ECN brokers spread Audit – August 2026
Monthly Spread Audit
6 Brokers · 5 FX Pairs · Spot Gold · 5 Major Indices
How All-In Cost Is Calculated
Raw spreads alone don’t show the full picture. On Raw/ECN accounts, every broker charges a per-lot commission on top of the spread.
To compare fairly, all costs are converted to a pip-equivalent figure per 1 standard lot (100,000 units).
Commission conversion: For USD-denominated pairs, 1 pip = $10. A $7 round-turn commission = 0.70 pip equivalent. Add that to the raw spread and you get the true round-trip cost.
Indices: No commission charged at any of these six brokers — spread is the total cost. Gold: Commission is converted to a $/oz equivalent (1 standard lot = 100 oz) and added to the raw spread.
Commission conversion: For USD-denominated pairs, 1 pip = $10. A $7 round-turn commission = 0.70 pip equivalent. Add that to the raw spread and you get the true round-trip cost.
Indices: No commission charged at any of these six brokers — spread is the total cost. Gold: Commission is converted to a $/oz equivalent (1 standard lot = 100 oz) and added to the raw spread.
FX All-In Cost (pips) = Avg Spread (pips) + [Round-Turn Commission ($) ÷ $10]
Gold All-In Cost ($/oz) = Avg Spread ($/oz) + [Round-Turn Commission ($) ÷ 100 oz]
Gold All-In Cost ($/oz) = Avg Spread ($/oz) + [Round-Turn Commission ($) ÷ 100 oz]
Commission Structure — Raw/ECN Accounts (Round-Turn per Standard Lot)
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
$3.50/side · ECN Account
Tightest all-in cost
Mid-range
Widest all-in cost
▼ tighter vs Jul
▲ wider vs Jul
— unchanged
| Pair | IC Markets | Fusion Markets | BlackBull | Blueberry | FP Markets | Global Prime |
|---|---|---|---|---|---|---|
| EUR/USDAvg spread (pips) · August | 0.01 | 0.03 | 0.16 | 0.10 | 0.10 | 0.16 |
| All-In Cost (pips) | 0.71 BEST — | 0.48 BEST — | 0.76 — | 0.80 — | 0.70 — | 0.86 — |
| GBP/USDAvg spread (pips) · August | 0.10 | 0.16 | 0.30 | 0.20 | 0.08 | 0.75 |
| All-In Cost (pips) | 0.80 ▲0.02 | 0.61 — | 0.90 — | 0.90 — | 0.68 BEST — | 1.45 — |
| USD/JPYAvg spread (pips) · August | 0.10 | 0.08 | 0.25 | 0.20 | 0.15 | 0.20 |
| All-In Cost (pips) | 0.80 — | 0.53 BEST — | 0.85 — | 0.90 — | 0.75 — | 0.90 — |
| AUD/USDAvg spread (pips) · August | 0.10 | 0.02 | 0.20 | 0.15 | 0.30 | 0.10 |
| All-In Cost (pips) | 0.80 — | 0.47 BEST — | 0.80 — | 0.85 — | 0.90 — | 0.80 — |
| USD/CADAvg spread (pips) · August | 0.15 | 0.25 | 0.30 | 0.30 | 0.25 | 0.30 |
| All-In Cost (pips) | 0.85 BEST — | 0.70 — | 0.90 — | 1.00 — | 0.85 — | 1.00 — |
FX notes for August: The group is largely stable again this month. IC Markets and Fusion Markets both continue to hold co-leader status on EUR/USD at 0.71 and 0.48 all-in respectively, confirmed by the CompareForexBrokers dataset updated 1 August 2026. FP Markets retains the GBP/USD top spot at 0.68 all-in for the fifth consecutive month. The only movement worth noting is IC Markets’ GBP/USD, which ticked up 0.02 pip to 0.80 — within normal variance and not a trigger-level event. Global Prime’s GBP/USD sits at 1.45 all-in for the fifth month running. Fusion Markets leads on USD/JPY and AUD/USD, unchanged since May.
| Instrument | IC Markets | Fusion Markets | BlackBull | Blueberry | FP Markets | Global Prime |
|---|---|---|---|---|---|---|
| XAU/USD — Spot GoldAvg spread ($/oz) · August | 0.12 | 0.03 | 0.12 | 0.50 | 0.08 | 0.12 |
| Commission ($/oz equiv.) | 0.07 | 0.045 | 0.06 | 0.07 | 0.06 | 0.07 |
| All-In Cost ($/oz) | 0.19 — | 0.075 BEST — | 0.18 — | 0.57 — | 0.14 — | 0.19 — |
Gold notes for August: No movement across the group for the second consecutive month. Fusion Markets holds the top spot at $0.075/oz all-in for the third month running. FP Markets holds second at $0.14/oz. Blueberry stays at $0.57/oz — the fifth month at that level. The gold table is now one of the most stable sections of the audit. No flags triggered this month.
| Index | IC Markets | Fusion Markets | BlackBull | Blueberry | FP Markets | Global Prime |
|---|---|---|---|---|---|---|
| S&P 500US500 · pts · spread only | 0.40 BEST — | 0.41 — | 0.50 — | 0.50 — | 0.40 BEST — | 0.50 — |
| Nasdaq-100NAS100 · pts · spread only | 1.00 — | 0.80 BEST — | 1.00 — | 1.00 — | 1.00 — | 1.00 — |
| Dow JonesUS30 · pts · spread only | 1.00 BEST — | 1.00 BEST — | 1.50 — | 1.50 — | 1.20 — | 1.50 — |
| DAX 40GER40 · pts · spread only | 1.00 BEST — | 1.20 — | 1.50 — | 1.20 — | 1.20 — | 1.50 — |
| FTSE 100UK100 · pts · spread only | 1.00 BEST — | 1.00 BEST — | 1.50 — | 1.20 — | 1.20 — | 0.84 — |
Indices notes: Flat for the fifth consecutive month. No changes across any broker or instrument. Index CFD spreads at these brokers remain structurally locked. IC Markets leads on DAX, FTSE, and Dow Jones. Fusion Markets is tightest on Nasdaq-100. Global Prime holds the best FTSE 100 spread in the group at 0.84 pts.
August 2026 — Best All-In Cost Wins (11 instruments)
Fusion Markets
7
EUR/USD (tie) · USD/JPY · AUD/USD · XAU/USD · NAS100 · Dow (tie) · USD/CAD (tie)
IC Markets
7
EUR/USD (tie) · USD/CAD (tie) · S&P500 (tie) · Dow (tie) · DAX · FTSE (tie)
FP Markets
4
GBP/USD · S&P500 (tie) · XAU/USD (2nd) · USD/CAD (tie)
Global Prime
1
FTSE 100 (tied)
BlackBull
0
No wins this month
Blueberry
0
No wins this month
August Change Flags
Overall — the most stable month in the audit so far
Only one data point moved this month: IC Markets’ GBP/USD ticked up 0.02 pip to 0.80 all-in, which is well within normal spread variance and below the trigger threshold. Every other figure across FX, gold, and indices is unchanged from July. The group is settling into consistent pricing patterns.
Only one data point moved this month: IC Markets’ GBP/USD ticked up 0.02 pip to 0.80 all-in, which is well within normal spread variance and below the trigger threshold. Every other figure across FX, gold, and indices is unchanged from July. The group is settling into consistent pricing patterns.
Global Prime — GBP/USD at 1.45 all-in for five consecutive months
April through August, unchanged. This is definitively structural. At 0.77 pips wider than FP Markets on that pair, Global Prime is simply not the broker to use for GBP/USD if cost is a priority.
April through August, unchanged. This is definitively structural. At 0.77 pips wider than FP Markets on that pair, Global Prime is simply not the broker to use for GBP/USD if cost is a priority.
Blueberry — Gold at $0.57/oz all-in for five months straight
The most expensive gold option in the group by a significant margin in every single month of this audit. The Direct account’s gold pricing hasn’t moved since April.
The most expensive gold option in the group by a significant margin in every single month of this audit. The Direct account’s gold pricing hasn’t moved since April.
Fusion Markets — Gold holds at $0.075/oz for the third month running
The June tightening on XAU/USD is confirmed as a sustained structural improvement. Fusion now has the best all-in gold cost in the group and has held it since June.
The June tightening on XAU/USD is confirmed as a sustained structural improvement. Fusion now has the best all-in gold cost in the group and has held it since June.
Indices — Flat for the fifth month. No further comment until something moves.
5-Month Trend — All-In Cost (Apr / May / Jun / Jul / Aug)
| Instrument | IC Markets | Fusion | BlackBull | Blueberry | FP Markets | Global Prime | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Apr/May/Jun/Jul/Aug | A | M | J | Jl | Au | A | M | J | Jl | Au | A | M | J | Jl | Au | A | M | J | Jl | Au | A | M | J | Jl | Au | A | M | J | Jl | Au |
| EUR/USD (pips) | 0.80 | 0.71 | 0.80 | 0.71 | 0.71 | 0.48 | 0.50 | 0.48 | 0.48 | 0.48 | 0.76 | 0.74 | 0.76 | 0.76 | 0.76 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 0.86 | 0.90 | 0.86 | 0.86 | 0.86 |
| GBP/USD (pips) | 1.00 | 0.74 | 0.78 | 0.78 | 0.80 | 0.60 | 0.61 | 0.61 | 0.61 | 0.61 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 1.05 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.68 | 0.68 | 0.68 | 0.68 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 |
| USD/JPY (pips) | 0.80 | 0.78 | 0.80 | 0.80 | 0.80 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.85 | 0.82 | 0.85 | 0.85 | 0.85 | 0.90 | 0.88 | 0.90 | 0.90 | 0.90 | 0.75 | 0.72 | 0.75 | 0.75 | 0.75 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 |
| AUD/USD (pips) | 0.80 | 0.72 | 0.80 | 0.80 | 0.80 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.80 | 0.78 | 0.80 | 0.80 | 0.80 | 0.85 | 0.82 | 0.85 | 0.85 | 0.85 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 |
| USD/CAD (pips) | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 0.90 | 0.88 | 0.90 | 0.90 | 0.90 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | 0.82 | 0.85 | 0.85 | 0.85 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Gold XAU/USD ($/oz) | 0.19 | 0.20 | 0.19 | 0.19 | 0.19 | 0.245 | 0.225 | 0.075 | 0.075 | 0.075 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 |
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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