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Data study
What a forex trade really costs: 10 broker accounts compared
We worked out the all-in cost of a EUR/USD trade, spread plus commission, at 10 accounts from the brokers we review, for small, standard and large trades.
Key findings
- For a 1-lot EUR/USD round turn, headline costs range from $5 to $11, more than double between the cheapest and dearest account.
- Trade size changes the ranking. Interactive Brokers is the cheapest account at 1 lot and 10 lots, but the most expensive at 0.1 lot ($4.10 against $0.60), because it charges at least $2 per order.
- For someone placing 40 one-lot trades a month, the gap is about $240 a month: $200 at the cheapest account against $440 at the dearest.
- Headline "from" spreads flatter spread-only accounts. Where a broker publishes an average spread, as Pepperstone does, costs come out higher.
Cost of one EUR/USD round turn
| Broker and account | Spread used (pips) | Commission per side | 0.1 lot | 1 lot | 10 lots | 40 × 1 lot / month |
|---|---|---|---|---|---|---|
| Interactive Brokers IBKR Pro FX | 0.1 (from) | 0.20 bp, $2 min per order | $4.10 | $5.00 | $50.00 | $200 |
| IG standard | 0.6 (from) | None | $0.60 | $6.00 | $60.00 | $240 |
| OANDA spread-only (UK) | 0.6 (from) | None | $0.60 | $6.00 | $60.00 | $240 |
| IC Markets Raw | 0.0 (from) | $3.50 | $0.70 | $7.00 | $70.00 | $280 |
| Eightcap Raw | 0.0 (from) | $3.50 | $0.70 | $7.00 | $70.00 | $280 |
| Pepperstone Razor | 0.1 (average) | $3.50 | $0.80 | $8.00 | $80.00 | $320 |
| XM Standard | 0.8 (from) | None | $0.80 | $8.00 | $80.00 | $320 |
| FOREX.com RAW (US) | 0.2 (from) | $3.50 | $0.90 | $9.00 | $90.00 | $360 |
| Pepperstone Standard | 1.1 (average) | None | $1.10 | $11.00 | $110.00 | $440 |
| FxPro cTrader | 0.4 (from) | $3.50 | $1.10 | $11.00 | $110.00 | $440 |
Sorted by 1-lot cost. 1 lot = 100,000 EUR, pip value taken as $10 per lot. Cost = spread × pip value × lots + commission on both sides. Interactive Brokers' commission is approximated at $2 per side per lot, with its $2 minimum per order applied. Excludes swaps, currency conversion and non-trading fees.
Method
- Pricing comes from each broker's own published pricing, as recorded in our reviews between 3 and 5 November 2026.
- Where a broker publishes only a "from" spread, we used it. That is a minimum, so real costs at those accounts will usually be higher. Pepperstone publishes average spreads, which we used for both its accounts.
- Exness is not included because its published raw pricing does not state a fixed commission we could use. eToro is not included because it does not publish a single headline EUR/USD spread.
What it means for traders
- Small trades: spread-only and raw accounts cost about the same. Minimum commissions, like Interactive Brokers' $2, dominate.
- Larger, frequent trades: the gap compounds. Check costs at the size and frequency you actually trade.
- Before you choose: test spreads on a demo account at the hours you trade, then check the regulated company that would hold your account.
Run your own numbers in the forex cost calculator, or compare brokers side by side on our comparison page.
Use this data
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Sources
- Each broker's pricing as recorded in our reviews: IC Markets, Pepperstone, Eightcap, FxPro, IG, OANDA, XM, FOREX.com, Interactive Brokers.
- How we review brokers
Forex and CFDs are leveraged products and most retail accounts lose money. Prices change; check each broker's current pricing. General information, not financial advice.