IC Markets
3:09
2:39
2:10
2:18
3:43
8:42
What 14 forex brokers really charge
Raw-account commissions, maximum leverage, stop-out levels and licences of 14 forex brokers, from their own pages.
Read the findings →Forex Broker Cost Index
Commissions, spreads, leverage, stop-out levels, minimum deposits and licences for the 14 forex brokers FX Recap reviews. Every figure is read from the broker's own pages, and licences are checked on the regulators' registers.
Free to use with credit
Key findings
7 findings to quote
Copy any line with its source in one click.
Raw-account commissions at the 11 brokers that offer one range from $4.45 (RoboForex) to $7 (Exness, IC Markets, IUX, FXTM, Pepperstone) per standard lot, round turn; the median is $6.
Source: FX Recap Broker Cost Index, from each broker's fee pagesOn EUR/USD a $7 round-turn commission costs the same as a spread of 0.7 pips, because one pip on a standard lot is worth $10.
Source: FX Recap calculation12 of the 14 brokers advertise maximum leverage of 1:500 or more to clients outside the UK and EU, and 10 advertise 1:1000 or more. The UK and EU retail cap on major currency pairs is 30:1.
Source: FX Recap Broker Cost Index; FCA PS19/18The highest fixed leverage advertised is 1:5,000, about 167 times the UK and EU retail limit on major pairs. Exness advertises unlimited leverage on some accounts.
Source: FX Recap Broker Cost Index4 of the 14 brokers set no minimum deposit, and 7 accept a first deposit of $10 or less.
Source: FX Recap Broker Cost Index8 of the 14 brokers start closing trades only when equity falls to 20% of the margin in use or lower on their main account (Exness at 0%), while 4 start at 50% or higher. A lower stop-out lets losses run further before positions are closed.
Source: FX Recap Broker Cost Index, from each broker's help pages5 of the 14 brokers (Exness, RoboForex, IUX, Elev8, FXTM) hold no licence from a stricter regulator such as the FCA, ASIC or CySEC that covers retail clients; they serve clients through offshore or regional entities only.
Source: FX Recap Broker Cost Index, licences checked on regulator registers
Commissions
What a raw account costs per lot
A raw (or ECN) account shows spreads close to zero and charges a flat commission instead. Of the 14 brokers, 11 offer one. Their commissions run from $4.45 to $7 per standard lot (100,000 units), counting both opening and closing the trade. XM, AvaTrade, Elev8 charge through the spread only.
A useful way to compare: one pip on a standard lot of EUR/USD is worth $10, so a $6 commission costs the same as a 0.6-pip spread. A raw account only works out cheaper if its typical spread plus that commission comes in below the spread on the broker's standard account.
Full table
All 14 brokers side by side
Sorted by raw-account commission. Leverage is the maximum advertised to clients outside the UK and EU; the entity you join depends on where you live.
| Broker | Raw commission (round turn) | Spread from | Max leverage | Min deposit | Stricter regulators |
|---|---|---|---|---|---|
| RoboForex | About $4.45 ECN account: USD 20 per $1 million traded, each side; worked at EUR/USD 1.113 | 0.0 pips | 1:2000 | $10 | None (offshore or regional only) |
| Fusion Markets | $4.50 Zero account: $2.25 per side | 0.0 pips | 1:500* | $0 | ASIC |
| LiteFinance | $5 ECN account: $5 per lot on FX majors, charged once at opening | 0.0 pips | 1:1000* | $50 ($10 cent) | CySEC |
| FP Markets | $6 Raw account: US$3 per side | 0.0 pips | 1:500* | $0 | ASIC, CySEC |
| Tickmill | $6 Raw account: $3 per side on FX and metals | 0.0 pips | 1:1000* | $100 | FCA, CySEC |
| Vantage | $6 Raw ECN account: from $3 per side | 0.0 pips | 1:2000* | $50 | ASIC, FCA (UK company) |
| Exness | Up to $7 Raw Spread account: up to $3.50 per lot per side | 0.0 pips | Unlimited* | $10 | None (offshore or regional only) |
| IC Markets | $7 Raw Spread on MT4/MT5: $3.50 per side ($6 on cTrader) | 0.0 pips | 1:5000* | $0 (global) | ASIC, CySEC |
| IUX | $7 Raw account: $7 per lot | 0.0 pips | 1:3000 | $30 | None (offshore or regional only) |
| FXTM | $7 Advantage account: $3.50 per side on FX | 0.0 pips | 1:5000 | $30 (Micro) | None (offshore or regional only) |
| Pepperstone | $7 Razor account: USD 3.50 per side on the Pepperstone platform; MT4/MT5 varies with account currency | 0.0 pips | 1:200 (Pro 1:1000) | $0 ($10 top-ups) | FCA, ASIC, CySEC, BaFin, DFSA |
| XM | No commission account Spread only on every account; commission only on the Shares account | 0.8 pips | 1:1000 | $5 | CySEC, DFSA |
| AvaTrade | No commission account Spread only | 0.8 pips | 1:400 | $100 | Central Bank of Ireland, ASIC, CySEC, Japan FSA, FSRA (ADGM), ISA |
| Elev8 | No commission account Cost built into the spread as a mark-up | 0.6 pips | 1:1000 | $25 | None (offshore or regional only) |
"Spread from" is the lowest spread each broker advertises, usually on its raw account and on EUR/USD; typical spreads are wider, especially around news and the daily rollover. An asterisk on leverage means the figure depends on account, instrument or entity.
Leverage
Leverage far above the UK and EU cap
12 of 14 brokers advertise leverage of 1:500 or more outside the UK and EU, and 10 advertise 1:1000 or more. Inside the UK and EU, retail traders are capped at 30:1 on major currency pairs. At 1:1000, a price move of 0.1% against a fully used account can wipe it out.
UK and EU limits: FCA PS19/18. More on the rules in our forex statistics.
Deposits
How little it takes to open an account
4 of the 14 brokers set no minimum deposit and 7 accept $10 or less. A low minimum makes it easy to start, but it does not make trading cheaper or safer: the smallest trade size still sets how much each pip is worth. Our guide to trading with under $100 works through the numbers.
Safety nets
Stop-out levels and negative balance protection
The stop-out level is the point at which a broker starts closing your trades because your money no longer covers the margin they need. At a 50% stop-out, trades close when your equity falls to half the margin in use; at 20%, losses run much further first. 8 of 14 brokers use 20% or lower on their main account, and Exness uses 0%.
| Broker | Stop-out | Margin call | Negative balance protection |
|---|---|---|---|
| XM | 20% | Not stated | Yes, all accounts |
| Exness | 0% | 60% (Standard), 30% (Pro, Raw, Zero) | Yes |
| AvaTrade | 20% outside the EU | Not stated | Yes |
| RoboForex | 30% to 100% by account (Pro 40%) | Varies by account | Yes, as a promotional programme |
| IC Markets | 50% | Not stated | Not confirmed |
| LiteFinance | 20% (cent 50%) | 100% | Yes on ECN |
| IUX | 20% | 40% | Yes, reset to zero |
| FP Markets | 50% | 100% | Yes |
| Elev8 | Not published | Not published | Yes, reset after stop out |
| Tickmill | 50% | 100% | Yes, reset to zero |
| Vantage | 20% (STP and ECN) | 50% | Not guaranteed; automatic for eligible accounts |
| Fusion Markets | 20% | 90% | Yes, with some country exceptions |
| FXTM | 20% (Advantage 50%) | 50% (Advantage 80%) | Not confirmed |
| Pepperstone | 50% | Not obliged to call | Yes, retail clients |
Negative balance protection means you cannot lose more than the money in your account. "Not confirmed" means we have not found it stated on the broker's own pages, not that the broker lacks it.
Platforms
Platforms, swap-free accounts and copy trading
14 of 14 brokers offer MetaTrader 5, 5 offer cTrader and 6 connect to TradingView.
| Broker | Platforms | Swap-free (Islamic) | Copy trading | Founded |
|---|---|---|---|---|
| XM | MT4, MT5, XM app | Islamic option on all accounts | XM Copy Trading | 2009 |
| Exness | MT4, MT5, Exness Terminal, Exness app | On forex, gold, crypto and indices | Closed in June 2026 | 2008 |
| AvaTrade | MT4, MT5, WebTrader, AvaTrade app, AvaOptions | Islamic account | AvaSocial, ZuluTrade, DupliTrade | 2006 |
| RoboForex | MT4, MT5, R StocksTrader, Web and mobile platform | Option on new accounts | Copy Trading Service | 2009 |
| IC Markets | MT4, MT5, cTrader, TradingView | Islamic account | IC Social, cTrader Copy, ZuluTrade | 2007 |
| LiteFinance | MT4, MT5, cTrader, LiteFinance app | Islamic account | Built into the platform | 2005 |
| IUX | MT5, IUX WebTerminal, IUX Trade App | Standard, Pro and Raw | Third-party only | 2016 |
| FP Markets | MT4, MT5, cTrader, TradingView | Islamic account | Social Trading, cTrader Copy | 2005 |
| Elev8 | MT4, MT5, Elev8Trader | All accounts by default | Master Trader system | 2026 (brand launch) |
| Tickmill | MT4, MT5, TradingView, Tickmill Trader | Islamic option on every account | Tickmill Social Trading | 2014 |
| Vantage | MT4, MT5, TradingView, Vantage App | Swap-free account | Built in | 15+ years (Vantage's figure) |
| Fusion Markets | MT4, MT5, cTrader, TradingView | Swap-free account | Fusion+, DupliTrade | 2019 |
| FXTM | MT4, MT5, FXTM app | On Rewards Plus, Rewards and Advantage | None on its site | Over ten years (FXTM's figure) |
| Pepperstone | MT4, MT5, cTrader, TradingView, Pepperstone platform | Not described on its global site | CopyTrading by Pepperstone, cTrader Copy | 2010 |
Method
How the index is built
What we read
Each broker's own fee, account-type and help-centre pages for its global (non-UK, non-EU) offer. Commissions are for a USD account on MT4 or MT5 unless the table says otherwise. Per-side fees are doubled to a round turn.
What we check
Licences on each regulator's own register, by legal entity. Where a broker's group holds a UK or EU licence that does not take retail clients, we do not count it as a stricter licence.
What it leaves out
Typical (average) spreads, swap fees and inactivity fees, which vary by account and day. We never estimate a figure a broker does not publish.
Who we are
FX Recap reviews brokers independently and earns affiliate fees from some of them; fees never change a figure here. See our rating method and disclosure.
Cite this page
Free to use, including commercially, with a credit to FX Recap and a link to this page (CC BY 4.0).
FX Recap, "Forex Broker Cost Index 2026", checked 11 October 2026, https://fxrecap.com/forex-broker-cost-indexMedia enquiries
Jowel RanaForex Trader, FX Recappress@fxrecap.com · comment, data and charts on request
More for journalists on our press page. Spotted an error? Email us and we will correct it.
FAQs
Broker costs: common questions
Which forex broker has the lowest commission?
Among the 11 brokers we track that offer a commission-based raw account, RoboForex charged the least: $4.45 per standard lot, round turn, on the figures checked 11 October 2026. The median was $6.
Is a raw account with commission cheaper than a spread-only account?
Often, for active traders. A raw account shows spreads from close to 0.0 pips and adds a flat fee; a spread-only account builds the fee into a wider spread. One pip on a standard lot of EUR/USD is worth $10, so a $6 round-turn commission costs the same as a 0.6-pip spread. Compare that with the typical spread on the standard account, not the advertised minimum.
Why do brokers offer such high leverage outside Europe?
Because the rules allow it. The UK and EU cap retail leverage at 30:1 on major currency pairs, but most of the 14 brokers serve clients elsewhere through offshore entities, where 12 of them advertise 1:500 or more. High leverage lets a small price move wipe out an account, which is why stricter regulators limit it.
How often is the index updated?
Every quarter, and whenever a broker changes a fee we track. Each update re-reads the figures on the brokers' own pages, and the date at the top of this page changes with it.
Risk warning. Forex and CFD trading carries a high risk of losing money rapidly due to leverage. This page is information, not financial advice, and not a recommendation of any broker.