | From | $3.00/side |
| Tickmill Raw | 0.0 pips | From (account level) | $3/side |
| ActivTrades | 0.5 pips | From | None |
| IG | 0.6 points | From | None |
| Saxo | 0.7 pips | Minimum | Not stated |
| eToro | 1 pip | From | None |
Why a from-0.0 spread can cost more than a 0.1 average
A from figure tells you the tightest quote the broker has shown, perhaps for a moment in peak liquidity. An average tells you what a typical trade paid. A broker quoting from 0.0 might average 0.2 or more across a day; one quoting a 0.1 average has told you its middle. Until the other raw-account firms publish averages, Pepperstone's figure is the only one in this group you can plan a budget around.
Spread is only half the price
- Add commission: at Pepperstone, 0.1 pips ($1) plus $6 on cTrader makes about $7 a round lot.
- Compare commission-free accounts all-in: IG's 0.6-point floor is about $6 a lot before any widening, and eToro's 1 pip about $10.
- Check overnight costs if you hold positions; spread is irrelevant to a trade held for three weeks.
- Look at the spread at your own trading times, not at the broker's best moment.
Sources
Does any UK broker offer zero spread on EUR/USD?
Several raw accounts quote from 0.0, including Pepperstone Razor, but you pay commission and the typical spread is above zero. Pepperstone's published average is 0.1 pips.
Is a commission-free account cheaper for EUR/USD?
Usually not for active traders. Pepperstone Standard averages 1.1 pips ($11 a lot) against about $7 to $8 all-in on Razor.
Why isn't IC Markets recommended for UK traders here?
Our data lists IC Markets licences in Australia, Cyprus and Seychelles, with no FCA-regulated company, so we don't present it for UK residents.
Forex CFDs are leveraged and complex, and you can lose money rapidly. Spreads quoted here are broker-published figures that change constantly. This page is not investment advice.