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.
Which UK forex broker has the lowest commission?
Vantage has the lowest commission of the FCA-regulated raw accounts we compare, at £1.00 per lot per side on GBP accounts, £2.00 round-turn (tested July 2026). HYCM follows at about £1.49 and Axi at £1.75 with native GBP billing. Commission is only half the cost, though: once the raw spread is added, Vantage is also the cheapest all-in at about £2.63 on one EUR/USD lot.
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Each row jumps to the broker’s card below. The order ranks the six on tested commission per side, not on overall score. Low commission is not the whole story: a broker with a slightly higher fee and a tighter raw spread can be cheaper all-in, which the table makes clear.
- Vantage: £1.00 per side on GBP accounts, lowest here.
- HYCM: about £1.49 per side on a tight 0.1-pip raw spread.
- Axi: £1.75 native GBP, tightest tested raw spread.
- CMC Markets: about £1.87, but a wider FX Active spread.
- Swissquote: about £2.13 on the Elite account.
- Pepperstone: £2.25 GBP, but a low all-in on a 0.1-pip spread.
Commission and all-in cost comparison table
A low commission means little next to a wide spread, so the table below pairs both and adds the all-in cost for one standard lot of EUR/USD. Commission is each broker’s tested per-side rate, and the round turn is double it.
| Broker | FCA entity (FRN) | Commission (per side) | Round turn (2 sides) | EUR/USD raw spread | All-in cost (1 lot EUR/USD) |
|---|---|---|---|---|---|
| Vantage | Vantage Global Prime LLP (590299) | £1.00 | £2.00 | 0.08 pips | about £2.63 |
| HYCM | HYCM Capital Markets (UK) Limited (186171) | about £1.49 (US$2.00) | about £2.98 | 0.1 pips | about £3.77 |
| Axi | Axi Financial Services (UK) Limited (466201) | £1.75 | £3.50 | 0.0 pips | about £3.50 |
| CMC Markets | CMC Markets UK plc (173730) | about £1.87 (indicative) | about £3.74 | 0.65 pips | about £8.84 |
| Swissquote | Swissquote Ltd (562170) | about £2.13 (EUR 2.50) | about £4.26 | 0.3 pips | about £6.62 |
| Pepperstone | Pepperstone Limited (684312) | £2.25 | £4.50 | 0.1 pips | about £5.29 |
| Eightcap | Eightcap Group Ltd (921296) | £2.25 | £4.50 | 0.1 pips | about £5.29 |
| ThinkMarkets | TF Global Markets UK (629628) | £2.50 | £5.00 | 0.83 pips | about £11.52 |
Commissions are the tested per-side rate David Levy recorded on each broker’s FCA raw account in July 2026; where a broker prices in US dollars or euros the figure is converted at an indicative rate, and CMC’s rate is indicative because it is not published in GBP. Raw spreads are the tested EUR/USD modal. All-in costs use a pip value of about £7.85 per standard lot. A lower commission does not always mean a lower all-in: Axi’s £1.75 commission beats HYCM’s £1.49 once the tighter Axi spread is added, and Pepperstone, Eightcap, HFM and Tickmill all sit at £2.25 per side. Recompute at the live rate before you rely on any figure.
Each card links to the full review. The order ranks the six on tested commission per side, not on overall score, so a higher-scored broker can sit lower when its per-side fee is dearer. Every account here is an FCA-regulated raw account for CFD trading.
1. Vantage: £1.00 per side, the lowest here
Commission (per side)
£1.00, £2.00 round turn
EUR/USD raw spread
0.08 pips (tested)
All-in (1 lot EUR/USD)
about £2.63
Why it ranks first: the lowest tested commission of any FCA raw account here, £1.00 per lot per side on GBP accounts, and the cheapest all-in at about £2.63 on one EUR/USD lot.
Why we recommend Vantage
Vantage Global Prime LLP (FRN 590299) charges the lowest advertised commission of any FCA raw account on this page, £1.00 per lot per side on GBP accounts, and pairs it with a competitive 0.18-pip raw average. That works out at roughly £3.41 all-in for one standard EUR/USD lot, once the £2.00 round-turn commission and about £1.41 of spread are added.
The caveats are worth reading. Its spread figures stay advertised pending our live capture, disclosed in the review, and its own materials have shown more than one minimum-deposit figure, so confirm the terms at signup. GBP billing is the draw for pound-funded accounts.
Pros & cons
- Lowest GBP commission on the list
- Tight 0.18-pip raw average
- GBP billing avoids conversion drag
- Minimum-deposit figures vary on its own materials, so confirm at signup
- Spread figures stay advertised pending our live capture
- Smaller UK brand presence
2. HYCM: low commission, tested tight spread
Commission (per side)
about £1.49 (US$2.00)
EUR/USD raw spread
0.1 pips (tested)
All-in (1 lot EUR/USD)
about £3.77
Why it ranks second: the second-lowest per-side commission here, about £1.49, on a 0.1-pip EUR/USD raw modal, for roughly £3.77 all-in on one lot.
Why we recommend HYCM
HYCM charges about £1.49 per side on its Raw account, the second-lowest tested commission on this page, on a tight 0.1-pip EUR/USD modal. Because the spread is tight as well, the all-in cost stays low at roughly £3.77 for one EUR/USD lot.
It is one of the longest FCA-authorised brokers in the set, with FSCS cover, running on MT4 and MT5. The commission is set in US dollars, so the sterling figure shifts slightly with the exchange rate, and the platform range is narrower than brokers like Pepperstone.
Pros & cons
- Second-lowest tested commission here, about £1.49 per side
- Tight 0.1-pip EUR/USD raw modal keeps the all-in low
- Long FCA-authorised record with FSCS cover
- Commission quoted in US dollars, so the pound figure varies
- Platform range limited to MT4 and MT5
- Confirm current UK account terms before funding
3. Axi: native GBP commission, tightest spread
Commission (per side)
£1.75 on GBP accounts
EUR/USD raw spread
0.0 pips (tested)
All-in (1 lot EUR/USD)
about £3.50
Why it ranks third: a native £1.75 GBP commission, not the US-dollar rate quoted elsewhere, paired with the tightest tested raw spread at 0.0 pips EUR/USD.
Why we recommend Axi
Axi Financial Services (UK) Limited (FRN 466201) matches ThinkMarkets on commission at US$3.50 per side, but its raw average runs wider at 0.43 pips. The spread cost on one lot is about £3.38, which pushes the all-in figure to the back of the priced field even before the dollar commission is added.
It stays on the list for MT4-first traders who value its EA-friendly setup over headline cost. Confirm the current commission on the Axi UK schedule before you open, as advertised rates move.
Pros & cons
- EA-friendly raw MT4 account
- Straightforward account lineup
- Established FCA entity
- Widest raw average of the priced six
- US dollar billing on GBP accounts
- Confirm the current commission schedule before you trade
4. CMC Markets: low fee, wider FX Active spread
Commission (per side)
about £1.87 (indicative)
EUR/USD raw spread
0.65 pips (tested)
All-in (1 lot EUR/USD)
about £8.84
Why it ranks fourth: a low commission converted from CMC's US-dollar rate, but a 0.65-pip FX Active spread lifts the all-in to about £8.84, a reminder that commission is only half the cost.
Why we recommend CMC Markets
CMC Markets has a low headline commission on its FX Active account, about £1.87 per side once converted from its US-dollar rate. On commission alone that looks competitive, which is why it ranks here.
The catch is the spread: a 0.65-pip tested EUR/USD spread lifts the all-in cost to about £8.84 for one lot, well above the raw accounts ranked higher, a reminder that commission is only half the trading cost. Where CMC earns its place is elsewhere, in an LSE-listed parent and some of the strongest charting in the set on its Next Generation platform, though there is no MT5 or cTrader.
Pros & cons
- Low headline FX Active commission, about £1.87 per side
- LSE-listed parent as a structural trust signal
- Powerful Next Generation charting
- Wide 0.65-pip spread lifts the all-in cost to about £8.84
- Highest all-in cost of the priced brokers here
- No MT5 or cTrader route
5. Swissquote: Elite commission, safety-led
Commission (per side)
about £2.13 (EUR 2.50)
EUR/USD raw spread
0.3 pips (tested)
All-in (1 lot EUR/USD)
about £6.62
Why it ranks fifth: a EUR 2.50 commission on the Elite account with a 0.3-pip raw modal, though a £1,000 minimum makes it a safety-led rather than lowest-cost pick.
Why we recommend Swissquote
Swissquote's Elite account charges a EUR 2.50 commission, about £2.13 per side, on a 0.3-pip tested EUR/USD modal, for an all-in cost near £6.62 per lot. That is mid-pack on this page rather than the lowest.
Its appeal is safety over the last fraction of cost: it is backed by a SIX-listed Swiss banking group and runs MetaTrader alongside its own platform. The Elite pricing needs a £1,000 minimum deposit, so it suits a better-funded, custody-minded trader more than someone chasing the cheapest commission.
Pros & cons
- Bank-backed by a SIX-listed Swiss group
- Competitive 0.3-pip tested EUR/USD modal
- MetaTrader alongside its own platform
- EUR 2.50 (about £2.13) commission is mid-pack, not lowest
- Elite pricing needs a £1,000 minimum deposit
- All-in cost of about £6.62 sits above the raw leaders
6. Pepperstone: higher fee, low all-in
Commission (per side)
£2.25, £4.50 round turn
EUR/USD raw spread
0.1 pips (tested)
All-in (1 lot EUR/USD)
about £5.29
Why it ranks sixth: a £2.25 GBP commission, more than double Vantage's, but a tight 0.1-pip EUR/USD raw modal keeps its all-in near £5.29, below CMC and Swissquote despite the higher fee.
Why we recommend Pepperstone
Pepperstone Limited (FRN 684312) charges more than double Vantage's commission and still lands second, because everything else lines up: GBP billing, a 0.19-pip raw average, four platforms and the execution record that makes it our top-rated UK broker overall. All-in, one EUR/USD lot costs about £5.99.
If you trade pairs beyond EUR/USD, compare the full spread table rather than the headline commission, since the raw spread on other pairs moves the all-in figure. The £2.25 per side is confirmed on GBP Razor accounts.
Pros & cons
- GBP commission billing, no conversion on the fee
- Four platforms on one account
- Strongest overall package of the six
- Commission is more than double Vantage's
- No fixed-spread option
- Two cost lines to track
How commission (raw) accounts price
Raw accounts split the cost in two. The spread is passed through close to the interbank rate, and the broker charges a fixed commission per lot on top. This split pricing is the execution model ECN brokers run: orders fill at the market spread and the broker earns its fee through the commission. Transparency is the appeal: you see the raw market spread and a known fee, rather than a marked-up spread that hides the margin. The risk is assuming the lowest commission wins, when a broker with a slightly higher commission and a tighter raw spread can be cheaper overall. Commission-model all-rounders such as Admirals’ commission model publish a separate Zero-account rate that this same all-in test applies to. Full testing methodology is explained on our ratings page.
Commission is half the cost, spread is the other half
For one standard lot of EUR/USD, the all-in cost is the raw spread cost plus the round-turn commission. One pip on a standard lot is worth roughly £7.85, so a 0.08 pip spread costs about £0.63. Vantage at £1.00 per side adds £2.00 for the round turn, giving roughly £2.63 all-in. HYCM at about £1.49 per side, on a 0.1 pip spread, costs about £2.98 on the round turn plus about £0.79 of spread, near £3.77 all-in. The lower commission does not always win: Axi’s £1.75 commission on a 0.0-pip spread comes to about £3.50, below HYCM, once the spread is added. Recompute on the pairs and sizes you trade; the pip value is indicative and should be confirmed against the live GBP rate.
Hidden fees beyond commission
Commission and spread are the obvious costs. Three quieter ones add up. A currency-conversion charge applies when you trade an instrument priced in a currency other than your account base. An inactivity fee can apply after months without a trade. A withdrawal fee can apply on some methods or below a threshold. None of these is unusual, and each is worth checking on the broker’s schedule before you assume the lowest commission means the lowest total cost.
GBP-base accounts and currency-conversion cost
A GBP-base account avoids conversion cost on GBP-denominated activity but still converts when you trade an instrument settled in another currency. If most of what you trade is priced in US dollars, a USD-base account can be cheaper despite the GBP being your home currency. Match the account base to what you actually trade, rather than to where you live.
Compare brokers by the factor that decides it
Commission is one input. 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.
Your strategy decides it
Pick your trading software first, then compare the brokers that carry it.
The platform decides it
Pick your trading software first, then compare the brokers that carry it.
FAQs
Is Vantage the lowest-commission forex broker in the UK?
Is commission charged per side?
Is the lowest commission always the cheapest?
Is a raw account always cheaper than a standard account?
Does ThinkMarkets charge commission on its standard account?
Which currency is forex commission charged in, pounds or dollars?
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.