Lowest spreads (November 2026): what each broker actually publishes
Short answer
- Lowest published average EUR/USD spread: IC Markets (Raw Spread), 0.01 pips.
- Lowest published average GBP/USD spread: IC Markets (Raw Spread), 0.04 pips.
- Lowest published average USD/JPY spread: IC Markets (Raw Spread), 0.03 pips.
- Once commission is counted, the cheapest EUR/USD accounts we have data for are XS (Elite), at about 0.70 pips per round turn.
- Lowest published average gold (XAU/USD) spread: IC Markets (Raw Spread), 0.09.
- Currency pair with the lowest spread: EUR/USD. It has the lowest published average at 3 of the 3 brokers that publish per-pair averages (0.01–0.11 pips), ahead of GBP/USD (0.04–0.33) and USD/JPY (0.03–0.71). Lowest-spread currency pairs explained
- Best-case "from" figures are listed separately below; they are not comparable with averages.
| Broker | Account | Average spread (pips) | Commission, round turn (pips) | All-in (pips) | Open account |
|---|---|---|---|---|---|
| XS | Elite | 0.1 | 0.6 | 0.70 | Open account |
| FP Markets | Raw | 0.11 | 0.6 | 0.71 | Open account |
| IC Markets | Raw Spread | 0.01 | 0.7 | 0.71 | Open account |
| Pepperstone | Razor | 0.1 | 0.7 | 0.80 | Open account |
| Pepperstone | Standard | 1.1 | 0.0 | 1.10 | Open account |
| FP Markets | Standard | 1.21 | 0.0 | 1.21 | Open account |
One standard lot of EUR/USD moves $10 per pip, so a commission of $3.50 per side ($7 round turn) adds 0.7 pips.
Spread comparisons are usually rigged by accident. One broker advertises a best-case "from 0.0 pips" while another publishes a measured average of 0.11 — and a table that lists those side by side makes the honest broker look worse. So we separate them: averages with averages, minimums with minimums.
Mid-market reference price, not any specific broker's quote — for scale only, so a published spread means something concrete.
| Broker | Platforms | EURUSD | GBPUSD | USDJPY | XAUUSD | Open account |
|---|---|---|---|---|---|---|
| Razor | 0.1 pips | 0.2 pips | 0.3 pips | 0.12 | Open account | |
| Standard | 1.1 pips | 1.2 pips | 1.3 pips | 0.19 | ||
| Elite | 0.1 pips | — | — | — | Open account | |
| Raw | 0.11 average (0.0 minimum) | 0.33 average (0.0 minimum) | 0.71 average (0.1 minimum) | 0.12 average (0.04 minimum) | Open account | |
| Standard | 1.21 average | 1.43 average | 1.81 average | 0.25 average | ||
| Raw Spread | 0.01 average (0.0 minimum) | 0.04 average (0.0 minimum) | 0.03 average (0.0 minimum) | 0.09 average (0.05 minimum) | Open account |
| Broker | Platforms | EURUSD | GBPUSD | USDJPY | XAUUSD | Open account |
|---|---|---|---|---|---|---|
| Individual CFD | from 0.5 pips (target spread) | from 0.8 pips (target spread) | from 0.5 pips (target spread) | from 0.25 USD (target spread) | Open account | |
| eToro CFD | from 1 pip | from 2 pips | from 1 pip | from 0.025% | Open account | |
| FX Active | from 0.0 pips + commission | — | — | — | Open account | |
| Standard | from 0.5 pips | — | — | from 0.2 points | ||
| Standard STP | from 1.4 pips | from 1.6 pips | from 1.5 pips | — | Open account | |
| Raw ECN | from 0.0 pips (+ $3.00 per lot per side) | from 0.5 pips | from 0.4 pips | — |
Which broker has the lowest spreads?
It depends which number you trust. Brokers that publish measured averages are describing typical conditions; brokers that publish a "from" figure are describing the best moment of the best day. The two tables above keep those apart so you compare like with like.
Why is a raw-spread account with commission sometimes cheaper?
A raw or ECN account shows near-zero spreads but charges a commission per lot, while a standard account folds the cost into a wider spread. The real comparison is total cost per round turn — spread plus commission — at your typical trade size.
Do these spreads apply to my account?
Not necessarily. Published spreads vary by account type, by the entity that onboards you, and by market conditions — they widen around news and at rollover. Treat the figures as the broker's own claim about typical or best-case conditions, not a guarantee.