ECN brokers spread Audit – September 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
$3.50/side · ECN Account
Tightest all-in cost
Mid-range
Widest all-in cost
▼ tighter vs Aug
▲ wider vs Aug
— unchanged
| Pair | IC Markets | Fusion Markets | BlackBull | Blueberry | FP Markets | Global Prime |
|---|---|---|---|---|---|---|
| EUR/USDAvg spread (pips) · Sep | 0.01 | 0.00 | 0.16 | 0.10 | 0.10 | 0.16 |
| All-In Cost (pips) | 0.71 — | 0.45 BEST ▼0.03 | 0.76 — | 0.80 — | 0.70 — | 0.86 — |
| GBP/USDAvg spread (pips) · Sep | 0.10 | 0.25 | 0.30 | 0.20 | 0.08 | 0.75 |
| All-In Cost (pips) | 0.80 — | 0.70 ▲0.09 | 0.90 — | 0.90 — | 0.68 BEST — | 1.45 — |
| USD/JPYAvg spread (pips) · Sep | 0.08 | 0.08 | 0.25 | 0.20 | 0.15 | 0.20 |
| All-In Cost (pips) | 0.78 ▼0.02 | 0.53 BEST — | 0.85 — | 0.90 — | 0.75 — | 0.90 — |
| AUD/USDAvg spread (pips) · Sep | 0.10 | 0.02 | 0.20 | 0.15 | 0.30 | 0.10 |
| All-In Cost (pips) | 0.80 — | 0.47 BEST — | 0.80 — | 0.85 — | 0.90 — | 0.80 — |
| USD/CADAvg spread (pips) · Sep | 0.15 | 0.25 | 0.30 | 0.30 | 0.25 | 0.30 |
| All-In Cost (pips) | 0.85 BEST — | 0.70 — | 0.90 — | 1.00 — | 0.85 — | 1.00 — |
FX notes for September: Two moves worth noting. Fusion Markets’ EUR/USD raw spread dropped to 0.00 pips this month — confirmed by FXScouts’ September 2026 update — pushing their all-in cost down to 0.45, the lowest single EUR/USD figure recorded across the entire audit. IC Markets holds at 0.71, unchanged. Fusion Markets’ GBP/USD raw spread widened to 0.25 pips from 0.16, lifting their all-in cost from 0.61 to 0.70 — below the trigger threshold but worth tracking. FP Markets retains best in group on GBP/USD at 0.68 for the sixth consecutive month. IC Markets’ USD/JPY tightened slightly to 0.08 pips from 0.10, dropping their all-in cost 0.02 pip to 0.78. Global Prime’s GBP/USD remains at 1.45 all-in for the sixth month straight.
| Instrument | IC Markets | Fusion Markets | BlackBull | Blueberry | FP Markets | Global Prime |
|---|---|---|---|---|---|---|
| XAU/USD — Spot GoldAvg spread ($/oz) · Sep | 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 September: No movement for the third consecutive month. Fusion Markets holds at $0.075/oz all-in for the fourth month running. FP Markets holds second at $0.14/oz. The gold table is now the most stable section of the entire audit — all six figures are identical to June, July, and August. Blueberry remains at $0.57/oz for the sixth month straight. No trigger-level events 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 sixth consecutive month. Every data point across all six brokers and all five indices is unchanged since April. Index CFD spreads at these brokers are structurally locked. Only flagged here if something moves.
September 2026 — Best All-In Cost Wins (11 instruments)
Fusion Markets
8
EUR/USD · USD/JPY · AUD/USD · XAU/USD · NAS100 · Dow (tie) · USD/CAD (tie) · S&P500 (tie)
IC Markets
6
USD/CAD (tie) · S&P500 (tie) · Dow (tie) · DAX · FTSE (tie) · USD/JPY (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
September Change Flags
Fusion Markets — EUR/USD drops to 0.00 pips raw spread
FXScouts’ September 2026 update confirms Fusion Markets’ Zero account EUR/USD now averages 0.00 pips raw. All-in cost drops to 0.45 — the lowest single EUR/USD figure recorded in this audit across all six months and all six brokers. Fusion Markets now holds the EUR/USD top spot outright for the first time, with IC Markets trailing at 0.71.
FXScouts’ September 2026 update confirms Fusion Markets’ Zero account EUR/USD now averages 0.00 pips raw. All-in cost drops to 0.45 — the lowest single EUR/USD figure recorded in this audit across all six months and all six brokers. Fusion Markets now holds the EUR/USD top spot outright for the first time, with IC Markets trailing at 0.71.
Fusion Markets — GBP/USD widened to 0.25 pips (from 0.16)
All-in cost moved from 0.61 to 0.70 — a 0.09 pip increase. Below the 0.30 pip trigger threshold, but the second consecutive month of slight upward movement on GBP/USD for Fusion. Worth watching next month.
All-in cost moved from 0.61 to 0.70 — a 0.09 pip increase. Below the 0.30 pip trigger threshold, but the second consecutive month of slight upward movement on GBP/USD for Fusion. Worth watching next month.
IC Markets — USD/JPY tightened to 0.08 pips
Small improvement from 0.10 to 0.08 raw spread, dropping all-in cost from 0.80 to 0.78. Brings IC Markets level with Fusion Markets on the raw USD/JPY spread this month. Fusion’s lower commission still makes them cheaper all-in at 0.53.
Small improvement from 0.10 to 0.08 raw spread, dropping all-in cost from 0.80 to 0.78. Brings IC Markets level with Fusion Markets on the raw USD/JPY spread this month. Fusion’s lower commission still makes them cheaper all-in at 0.53.
Global Prime — GBP/USD at 1.45 all-in for six consecutive months
April through September, unchanged at 1.45. Six months of data confirms this is not a temporary condition. Global Prime’s GBP/USD pricing is the single most consistent outlier in this audit.
April through September, unchanged at 1.45. Six months of data confirms this is not a temporary condition. Global Prime’s GBP/USD pricing is the single most consistent outlier in this audit.
Gold — Flat for the third consecutive month. No flags triggered.
Indices — Flat for the sixth consecutive month. No flags triggered.
6-Month Trend — All-In Cost (Apr through Sep)
| Instrument | IC Markets | Fusion | BlackBull | Blueberry | FP Markets | Global Prime | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| A/M/J/Jl/Au/S | A | M | J | Jl | Au | S | A | M | J | Jl | Au | S | A | M | J | Jl | Au | S | A | M | J | Jl | Au | S | A | M | J | Jl | Au | S | A | M | J | Jl | Au | S |
| EUR/USD (pips) | 0.80 | 0.71 | 0.80 | 0.71 | 0.71 | 0.71 | 0.48 | 0.50 | 0.48 | 0.48 | 0.48 | 0.45 | 0.76 | 0.74 | 0.76 | 0.76 | 0.76 | 0.76 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 0.86 | 0.90 | 0.86 | 0.86 | 0.86 | 0.86 |
| GBP/USD (pips) | 1.00 | 0.74 | 0.78 | 0.78 | 0.80 | 0.80 | 0.60 | 0.61 | 0.61 | 0.61 | 0.61 | 0.70 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 1.05 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 |
| USD/JPY (pips) | 0.80 | 0.78 | 0.80 | 0.80 | 0.80 | 0.78 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.85 | 0.82 | 0.85 | 0.85 | 0.85 | 0.85 | 0.90 | 0.88 | 0.90 | 0.90 | 0.90 | 0.90 | 0.75 | 0.72 | 0.75 | 0.75 | 0.75 | 0.75 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 |
| AUD/USD (pips) | 0.80 | 0.72 | 0.80 | 0.80 | 0.80 | 0.80 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.80 | 0.78 | 0.80 | 0.80 | 0.80 | 0.80 | 0.85 | 0.82 | 0.85 | 0.85 | 0.85 | 0.85 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 |
| USD/CAD (pips) | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 0.90 | 0.88 | 0.90 | 0.90 | 0.90 | 0.90 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | 0.82 | 0.85 | 0.85 | 0.85 | 0.85 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Gold XAU/USD ($/oz) | 0.19 | 0.20 | 0.19 | 0.19 | 0.19 | 0.19 | 0.245 | 0.225 | 0.075 | 0.075 | 0.075 | 0.075 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.19 | 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.
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