ECN brokers spread Audit – May 2026
Monthly Spread Audit
6 Brokers · 5 FX Pairs · Spot Gold · 5 Major Indices
May 2026 Raw / ECN Accounts Only All-In Cost (Spread + Commission) vs April 2026
Commission Structure — Unchanged from April
IC Markets
$7.00
$3.50/side · MT4/MT5
Fusion Markets
$4.50
$2.25/side · Lowest
BlackBull
$6.00
$3.00/side · ECN Prime
Blueberry
$7.00
$3.50/side · Direct
FP Markets
$6.00
$3.00/side · Raw
Global Prime
$7.00
$3.50/side · ECN
FX Pairs
Spot Gold
Indices
Scorecard
Tightest all-in cost
Mid-range
Widest all-in cost
▼ tighter vs Apr
▲ wider vs Apr
— unchanged
| Pair | IC Markets | Fusion Markets | BlackBull | Blueberry | FP Markets | Global Prime |
|---|---|---|---|---|---|---|
| EUR/USDAvg spread (pips) · May | 0.01 | 0.05 | 0.14 | 0.10 | 0.10 | 0.20 |
| All-In Cost (pips) | 0.71 ▼0.09 | 0.50 BEST ▲0.02 | 0.74 ▼0.02 | 0.80 — | 0.70 — | 0.90 ▲0.04 |
| GBP/USDAvg spread (pips) · May | 0.04 | 0.16 | 0.30 | 0.20 | 0.08 | 0.75 |
| All-In Cost (pips) | 0.74 BEST ▼0.26 | 0.61 ▲0.01 | 0.90 — | 0.90 ▼0.15 | 0.68 ▼0.22 | 1.45 — |
| USD/JPYAvg spread (pips) · May | 0.08 | 0.08 | 0.22 | 0.18 | 0.12 | 0.20 |
| All-In Cost (pips) | 0.78 ▼0.02 | 0.53 BEST — | 0.82 ▼0.03 | 0.88 ▼0.02 | 0.72 ▼0.03 | 0.90 — |
| AUD/USDAvg spread (pips) · May | 0.02 | 0.02 | 0.18 | 0.12 | 0.30 | 0.10 |
| All-In Cost (pips) | 0.72 ▼0.08 | 0.47 BEST — | 0.78 ▼0.02 | 0.82 ▼0.03 | 0.90 — | 0.80 — |
| USD/CADAvg spread (pips) · May | 0.15 | 0.25 | 0.28 | 0.30 | 0.22 | 0.30 |
| All-In Cost (pips) | 0.85 BEST — | 0.70 — | 0.88 ▼0.02 | 1.00 — | 0.82 ▼0.03 | 1.00 — |
Key FX moves vs April: IC Markets had a notable improvement on GBP/USD, dropping from 1.00 to 0.74 all-in — that's a 0.26 pip tightening and enough to take the top spot on that pair this month. FP Markets also tightened meaningfully on GBP/USD (0.22 pip improvement). Global Prime's EUR/USD widened slightly to 0.90, which crosses the 0.3 pip trigger threshold we flagged in the audit rules vs its April reading — worth noting. Global Prime's GBP/USD remains stubbornly wide at 1.45 for the second month running.
| Instrument | IC Markets | Fusion Markets | BlackBull | Blueberry | FP Markets | Global Prime |
|---|---|---|---|---|---|---|
| XAU/USDAvg spread ($/oz) · May | 0.13 | 0.18 | 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) | 0.20 ▲0.01 | 0.225 ▼0.02 | 0.18 — | 0.57 — | 0.14 BEST ▲0.01 | 0.19 — |
Gold notes: FP Markets holds the best all-in position for the second consecutive month at $0.14/oz, up just $0.01 from April. Fusion Markets actually improved this month, tightening from $0.245 to $0.225 — now the second best value. Blueberry remains an outlier at $0.57/oz, 3x the cost of FP Markets. No trigger-level changes across the group this month.
| 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 across any broker this month. Index spreads are structurally sticky — they tend to move only when a broker renegotiates liquidity terms or changes its hedging model. IC Markets and Fusion Markets continue to lead on most instruments. BlackBull's index spreads remain consistently the widest in the group despite being competitive on FX.
May 2026 — "Best All-In Cost" Wins by Instrument
Fusion Markets
6
wins across 11 instruments
IC Markets
6
wins across 11 instruments
FP Markets
3
wins across 11 instruments
BlackBull
0
wins across 11 instruments
Blueberry
0
wins across 11 instruments
Global Prime
0
wins across 11 instruments
Monthly Change Flags
✓ IC Markets — GBP/USD improved significantly
All-in cost dropped from 1.00 to 0.74 pips (▼0.26). This exceeds the 0.3 pip trigger and earns a positive flag. IC Markets now leads the group on GBP/USD for May.
All-in cost dropped from 1.00 to 0.74 pips (▼0.26). This exceeds the 0.3 pip trigger and earns a positive flag. IC Markets now leads the group on GBP/USD for May.
✓ FP Markets — GBP/USD also improved
All-in cost dropped from 0.90 to 0.68 pips (▼0.22). Just under the trigger threshold but worth noting as a consistent improvement trend.
All-in cost dropped from 0.90 to 0.68 pips (▼0.22). Just under the trigger threshold but worth noting as a consistent improvement trend.
✓ Blueberry — GBP/USD tightened
All-in cost dropped from 1.05 to 0.90 pips (▼0.15). Moderate improvement.
All-in cost dropped from 1.05 to 0.90 pips (▼0.15). Moderate improvement.
⚠ Global Prime — EUR/USD widened
All-in cost moved from 0.86 to 0.90 pips (▲0.04). Small movement, but the EUR/USD all-in cost is now the widest in the group on that pair for a second consecutive month.
All-in cost moved from 0.86 to 0.90 pips (▲0.04). Small movement, but the EUR/USD all-in cost is now the widest in the group on that pair for a second consecutive month.
→ Indices — No change across all 6 brokers, all 5 instruments
Index spreads were fully flat month-on-month. This is normal — index CFD spreads at these brokers change infrequently.
Index spreads were fully flat month-on-month. This is normal — index CFD spreads at these brokers change infrequently.
April vs May — All-In Cost Summary
| Instrument | IC Markets | Fusion | BlackBull | Blueberry | FP Markets | Global Prime | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Apr → May | Apr | May | Apr | May | Apr | May | Apr | May | Apr | May | Apr | May |
| EUR/USD (pips) | 0.80 | 0.71 | 0.48 | 0.50 | 0.76 | 0.74 | 0.80 | 0.80 | 0.70 | 0.70 | 0.86 | 0.90 |
| GBP/USD (pips) | 1.00 | 0.74 | 0.60 | 0.61 | 0.90 | 0.90 | 1.05 | 0.90 | 0.90 | 0.68 | 1.45 | 1.45 |
| USD/JPY (pips) | 0.80 | 0.78 | 0.53 | 0.53 | 0.85 | 0.82 | 0.90 | 0.88 | 0.75 | 0.72 | 0.90 | 0.90 |
| AUD/USD (pips) | 0.80 | 0.72 | 0.47 | 0.47 | 0.80 | 0.78 | 0.85 | 0.82 | 0.90 | 0.90 | 0.80 | 0.80 |
| USD/CAD (pips) | 0.85 | 0.85 | 0.70 | 0.70 | 0.90 | 0.88 | 1.00 | 1.00 | 0.85 | 0.82 | 1.00 | 1.00 |
| Gold XAU/USD ($/oz) | 0.19 | 0.20 | 0.245 | 0.225 | 0.18 | 0.18 | 0.57 | 0.57 | 0.13 | 0.14 | 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