Cost Guide · Updated August 2026
Zero Spread Forex Brokers 2026
Let's be precise about what “zero spread” means: raw-spread accounts quoting from 0.0 pips on EUR/USD, with a fixed commission per lot in place of the spread. Truly free trading — no spread and no commission — does not exist at any regulated broker. Below is the honest all-in cost of every zero-spread account we can recommend to UK and EU traders.
Quick Answer
“Zero spread” accounts are raw-spread accounts plus a commission: Pepperstone's Razor account prices EUR/USD from 0.0 pips with $3.50 per lot per side ($7 round-turn), and Tickmill's Raw account from 0.0 pips with $3.00 per lot per side ($6 round-turn). That commission is the cost — no regulated broker offers 0.0 pips with no commission at all.
Cheapest zero-spread all-in cost right now among brokers we can verify and that onboard UK retail clients: Tickmill at ~$6.00 per standard lot round-turn. Full cost table below.
What “Zero Spread” Actually Means
A zero-spread (raw-spread) account passes through pricing at or near the interbank spread — 0.0 pips on EUR/USD during liquid sessions — and charges a fixed commission per lotinstead. The commission is the broker's entire margin, which is why it is fixed, transparent and quoted up front. Three things follow:
The commission is the price
0.0 pips plus $3.50 per lot per side is not free trading — it is roughly $7 per standard lot round-turn, paid as commission instead of spread. Compare accounts on the all-in figure, never the spread alone.
0.0 pips is a floor, not a promise
Raw spreads float. 0.0 pips is what you see on EUR/USD in liquid sessions; spreads widen around news and in thin markets. No regulated broker guarantees a permanent 0.0 pip spread.
“Zero spread, zero commission” is a red flag
A broker advertising both at once still gets paid — through spread widening outside marketing snapshots, swap markups, or deposit/withdrawal fees. Regulated UK/EU brokers quote the commission openly instead.
All-In Cost per Standard Lot (EUR/USD)
Computed from each broker's lowest quoted EUR/USD spread and commission (1 pip on a standard lot ≈ $10). Every broker below is regulated to onboard UK retail clients and independently tested by us.
| Broker | Account | EUR/USD Spread | Commission | All-In / Lot | Min Deposit | |
|---|---|---|---|---|---|---|
| Pepperstone | Razor | 0.0 pips (Razor), 0.69 pips (Standard) | $3.50 per lot per side (Razor), None (Standard) | ~$7.000 pips + 2 × $3.50 commission | None | Visit Pepperstone |
| Tickmill | Raw | 0.0 pips (Raw), 1.6 pips (Classic) | $3.00 per lot per side (Raw), None (Classic) | ~$6.000 pips + 2 × $3.00 commission | EUR 100 | Visit Tickmill |
| Trade Nation | fixed | 0.6 pips (fixed) | None (fixed spreads, spread-only) | ~$6.000.6 pips × $10/pip, no commission | None | Visit Trade Nation |
All-in figures use each account's lowest quoted spread — live spreads float with market conditions. Fixed-spread accounts (no commission) are included for comparison: the spread is the entire cost, and it holds during volatile sessions.
Raw + Commission vs Spread-Only: Which Is Cheaper?
It depends entirely on volume. On a raw account at 0.0 pips plus $6 to $7 round-turn, ten standard lots a month costs roughly $60 to $70. On a spread-only account at 0.9 to 1.6 pips, the same ten lots cost $90 to $160 — the spread is the commission, just less visible. Below roughly a lot a month the difference is pocket change and simplicity may win; above it, raw pricing compounds in your favour. There is a third model worth knowing: fixed spreads, where a slightly wider spread is guaranteed not to widen during news — predictability instead of the lowest floor.
Whichever model you choose, UK and EU retail protections are the same: leverage capped at 30:1 on major pairs, negative balance protection and segregated client funds. See our zero-spread account ranking, lowest spread brokers and best ECN brokers for the adjacent comparisons, or the Trading 212 fees breakdown for how the zero-commission (spread-only) model prices the same trade.
Zero Spread Brokers — FAQ
Do zero spread forex brokers really exist?
Yes and no. Accounts quoting 0.0 pips on EUR/USD exist at UK/EU-regulated brokers — Pepperstone's Razor account (0.0 pips plus $3.50 per lot per side) and Tickmill's Raw account (0.0 pips plus $3.00 per lot per side) are the standard examples. But the spread being zero does not make trading free: the broker charges a fixed commission per lot instead. A truly zero-cost account — no spread and no commission — does not exist at any regulated broker.
How does a zero spread account make money for the broker?
Through the commission. On a raw-spread account the broker passes through pricing at or near 0.0 pips and charges a transparent fixed fee per lot traded — $3.50 per lot per side on Pepperstone Razor, $3.00 per lot per side on Tickmill Raw. Brokers advertising both zero spread AND zero commission recover the cost elsewhere: wider spreads outside marketing snapshots, swap markups, or fees on deposits and withdrawals.
Is a zero spread account cheaper than a standard account?
For most active traders, yes. A raw-spread account at 0.0 pips plus $6 to $7 round-turn commission works out around $6 to $7 all-in per standard lot on EUR/USD. A typical spread-only standard account at 0.6 to 1.6 pips costs $6 to $16 per lot with no commission. The more you trade, the more the raw account's tighter all-in cost compounds.
What is the catch with 0 commission trading?
Zero commission is not zero cost. Commission-free accounts price the cost into the spread — typically 0.6 to 1.6 pips on EUR/USD at regulated brokers — and other fees can apply, such as currency conversion charges or deposit fees. Zero-commission and zero-spread are opposite pricing models: you pay through the spread on one and through the commission on the other. Either way, the broker is paid.
Are zero spread accounts available to UK and EU retail traders?
Yes. Raw-spread accounts with 0.0 pip pricing plus commission are available to retail clients at FCA- and EU-regulated brokers, with the standard retail protections: 30:1 leverage caps on major pairs, negative balance protection and segregated client funds. UK clients at FCA-regulated brokers are covered by the FSCS up to £85,000.
Does zero spread mean no slippage or guaranteed 0.0 pips?
No. Raw spreads float with the underlying market — 0.0 pips is the floor during liquid sessions, not a guarantee. Spreads widen around news events and in thin markets, and execution slippage is separate from the spread entirely. If you want a spread that never moves, a fixed-spread account is the alternative — you pay a wider but predictable spread instead.
Related answers: Do zero-spread brokers really exist? · Standard vs raw spread accounts · Which brokers offer commission-free trading? · Pepperstone vs Tickmill raw-spread cost
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