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.
Trade Nation is the only FCA-regulated broker quoting genuine full fixed spreads to UK retail traders, holding its price on the majors through news and thin liquidity. Five more FCA brokers on this page, HYCM, eToro, Plus500, IG Markets and FxPro, offer fixed-like or markup pricing that behaves steadily in calm conditions but carries no contractual fixed quote. This guide separates the truly fixed from the merely steady, and sets out when a fixed spread quietly costs you more than a variable account.
HYCM is the closest challenger and the one worth explaining, because it does market a Fixed account at 1.5 pips with no commission. It is excluded from the full-fixed description above on HYCM’s own disclosure: the broker states that fixed spreads widen during the midnight session, 8pm to 6am GMT (HYCM account types page, checked 29 July 2026). A quote that widens for ten hours of every trading day is a fixed quote for part of the day, which is a different product from one that holds through the session. If you trade only London and New York hours, the distinction may not cost you anything, and the HYCM row below is there for that reason.
What is the best fixed spread forex broker in the UK?
Trade Nation is the best fixed spread forex broker in the UK: a London-based FCA entity quoting prices on the majors that hold through news releases. HYCM runs a Fixed account that widens overnight, and the other four are near-substitutes with steady variable pricing.
Our six picks for fixed and fixed-like pricing:
- Trade Nation: the only genuine full fixed spread here.
- HYCM: a fixed-style account for set-number traders.
- eToro: steady typical pricing on the simplest platform.
- Plus500: consistent markup, the near-substitute for fixed.
- IG Markets: deep markets, but variable forex pricing.
- FxPro: fixed spreads discontinued, now variable only.
If you trade frequently in calm markets, a variable raw account is usually cheaper; the best forex brokers UK guide ranks the wider field. A fixed 0.9 pip spread is a fixed cost per trade, and the pip value calculator turns those pips into pounds for any size.
Fixed spread broker comparison table
Only rows labelled “Full fixed” hold their quote through news and thin liquidity. Fixed-like and markup rows behave steadily in normal conditions but carry no contractual fixed quote, so the type column is the real comparison. Each figure carries its basis: Trade Nation’s fixed quote is both published and tested, so the two are the same number, and the rest are advertised starting rates rather than commission-inclusive costs. A 0.9 pip fixed quote and a 0.0 pip raw account plus £2.25 commission can cost the same all-in, which the compare total trading costs tool prices on one lot in GBP.
| # | Broker | Fixed-spread product | Type | EUR/USD | Visit broker | More details |
|---|---|---|---|---|---|---|
| 1 |  Trade Nation#1 Top fixed-spread pick | Fixed account on TN Trader and TradingView; MT4 is variable | Full fixed, within a session | 0.5 pips fixed on TN Trader (published on its UK sheet, and tested) | Visit Trade Nation | |
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| 2 |  HYCM | Fixed-style account (confirm availability) | Fixed-like | From 0.2 pipsadvertised | Visit HYCM | |
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| 3 |  eToro | Standard eToro account | Fixed-like | From 1.0 pipsadvertised | Visit eToro | |
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| 4 |  Plus500 | Markup pricing, no fixed account | Markup | None advertised; tested at 0.8 pips (modal, July 2026) | Visit Plus500 | |
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| 5 |  IG Markets | Standard CFD account, variable | Markup | From 0.6 pipsadvertised | Visit IG Markets | |
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| 6 |  FxPro | No fixed accountdiscontinued | Markup | From 0.0 pipsadvertised | Visit FxPro | |
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Spread figures are a desk-based assessment of each broker’s advertised or published typical rate for its FCA UK entity, captured against public pricing rather than a live account, so treat them as indicative. A fixed quote can still be revised by the broker between trades, so re-verify on the live platform before you rely on any number.
Risk warning: fixed and markup pricing does not remove leverage risk. CFDs carry a high risk of loss and the majority of retail accounts lose money. Review the broker’s Key Information Document before trading.
What the variable accounts tested at
The four brokers below quote variable pricing, so the advertised from-rate and the recorded rate are different numbers. That gap is the whole argument for a fixed spread: a fixed quote is the same number in both columns.
| Broker | Account tested | EUR/USD (tested) | GBP/USD (tested) | EUR/GBP (tested) | 3-pair average (tested) | Commission, round turn | Advertised from-rate |
|---|---|---|---|---|---|---|---|
| eToro | Retail (single account) | 1.00 pips | 2.20 pips | 1.00 pips | 1.40 pips | spread-only | from 1.0 (advertised) |
| Plus500 | Retail CFD | 0.80 pips | 1.40 pips | 1.50 pips | 1.23 pips | spread-only | 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) |
| FxPro | Raw+ (MT4/MT5) | 0.64 pips | 0.54 pips | 0.69 pips | 0.62 pips | £5.22, converted | from 0.0 (advertised) |
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.
Two names in the comparison table are absent from that tested set, for the same reason in both cases: the product they are listed for is not one we hold a three-pair capture on. Trade Nation’s fixed account publishes EUR/USD and GBP/USD but not EUR/GBP, so it cannot carry a three-pair average. HYCM’s fixed-style account sits alongside the Raw and Classic accounts we tested, and quoting a Classic figure against a fixed-account claim would compare two different products.
Trade Nation: the only genuine fixed spread
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- 0.5 pips avg, TN Trader (fixed spread), tested July 2026
- Trading platforms
- TN Trader, TradingView (MT4 is variable)
- Minimum deposit
- £0
- Regulation
- Trade Nation Financial UK Ltd (FRN 525164)
◎ Standout: published fixed quotes on the majors from a London-domiciled FCA entity, holding through news releases within the session.
Why we recommend Trade Nation
Trade Nation Financial UK Ltd (FRN 525164) is the clearest fixed-spread offer under FCA authorisation: published fixed quotes on the majors from a London-domiciled entity, on its own TN Trader platform and through TradingView. Its UK TN Trader market information sheet prices EUR/USD and EUR/GBP at a fixed 0.5, at 3.33% margin, which is the FCA retail cap and confirms this is the UK product rather than an offshore one (tradenation.com/en-gb/tntrader-market-information-sheet/, accessed 30 July 2026). The quote you model is the quote you pay, news releases included.
Two qualifiers matter before you plan around it. Trade Nation scopes fixed pricing to TN Trader and TradingView by name, and says in terms that its MT4 uses variable spreads, so opening the MT4 account gets you a different pricing model under the same brand (tradenation.com/en-gb/trading-costs/, accessed 29 July 2026). And fixed means fixed within a session rather than across 24 hours: the quotes adjust at set times of day and step wider out of hours.
The honest cost is that 0.5 pips fixed on EUR/USD works out near £3.93 on a standard lot, against about £2.63 all-in on the cheapest raw account, so frequent calm-hours traders pay for certainty they rarely use. It suits news traders and anyone who wants one number to plan around.
Pros & cons
- Genuine published fixed quotes on the majors
- London-based FCA entity
- Cost holds through news and thin liquidity within the session
- Its MT4 account uses variable spreads, not the fixed ones
- Fixed within a session only, stepping wider out of hours
- Wider than a raw account in calm markets
- Narrower market range than IG
HYCM: a fixed-style account option
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- 0.1 pips avg, Raw (FCA), tested July 2026
- Trading platforms
- MT4, MT5, proprietary
- Minimum deposit
- US$20
- Regulation
- HYCM Capital Markets (UK) Limited (FRN 186171)
◎ Standout: a long-standing FCA broker that has run a fixed-style account alongside its variable pricing.
Why we recommend HYCM
HYCM Capital Markets (UK) Limited (FRN 186171) is a long-standing FCA-authorised broker that has offered a fixed-style account alongside variable and raw pricing. For a trader who wants a set number rather than a floating spread, it is the closest alternative to Trade Nation in this set.
We have not verified the current fixed account terms on the UK entity, and its full review carries no live cost table, so treat the figures here as indicative and confirm before you open. It is labelled fixed-like, not full fixed, for that reason.
Pros & cons
- Long FCA-authorised record
- Fixed-style account for a set number
- MT4 and MT5 support
- Confirm the fixed account is still offered on the UK entity
- Its review carries no live cost table, so figures are indicative
- Wider than a raw account in calm markets
Near-substitutes: steady pricing without a fixed guarantee
The four accounts below are listed for completeness: none quotes a contractually fixed spread, and their own cards set out what each does offer instead.
eToro: steady typical pricing, simplest platform
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- 1 pips avg, Retail (spread-only), tested July 2026
- Trading platforms
- eToro platform
- Minimum deposit
- US$50
- Regulation
- eToro (UK) Ltd (FRN 583263)
◎ Standout: steady typical spreads on the simplest platform here, though not a contractually fixed quote.
Why we recommend eToro
eToro (UK) Ltd (FRN 583263) is not a fixed-spread broker, but its typical spreads are steady enough in normal conditions that beginners often treat them as predictable. The platform is the simplest in this set, which is the main draw for a first account.
The honest label is fixed-like, not fixed: in fast markets the spread can move where a genuine fixed quote would not, and the USD account base adds a conversion cost on GBP deposits. Cost-focused active traders will do better on a raw account.
Pros & cons
- Simplest platform for new traders
- Steady typical pricing in normal conditions
- Social and copy features on the same account
- Spreads are typical, not contractually fixed
- USD account base means GBP deposits pay a conversion cost
- Wider than a raw account on majors
Plus500: the near-substitute
CFDs carry high risk. Retail leverage is FCA-capped.
- Average spread
- 0.8 pips avg, Retail CFD (spread-only), tested July 2026
- Trading platforms
- Plus500 WebTrader and app
- Minimum deposit
- £100
- Regulation
- Plus500UK Ltd (FRN 509909)
◎ Standout: markup pricing that moves so little in normal conditions that traders treat it as a fixed-cost account.
Why we recommend Plus500
Plus500UK Ltd (FRN 509909) publishes no fixed spread, but its markup pricing moves so little in normal conditions that traders treat it as a fixed-cost account. That is a behavioural observation, not a contractual promise: in fast markets the markup can move where Trade Nation's quote cannot.
It stays on this page as the near-substitute, clearly labelled. For an occasional trader who wants a simple all-in quote and does not trade through news, the steady effective cost does the job.
Pros & cons
- Steady effective cost in normal conditions
- Simple single platform
- LSE-listed parent as a structural signal
- No contractual fixed quote
- Widest effective EUR/USD cost of the steady set
- CFD-only, no MetaTrader
IG Markets: deep markets, variable 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: the longest FCA record here, trading since 1974, but its core forex pricing is variable, not fixed.
Why we recommend IG Markets
IG Markets Limited (FRN 195355) earns its place for market depth and its long FCA record, not for fixed spreads. Its retail forex pricing is variable, so it is labelled markup here rather than fixed.
We include it as a strong all-round alternative for traders who value range and a long track record over a guaranteed number. If price certainty is the priority, Trade Nation remains the fixed-spread option.
Pros & cons
- Deep multi-asset market range
- Longest UK regulatory record
- Strong research and charting
- Core forex pricing is variable, not fixed
- No fixed-spread forex account
- Wider than a raw account on majors
FxPro: fixed spreads discontinued
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: FxPro no longer offers a fixed-spread account, so its UK pricing is now variable and markup only.
Why we recommend FxPro
FxPro UK Limited (FRN 509956) once offered fixed-spread accounts, but it has discontinued them. Its UK pricing is now variable and markup only, so it is not a fixed-spread broker, and we label it markup rather than fixed.
We keep it on this page to correct the record: if an older comparison sent you here for FxPro fixed spreads, that product is gone. For predictable pricing, Trade Nation is the fixed-spread option; FxPro suits traders who want wide platform choice on variable pricing instead.
Pros & cons
- Wide platform choice across MT4, MT5, cTrader and TradingView
- Tight variable pricing on the majors
- Long FCA-authorised record
- No longer offers fixed spreads
- Core pricing is variable, not fixed
- Not a fixed-spread option despite older guides listing it
Why some traders prefer fixed spreads
Predictability is the whole case. A fixed spread does not widen when liquidity thins or when a central bank announcement hits, so the cost you model is the cost you pay. That matters most to traders who hold through news, to beginners who want one number to plan around, and to anyone trading at volatile times when variable spreads can blow out.
Fixed spread vs variable spread
Fixed spreads stay constant; variable spreads track the live market. The trade-offs split cleanly.
- Fixed spreads are predictable and hold during news, but are usually wider in calm markets.
- Variable spreads are usually tighter in calm conditions, but widen during news and thin liquidity.
- Fixed suits news traders and beginners; variable suits scalpers and traders running expert advisors.
Trade Nation’s own figures show the pattern: its fixed EUR/USD spread of 0.5 pips is wider than a raw variable account in calm markets, but it does not move when a variable account would.
When fixed spreads can cost you more
Here is the part the listicles leave out. If you trade mostly in liquid hours and rarely through news, a variable raw account will usually beat a fixed spread on total cost, because the variable spread spends most of its time below the fixed number. Fixed spreads earn their keep at volatile moments and lose ground the rest of the time. The more you trade in calm conditions, the more a fixed spread quietly costs you.
Compare brokers by the factor that decides it
Price certainty is one factor. If another matters more to you, start there.
Cost decides it
The same trade costs different amounts on different account types. These lists rank on the all-in figure.
You are starting out
Simple platforms and demo accounts to learn on before any money is at risk.
The platform decides it
Pick your trading software first, then compare the brokers that carry it.
FCA and fixed-spread brokers
Fixed-spread brokers are usually market makers, pricing the market themselves rather than passing through a raw feed. That model is legitimate and FCA-regulated brokers use it within the same rules as everyone else: capped retail leverage, negative balance protection and FSCS cover. The execution model changes how the spread is set, not the protections around your account.
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About the author
Justin Grossbard is the co-founder and CEO at CompareForexBrokers. He has traded forex since 1998, leads UK broker research and has personally reviewed every FCA-regulated broker on this site. His work has appeared in Forbes, Kiplinger and Finance Magnates, and he holds a Bachelor of Commerce (Honours) and a Master of Marketing.