Which broker has the tightest spreads during the London session?
Verdict
- No broker in our data publishes spreads for the London session alone; on the averages that are published, Pepperstone, our pick, is among the tightest for UK traders: Razor averages 0.1 pips on EUR/USD and 0.2 on GBP/USD, plus commission.
- Pepperstone's UK site also lists Razor minimums of 0.0 on EUR/USD and GBP/USD, 1 point on UK100 and 0.9 on GER40, the indices that trade through London hours.
- IC Markets publishes a lower EUR/USD average (0.01 pips), but we could not verify that it accepts UK residents; FP Markets (0.11) does not accept them.
- Most FCA-regulated rivals publish 'from' figures (IG 0.6, CMC 0.5, Saxo 0.7 on EUR/USD), which cannot be compared fairly with averages.
The London session is when UK and European markets are open and the major currency pairs trade most actively. Brokers do not publish session-by-session spreads, though, so the answer has to come from the figures they do publish. Here is what those show, and how to measure London spreads yourself.
Our pick for London-hours trading
Pepperstone publishes averages on its main pairs and minimums on its UK site, which is more than most FCA-regulated brokers do. On Razor, EUR/USD averages 0.1 pips, GBP/USD 0.2 and USD/JPY 0.3, with commission of $3.50 per lot per side, or from £2.25 in a GBP account. For London-hours index traders, the UK site lists Razor minimums of 1 point on UK100 and 0.9 on GER40. Pepperstone does not split these figures by session.
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Published averages on the majors
IC Markets' averages are lower, but our data could not confirm that it accepts UK residents, and FP Markets does not accept them. Commission per lot per side: Pepperstone $3.50, IC Markets $3.50, FP Markets $3.
| Pair | Pepperstone Razor | Pepperstone Standard | IC Markets Raw | FP Markets Raw |
|---|---|---|---|---|
| EUR/USD | 0.1 | 1.1 | 0.01 | 0.11 |
| GBP/USD | 0.2 | 1.2 | 0.04 | 0.33 |
| USD/JPY | 0.3 | 1.3 | 0.03 | 0.71 |
What FCA-regulated rivals publish
Each of these is a best-case figure, and an average can never be below the minimum, so a broker quoting 'from 0.5' will average at least 0.5 in London hours.
- IG: EUR/USD from 0.6 points, no commission.
- CMC Markets: from 0.5 pips on its standard account; from 0.0 plus 0.0025% per transaction on FX Active.
- Saxo: a 0.7-pip minimum on EUR/USD.
- ActivTrades: from 0.5 on EUR/USD and 0.8 on GBP/USD, commission-free.
- Capital.com, our second choice: live spreads only on its forex page, no static figure.
Measure London spreads yourself
- Open the same pair on two brokers' platforms between 8 am and noon UK time.
- Note the spread every 15 minutes for a week, skipping the first minutes after major data releases.
- Add commission: Razor's $7 per lot round trip is worth about 0.7 pips on EUR/USD.
- Compare the all-in figure, not the raw spread.
Sterling pairs and UK indices
If you trade the pound, GBP/USD on Razor averages 0.2 pips; as a spread bet, Pepperstone's UK minimum is 0.8 points with no commission. On indices, Pepperstone's index fee table, published on its Australian site with August 2026 data, gives UK100 an average of 1.5 points on Razor and 1.9 on Standard, and GER40 1 and 1.3.
Sources
Spreads as each broker publishes them.
Are spreads tighter in London than in the Asian session?
We cannot put numbers on it, because Pepperstone and the other brokers in our data do not publish spreads by session. Sample the spread in each session on the pair you trade before you rely on it.
Do Pepperstone's averages include commission?
No. The 0.1-pip EUR/USD average on Razor is the spread alone; commission of $3.50 per lot per side comes on top. Standard's 1.1 pips includes Pepperstone's mark-up and has no commission.
Is GBP/USD cheaper as a spread bet or on Razor?
At Pepperstone's UK minimums, Razor is 0.0 plus commission and a spread bet 0.8 points with none. A £10-per-point bet costs about £8 at that minimum spread; compare it with Razor's commission at your own size.
Trading CFDs and spread bets on margin carries a high risk of rapid losses, because leverage magnifies every price move. Published averages are not guarantees, and live spreads vary through the day. Nothing here is investment advice; check current pricing with the broker.