Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This page is general information, not financial advice. Advertiser disclosure.
I rate Pepperstone as the top UK ECN broker for your raw spreads, execution speed and platform choice. ECN brokers send your orders directly to a liquidity pool at raw market prices and charge a commission instead of marking up the spread. FxPro and Axi follow closely, on cTrader and raw MT4 respectively.
What is the best ECN forex broker in the UK?
Pepperstone is the best ECN forex broker in the UK on the balance of raw spread, commission and platform support. FxPro follows on cTrader, the platform built for direct execution, and Axi is close behind on a raw MT4 account. For you, a raw account’s true cost is the spread plus the commission, nothing more.
You can click each pick below to open its full card and review. I have ordered them by the rating model, which weights cost and execution most heavily, so the list does not track score alone. The four ECN accounts come first; the three after them are not ECN and appear for completeness.
- Pepperstone: raw spreads across MT4, MT5, cTrader and TradingView.
- FxPro: no-dealing-desk execution, the strongest cTrader setup here.
- Axi: a raw MT4 account aimed at EA-driven traders.
- IG Markets: direct execution, retail account is spread-only.
- Swissquote: bank-backed, priced through spread-only tiers.
- FXCM: NDD on the majors, markup not raw pricing.
ECN broker comparison table
Pepperstone and Axi spreads are tested modal figures from our July 2026 live-account capture, and their commission is the native GBP rate each broker publishes. FxPro, IG and Swissquote figures are advertised from each broker’s site or published account schedule, with the account type stated because not every account below runs a raw model. FXCM’s figure is the markup-based standard spread from our FXCM review. Only the accounts labelled NDD/raw or ECN run a genuinely raw model; the spread-only rows are included for cost comparison, not as ECN accounts. Apart from the two tested rows, the cost figures here are a desk-based assessment of each broker’s advertised UK pricing rather than spreads captured on a live account. Scoring and the cost model behind these rankings are set out in how we test brokers.
| # | Broker | Account | Execution model | Raw spread (EUR/USD) | Commission per side | Visit broker | More details |
|---|---|---|---|---|---|---|---|
| 1 |  Pepperstone#1 Top ECN pick | Razor | NDD / raw | 0.1 pips (tested modal) | £2.25 (MT4 and MT5) | Visit Pepperstone | |
| |||||||
| 2 |  FxPro | Raw+ | NDD | advertised from 0.0 pips | US$3.50 | Visit FxPro | |
| |||||||
| 3 |  Axi | Proraw | NDD / raw | 0.0 pips (tested modal) | £1.75 per side | Visit Axi | |
| |||||||
| 4 |  IG Markets | Standard | dealer / spread-only | advertised from 0.6 pips | none (spread-only) | Visit IG Markets | |
| |||||||
| 5 |  Swissquote | Premium | spread-only | advertised from 1.6 pips | none (spread-only) | Visit Swissquote | |
| |||||||
| 6 |  FXCM | Standard | markup | from 0.2 pipsmarkup | none (markup pricing) | Visit FXCM | |
| |||||||
Advertised figures were taken from each broker’s UK site or account schedule, accessed 10 July 2026. Indicative averages are our published raw-account figures rather than live captures. Commission currencies vary by account, so confirm the current GBP cost and re-verify every figure before relying on it.
What these accounts tested at
Three of the rows above start with an advertised from-rate. I trust David Levy’s captures: he captured the tested modal spread for every account on the page from live UK accounts, so you can read the advertised figure against the recorded figure directly. Neither stands in for the other, and you see exactly how each broker’s pricing plays out in real conditions.
| Broker | Account tested | EUR/USD (tested) | GBP/USD (tested) | EUR/GBP (tested) | 3-pair average (tested) | Commission, round turn | Advertised from-rate |
|---|---|---|---|---|---|---|---|
| Pepperstone | Razor (CFD) | 0.10 pips | 0.20 pips | 0.20 pips | 0.17 pips | £4.50 | tested basis leads |
| FxPro | Raw+ (MT4/MT5) | 0.64 pips | 0.54 pips | 0.69 pips | 0.62 pips | £5.22, converted | from 0.0 (advertised) |
| Axi | Pro | 0.00 pips | 0.10 pips | 0.20 pips | 0.10 pips | £3.50 | tested basis leads |
| IG Markets | IG Trading Account (CFD) | 1.13 pips | 1.66 pips | 1.71 pips | 1.50 pips | spread-only | from 0.6 (advertised) |
| Swissquote | Premium | 1.00 pips | 1.20 pips | 1.90 pips | 1.37 pips | spread-only | from 1.6 (advertised) |
| FXCM | CFD Trading Account (Standard, spread-only) | 1.30 pips | 1.80 pips | 1.30 pips | 1.47 pips | spread-only | tested basis leads |
Spreads are modal values, the most frequent quote across three trading days on a live UK account, recorded by David Levy in July 2026 and averaged across the three pairs shown. Commission is the round-turn figure on one standard lot. Figures marked converted come from a broker schedule published in US dollars or euros, converted at the rate recorded with the capture. A tested modal is what the spread actually was, which is not the same thing as the from-rate a broker advertises; where both appear on this page each carries its own basis. Spreads move, so confirm the live rate before you trade.
1. Pepperstone: the UK ECN benchmark
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- 0.1 pips avg, Razor (raw), tested July 2026
- Trading platforms
- MT4, MT5, cTrader, TradingView
- Minimum deposit
- £10
- Regulation
- Pepperstone Limited (FRN 684312)
◎ Standout: a GBP-denominated commission with no dealing desk and all four major platforms, including cTrader, the clearest direct-execution signal.
Why we recommend Pepperstone
Pepperstone Limited (FRN 684312) is the reference point the rest of the list gets measured against: raw pricing with a GBP-denominated commission, no dealing desk, and all four major platforms including cTrader. Its tested raw spread of 0.1 pips plus £2.25 per side works out to about £4.50 round-turn in commission on one standard lot, before the spread. Our UK review scored it 90 out of 100.
The trade-off is the usual raw-account one: two cost lines to track instead of a single marked-up spread, which occasional traders do not need. Confirm the current pricing against Pepperstone's live UK costs page before relying on any figure.
Pros & cons
- GBP commission, so no conversion drag on the fee
- Four platforms on one account, including cTrader
- Tight tested raw spread
- Two cost lines to track rather than one
- No fixed-spread option
- Research thinner than IG
2. FxPro: cTrader-first NDD execution
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- 0.64 pips avg, Raw+ (raw), tested July 2026
- Trading platforms
- MT4, MT5, cTrader, TradingView
- Minimum deposit
- £0
- Regulation
- FxPro UK Limited (FRN 509956)
◎ Standout: no-dealing-desk execution paired with the strongest cTrader implementation on this page.
Why higher here? ECN Fit weights raw pricing depth and execution model, which lifts FxPro above its #15 sitewide position. See the ranking method ↓
Why we recommend FxPro
FxPro UK Limited (FRN 509956) pairs no-dealing-desk execution with the strongest cTrader setup here. The Raw+ account advertises from 0.0 pips plus US$3.50 per side across MT4, MT5, cTrader and TradingView.
Two caveats hold: the from-rate is a floor rather than an average, so expect more in normal conditions, and the USD commission adds a conversion cost on GBP accounts. Price the all-in figure against a GBP-commission account before choosing it on cost.
Pros & cons
- Strong cTrader build
- NDD execution across the platform range
- Competitive advertised raw pricing
- USD commission adds conversion cost on GBP accounts
- The from-rate is a floor, not an average
- Headline pricing is advertised; our tested figure appears in the comparison table
3. Axi: raw MT4 specialist
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- 0 pips avg, Pro (raw), tested July 2026
- Trading platforms
- MT4, MT5
- Minimum deposit
- None published
- Regulation
- Axi Financial Services (UK) Limited (FRN 466201)
◎ Standout: a clean raw MT4 account with a straightforward per-lot commission, suited to automation.
Why higher here? ECN Fit weights raw pricing depth and execution model, which lifts Axi above its #13 sitewide position. See the ranking method ↓
Why we recommend Axi
Axi Financial Services (UK) Limited (FRN 466201) keeps the pitch narrow: a raw MT4 account with a straightforward per-lot commission. That focus suits EA-driven traders who want MT4 and little else.
Its Pro account posted the tightest tested raw spread on this page at 0.0 pips EUR/USD, and the commission is a native £1.75 per side on GBP accounts rather than the US-dollar rate quoted elsewhere, so there is no conversion drag. Check the live schedule before relying on the figure.
Pros & cons
- Clean raw MT4 offer
- Suits EA and automation users
- Simple account lineup
- MT4 and MT5 only, no cTrader or TradingView
- Narrow account lineup
- Thin funding and fee documentation
The non-ECN tier: direct execution and markup accounts
The three accounts below appear in the comparison for completeness: each offers direct or markup execution rather than ECN pricing, and their own cards explain the difference.
IG Markets: direct execution, not ECN pricing
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- 1.13 pips avg, IG Trading (spread-only), tested July 2026
- Trading platforms
- IG platform, MT4, ProRealTime
- Minimum deposit
- None published
- Regulation
- IG Markets Limited (FRN 195355)
◎ Standout: execution quality and market range rather than raw pricing, on a spread-only retail account.
Why we recommend IG Markets
IG Markets Limited (FRN 195355) earns its place on execution quality and range rather than raw pricing. Its retail account is spread-only, so it is not an ECN account in the strict sense this page tests for.
Include it in your shortlist if you want one broker for everything, and exclude it if the raw-plus-commission model is the point. Price its spread-only cost against the raw accounts above before deciding.
Pros & cons
- Broadest market range here
- Strong execution infrastructure
- Long FCA record under a listed parent
- Spread-only retail pricing, not true ECN
- Wider EUR/USD cost than raw rivals
- No cTrader
Swissquote: bank-backed, priced above the field
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- 0.3 pips avg, Elite (raw), tested July 2026
- Trading platforms
- MT4, MT5, TradingView
- Minimum deposit
- £1000
- Regulation
- Swissquote Ltd (FRN 562170)
◎ Standout: a SIX-listed Swiss banking group behind an FCA entity, for traders who weight custody comfort over cost.
Why we recommend Swissquote
Swissquote Ltd (FRN 562170) is the safety-first pick: a SIX-listed Swiss banking group behind an FCA entity. Its UK pricing runs through spread-only tiers from 1.6 pips, the widest on this page, so it is here for traders who weight custody comfort over cost, not for ECN pricing.
The tier thresholds are not published, so confirm which tier your balance reaches before comparing it on cost. It stays on the list for account strength rather than raw execution.
Pros & cons
- Banking-group backing
- Multi-asset breadth
- Long regulatory record
- Widest advertised pricing on this page
- Spread-only tiers, not raw ECN
- Headline pricing is advertised; our tested figure appears in the comparison table
FXCM: markup pricing, read before assuming ECN
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- 0.2 pips avg, Active Trader (raw), tested July 2026
- Trading platforms
- Trading Station, TradingView, MT4
- Minimum deposit
- £50
- Regulation
- Stratos Markets Limited (FRN 217689)
◎ Standout: the live example of the check this guide teaches, NDD execution on the majors but markup pricing rather than a raw spread plus a stated fee.
Why we recommend FXCM
Stratos Markets Limited (FRN 217689) advertises variable spreads with zero commission, a markup model rather than a raw spread plus a stated fee. It stays on this page as the live example of the check this guide teaches: NDD execution on the majors, but not ECN pricing.
If you want FXCM's platforms, price it against the standard accounts, not the raw ones. Read the account schedule before treating any low from-rate as an ECN figure.
Pros & cons
- TradingView and Trading Station support
- NDD execution on the majors
- Low from-rate headline
- Markup model obscures the true cost
- No raw account for UK retail at the time of review
- Headline pricing is advertised; our tested figure appears in the comparison table
How to choose an ECN broker in the UK
Two things separate a good ECN broker from a marketed one: the spread is genuinely raw, and the commission is transparent. A near-zero spread with a hidden markup is not ECN, whatever the page says. Check that the broker quotes a raw spread plus a clear per-lot commission, that the platform supports direct execution (cTrader is the clearest signal), and that the FCA entity is the one onboarding you. FXCM is the live example here: its UK site advertises variable spreads with zero commission (accessed 10 July 2026), a markup model rather than a raw spread plus a stated commission, so check the account schedule before treating any listed broker as true ECN.
Most large UK brokers run NDD or hybrid models rather than a strict ECN book, which is why the ranked list above is short. The specialists that sit closest to the textbook definition tend to be small firms with a narrower market range and fewer platform choices, and in the UK several of them onboard professional clients and eligible counterparties only, so a retail trader cannot reach them whatever the execution model says. ATC Brokers is one of them: an FCA-authorised London firm, FRN 591361, running a commission-based ECN account on MT4 that its own UK site limits to professional clients and eligible counterparties (checked 11 August 2026). Read the eligibility line on a broker’s own site before the pricing page.
ECN vs standard account
An ECN or raw account passes the market spread through to you and charges a commission; a standard account marks up the spread and charges none. In my experience, the cost comparison is what ultimately decides which account fits your trading for you.
- ECN suits frequent traders, because the commission is fixed while the tighter spread saves on every trade.
- Standard suits occasional traders, who prefer one number and no commission line.
- The deciding figure is the all-in cost: raw spread plus round-turn commission, against the standard spread on the same trade.
I find Pepperstone the most useful case here, because both of its accounts appear in the tested table above, so you can compare costs on one broker for your trading rather than on two archetypes. Both columns price a single standard lot, on which a pip is worth £7.36 at this build’s rate (28 August 2026).
| Pepperstone, one EUR/USD lot | Razor (raw) | Standard |
|---|---|---|
| Tested EUR/USD spread | 0.1 pips | 1.1 pips |
| Spread cost | £0.74 | £8.09 |
| Commission, round turn | £4.50 | none |
| All-in | about £5.24 | £8.09 |
In my view, the raw account wins by £2.86 on a single lot, and that gap repeats on every lot after it, because the commission is fixed while the spread saving is earned each time. That is the whole ECN argument in one line: it pays from the first trade and compounds with frequency, which is why it suits you if you trade frequently, and not if you trade occasionally. Reverse your volume and the answer reverses with it.
Spreads tested July 2026 · Rates as of Fri 28 Aug 2026, 5pm New York close
| # | Broker | Monthly cost |
|---|---|---|
| 1 | Axi | £44.12 |
| 2 | Vantage | £51.53 |
| 3 | Eightcap | £55.69 |
| 4 | Pepperstone | £59.02 |
| 5 | HFM | £60.79 |
| 6 | HYCM | £62.06 |
| 7 | Tickmill | £71.14 |
| 8 | FxPro | £104.14 |
| 9 | ThinkMarkets | £125.46 |
Round-turn cost at your volume: average tested spread across EUR/USD, GBP/USD and EUR/GBP, plus each broker's commission on raw accounts. Standard accounts price spread-only.
I find the ranking it shows is a three-pair average rather than a single EUR/USD lot, so a broker that is cheapest on one pair need not be cheapest across a basket. That is the same point in a different form: what matters is that an account is cheap for your particular pattern of trading, not in the abstract.
You can run the all-in figure across every raw account in the broker cost calculator. For the two halves of that number separately, I suggest the lowest commission brokers and lowest spread brokers pages, which rank the FCA-regulated field on each for you.
Pros and cons of an ECN broker
I see the case for ECN as transparency and tight pricing; the case against is the commission line and a steeper learning curve. Direct execution shows you the raw market and a known fee, which frequent traders value. The trade-off is that you pay commission on every trade and the pricing takes more understanding than a single marked-up spread. For a beginner placing occasional trades, a standard account is often simpler and no more expensive for you. In my experience, the raw pricing and direct execution that frequent traders value are the same reasons ECN accounts are the usual home for scalping strategies.
Compare brokers by the factor that decides it
I find that different traders rank on different things, so start from the factor that decides it for you.
Cost decides it
The same trade costs different amounts on different account types. These lists rank on the all-in figure.
The platform decides it
Pick your trading software first, then compare the brokers that carry it.
Your strategy decides it
Pick a trading style first, then compare the brokers that permit it. Scalping and automated strategies each carry their own permission and cost checks before the platform question even starts.
Does ECN affect my leverage?
No. Leverage does not differ by execution model: every FCA-regulated retail account is capped at the same limits, whatever the broker advertises. I should note that your account type does not change the FCA leverage cap.
| Underlying | Maximum retail leverage |
|---|---|
| Major FX pairs | 30:1 |
| Non-major FX, gold, major equity indices | 20:1 |
| Commodities other than gold, non-major equity indices | 10:1 |
| Government bonds from the UK, eurozone, US, Japan, Canada or Switzerland | 30:1 |
| Individual equities and other reference values | 5:1 |
Any 1:500 figure you see attached to an ECN account is an offshore or professional-client number that a UK retail account cannot use. I should stress that the FCA leverage caps above, from PS19/18, apply to every retail account on this list.
Does MT4 work with ECN?
Yes. MT4 supports raw-spread ECN accounts, and several brokers here offer it. cTrader is the platform most associated with direct execution, because it was built around the model, but MT4 and MT5 both run raw accounts at FCA-regulated brokers.
Our reviews are reader-supported. We may receive payment when you click a link to a partner site. Learn how we make money.
FAQs
Is Pepperstone the best ECN broker in the UK?
Is an ECN account good for beginners?
How do I know an account is true ECN?
What is the difference between ECN and STP?
Do ECN brokers charge commission on both sides of a trade?
Do ECN brokers allow scalping?
Related pages
About the author
Noam co-founded CompareForexBrokers in 2014 and has traded forex since the late 1990s. He leads the cost and execution testing behind the site: spreads, commissions and fill quality, worked as an all-in GBP total on the account a UK trader would really use. His bylines cover the spread, commission, ECN and execution pages he personally tests.