How I Measured
I opened live accounts with my own cash. Traded at least 10 lots per broker. Logged average spreads every hour during active sessions. No demo nonsense. No promotional spread data.1. Pepperstone — Avg 0.12 Pips During London
Raw spread: From 0.0 pips · Avg 0.12 pips (London), 0.18 pips (NY)Commission: $3.50/lot/side ($7 round-turn)
Total cost per lot: ~$8.20
Min deposit: $0 Pepperstone's Razor account stayed under 0.2 pips during peak hours. FCA and ASIC regulation gives me peace of mind. Execution was solid — no slippage beyond 0.1 pip in normal conditions.
2. IC Markets — Avg 9.2 Points (0.92 Pips)
Raw spread: From 0.0 pips · Avg 9.2 points testedCommission: $3.50/lot/side
Total cost per lot: High volume: ~$9.50
Min deposit: $200 IC Markets' raw spreads are genuinely tight on the Raw Spread account. Sub-40ms execution means you actually get the quoted spread. Commission's a bit higher than Pepperstone, but liquidity depth makes up for it.
3. Vantage — From 0.0 Pips Raw ECN
Raw spread: From 0.0 pipsCommission: $3/side ($6 round-turn) — lowest commission tested
Total cost per lot: ~$7.50
Min deposit: $50 Vantage's Raw ECN account has the lowest commission I found. Combine that with 0.0 pip spreads and you get the cheapest gold lot in this list. Their gold product lineup — 5 spot crosses, ETFs, mining shares — nobody else comes close.
4. Capital.com — From 0.30 Pts, Zero Commission
Spread: From 0.30 ptsCommission: 0%
Total cost per lot: ~$3.00–$5.00 (spread only)
Min deposit: $10 Zero commission sounds great. But wider spreads mean costs jump around with volatility. Quiet London sessions? Competitive. News events? Spread blows up. Best if you trade less often and want simple pricing.
5. CMC Markets — From 0.22 Pts, Spread-Only
Spread: From 0.22 ptsCommission: Spread-only (optional commission model available)
Total cost per lot: Spread varies
Min deposit: $0 CMC Markets has been around since 1989. Spread-only pricing means no separate commission, but the spread's wider than true ECN brokers. Consistent and transparent — you always know what you're paying.
Cost Comparison Per Gold Lot (Round-Turn)
| Broker | Account Type | Spread | Commission | Total (approx) |
|---|---|---|---|---|
| Vantage | Raw ECN | 0.0 pips | $6 | ~$7.50 |
| Pepperstone | Razor | 0.0–0.2 pips | $7 | ~$8.20 |
| IC Markets | Raw Spread | 0.0–0.9 pips | $7 | ~$9.50 |
| Capital.com | Standard | 0.30–0.50 pts | $0 | ~$3–5 |
| CMC Markets | Spread-only | 0.22+ pts | $0 | Spread-dependent |