Blocktechpro research · 2026 benchmark
2026 Retail Forex & Gold Trading Cost Report: Spread, Commission & Net Cost Benchmarks
What does one standard lot of EUR/USD or gold really cost at 5 major MT4/MT5 brokers? We took every published commission and spread figure from the brokers' own pages (or a named review where the official page could not be opened), applied one set of benchmark spreads to all of them, and turned the result into cost per lot, per month and per year. The tables are free to quote and embed.
By Blocktechpro Editorial Team · Published 2026-10-28 · Broker fees last checked 2026-10-18 · Market data checked 2026-10-28. Looking for every account's commission with its break-even spread? See the Forex Trading Cost Index.
Key findings at a glance
1. Raw / Zero commission per standard lot, round turn
$6.00–$7.00
Lowest listed: Vantage Markets Raw ECN. Standard accounts at all 5 brokers charge no commission and price the cost into a wider spread.
2. EUR/USD all-in cost per lot, Standard vs Raw / Zero
$12.00 vs $8.00–$9.00
Raw / Zero is $3.00–$4.00 (25%–33%) cheaper per lot at our benchmark spreads; commission is 75%–78% of the Raw cost.
3. Gold (XAU/USD) all-in cost per lot, Standard vs Raw / Zero
$30.00 vs $21.00–$22.00
$8.00–$9.00 saved per lot; on gold the spread dominates and commission is only 29%–32% of the Raw cost.
4. Saved a year by a 200-lot-a-month EUR/USD scalper
$7,200–$9,600
Switching from Standard to Raw / Zero on 2,400 lots a year; $19,200–$21,600 on the same volume of gold.
5. Global FX turnover per day, April 2025 (BIS)
$9.6 trillion
Up 28% from $7.5 trillion in 2022. EUR/USD is the most traded pair at 20.7% of turnover.
Cost figures use the same benchmark spreads for every broker (Standard 1.2 pips, Raw 0.2 pips on EUR/USD; 3 and 1.5 pips on gold), so differences between brokers come from commission only. They are not quoted spreads.
Table 1: EUR/USD & Gold (XAU/USD) net cost per standard lot across 5 brokers
All-in cost = benchmark spread × $10 per pip + round-turn commission. "Spread from" is the minimum the broker states for the account; "Not stated" means the page we opened gave no figure.
| Broker | Account type | Spread from (stated) / benchmark EUR/USD | Round-turn commission ($/lot) | EUR/USD all-in ($/lot) | XAU/USD all-in ($/lot) | Primary regulators |
|---|---|---|---|---|---|---|
| Exness | StandardStandard, no commission | 0.2 pipsbenchmark 1.2 pips | $0.00 | $12.00 | $30.00 | FSA (Seychelles), FSCA (South Africa), FSC (British Virgin Islands), FSC (Mauritius) +4 more |
| Exness | Raw SpreadRaw / ECN / Zero | 0.0 pipsbenchmark 0.2 pips | $7.00Up to $3.50 each side per lot; round turn is our arithmetic ($3.50 x 2). | $9.00 | $22.00 | FSA (Seychelles), FSCA (South Africa), FSC (British Virgin Islands), FSC (Mauritius) +4 more |
| Markets4you | StandardStandard, no commission | 0.9 pipsbenchmark 1.2 pips | $0.00No commission. | $12.00 | $30.00 | FSC (British Virgin Islands), FSC (Mauritius) |
| Markets4you | ProRaw / ECN / Zero | 0.1 pipsbenchmark 0.2 pips | $7.00$3.50 per side (per lot is our reading); round turn is our arithmetic ($3.50 x 2). | $9.00 | $22.00 | FSC (British Virgin Islands), FSC (Mauritius) |
| IC Markets | StandardStandard, no commission | 0.8 pipsbenchmark 1.2 pips | $0.00 | $12.00 | $30.00 | FSA (Seychelles), CySEC (Cyprus), ASIC (Australia), CMA (Kenya) +1 more |
| IC Markets | Raw Spread (MetaTrader)Raw / ECN / Zero | 0.0 pipsbenchmark 0.2 pips | $7.00$3.50 per lot per side ($7.00 round turn), as stated on the page. | $9.00 | $22.00 | FSA (Seychelles), CySEC (Cyprus), ASIC (Australia), CMA (Kenya) +1 more |
| XM | Standard / Ultra LowStandard, no commission | Not statedbenchmark 1.2 pips | $0.00No commission (spread only). | $12.00 | $30.00 | FSC (Belize), CySEC (Cyprus (EEA)), DFSA (Dubai), FSCA (South Africa) +2 more |
| XM | ZeroRaw / ECN / Zero | Not statedbenchmark 0.2 pips | $7.00$3.50 per side per lot; round turn is our arithmetic ($3.50 x 2). | $9.00 | $22.00 | FSC (Belize), CySEC (Cyprus (EEA)), DFSA (Dubai), FSCA (South Africa) +2 more |
| Vantage Markets | Standard STPStandard, no commission | Not statedbenchmark 1.2 pips | $0.00No commission, wider spreads. | $12.00 | $30.00 | ASIC (Australia), FCA (United Kingdom), FSCA (South Africa), CIMA (Cayman Islands) +2 more |
| Vantage Markets | Raw ECNRaw / ECN / Zero | Not statedbenchmark 0.2 pips | $6.00From $3.00 per side per lot, in the account's base currency; round turn is our arithmetic ($3.00 x 2). | $8.00 | $21.00 | ASIC (Australia), FCA (United Kingdom), FSCA (South Africa), CIMA (Cayman Islands) +2 more |
One pip is worth $10 per standard lot on EUR/USD (0.0001 on 100,000 units) and on XAU/USD ($0.10 on 100 oz). Swaps are not included. Regulators are the group's licences; the entity you sign up with depends on your country. * Professional clients only. Sources for each row: Exness Standard accounts page, Exness Professional accounts page, FXLeaders: Markets4You (Forex4You) review, IC Markets (IC) account overview, IC Markets EU account overview, ForexBrokers.com: XM review, Vantage Help Center: Standard STP vs Raw ECN, Vantage Help Center: commission fees.
Table 2: Annual trading cost by trader volume profile
Cost over 1 month and 12 months for three volume profiles, and the annual cost saved by moving from a Standard account to a Raw / ECN / Zero account. Raw accounts are grouped by commission, the only input that differs between brokers here.
| Trader profile | Raw / Zero account | Standard / month | Raw / month | Standard / 12 months | Raw / 12 months | Annual cost saved |
|---|---|---|---|---|---|---|
| Casual Swing Trader10 lots / month · 120 lots / year | $6.00 commissionVantage Markets Raw ECN | $120 | $80 | $1,440 | $960 | $480 |
| $7.00 commissionExness Raw Spread, Markets4you Pro, IC Markets Raw Spread (MetaTrader), XM Zero | $120 | $90 | $1,440 | $1,080 | $360 | |
| Active Day Trader50 lots / month · 600 lots / year | $6.00 commissionVantage Markets Raw ECN | $600 | $400 | $7,200 | $4,800 | $2,400 |
| $7.00 commissionExness Raw Spread, Markets4you Pro, IC Markets Raw Spread (MetaTrader), XM Zero | $600 | $450 | $7,200 | $5,400 | $1,800 | |
| High-Volume Scalper / EA Trader200 lots / month · 2,400 lots / year | $6.00 commissionVantage Markets Raw ECN | $2,400 | $1,600 | $28,800 | $19,200 | $9,600 |
| $7.00 commissionExness Raw Spread, Markets4you Pro, IC Markets Raw Spread (MetaTrader), XM Zero | $2,400 | $1,800 | $28,800 | $21,600 | $7,200 |
| Trader profile | Raw / Zero account | Standard / month | Raw / month | Standard / 12 months | Raw / 12 months | Annual cost saved |
|---|---|---|---|---|---|---|
| Casual Swing Trader10 lots / month · 120 lots / year | $6.00 commissionVantage Markets Raw ECN | $300 | $210 | $3,600 | $2,520 | $1,080 |
| $7.00 commissionExness Raw Spread, Markets4you Pro, IC Markets Raw Spread (MetaTrader), XM Zero | $300 | $220 | $3,600 | $2,640 | $960 | |
| Active Day Trader50 lots / month · 600 lots / year | $6.00 commissionVantage Markets Raw ECN | $1,500 | $1,050 | $18,000 | $12,600 | $5,400 |
| $7.00 commissionExness Raw Spread, Markets4you Pro, IC Markets Raw Spread (MetaTrader), XM Zero | $1,500 | $1,100 | $18,000 | $13,200 | $4,800 | |
| High-Volume Scalper / EA Trader200 lots / month · 2,400 lots / year | $6.00 commissionVantage Markets Raw ECN | $6,000 | $4,200 | $72,000 | $50,400 | $21,600 |
| $7.00 commissionExness Raw Spread, Markets4you Pro, IC Markets Raw Spread (MetaTrader), XM Zero | $6,000 | $4,400 | $72,000 | $52,800 | $19,200 |
Our arithmetic at the benchmark spreads; swaps and slippage are not included. Run your own numbers in the trading cost calculator.
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Table 3: Global FX market context and major pair turnover share
The Bank for International Settlements (BIS) Triennial Central Bank Survey measured OTC foreign exchange turnover at $9.6 trillion per day in April 2025, up 28% from $7.5 trillion in April 2022. The detailed tables put the total at $9.51 trillion. Pair turnover below is from those tables.
| Rank | Currency pair | Daily turnover, April 2025 | Share of global FX turnover |
|---|---|---|---|
| – | All currency pairs | $9,510 bn | 100% |
| 1 | EUR/USD | $1,970 bn | 20.7% |
| 2 | USD/JPY | $1,370 bn | 14.4% |
| 3 | USD/CNY | $781 bn | 8.2% |
| 4 | GBP/USD | $715 bn | 7.5% |
| 5 | USD/CAD | $492 bn | 5.2% |
| 6 | AUD/USD | $467 bn | 4.9% |
| 7 | USD/CHF | $455 bn | 4.8% |
Net-net basis, daily averages in April 2025. Shares are our arithmetic (pair turnover ÷ total) from the BIS detailed tables; the BIS September 2025 release, based on the $9.6 trillion preliminary total, gave USD/CNY 8.1% and USD/CHF 4.9%. Each trade involves two currencies, so pair shares do not add up to 100%. Sources: BIS press release, 30 September 2025, BIS: OTC foreign exchange turnover in April 2025, BIS 2025 Triennial Survey, detailed tables (Tables 1 and 3).
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<table style="border-collapse:collapse;font-family:Arial,sans-serif;font-size:14px;"> <caption style="text-align:left;font-weight:bold;padding:6px 0;">Net trading cost per standard lot, 5 MT4/MT5 brokers (2026)</caption> <tr><th style="border:1px solid #cbd5e1;padding:6px 8px;background:#f1f5f9;text-align:left;">Broker</th><th style="border:1px solid #cbd5e1;padding:6px 8px;background:#f1f5f9;text-align:left;">Account</th><th style="border:1px solid #cbd5e1;padding:6px 8px;background:#f1f5f9;text-align:left;">Round-turn commission</th><th style="border:1px solid #cbd5e1;padding:6px 8px;background:#f1f5f9;text-align:left;">EUR/USD cost / lot</th><th style="border:1px solid #cbd5e1;padding:6px 8px;background:#f1f5f9;text-align:left;">XAU/USD cost / lot</th></tr> <tr><td style="border:1px solid #cbd5e1;padding:6px 8px;">Exness</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">Standard</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$0.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$12.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$30.00</td></tr> <tr><td style="border:1px solid #cbd5e1;padding:6px 8px;">Exness</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">Raw Spread</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$7.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$9.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$22.00</td></tr> <tr><td style="border:1px solid #cbd5e1;padding:6px 8px;">Markets4you</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">Standard</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$0.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$12.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$30.00</td></tr> <tr><td style="border:1px solid #cbd5e1;padding:6px 8px;">Markets4you</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">Pro</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$7.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$9.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$22.00</td></tr> <tr><td style="border:1px solid #cbd5e1;padding:6px 8px;">IC Markets</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">Standard</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$0.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$12.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$30.00</td></tr> <tr><td style="border:1px solid #cbd5e1;padding:6px 8px;">IC Markets</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">Raw Spread (MetaTrader)</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$7.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$9.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$22.00</td></tr> <tr><td style="border:1px solid #cbd5e1;padding:6px 8px;">XM</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">Standard / Ultra Low</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$0.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$12.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$30.00</td></tr> <tr><td style="border:1px solid #cbd5e1;padding:6px 8px;">XM</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">Zero</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$7.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$9.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$22.00</td></tr> <tr><td style="border:1px solid #cbd5e1;padding:6px 8px;">Vantage Markets</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">Standard STP</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$0.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$12.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$30.00</td></tr> <tr><td style="border:1px solid #cbd5e1;padding:6px 8px;">Vantage Markets</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">Raw ECN</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$6.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$8.00</td><td style="border:1px solid #cbd5e1;padding:6px 8px;">$21.00</td></tr> </table> <p style="font-size:12px;">Spread + commission per standard lot at benchmark spreads (Standard 1.2 / Raw 0.2 pips EUR/USD, 3 / 1.5 pips gold). Real spreads float.</p> <p style="font-size:12px;">Source: <a href="https://blocktechpro.com/forex-trading-cost-report-2026">Blocktechpro 2026 Forex & Gold Trading Cost Report</a></p>
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| Broker | Account | Round-turn commission | EUR/USD cost / lot | XAU/USD cost / lot | |---|---|---|---|---| | Exness | Standard | $0.00 | $12.00 | $30.00 | | Exness | Raw Spread | $7.00 | $9.00 | $22.00 | | Markets4you | Standard | $0.00 | $12.00 | $30.00 | | Markets4you | Pro | $7.00 | $9.00 | $22.00 | | IC Markets | Standard | $0.00 | $12.00 | $30.00 | | IC Markets | Raw Spread (MetaTrader) | $7.00 | $9.00 | $22.00 | | XM | Standard / Ultra Low | $0.00 | $12.00 | $30.00 | | XM | Zero | $7.00 | $9.00 | $22.00 | | Vantage Markets | Standard STP | $0.00 | $12.00 | $30.00 | | Vantage Markets | Raw ECN | $6.00 | $8.00 | $21.00 | Spread + commission per standard lot at benchmark spreads (Standard 1.2 / Raw 0.2 pips EUR/USD, 3 / 1.5 pips gold). Real spreads float. Source: [Blocktechpro 2026 Forex & Gold Trading Cost Report](https://blocktechpro.com/forex-trading-cost-report-2026)
Prefer raw data? Download the CSV (every row with its source URL and check date).
Methodology
- Brokers: the 5 MT4/MT5 brokers we cover (Exness, Markets4you, IC Markets, XM, Vantage Markets), one Standard and one Raw / ECN / Zero account each.
- Commission: copied from each broker's page (or the named review where the official page could not be opened), with "from" and "up to" kept. Round turn = per side × 2 where the broker quotes per side.
- Spread: brokers publish minimum ("from") spreads, not typical ones, and live spreads float. To compare like for like we apply the same benchmark spreads to every broker. Your own cost depends on the spread you get at the hours you trade.
- Not included: swaps, slippage, deposit or withdrawal fees and currency conversion.
- We re-check broker figures each quarter. See how we check figures.
Frequently asked questions
What is the average trading cost per lot on EUR/USD?
At our benchmark spreads, one standard lot of EUR/USD costs $12.00 on a no-commission Standard account (1.2 pips × $10) and $8.00–$9.00 on a Raw / Zero account (0.2 pips plus $6.00–$7.00 round-turn commission) at the 5 brokers in this report. Real spreads float, so check yours in the platform.
How much does it cost to trade 1 lot of gold (XAU/USD)?
With a 3-pip spread on a Standard account, 1 lot of gold (100 oz, $10 per $0.10 pip) costs $30.00. On a Raw / Zero account with a 1.5-pip spread plus commission it costs $21.00–$22.00. Gold spreads widen around news and the daily rollover.
Is a Raw / ECN account cheaper than a Standard account?
Only when the Standard spread is wider than the Raw spread by more than the round-turn commission divided by $10, which is 0.6–0.7 pips at these brokers. At our benchmark spreads the gap is 1.0 pips on EUR/USD, so Raw is cheaper.
How big is the global forex market?
The BIS 2025 Triennial Survey put OTC foreign exchange turnover at $9.6 trillion per day in April 2025, up 28% from $7.5 trillion in April 2022. EUR/USD is the most traded currency pair.
Work out your own numbers
The Forex Trading Cost Index lists each account's commission per side with the break-even spread gap; the Forex Guides explain each cost step by step. Free calculators: