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Raw Spread & ECN Brokers

Low-cost brokers with raw spreads plus commission, built for active traders, scalpers and expert advisors.

11 reviews

01

Pepperstone Group

Razor is the account most active traders should open: spreads from 0.0 pips on majors plus a flat $3.50 per lot per side commission beat Standard's 1.0 pip floor once a trader is placing more than a handful of trades a week. Pepperstone charges nothing for deposits or withdrawals and settled every one of ours within a day.

Best for Active traders who place enough volume that a per lot commission beats a wider all-in spread

Razor spread, EUR/USD
From 0.0 pips
Minimum deposit
$10 via most methods, none via bank transfer
Razor commission
$3.50 per lot per side (margin FX and Spot Gold)
8.4Read review
02

First Prudential Markets

FP Markets holds its own against IC Markets and Pepperstone on the number that matters most, the Raw account's all-in EUR/USD cost, and beats both on platform choice by adding the Iress suite for shares alongside MT4, MT5 and cTrader. It is not the cheapest of the three on every pair, and the AU$100 minimum sits above IC Markets' US$200 only in nominal currency terms. Traders who want raw spreads plus a genuine equities platform have a real reason to pick FP Markets over its two closest rivals.

Best for ECN traders who also want a proper share-trading platform alongside MT4, MT5 or cTrader

Raw account EUR/USD spread (tested)
0.1 to 0.3 pips average
Minimum deposit
AU$100
Max leverage
Up to 500:1 depending on entity and instrument
8.1Read review
03

Tickmill Group

Tickmill's Raw account remains one of the cheapest ways to run volume on MT4 or MT5, at roughly $6 round turn per standard lot plus a spread that regularly touches the low tenths of a pip. It is a better account today for a $500 to $50,000 trader than it was for the trader who used to qualify for the discontinued VIP tier, since that group lost its $1-per-side pricing when Tickmill folded VIP into Raw during 2025.

Best for MT4 and MT5 traders running enough volume to make a fixed per-lot commission cheaper than a wider all-in spread

Raw account spread
From 0.0 pips, averaging close to 0.1 pips on EUR/USD
Minimum deposit (Raw)
$100
Leverage
Up to 1:1000, entity dependent
8.0Read review
04

Global Prime

Global Prime's trade receipts are the real differentiator, not a marketing phrase. Every filled order generated a receipt naming the liquidity provider, latency and slippage, detail most brokers on this list do not hand a retail client. Raw pricing came in at 0.0 pips plus a $3.5 commission per side, in line with the ECN mid-market rather than the cheapest available. The AFCA-backed ASIC entity covers Australian clients properly, but the Vanuatu entity carries no compensation scheme by Global Prime's own disclosure, so a non-Australian client trades the transparency upgrade for a lighter regulatory net.

Best for Traders who want to verify exactly how each order was filled, and who accept Vanuatu-tier oversight outside Australia

Minimum deposit
$0
Raw account pricing
0.0 pips plus $3.5 commission per side
Standard account pricing
Spreads from 0.9 pips, no separate commission
8.0Read review
05

AxiCorp

Axi's Pro account charges a $7 round-turn commission on EUR/USD spreads averaging around 0.4 to 0.7 pips, cheaper than its own Standard account once a trader clears a handful of trades a month, and there is no minimum deposit to open either one. Axi Select adds a second reason to stay: a funded account starting at $500 that scales through six stages toward $1 million in allocated capital, with a profit share that improves at higher stages. Regulation runs from ASIC in Australia down to the FSA in St Vincent and the Grenadines depending on the entity, so the protection behind an Axi account is not the same for every trader who opens one.

Best for Active traders who want a low-cost Pro account and a real path into a funded account at the same broker

Pro account spread, EUR/USD
From 0.0 pips, averaging roughly 0.4-0.7 pips
Minimum deposit
$0 for Standard and Pro accounts
Pro account commission
$3.50 per side, $7 round turn per standard lot
7.8Read review
06

Fusion Markets

Fusion Markets delivers on its central claim: $2.25 per side is genuinely cheaper than the $3.50 most ECN rivals charge, and our own EUR/USD fills stayed close to the advertised near-zero spread through a month of live trading. What buyers give up for that price is tier one oversight; the Australian ASIC licence covers only part of the client base, and most retail accounts sit under Vanuatu or Seychelles paper instead. That trade is reasonable for an experienced trader chasing cost per lot, and a poor fit for anyone whose main requirement is FCA- or ASIC-grade protection on every dollar deposited.

Best for Cost-focused traders who already understand offshore regulatory tiers and want the cheapest commission available

Independent EUR/USD test
Average total cost around 0.09 pips (spread plus commission) in third-party testing
Minimum deposit
None stated on any account
Zero account cost
From 0.0 pips plus $2.25 commission per side ($4.50 round turn)
7.6Read review
07

Eightcap

Eightcap's Raw account, spreads near 0.2 pips on EUR/USD plus a $7 round-turn commission, undercuts its own commission-free Standard account once a trader places more than a handful of trades a week, and the $100 minimum deposit keeps that door open to almost anyone. The TradingView link is real and genuinely useful for charting, but it is not a full execution replacement for MT4, MT5 or TradeLocker, and UK and EU clients get a different platform list than everyone else. Regulation runs from ASIC and the FCA down to the Bahamas SCB depending on which entity signs you up, so the protection behind an Eightcap account depends on where you open it.

Best for TradingView chart traders who want raw spreads and will check which entity holds their account

Raw account spread, EUR/USD
From roughly 0.2 pips
Minimum deposit
$100 (or AUD/EUR/GBP/NZD/CAD/SGD equivalent)
Raw account commission
$3.50 per side, $7 round turn per standard lot
7.6Read review
08

ThinkMarkets Group

ThinkMarkets runs three account types: Standard and ThinkZero on MT4 or MT5, plus a third tier built around ThinkTrader, its own app with TradingView charting, a Traders' Gym backtester and a Signal Centre feeding up to 50 daily ideas. ThinkZero prices from 0.0 pips plus $3.50 per side, while the ThinkTrader account runs commission-free from around 0.4 pips, a fair trade for a trader who values the tools over the last fraction of a pip. Regulation spans the FCA, ASIC, CySEC, JFSA and FSCA, with a Seychelles entity elsewhere. ThinkTrader earns its place if the analysis tools actually get used, not just installed.

Best for Traders who want TradingView-style charting and built-in analysis tools without leaving their primary trading account

ThinkZero spread, EUR/USD
From 0.0 pips plus $3.50 per side commission
Minimum deposit
$0, Standard account
ThinkTrader account spread
From roughly 0.4 pips, commission-free
7.4Read review
09

GO Markets

GO Markets has held its ASIC licence, AFSL 254963, since 2006, a rare run of continuous regulation in a segment where offshore rebrands are common. GO Plus+ backs that history with a competitive raw-spread account: EUR/USD around 0.38 pips against a $5 round turn commission, landing close to $8.80 all-in, on par with better-known Australian ECN rivals rather than clearly cheaper. GO Markets sets no hard minimum deposit but recommends AU$200 for workable margin, and Australian clients get a wider platform choice, including cTrader and TradingView, than European or offshore clients limited to MT4 and MT5. It earns its place on cost and longevity, not by undercutting the market outright.

Best for Traders who value a two-decade unbroken ASIC track record as much as shaving the last fraction of a pip off spreads

GO Plus+ spread and commission, EUR/USD
Around 0.38 pips, $5 round turn per lot
Minimum deposit
No hard minimum; AU$200 recommended
Leverage, ASIC/CySEC retail
1:30 on FX majors, 1:20 on minors
7.3Read review
10

Vantage Markets

Vantage's Raw ECN account is genuinely cheap to open and competitive to trade, with EUR/USD averaging close to 0.13 pips plus a $3-per-side commission in our test. The catch sits in the entity structure: ASIC and FCA clients get strong oversight, but most international sign-ups land under the Vanuatu-registered entity, which offers none of that scrutiny, so the $50 minimum deposit buys a different broker depending on where the account is opened.

Best for Cost-conscious ECN traders based in Australia or the UK who land under Vantage's strongest regulatory entities

Raw ECN spread
From 0.0 pips, averaging around 0.13 pips on EUR/USD
Minimum deposit (Raw ECN)
$50 (or 400 HKD / 5,000 JPY equivalent)
Leverage
Up to 1:500, entity dependent
7.2Read review
11

TradeMax Global Markets

TMGM's Edge account opens from $100 and charges roughly 0.20 pips on EUR/USD plus a $7 round turn commission, a fair raw spread price and one backed by a genuine ASIC licence through Trademax Australia Limited. It is not, however, the cheaper alternative its marketing implies: IC Markets' Raw account routinely prices EUR/USD closer to 0.1 pips for the same $7 commission, so a trader moving from IC Markets or Pepperstone to TMGM for cost reasons alone will not see a clear saving. Where TMGM earns its place is as a second ASIC-regulated ECN option running the same MT4 and MT5 platforms traders already know, useful for spreading exposure across brokers rather than switching to save money.

Best for ECN traders who want a second ASIC-regulated broker on familiar MT4/MT5 terms rather than the single cheapest spread

Edge spread and commission, EUR/USD
Around 0.20 pips, $7 round turn per lot
Minimum deposit, Edge and Classic
$100
Leverage, ASIC entity
Up to 1:30
6.8Read review