Find the lowest spread on the instrument you trade, and see what the trade costs once the commission is added.
- SpreadThe 24-hour average, ranked by spread plus commission in US dollars.
- Net CostThe same trade, minus our rebate.
- Same trade sizeEvery account is priced for the same amount.
- Tap a rowThe cost breakdown and that broker’s rebate page.
24-hour averages from our broker accounts, with commission included.
Data sources and calculation methodology
Where the figures come from
We read prices from our own MT5 accounts at each broker, one for every account type in the ranking, and save a sample every 30 minutes. At XM, HFM and XS.com these are live accounts. At Exness they are demo accounts, which Exness states trade on the same conditions as live ones. Exness’s demo trading account page (opens in a new tab)
The figures are estimates worked out from those platform prices. Your account statement shows what each trade actually cost.
How the ranking is worked out
- Spread
- The 24-hour average spread in pips or points, ranked by its cost in US dollars with the commission for both sides added. The cheapest trade comes first.
- Net Cost
- The same cost, minus the rebate ForexFanClub pays back on that account and instrument.
- Same trade size
- Every account is priced for the same trade: 100,000 units on a currency pair, 100 oz of gold, 5,000 oz of silver, 100 barrels of oil, $1 a point on the US indices, €1 a point on Germany 40, and 1 coin on Bitcoin and Ethereum. Where a broker’s lot is a different size, the row shows the lots that trade takes, such as = 5 lots.
- Unconfirmed
- An account whose spread, commission or rebate is still being confirmed shows Unconfirmed and sits at the bottom of the list.
The ranking is recalculated every 15 minutes. Updated, at the top of the tool, shows the time of the latest data, in UTC.
What the figures cover
The figures cover the spread, the commission and the rebate on one trade. Each broker’s swap page has the overnight cost, and our swap-free forex brokers page compares the swap-free terms.
Account conditions checked against each broker’s spread page on 25 September 2026 (UTC). This date is separate from the tool’s data update times.
Contents
Which Forex Broker Has the Lowest Spread?
On gold, HFM Unlimited had the lowest trading cost. Some accounts charge a commission on each lot, so the ranking adds the commission to the spread and shows the full cost of one trade.
XAUUSD, 100 oz (1 lot). Figures from 8 October 2026, 09:35 UTC.
- HFM Unlimited$9.87 spread, no commission = $9.87
- XS.com Elite$8.39 spread + $6 commission = $14.39
- XS.com Pro$14.48 spread, no commission = $14.48
- Exness Raw Spread$8.13 spread + $7 commission = $15.13
- Exness Zero$4.13 spread + $11 commission = $15.13
Exness Raw Spread, Exness Zero and XS.com Elite quote a narrow spread and charge a commission per lot. The other accounts in the list, such as HFM Unlimited, build their charge into a wider spread.
When the page opens, the ranking shows the cost of a gold trade. The account with the lowest cost changes from one instrument to the next, so choose the instrument you trade from the menu.
Is the Lowest Spread Always the Lowest Cost?
No. On gold, the narrowest spread and the lowest cost were on different accounts.
- Narrowest spreadExness Zero, $4.13 spread + $11 commission = $15.13
- Lowest costHFM Unlimited, $9.87 spread, no commission = $9.87
Because of the commission, the trade on Exness Zero cost $5.26 more than on HFM Unlimited. So compare the total cost in the ranking, not the spread alone.
Which Brokers Have a Zero Spread Account?
- XMStandard and Ultra Low, the two XM accounts in the ranking, carry no commission. The spread is the whole cost.
- HFMZero has spreads from 0 pips and a commission per instrument, such as $10 a lot on gold. Premium, Pro and Unlimited carry no commission. Unlimited is called InfinityX in India and KATANA in Japan.
- XS.comElite charges USD 6 a lot for opening and closing on most instruments, and less on the main indices and some crypto. Standard, Extra and Pro carry no commission.
- ExnessRaw Spread and Zero have spreads from 0.0 pips, with a commission set per instrument (up to $3.50 a lot per side on most instruments on Raw Spread). Standard and Pro carry no commission.
A zero spread account can quote 0 pips, and its 24-hour average sits just above 0. For example, EURUSD averaged 0.03 pips on Exness Zero and Raw Spread on 8 October 2026. The commission is the main cost on a zero spread account.
To see whether the spread is really zero, our zero spread accounts comparison shows how often it was exactly 0.0 pips and what 1 lot of gold costs with the commission.
A zero spread account is the cheaper choice when its commission plus that small spread costs less than the spread on an account without a commission. The ranking puts both kinds of account in one list, so the first row answers that for your instrument.
Why Is the Average Spread Higher Than “From 0.0 Pips”?
- A broker’s “from” figureThe lowest spread the broker publishes for the account.
- Our rankingThe average of samples saved every 30 minutes over 24 hours, quiet hours and news releases included.
Spreads widen outside the main trading sessions, around the daily rollover, on news releases and near the weekend close. The 24-hour average takes in those hours, so the average sits above the “from” figure a broker publishes.
If you scalp or trade the news, check the spread on your own chart as you place the order. NapWela, our free MT4/MT5 indicator, shows the current spread on your chart.
Does a Rebate Change the Ranking?
Yes. Switch the ranking to Net Cost to take off the rebate we pay back on each account type.
On gold, a rebate can change the order a lot. In the ranking on 16 October 2026, HFM Pro moved from sixth on Spread to second on Net Cost, and XS.com Standard moved from ninth to third. On the US30 and US100 indices, the rebates are much smaller than on gold, so the top three accounts stayed the same, and Exness Raw Spread came first on both lists.
Our forex rebates page shows what each broker pays back and how to receive the rebate.
Lowest Spread FAQ
- Is there a zero spread forex broker?
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Yes, as an account type. HFM Zero, Exness Raw Spread and Exness Zero have spreads from 0 pips. However, these accounts charge a commission on each lot, so the trading cost is not zero.
- Which forex pairs have the lowest spreads?
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The major pairs. In the ranking on 8 October 2026, USDJPY cost $4.73 a lot and EURUSD cost $5.33 a lot, each on its lowest-cost account.
- Which broker has the lowest spread with no commission?
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Among the accounts without a commission, HFM Unlimited had the lowest cost on gold, EURUSD, GBPUSD and USDJPY in the same figures.
Exness Pro had the lowest cost on most other instruments. Open a row in the ranking to see whether an account charges a commission.
- Why is my spread wider than the ranking shows?
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The ranking shows a 24-hour average. Spreads widen on news, around the daily rollover and near the weekend close.
Check the spread on your own chart before you place the order.
- Is a low spread account better for scalping?
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Scalping means many short trades, so the cost of each trade adds up quickly.
Choose the account with the lowest cost in US dollars on the instrument you scalp, which is the order the ranking shows, and check that account’s spread at the hours you trade.
Each Broker’s Spreads in Full
Once your rebate account is open, link it to Forex FanClub. The member area lists every rebate payment day by day, across every broker you use. Registration is free and takes an email address.
Produced and operated by Forex FanClub
Person responsible: Hiroki Sakaida, founder of Forex FanClub
Hiroki Sakaida decides what our content and services cover and which features they offer. He also checks content and functionality and decides on revisions and publication. Our Content and Service Policy explains how we produce and check our content and services, including our use of AI.
Risk warning: Forex and CFD trading involve leverage, and you could lose all the money you invest. This article and tool provide information, not investment advice. The amounts shown are calculated from the collected data and do not guarantee the amounts that will apply to your own trades, or any future profit.
Affiliate disclosure: The broker rebate pages linked from this page contain referral links. Forex FanClub receives referral commission based on registrations and trading through those links.