0 Pip Spread Forex Brokers

Pepperstone earned our highest score of 98/100 in our review due to its impressively low trading costs. Our tests showed that Pepperstone achieved zero spreads on EUR/USD 100% of the time on its RAW account, outperforming most of its competitors.

This means you can trade confidently without having to pay spreads, which can significantly reduce your trading expenses.

Pepperstone was handpicked by us as the forex broker with the lowest effective spreads across +60 currency pairs. There are three main ways Pepperstone achieves this, through the lowest zero-pip spreads of any broker we’ve tested, fast execution speeds and competitive Standard and RAW account spreads.

Zero Pip Spreads 100% of the Time

While most brokers with Raw Accounts advertise “spreads from zero”, meaning they have a minimum spread per currency, we wanted to answer the question ‘for how long do they offer zero spreads?’

From our testing, Pepperstone offers zero-spread trading 100% of the time on its Razor account across the 6 major currency pairs. Only City Index could compete with that, also offering zero-pip spreads 100% of the time.

The reason for this is likely Pepperstone’s no-dealing desk (NDD) and straight-through-processing (STP) technology combined with its diverse mix of more than 22 liquidity providers, ensuring its spread quotes are sourced directly from liquidity providers without interference from a market maker.

Competitive Raw Spreads

While Pepperstone offers both a Standard (commission-free) and Razor (commission-based) account, you’ll obtain the lowest spreads with Pepperstone Razor account.

With the Razor account, the broker offers MetaTrader 4, MetaTrader 5 and cTrader platforms, but you’ll have the lowest trading costs if you choose cTrader, with commissions of USD $6 per round-turn trade, compared with the $7 round-turn with MT4 and MT5.

Alongside these cheaper commissions, we found Pepperstone offers competitive average spreads of 0.1 pips for the EUR/USD pair, which compares favourably with other top brokers as shown by the module below.

Pepperstone Razor Spreads Compared	EUR/USD AUD/USD EUR/GBP GBP/USD USD/SGD AUD/JPY EUR/JPY USD/JPY USD/CAD	EUR/USD AUD/USD EUR/GBP GBP/USD USD/SGD AUD/JPY EUR/JPY USD/JPY USD/CAD	EUR/USD AUD/USD EUR/GBP GBP/USD USD/SGD AUD/JPY EUR/JPY USD/JPY USD/CAD	EUR/USD AUD/USD EUR/GBP GBP/USD USD/SGD AUD/JPY EUR/JPY USD/JPY USD/CAD	EUR/USD AUD/USD EUR/GBP GBP/USD USD/SGD AUD/JPY EUR/JPY USD/JPY USD/CAD
	0.10	0.20	0.40	0.60	2.40
	0.10	0.20	0.30	0.30	1.40
	0.20	0.20	0.40	0.50	1.50
	0.44	0.42	0.40	0.85	1.30
	0.17	0.30	0.54	0.59	N/A
	0.20	0.40	0.50	0.60	10.00
	0.10	0.50	0.60	0.60	1.30
	n/a	0.50	0.60	0.20	3.10
	0.44	1.23	1.13	1.08	1.85

Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024

Fast Order Execution

Fast execution speeds will lower your chance of slippage from trading, meaning you will lower lowering your overall trading costs as a result. The good news is Pepperstone had some of the fastest execution speeds we’ve measured.

From our testing, Pepperstone achieved average speeds of 79ms for limit orders and 100ms for market orders, putting it as the third fastest broker overall, just behind BlackBull Markets and Fusion Markets.

With Pepperstone’s fast execution speeds, zero pip spreads and competitive Raw pricing, we recommend the broker for scalpers and clients who employ automated trading strategies.

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Like Pepperstone, FP Markets consistently offers zero spreads on major forex markets. In fact, the broker maintained 0.0 pips on EUR/USD 97.83% of the time in our testing, above the industry average of 94%. This is especially beneficial for scalping because the absence of spreads can lower your trading costs and increase potential profits from small price movements.

You can take full advantage of this with the MetaTrader 4 platform, known for its user-friendly interface and advanced trading tools.

Not only a globally recognised broker with over 40 industry awards and over 16 years of trading experience, FP Markets offers the top zero spread account for scalpers. From our analysis, the broker achieves this through a low minimum deposit, competitive RAW spreads and fast market execution speeds.

Top Zero Spread Account

FP Markets offers one of the top zero spread accounts from our testing, achieving zero pips 97.83% of the time for the 6 USD-backed forex pairs, putting it equal third alongside Eightcap, IC Markets and TMGM.

Competitive RAW Spreads

From our analysis, FP Markets offers some of the most competitive spreads for an ASIC-regulated broker. For its Raw account, we found that the broker averages spreads of 0.22 pips for the 5 most traded currency pairs, putting it as the 4th best Australian foreign exchange broker overall. Only IC Markets, Fusion Markets and ThinkMarkets had more competitive spreads.

The reason FP Markets can offer such competitive RAW spreads is they are streamed directly from a wide network of 12 top-tier liquidity providers that include Barclays, Citibank, Goldman Sachs, Credit Suisse and HSBC.

Fast Execution Speeds

To back up its zero pip spread and competitive RAW spreads, FP Markets has fast market execution speeds to boot. From our testing, FP Markets achieved market execution speeds of 96ms, putting it as the fourth fastest broker overall behind BlackBull Markets, Fusion Markets and Hugo’s Way.

The reason behind FP Markets’ fast execution speeds is mainly due to its MT4 server being located at the Equinix NY4 data centre, resulting in ultra-low latency. Lower latency means you’ll get as close to your price at the point of execution on your trades which results in less slippage.

Raw pricing combined with reliable order execution proved the perfect conditions for us when we were employing scalping strategies and high-frequency trades.

We recommend ThinkMarkets as a zero-pip broker with a VPS service, which is excellent if you need uninterrupted, round-the-clock trading for your automated strategies. ThinkMarkets stands out with its ThinkZero account, offering average RAW spreads of 0.1 pips on EUR/USD.

Additionally, its VPS service lets you trade 24/7 using expert advisors on MT4. Allowing you to keep your trades running, even when you’re not online, ensuring you don’t miss any opportunities.

ThinkMarkets is our top pick for the brokerage offering zero pip spreads coupled with ECN execution. From our testing, the broker offers ultra-competitive RAW spreads and quotes 0-pip spreads 95% of the time.

0 Pips Spreads With ECN Pricing

ThinkMarkets’ ECN account (ThinkZero) features ultra-low spreads from 0.0 pips with commissions of $3.50 per side. From our zero-pip spread testing, the broker keeps its spreads to their minimum 94.33% of the time, including 100% for EUR/USD, the most popular forex pair.

This puts ThinkMarkets in the top 5 from our testing, and only one of four brokers (behind Pepperstone, City Index and Fusion Markets) that offers zero pip spreads over 90% of the time for all 6 major currency pairs.

Competitive Raw Spreads

ThinkMarkets’ ThinkZero trading account gives you access to ECN pricing on two platforms – MetaTrader 4 and MetaTrader 5. The broker also offers its own platform, ThinkTrader, but this is only available on its Standard account.

With ThinkMarkets’ large pool of liquidity providers, the broker can offer lower spreads on Forex pairs. From our analysis, we found ThinkMarkets had average spreads of 0.20 pips for the 5 most traded currency pairs.

This put ThinkMarkets as having the 4th most competitive Raw spreads behind Tickmill, IC Markets and Fusion Markets.

Additional ThinkZero Benefits

Signing up for ThinkMarkets’ ThinkZero account also gives you additional benefits including a free VPS service, 24/7 customer support and an account manager. From our testing, we found these benefits made our trading experience smoother and hassle-free.

We like Fusion Markets for its unbeatable combination of zero pip spreads and low commissions, making them an excellent choice if you want a low-cost broker. Fusion Markets stands out with the lowest commission we’ve seen, just $2.25 per lot traded, saving you over $1 per lot compared to its competitors.

Fusion Markets offers low-cost trading and the flexibility to trade in various markets, including forex, indices, commodities, and stocks.

Zero Pip Spreads Findings

From our zero pip spread testing, Fusion Markets achieved zero pip spreads 98.55% of the time, which put it at number 2 on our list, just behind Pepperstone and City Index (at 100% each). This included 100% minimum spreads for 5 of the 6 major USD-backed forex pairs.

Low Commissions and Competitive Raw Spreads

Alongside Fusion Markets’ zero pip spreads, the broker’s zero spread account (Zero Account) offers the lowest forex commissions for an Australian-regulated broker at A$2.25 per trade ($4.50 per round turn). From our analysis, the next nearest competitive is CMC Markets at A$2.50 per trade, while the industry average is $3.50 per trade.

To lower your trading costs further, we found Fusion Markets also has the lowest average Raw account spreads of any broker we tested. The broker averaged spreads of 0.22 pips for the 6 major currency pairs for its Zero account, the next nearest being City Index at 0.25 pips.

We found the combination of low commissions and tight spreads ensure Fusion Markets had some of the lowest trading costs of any 0 pip spread broker we’ve traded with.

Fast Execution Speeds

To complement its low trading costs, Fusion Markets also had the 2nd fastest execution speeds of any broker we’ve tested. The broker achieved average execution speeds of 79ms for limit orders and 77ms for market orders.

Only BlackBull Markets achieved faster limit order speeds of 72ms but no other broker achieved under 90ms for both limit and market orders like Fusion Markets did. Having such fast execution speeds ensured our slippage was minimised while trading with Fusion Markets.

IC Markets has some of the tightest average spreads we’ve tested, averaging just 0.17 pips across the top 5 major pairs – the lowest we’ve seen. Along with these tight spreads, you can enjoy fast execution speeds on the MetaTrader 5 platform.

The MetaTrader 5 platform pairs well with IC Markets as the platform comes with a range of trading tools and features, like Direct Market Access, which lets you see market orders to trade from, which is excellent for spotting liquidity.

Founded in 2007, Australia-based IC Markets is one of the largest Forex brokers by trading volume worldwide, which grants its clients access to deep interbank liquidity and low latency connectivity via a range of powerful trading platforms (MetaTrader 4, MetaTrader 5 and cTrader).

Low Zero Pip Spreads With MT4

IC Markets has some of the lowest spreads with the MT4 trading platform that we’ve tested. For its Raw account, we found IC Markets averaged 0.32 pips on MT4 across the 6 major currency pairs. This put the broker 3rd overall, just behind Fusion Markets (0.22 pips) and City Index (0.25 pips).

IC Markets also had the lowest spreads we tested on MT4 for its Standard account, averaging 1.03 pips across the USD major pairs. The reason for these low spreads is largely due to having access to institutional-grade pricing, aggregated from the broker’s pool of 25 top-tier liquidity providers.

The combination of low spreads across both its account types, ensured IC Markets kept its trading costs low while we traded with them using MT4.

Zero Pip Testing Results

For our zero pip testing, IC Markets also stacked up well, achieving zero pip spreads 97.83% of the time, only dropping below 100% for the USD/CHF pair. This put it 3rd overall, behind Pepperstone, City Index and Fusion Markets.

Other MT4 RAW Account Features

Other key advantages of IC Markets’ MT4 Raw Spread Account that stood out to us include:

• Clients can hedge positions because of no “first in first out” rule with IC Markets
• Access to 64 currency pairs and CFDs on 15 major Stock Indices
• Access to 20 advanced trading tools, previously not available on MT4

GO Markets has some of the best educational resources, ideal if you’re keen on learning and improving your trading skills. The broker has a suite of educational materials, including a free weekly webinar covering a wide range of trading topics covering fundamental and technical analysis.

GO Markets offers solid average RAW spreads of just 0.2 pips on EUR/USD (below the industry average of 0.22 pips) and a competitive commission of $3.00 per lot traded.

Zero Pip Spreads And $3.00 Commissions

GO Markets is a top choice that combines zero pip spreads with very competitive commission-based pricing of $3.0 per standard lot.

While our zero pip spread testing had GO Markets averaging zero pips 87.68% of the time on its GO+ Account (the lowest on this list), the broker also boasts the 3rd cheapest commissions of A$3 per standard lot.

Only Fusion Markets ($2.25), CMC Markets and Fair Markets (both $2.50) offered cheaper commissions.

Competitive RAW Spreads

The trading conditions we experienced when testing GO Markets’s ECN Account (GO+), with the broker averaging spreads of 0.28 pips for the 5 most traded currency pairs, well below the tested average of 0.44 pips.

Combining the broker’s low spreads with cheap commissions of $3 per lot, ensured we kept our trading costs low while trading with GO Markets.

Other Advantages of GO Markets

Alongside its low commissions and competitive Raw spreads, GO Markets offers one of our favourite platform ranges, including MT4, MT5, cTrader and its own GO Webtrader.

We particularly enjoyed the Genesis upgrade to the MetaTrader platforms, which are a series of Expert Advisors (EAs) which can be easily applied to your live MetaTrader trading account with a few clicks.

Admirals offers a decent range of over 8,000 markets to trade, plus you can choose multiple trading platforms, including MT4 and MT5.

Good customer service adds to the overall positive experience, ensuring you have support when you need it. And importantly, its low trading costs, including zero spreads, mean you can trade at lower fees.

Zero Spread Trading With MT5

For traders that prefer the MetaTrader 5 (MT5) platform, Admirals offer competitive pricing on their MT5 zero spread account.

Our testing highlighted that Admirals achieved zero pip spreads 95.65% of the time, the 4th best tested zero pip spreads overall. You can trade these low spreads using the broker’s Zero.MT5 account.

Good Range of MT5 Account Types

Where Admirals stands out for us is in its range of MT5 accounts, that no other broker offers. You can either choose the Trade, Invest or Zero MT5 accounts, which all have different benefits. Trade.MT5 is the broker’s commission-free account, Invest.MT5 offers over 4500 stocks to trade and Zero.MT5 is the broker’s zero pip (commission-based) account.

Spreads-wise, from our testing Admiral Markets achieved average spreads of 0.1 pips for EUR/USD, which rivals other top brokers like Pepperstone and FP Markets.

If you choose to fund your account in USD, your commissions will be cheaper at $3 per standard lot, compared to the industry average of $3.50. As a high-volume trader, you can lower your commission rates further to A$2.50 per standard lot, as seen from the table below.

Other benefits you’ll enjoy with Admirals MT5 account include negative balance protection and the MetaTrader Supreme Edition, which is a range of advanced tools for MT5.

Our personal favourite is Trading Central’s Forex Featured Ideas indicator, which delivers a universe of unbiased, intraday trading ideas detected by Trading Central’s award-winning technical analysis pattern recognition.