The lowest-spread forex account is a raw-spread, ECN or commission-based account. These accounts pass through variable market spreads that can start at 0.0 pips, then charge a separate commission.
Pepperstone lists an average EUR/USD Razor spread of 0.1 pips for August 2026. With a $6 round-trip commission on cTrader, that works out to about 0.7 pips before slippage and overnight funding.
For traders outside the United States, Tickmill Raw has the lowest published commission in this comparison: spreads from 0.0 pips and a commission of $3 per standard lot per side, or $6 round trip.
For US residents, FOREX.com RAW Pricing is the relevant choice among the accounts compared here. It advertises EUR/USD spreads as low as 0.0 pips, with a commission of $7 per $100,000 traded per side, or about $14 round trip.
Lowest-Spread Forex Accounts Compared
| Account | Advertised spread | Commission | Approximate round-trip commission | Availability note |
|---|---|---|---|---|
| Tickmill Raw | From 0.0 pips | $3 per lot per side | $6 | Tickmill says it does not currently accept US clients. |
| Pepperstone Razor | From 0.0 pips | From $3.50 per lot per side on its platform | $7 | cTrader pricing is listed at $6 round trip. |
| FOREX.com RAW Pricing | EUR/USD from 0.0 pips | $7 per $100,000 per side | About $14 | Available through FOREX.com US, subject to eligibility. |
Best Choice by Trader Location
- Outside the United States: Tickmill Raw has the lowest published commission in this comparison, provided its available entity accepts traders from your country.
- United States: FOREX.com RAW Pricing is the practical option among these accounts because Tickmill says it does not accept US residents.
- If you want multiple platforms: Pepperstone Razor supports MT4, MT5, cTrader, TradingView and Pepperstone's own platform. Its commission varies by platform.
Why Raw-Spread Accounts are Usually Cheapest
A standard forex account combines the market spread and the broker's markup in one quoted price. A raw-spread account separates those costs:
- The broker passes through a variable market spread.
- The broker charges a commission when the position is opened and closed.
For EUR/USD, one standard lot is commonly worth about $10 per pip. On that basis:
- A $6 round-trip commission equals roughly 0.6 pip.
- A $7 round-trip commission equals roughly 0.7 pip.
- A $14 round-trip commission equals roughly 1.4 pips.
The estimated direct trading cost is:
Raw spread + commission converted into pips + execution or overnight costs
For example, Pepperstone lists an average EUR/USD Razor spread of 0.1 pips for August 2026. Combined with the $6 round-trip cTrader commission, the direct cost is about 0.7 pips before slippage and overnight funding.
Is a 0.0-Pip Spread Really Free?
No. A 0.0-pip spread is not a free trade.
It is a minimum or observed spread that may appear only during highly liquid market conditions. You still pay the commission, and the spread can widen during:
- Major economic announcements
- The market open or close
- The daily rollover period
- Low-liquidity sessions
- Sudden volatility
FOREX.com states that RAW Pricing spreads fluctuate and can rise above 0.0 during periods of high volatility or low liquidity.
Lowest Spread Versus Lowest Total Trading Cost
The lowest advertised spread is not always the lowest trading cost.
Lowest Advertised Spread
Tickmill Raw, Pepperstone Razor and FOREX.com RAW Pricing all advertise spreads from 0.0 pips.
Lowest Commission
Tickmill Raw lists a commission of $3 per side, or $6 round trip. Pepperstone lists $3.50 per side on its own platform, while its cTrader commission is listed as $6 round trip.
Lowest Actual Cost
The lowest actual cost depends on the currency pair, trading session, platform, account currency, spread history, execution quality and whether you hold positions overnight.
A broker with a higher commission can still be cheaper if it offers a lower average spread or better execution for your trading conditions.
What Account Should You Choose?
Choose a raw-spread account if you:
- Scalp or trade frequently
- Use expert advisors or automated strategies
- Trade major pairs such as EUR/USD
- Want the spread and commission shown separately
- Compare total costs rather than the headline spread alone
A standard spread-only account can suit infrequent traders who prefer one combined price and no separate commission. It is easier to calculate, but its spread markup may make it more expensive for active trading.
Final Verdict
A raw-spread or ECN account is usually the right place to look for the lowest forex trading cost. The advertised spread is only one part of that cost.
Compare the average all-in cost for your currency pair, platform and trading session. Include commission, spread changes, slippage and overnight funding before choosing an account.