ECN brokers spread Audit – April 2026
April Monthly Spread Audit
6 Brokers · 5 FX Pairs · Spot Gold · 5 Major Indices
April 2026 Raw / ECN Accounts Only All-In Cost (Spread + Commission) Multi-Session Average
How All-In Cost Is Calculated
Raw spreads alone don't tell the full story. Every broker charges a per-lot commission on FX and metals in addition to the spread.
To make meaningful comparisons, all costs are converted to a pip-equivalent figure for a 1 standard lot (100,000 units) trade.
Commission to pip conversion: For a USD-denominated pair, 1 pip = $10. A $7 round-turn commission = 0.70 pip equivalent.
Add that to the average spread and you get the true cost of the round trip.
Indices and gold: Index CFDs carry no separate commission at most of these brokers — spread is the full cost.
Gold commission is converted to a dollar-per-oz equivalent and added to the quoted spread.
All-In Cost (pips) = Avg. Spread (pips) + [Commission Round-Turn ($) ÷ $10]
Commission Structure — Raw/ECN Accounts (Round-Turn per Standard Lot)
IC Markets
$7.00
$3.50/side · MT4/MT5
$6.00 on cTrader
$6.00 on cTrader
Fusion Markets
$4.50
$2.25/side · Lowest in group
BlackBull
$6.00
$3.00/side · ECN Prime
Blueberry
$7.00
$3.50/side · Direct Account
FP Markets
$6.00
$3.00/side · Raw Account
Global Prime
$7.00
$3.50/side · ECN Account
Note: Commission applies to FX pairs and gold only. Index CFDs are commission-free (spread only) at all six brokers. IC Markets cTrader accounts are charged $6 round-turn; MT4/MT5 raw accounts are $7. The figures above use MT4/MT5 as the baseline for consistency.
FX Pairs
Spot Gold
Indices
Tightest all-in cost
Mid-range
Widest all-in cost
| Pair | IC Markets | Fusion Markets | BlackBull | Blueberry | FP Markets | Global Prime |
|---|---|---|---|---|---|---|
| EUR/USDAvg spread (pips) | 0.10 | 0.03 | 0.16 | 0.10 | 0.10 | 0.16 |
| All-In Cost (pips) | 0.80 | 0.48 BEST | 0.76 | 0.80 | 0.70 | 0.86 |
| USD/JPYAvg spread (pips) | 0.10 | 0.08 | 0.25 | 0.20 | 0.15 | 0.20 |
| All-In Cost (pips) | 0.80 | 0.53 BEST | 0.85 | 0.90 | 0.75 | 0.90 |
| GBP/USDAvg spread (pips) | 0.30 | 0.15 | 0.30 | 0.35 | 0.30 | 0.75 |
| All-In Cost (pips) | 1.00 | 0.60 BEST | 0.90 | 1.05 | 0.90 | 1.45 |
| AUD/USDAvg spread (pips) | 0.10 | 0.02 | 0.20 | 0.15 | 0.30 | 0.10 |
| All-In Cost (pips) | 0.80 | 0.47 BEST | 0.80 | 0.85 | 0.90 | 0.80 |
| USD/CADAvg spread (pips) | 0.15 | 0.25 | 0.30 | 0.30 | 0.25 | 0.30 |
| All-In Cost (pips) | 0.85 BEST | 0.70 | 0.90 | 1.00 | 0.85 | 1.00 |
Reading the table: Avg spread rows show the raw spread from liquidity providers (multi-session average).
All-In Cost rows add the commission equivalent in pips [commission ÷ $10 per pip for USD pairs].
Fusion Markets wins on all-in cost for 4 of 5 pairs due to its $4.50 round-turn commission — roughly 35% cheaper than the $7.00 brokers.
IC Markets has the tightest raw spreads but its higher commission closes the gap.
Global Prime's GBP/USD spread of ~0.75 pips makes it the most expensive option on that pair despite competitive pricing elsewhere.
| Instrument | IC Markets | Fusion Markets | BlackBull | Blueberry | FP Markets | Global Prime |
|---|---|---|---|---|---|---|
| XAU/USD — Spot GoldAvg spread ($/oz) | 0.12 | 0.20 | 0.12 | 0.50 | 0.07 | 0.12 |
| Commission ($/oz equiv.) | 0.07 | 0.045 | 0.06 | 0.07 | 0.06 | 0.07 |
| All-In Cost ($/oz) | 0.19 | 0.245 BEST SPREAD | 0.18 | 0.57 | 0.13 BEST ALL-IN | 0.19 |
Gold calculation: Commission per side is converted to a per-oz cost.
1 standard lot of XAU/USD = 100 oz. A $3.50/side commission = $7.00 round-turn ÷ 100 oz = $0.07/oz.
FP Markets wins on all-in cost with a 0.07 avg spread + 0.06 commission = $0.13/oz total.
Blueberry is the most expensive option here — its 0.50 spread on the Direct account is significantly wider than the group.
Fusion Markets has the cheapest commission but a wider spread on gold, putting it in the middle of the group on all-in cost.
| Index | IC Markets | Fusion Markets | BlackBull | Blueberry | FP Markets | Global Prime |
|---|---|---|---|---|---|---|
| S&P 500US500 · points · no commission | 0.40 BEST | 0.41 | 0.50 | 0.50 | 0.40 BEST | 0.50 |
| Nasdaq-100NAS100 · points · no commission | 1.00 | 0.80 BEST | 1.00 | 1.00 | 1.00 | 1.00 |
| Dow JonesUS30 · points · no commission | 1.00 BEST | 1.00 BEST | 1.50 | 1.50 | 1.20 | 1.50 |
| DAX 40GER40 · points · no commission | 1.00 BEST | 1.20 | 1.50 | 1.20 | 1.20 | 1.50 |
| FTSE 100UK100 · points · no commission | 1.00 BEST | 1.00 BEST | 1.50 | 1.20 | 1.20 | 0.84 |
Indices are spread-only: No commission is charged on index CFDs at any of these six brokers — the spread is your total cost.
IC Markets leads on DAX, FTSE, and Dow Jones. Fusion Markets is tightest on Nasdaq-100.
Global Prime's FTSE 100 at 0.84 is actually competitive against the group for that instrument.
BlackBull is consistently wider on indices vs. its FX pricing, which is worth flagging in the monthly review.
Monthly Audit Rules
Account Type
Raw/ECN accounts only. IC Markets Raw MT4/MT5, Fusion Zero, BlackBull ECN Prime, Blueberry Direct, FP Markets Raw, Global Prime ECN.
Cost Metric
All-in cost = raw spread + commission converted to pips (÷$10 for USD pairs). Indices use spread-only. Gold uses $/oz all-in.
Sessions Measured
Three sessions per instrument: London open (8:00 GMT), NY open (13:30 GMT), Asia open (00:00 GMT). Monthly average across all three.
Data Sources
Broker-published averages cross-referenced with independent third-party reviews (BrokerChooser, CompareForexBrokers, DayTrading.com). Updated monthly.
Colour Coding
Green = tightest all-in cost in the group. Amber = mid-range. Red = widest. Ties share the same colour.
Review Trigger
Flag any instrument where a broker's all-in cost moves 0.3+ pips (or $0.15/oz for gold) vs. the prior month. That warrants a note in the report.
ECN Brokers List
FP MarketsSince 2005 | Offices:Australia, Cyprus, South Africa |
| |
| Minimum Deposit: | 50 USD |
| Account currency: | USD, EUR, GBP |
| Leverage: | 1:500* |
| Accounts: | Raw, Standard, Pro, IRESS account |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares, ETFs, Crypto, Bonds |
| Trading Platform: | MT4, MT5, TradingView, cTrader, WebTrader, Mobile App, Superior VPS solutions |
| Regulation: | ASIC, CySEC, FSCA |
| Spreads: | From 0.0 pips |
| Visit Broker | Broker Review |
IC MarketsSince: 2007 | Offices:Australia, Cyprus, Seychelles |
 | |
| Minimum Deposit: | 200 US dollars |
| Account currency: | Multiple base currencies |
| Leverage: | From 1:1 to 1:500 |
| Accounts: | Demo, Raw Spread, cTrader, Standard, Islamic, PAMM |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares, Bonds Cryptocurrencies |
| Trading Platform: | cTrader, MT4, MT5, TradingView | Free VPS hosting |
| Regulation: | ASIC, CySEC, FSA |
| Spreads | Raw Spread 0.0 pips (cTrader, TradingView MT4/5) Standard 0.8 pips |
| Key Features | Ultra-fast Execution, TradingView , Copy trading, Dedicated Account Manager |
| Visit Broker | Broker Review |
Fusion MarketsSince: 2017 | Offices:Australia, Vanuatu |
| |
| Minimum Deposit: | $1 |
| Account currency: | USD, EUR, GBP, AUD, JPY, SGD, THB, and CAD |
| Leverage: | Up to 1:500 |
| Accounts: | Zero, Classic, Demo, Swap Free [Islamic] |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares, Cryptocurrencies |
| Trading Platform: | MT4, MT5, TradingView, cTrader, DupliTrade | Free VPS Hosting |
| Regulation: | ASIC, VFSC |
| Spreads | Raw Spreads + Tight spreads on other CFDs |
| Key Features | Extremely low trading costs, no dealing desk, great customer support, flexible leverage |
| Visit Broker | Broker Review |
TMGMSince: 2013 | Offices:Australia, Vanuatu, Mauritius |
| |
| Minimum Deposit: | $100 |
| Account currency: | USD, AUD, EUR, GBP, NZD, CAD |
| Leverage: | Up to 1:1000 |
| Accounts: | Demo, Edge (Raw Spread), Classic (Low Spread), Swap Free (Islamic) |
| Instruments Offered: | Forex, Indices, Metals, Commodities, Energies, Shares, and Crypto |
| Trading Platform: | MT4,MT5, TMGM, Mobile App, | VPS hosting |
| Regulation: | ASIC (Australia), VFSC (Vanuatu), CMA (Capital Markets Authority), FSC (Mauritius) |
| Spreads: | Edge (from 0.0 pips), Classic (0.8 pips) |
| Key Features: | Low trading costs, Copy trading, Appointed Account Manager, Ultra-Fast True ECN |
| Visit Broker | Broker Review |
FxviewSince: 2009 | Offices:EU, South Africa |
| |
| Minimum Deposit: | $50 |
| Account currency: | EUR, USD, GBP, CAD, ZAR & AUD |
| Leverage: | Up to 1:1000 |
| Accounts: | RAW ECN | Premium ECN | Swap free/ Islamic Account |
| Instruments Offered: | Forex, Indices, Metals, Energies, Shares , Cryptocurrencies |
| Trading Platform: | MT 4 (EU), MT 5 (Global), ZuluTrade and ActTrader | Free VPS hosting |
| Regulation: | CySEC, FSCA and FSC |
| Spreads: | From 0.0 pips |
| Key Features: | Ultra-tight Spreads | Fast Withdrawals | Dedicated Account Manager |
| Visit Broker | Broker Review |
Global PrimeSince: 2010 | Offices:Australia, Vanuatu |
| |
| Minimum Deposit: | no minimum deposit |
| Account currency: | USD, AUD, GBP, EUR, CAD, JPY, SGD |
| Leverage: | Up to 1:500 |
| Accounts: | Raw ECN, Standard, Demo, Corporate, Joint |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Crypto CFDs, Shares & Bonds CFDs |
| Trading Platform: | MT4, MT5 | Sponsored VPS |
| Regulation: | ASIC (Australia) & VFSC (Vanuatu) |
| Spreads | Raw spreads from 0.0 pips |
| Key Features | True ECN execution, no dealing desk, deep liquidity, transparent pricing, Execution speed 10ms |
| Visit Broker | Broker Review |
BlackBull MarketsSince: 2014 | Offices:New Zealand, Seychelles |
| |
| Minimum Deposit: | $0 (Standard), $2,000 (Prime), $20,000 (Institutional) |
| Account currency: | USD, EUR, GBP, AUD, NZD, SGD, CAD, JPY, ZAR |
| Leverage: | Up to 1:500 |
| Accounts: | ECN Standard, ECN Prime, ECN Institutional, Islamic, Demo |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares, Futures |
| Trading Platform: | MT4, MT5, cTrader, TradingView, WebTrader, VPS hosting |
| Regulation: | FMA (New Zealand), FSA (Seychelles) |
| Spreads: | From 0.0 pips (Institutional), 0.1 pips (Prime), 0.8 pips (Standard) |
| Visit Broker | Broker Review |
Vantage MarketsSince: 2009 | Offices:Australia, UK, SA, Seychelles |
| |
| Minimum Deposit: | $50 |
| Account currency: | AUD, USD, GBP, EUR, SGD, CAD, NZD, JPY, HKD, PLN |
| Leverage: | Up to 1:1000 |
| Accounts: | Standard, Raw ECN, Pro ECN, Swap free Account |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares, Cryptocurrencies |
| Trading Platform: | Vantage App, MT4, MT5, WebTrader, ZuluTrade, MyFXBook Autotrade, DupliTrade | VPS hosting |
| Regulation: | ASIC, FCA, CIMA, VFSC |
| Spreads: | From 0.0 pips |
| Visit Broker | Broker Review |
FBSSince: 2009 | Offices:Australia, Belize, CySEC |
| |
| Minimum Deposit: | $1 , $100, $500, $1,000 |
| Account currency: | Multiple base currencies |
| Leverage: | Up to 1:3000, 1:500, CFDs up to 30:1 |
| Accounts: | Cent, Standard, Zero Spread, ECN |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares (550+ total) |
| Trading Platform: | MT4, MT5, FBS Trader |
| Regulation: | FSC (Belize), CySEC (Cyprus), and ASIC (Australia) |
| Spreads | Floating from 1 pip, 0.5 pip, 0 pip, -1 pip |
| Key Features | High leverage, low min. deposit, mobile app |
| Visit Broker | Broker Review |
FXGTSince: 2019 | Offices:Cyprus, SA, Seychelles, Vanuatu |
 | |
| Minimum Deposit: | $10 |
| Account currency: | USD, EUR, JPY, USDT, BTC, ETH, XRP, ADA, THB |
| Leverage: | Up to 1:5000* based on equity |
| Accounts: | Optimus, Pro, ECN Zero, Standard, Mini, Demo |
| Instruments Offered: | Forex, Equity Indices, Metals, Energies, Stocks, Cryptos *, NFTs |
| Trading Platform: | MT4, MT5, Mobile FXGT App | VPS hosting *Eligibility |
| Regulation: | CySEC, FSA, FSCA, Vanuatu, |
| Spreads: | From 0.0 pips |
| Visit Broker | Broker Review |
Blueberry MarketsSince: 2016 | Offices:Australia, Vanuatu, Mauritius |
| |
| Minimum Deposit: | $100 |
| Account currency: | USD, EUR, GBP, AUD, NZD, SGD, CAD |
| Leverage: | 1:500 |
| Accounts: | Standard, Direct (Raw) |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares, Cryptocurrencies |
| Trading Platform: | Tradingview, MetaTrader 4, MetaTrader 5, WebTrader, Mobile App, DupliTrade |
| Regulation: | ASIC,VFSC, FSC |
| Spreads: | From 0.0 pips |
| Visit Broker | Broker Review |
StarTraderSince: 2012 | Offices:UAE, Seychelles, Mauritius |
 | |
| Minimum Deposit: | $50 (Standard & ECN) |
| Account currency: | USD, EUR, GBP, others (varies by account) |
| Leverage: | Up to 1:500 (varies by entity & region) |
| Accounts: | Standard, ECN, Islamic, Demo, Managed |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Shares, ETFs, Cryptocurrencies |
| Trading Platform: | MT4, MT5 |
| Regulation: | ASIC (AU), FSA (Seychelles), FSC (Mauritius), SCA (UAE entity) |
| Spreads | Standard: from ~1.3 pips ECN: from 0.0 pips + ~$7/lot |
| Visit Broker | Broker Review |
GO MarketsSince: 2006 | Offices:Australia, Cyprus, Mauritius, SVG |
 | |
| Minimum Deposit: | Zero, $200 on certain account types. |
| Account currency: | USD, AUD, EUR, GBP |
| Leverage: | Up to 1:500 |
| Accounts: | Standard, Plus, PAMM, Copy Trading |
| Instruments Offered: | Forex, Metals, Commodities, Shares, Crypto, Bonds |
| Trading Platform: | MT4, MT5, TradingView, cTrader, WebTrader, Mobile App | Free Forex VPS Hosting |
| Regulation: | ASIC, CySEC, FSC, Seychelles |
| Spreads | ECN: Raw Spreads |
| Visit Broker | Broker Review |
InstaForexSince: 2007 | Offices:British Virgin Isles |
| |
| Minimum Deposit: | From $1 |
| Account currency: | EUR, USD |
| Leverage: | From 1:1 up to 1:1000 |
| Accounts: | Demo, Insta.Standard, Insta.Eurica, Cent.Standard, Cent.Eurica, PAMM |
| Instruments Offered: | Forex, Indices, Futures, Options, Commodities, Metals, Energies, Shares, Cryptocurrencies |
| Trading Platform: | МТ4, МТ5, InstaTrader, WebTrader, Multiterminal, Mobile Trading, VPS hosting |
| Regulation: | BVI FSC |
| Spreads: | 0 pips: Insta.Eurica and Cent.Eurica; 3–7 pips: Insta.Standard and Cent.Standard |
| Visit Broker | Broker Review |
ValutradesSince: 2012 | Offices:United Kingdom, Seychelles |
| |
| Minimum Deposit: | $0 |
| Account currency: | USD, JPY, EUR, GBP, AUD |
| Leverage: | Up to 1:500 (FSA), up to 1:30 (FCA) |
| Accounts: | Standard, ECN, Islamic, PAMM, Demo |
| Instruments Offered: | Forex, Indices, Commodities, Metals, Energies, Shares |
| Trading Platform: | MT4, MT5, Valutrades App, VPS hosting |
| Regulation: | FCA (UK), FSA (Seychelles) |
| Spreads: | From 0.0 pips (ECN), 0.2 pips (Standard) |
| Visit Broker | Broker Review |
Kevin George is an active trader of stocks, forex, commodities and crypto with over 15 years of market experience. He hold a master's degree in finance and mix microeconomic studies of company financials with a big-picture macroeconomic view.
Kevin earned a bachelor's degree from Robert Gordons University in Scotland. He returned later to earn his master's degree in finance.
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