ECN brokers spread Audit – July 2026
Monthly Spread Audit of the Fastest Broker
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
$3.50/side · ECN Account
Tightest all-in cost
Mid-range
Widest all-in cost
▼ tighter vs Jun
▲ wider vs Jun
— unchanged
| Pair | IC Markets | Fusion Markets | BlackBull | Blueberry | FP Markets | Global Prime |
|---|---|---|---|---|---|---|
| EUR/USDAvg spread (pips) · July | 0.01 | 0.03 | 0.16 | 0.10 | 0.10 | 0.16 |
| All-In Cost (pips) | 0.71 BEST ▼0.09 | 0.48 BEST — | 0.76 — | 0.80 — | 0.70 — | 0.86 — |
| GBP/USDAvg spread (pips) · July | 0.08 | 0.16 | 0.30 | 0.20 | 0.08 | 0.75 |
| All-In Cost (pips) | 0.78 — | 0.61 — | 0.90 — | 0.90 — | 0.68 BEST — | 1.45 — |
| USD/JPYAvg spread (pips) · July | 0.10 | 0.08 | 0.25 | 0.20 | 0.15 | 0.20 |
| All-In Cost (pips) | 0.80 — | 0.53 BEST — | 0.85 — | 0.90 — | 0.75 — | 0.90 — |
| AUD/USDAvg spread (pips) · July | 0.10 | 0.02 | 0.20 | 0.15 | 0.30 | 0.10 |
| All-In Cost (pips) | 0.80 — | 0.47 BEST — | 0.80 — | 0.85 — | 0.90 — | 0.80 — |
| USD/CADAvg spread (pips) · July | 0.15 | 0.25 | 0.30 | 0.30 | 0.25 | 0.30 |
| All-In Cost (pips) | 0.85 BEST — | 0.70 — | 0.90 — | 1.00 — | 0.85 — | 1.00 — |
FX notes for July: IC Markets’ EUR/USD is back at 0.01 pips — the CompareForexBrokers dataset updated 1 July 2026 confirms this as their current published average, making it a genuine data point this month rather than the peak-session reading we flagged in May. That drops their EUR/USD all-in cost to 0.71, tying with Fusion Markets as co-leaders on that pair. Fusion Markets holds the best all-in cost on USD/JPY and AUD/USD for the fourth consecutive month. FP Markets retains the GBP/USD top spot at 0.68 all-in, also for the fourth month running. Global Prime’s GBP/USD sits at 1.45 for the fourth straight month — firmly structural, not noise.
| Instrument | IC Markets | Fusion Markets | BlackBull | Blueberry | FP Markets | Global Prime |
|---|---|---|---|---|---|---|
| XAU/USD — Spot GoldAvg spread ($/oz) · July | 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 July: Fusion Markets holds the gold top spot for the second consecutive month at $0.075/oz all-in — that 0.03 raw spread is confirmed by BrokerChooser’s live XAU/USD tracker. FP Markets stays at $0.14 in second. No movement across the rest of the group. Blueberry remains at $0.57/oz for the fourth straight month. At this point that’s the established baseline for the Direct account on gold — it’s not a tracking anomaly.
| 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: No movement for the fourth month in a row. All 30 data points are unchanged since April. Index CFD spreads at these brokers are structurally stable. Going forward, index spreads will only be flagged if something actually moves — no further “flat” commentary needed unless it does.
July 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
July Change Flags
IC Markets — EUR/USD back to 0.01 pips (confirmed)
CompareForexBrokers updated their IC Markets data on 1 July 2026 with EUR/USD averaging 0.01 pips on the Raw account. This is their current published figure, not a session outlier. All-in cost drops to 0.71, tying Fusion Markets as co-leaders on EUR/USD for the first time in the audit.
CompareForexBrokers updated their IC Markets data on 1 July 2026 with EUR/USD averaging 0.01 pips on the Raw account. This is their current published figure, not a session outlier. All-in cost drops to 0.71, tying Fusion Markets as co-leaders on EUR/USD for the first time in the audit.
Fusion Markets — Gold holds at $0.075/oz (second consecutive month)
The June gold improvement is confirmed as a sustained position, not a one-month anomaly. Fusion Markets remains the cheapest all-in option on XAU/USD for July. FP Markets holds second at $0.14/oz.
The June gold improvement is confirmed as a sustained position, not a one-month anomaly. Fusion Markets remains the cheapest all-in option on XAU/USD for July. FP Markets holds second at $0.14/oz.
Global Prime — GBP/USD at 1.45 all-in for four months straight
April, May, June, July — all 1.45. This is a structural pricing decision at Global Prime, not a liquidity issue. It makes them the most expensive broker on GBP/USD by a wide margin (0.55 pips wider than the next highest). Worth calling out plainly in any head-to-head broker content.
April, May, June, July — all 1.45. This is a structural pricing decision at Global Prime, not a liquidity issue. It makes them the most expensive broker on GBP/USD by a wide margin (0.55 pips wider than the next highest). Worth calling out plainly in any head-to-head broker content.
Blueberry — Gold at $0.57/oz all-in for four consecutive months
Consistent since April. The Direct account is simply not competitive on gold vs the rest of this group.
Consistent since April. The Direct account is simply not competitive on gold vs the rest of this group.
Indices — Flat for the fourth month running. No further comment needed until something moves.
4-Month Trend — All-In Cost (Apr / May / Jun / Jul)
| Instrument | IC Markets | Fusion | BlackBull | Blueberry | FP Markets | Global Prime | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Apr / May / Jun / Jul | Apr | May | Jun | Jul | Apr | May | Jun | Jul | Apr | May | Jun | Jul | Apr | May | Jun | Jul | Apr | May | Jun | Jul | Apr | May | Jun | Jul |
| EUR/USD (pips) | 0.80 | 0.71 | 0.80 | 0.71 | 0.48 | 0.50 | 0.48 | 0.48 | 0.76 | 0.74 | 0.76 | 0.76 | 0.80 | 0.80 | 0.80 | 0.80 | 0.70 | 0.70 | 0.70 | 0.70 | 0.86 | 0.90 | 0.86 | 0.86 |
| GBP/USD (pips) | 1.00 | 0.74 | 0.78 | 0.78 | 0.60 | 0.61 | 0.61 | 0.61 | 0.90 | 0.90 | 0.90 | 0.90 | 1.05 | 0.90 | 0.90 | 0.90 | 0.90 | 0.68 | 0.68 | 0.68 | 1.45 | 1.45 | 1.45 | 1.45 |
| USD/JPY (pips) | 0.80 | 0.78 | 0.80 | 0.80 | 0.53 | 0.53 | 0.53 | 0.53 | 0.85 | 0.82 | 0.85 | 0.85 | 0.90 | 0.88 | 0.90 | 0.90 | 0.75 | 0.72 | 0.75 | 0.75 | 0.90 | 0.90 | 0.90 | 0.90 |
| AUD/USD (pips) | 0.80 | 0.72 | 0.80 | 0.80 | 0.47 | 0.47 | 0.47 | 0.47 | 0.80 | 0.78 | 0.80 | 0.80 | 0.85 | 0.82 | 0.85 | 0.85 | 0.90 | 0.90 | 0.90 | 0.90 | 0.80 | 0.80 | 0.80 | 0.80 |
| USD/CAD (pips) | 0.85 | 0.85 | 0.85 | 0.85 | 0.70 | 0.70 | 0.70 | 0.70 | 0.90 | 0.88 | 0.90 | 0.90 | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | 0.82 | 0.85 | 0.85 | 1.00 | 1.00 | 1.00 | 1.00 |
| Gold XAU/USD ($/oz) | 0.19 | 0.20 | 0.19 | 0.19 | 0.245 | 0.225 | 0.075 | 0.075 | 0.18 | 0.18 | 0.18 | 0.18 | 0.57 | 0.57 | 0.57 | 0.57 | 0.13 | 0.14 | 0.14 | 0.14 | 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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