ECN brokers spread Audit – June 2026
Monthly Spread Audit
6 Brokers · 5 FX Pairs · Spot Gold · 5 Major Indices
June 2026 Raw / ECN Accounts Only All-In Cost (Spread + Commission) vs May 2026
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 on top of the spread.
To compare fairly, 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 pair, 1 pip = $10. A $7 round-turn commission = 0.70 pip equivalent. Add that to the average spread and you get the true round-trip cost.
Indices and gold: Index CFDs carry no separate commission at these brokers. Gold commission is converted to a dollar-per-oz equivalent and added to the spread.
All-In Cost (pips) = Avg Spread (pips) + [Commission Round-Turn ($) ÷ $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
FX Pairs
Spot Gold
Indices
Scorecard + Flags
Tightest all-in cost
Mid-range
Widest all-in cost
▼ tighter vs May
▲ wider vs May
— unchanged
| Pair | IC Markets | Fusion Markets | BlackBull | Blueberry | FP Markets | Global Prime |
|---|---|---|---|---|---|---|
| EUR/USDAvg spread (pips) · June | 0.10 | 0.03 | 0.16 | 0.10 | 0.10 | 0.16 |
| All-In Cost (pips) | 0.80 ▲0.09 | 0.48 BEST ▼0.02 | 0.76 — | 0.80 — | 0.70 — | 0.86 ▼0.04 |
| GBP/USDAvg spread (pips) · June | 0.08 | 0.16 | 0.30 | 0.20 | 0.08 | 0.75 |
| All-In Cost (pips) | 0.78 ▲0.04 | 0.61 — | 0.90 — | 0.90 — | 0.68 BEST — | 1.45 — |
| USD/JPYAvg spread (pips) · June | 0.10 | 0.08 | 0.25 | 0.20 | 0.15 | 0.20 |
| All-In Cost (pips) | 0.80 ▲0.02 | 0.53 BEST — | 0.85 ▲0.03 | 0.90 ▲0.02 | 0.75 ▲0.03 | 0.90 — |
| AUD/USDAvg spread (pips) · June | 0.10 | 0.02 | 0.20 | 0.15 | 0.30 | 0.10 |
| All-In Cost (pips) | 0.80 ▲0.08 | 0.47 BEST — | 0.80 ▲0.02 | 0.85 ▲0.03 | 0.90 — | 0.80 — |
| USD/CADAvg spread (pips) · June | 0.15 | 0.25 | 0.30 | 0.30 | 0.25 | 0.30 |
| All-In Cost (pips) | 0.85 BEST — | 0.70 — | 0.90 ▲0.02 | 1.00 — | 0.85 ▲0.03 | 1.00 — |
FX notes for June: IC Markets' EUR/USD is back at their published 0.10 pip average after the unusually tight 0.01 reading in May. That May figure was a peak-session snapshot rather than a true monthly average. FP Markets now ties IC Markets on GBP/USD spread at 0.08 pips, but wins the all-in comparison at 0.68 vs 0.78 because of its lower $6 commission vs IC's $7. Fusion Markets holds the best all-in cost on EUR/USD, USD/JPY, and AUD/USD for the third straight month. Global Prime's GBP/USD at 1.45 all-in has now been there every single month since April. That's not a data issue — it's just where they price that pair.
| Instrument | IC Markets | Fusion Markets | BlackBull | Blueberry | FP Markets | Global Prime |
|---|---|---|---|---|---|---|
| XAU/USD — Spot GoldAvg spread ($/oz) · June | 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 ▼0.15 | 0.18 — | 0.57 — | 0.14 — | 0.19 — |
Gold notes for June: The biggest move across the whole audit this month. Fusion Markets' XAU/USD raw spread came in at $0.03/oz, down from $0.18 in May. That's a $0.15 drop, well past the trigger threshold, and it hands Fusion the gold winner spot for the first time. FP Markets held at $0.14 all-in and drops to second. BrokerChooser's live tracking confirms Fusion's XAU/USD spread is among the tightest tracked across 100-plus brokers. Blueberry sits at $0.57 all-in for the third month in a row. That's 7.6x Fusion's cost. It's not a pricing error — the Direct account just isn't set up to compete on gold.
| Index | IC Markets | Fusion Markets | BlackBull | Blueberry | FP Markets | Global Prime |
|---|---|---|---|---|---|---|
| S&P 500US500 · pts · no commission | 0.40 BEST — | 0.41 — | 0.50 — | 0.50 — | 0.40 BEST — | 0.50 — |
| Nasdaq-100NAS100 · pts · no commission | 1.00 — | 0.80 BEST — | 1.00 — | 1.00 — | 1.00 — | 1.00 — |
| Dow JonesUS30 · pts · no commission | 1.00 BEST — | 1.00 BEST — | 1.50 — | 1.50 — | 1.20 — | 1.50 — |
| DAX 40GER40 · pts · no commission | 1.00 BEST — | 1.20 — | 1.50 — | 1.20 — | 1.20 — | 1.50 — |
| FTSE 100UK100 · pts · no commission | 1.00 BEST — | 1.00 BEST — | 1.50 — | 1.20 — | 1.20 — | 0.84 — |
Indices notes: No movement for the third month running. Index spreads are structurally stable — these brokers rarely adjust them unless liquidity terms or hedging models change. 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 the best in the group on that instrument. BlackBull is consistently the widest on indices despite being competitive on FX.
June 2026 — Best All-In Cost Wins (11 instruments)
Fusion Markets
7
EUR/USD · USD/JPY · AUD/USD · XAU/USD · NAS100 · (ties S&P, Dow)
IC Markets
6
USD/CAD · S&P500 · Dow · DAX · FTSE · (tie S&P)
FP Markets
3
GBP/USD · S&P500 · XAU/USD (2nd)
Global Prime
1
FTSE 100 (tied)
BlackBull
0
No wins this month
Blueberry
0
No wins this month
June Change Flags
Fusion Markets — Gold XAU/USD tightened significantly
Raw spread dropped from $0.18 to $0.03/oz this month. That's a $0.15 move, 5x the trigger threshold. All-in cost is now $0.075/oz, the cheapest in the group and the largest single data point change across the full audit. FP Markets held the gold spot for April and May. Fusion takes it in June.
Raw spread dropped from $0.18 to $0.03/oz this month. That's a $0.15 move, 5x the trigger threshold. All-in cost is now $0.075/oz, the cheapest in the group and the largest single data point change across the full audit. FP Markets held the gold spot for April and May. Fusion takes it in June.
IC Markets — EUR/USD back to 0.10 pips (May's 0.01 was an outlier)
The 0.01 pip reading in May was a peak-session figure, not a true monthly average. IC Markets' own published average is 0.10 pips, consistent with April and June. No negative trend here — just a data correction worth noting.
The 0.01 pip reading in May was a peak-session figure, not a true monthly average. IC Markets' own published average is 0.10 pips, consistent with April and June. No negative trend here — just a data correction worth noting.
Global Prime — GBP/USD at 1.45 all-in for the third month in a row
This is now a confirmed pattern. At 0.55 pips wider than the next most expensive broker on that pair, Global Prime is structurally uncompetitive on GBP/USD. Worth calling out in any broker comparison piece.
This is now a confirmed pattern. At 0.55 pips wider than the next most expensive broker on that pair, Global Prime is structurally uncompetitive on GBP/USD. Worth calling out in any broker comparison piece.
Indices — Flat for the third month running
All 30 index data points are unchanged since April. This is now expected. Will only be flagged if something moves.
All 30 index data points are unchanged since April. This is now expected. Will only be flagged if something moves.
Blueberry — Gold spread unchanged at $0.57/oz all-in for three months
Sits at 7.6x Fusion's all-in cost on gold this month. The Direct account just doesn't prioritise gold pricing — not a surprise, but consistent enough to be worth flagging in any metals-focused content.
Sits at 7.6x Fusion's all-in cost on gold this month. The Direct account just doesn't prioritise gold pricing — not a surprise, but consistent enough to be worth flagging in any metals-focused content.
3-Month Trend — All-In Cost (Apr / May / Jun)
| Instrument | IC Markets | Fusion | BlackBull | Blueberry | FP Markets | Global Prime | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Apr / May / Jun | Apr | May | Jun | Apr | May | Jun | Apr | May | Jun | Apr | May | Jun | Apr | May | Jun | Apr | May | Jun |
| EUR/USD (pips) | 0.80 | 0.71 | 0.80 | 0.48 | 0.50 | 0.48 | 0.76 | 0.74 | 0.76 | 0.80 | 0.80 | 0.80 | 0.70 | 0.70 | 0.70 | 0.86 | 0.90 | 0.86 |
| GBP/USD (pips) | 1.00 | 0.74 | 0.78 | 0.60 | 0.61 | 0.61 | 0.90 | 0.90 | 0.90 | 1.05 | 0.90 | 0.90 | 0.90 | 0.68 | 0.68 | 1.45 | 1.45 | 1.45 |
| USD/JPY (pips) | 0.80 | 0.78 | 0.80 | 0.53 | 0.53 | 0.53 | 0.85 | 0.82 | 0.85 | 0.90 | 0.88 | 0.90 | 0.75 | 0.72 | 0.75 | 0.90 | 0.90 | 0.90 |
| AUD/USD (pips) | 0.80 | 0.72 | 0.80 | 0.47 | 0.47 | 0.47 | 0.80 | 0.78 | 0.80 | 0.85 | 0.82 | 0.85 | 0.90 | 0.90 | 0.90 | 0.80 | 0.80 | 0.80 |
| USD/CAD (pips) | 0.85 | 0.85 | 0.85 | 0.70 | 0.70 | 0.70 | 0.90 | 0.88 | 0.90 | 1.00 | 1.00 | 1.00 | 0.85 | 0.82 | 0.85 | 1.00 | 1.00 | 1.00 |
| Gold XAU/USD ($/oz) | 0.19 | 0.20 | 0.19 | 0.245 | 0.225 | 0.075 | 0.18 | 0.18 | 0.18 | 0.57 | 0.57 | 0.57 | 0.13 | 0.14 | 0.14 | 0.19 | 0.19 | 0.19 |
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.
Kevin has written for investopedia, Seekingalpha with his resume on Muckrack and LinkedIn