Is zero-commission trading really free in the UK?

CostsLast verified 2026-08-22Reviewed by editorial team

Quick Answer

Is zero-commission trading really free in the UK?

No. Zero commission means the cost sits in the spread instead — typically 0.6 to 1.6 pips on EUR/USD at regulated brokers — and side fees can apply, such as Trading 212’s 0.15% currency conversion fee. The opposite model, raw-spread accounts, charges 0.0 pips plus an explicit commission of around $6-$7 per lot round-turn. Either way, the broker is paid.

Commission-free accounts price the cost into the spread: typically 0.6-1.6 pips on EUR/USD at regulated brokers.
Trading 212 charges zero commission on real stocks and ETFs, but a 0.15% currency conversion fee applies on non-base-currency trades.
Raw-spread accounts are the opposite model: 0.0 pips plus roughly $6-$7 per standard lot round-turn in explicit commission.
For high-volume traders, raw-spread pricing usually works out cheaper all-in than commission-free spreads.
UK clients at FCA-regulated brokers are covered by the FSCS up to £85,000, with 30:1 retail leverage caps on major pairs.

Last verified: 22 Aug 2026 by FX-Brokers.info editorial team

How this answer was verified

Cross-checked against broker-published fact sheets, regulator licensing databases, and ESMA product intervention notices.
Reviewed by the FX-Brokers Asia editorial desk (Markets, Platforms, Regulation). Desk structure disclosed at /about/editorial-desks.
Refreshed quarterly. The most recent verification date is shown above. Read our methodology.

Which forex brokers offer commission-free trading?

eToro, Trading 212, Plus500, and AvaTrade offer truly commission-free forex trading. The cost is built into the spread (typically 0.6-1.0 pips on EUR/USD). For active traders trading high volume, raw-spread accounts with explicit commission usually work out cheaper overall.

What fees does Trading 212 charge?

Trading 212 charges zero commission on real stocks and ETFs, free withdrawals, no inactivity fee, and a EUR 1 minimum deposit. The costs that do apply: CFD spreads (EUR/USD averages 0.9 pips, no separate commission), a 0.15% currency conversion fee on non-base-currency trades, and a 0.7% deposit fee on amounts above a monthly threshold.

Do zero spread forex brokers really exist?

Only as raw-spread accounts with a commission. Pepperstone’s Razor account quotes EUR/USD from 0.0 pips with $3.50 per lot per side ($7 round-turn); Tickmill’s Raw account quotes 0.0 pips with $3.00 per lot per side ($6 round-turn). A truly free account — no spread and no commission — does not exist at any regulated broker.

Spread betting vs CFDs in the UK: what is the difference?

The main differences are tax and how losses are treated. UK spread betting profits are free of Capital Gains Tax (HMRC treats them as gambling), but spread-bet losses cannot be offset against tax. CFD profits are subject to Capital Gains Tax, yet CFD losses can be offset against other capital gains. Both are FCA-regulated, capped at 30:1 leverage on major FX pairs, with negative balance protection for retail clients.

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Is zero-commission trading really free in the UK?

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