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 £2.59 on one EUR/USD lot.
Each row jumps to the broker’s card below. The order ranks the four 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, joint-tightest tested raw spread with HFM.
- Pepperstone: £2.25 GBP on MT4 and MT5, 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. To total a round turn at, say, £1.00 per side on your own lot size, use trading calculators for the all-in figure in GBP.
| # | Broker | Commission (per side) | Round turn (2 sides) | EUR/USD raw spread | All-in cost (1 lot EUR/USD) | Visit broker | More details |
|---|---|---|---|---|---|---|---|
| 1 |  Vantage#1 Lowest commission | £1.00 | £2.00 | 0.08 pips | about £2.59 | Visit Vantage | |
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| 2 |  HYCM | about £1.49 (US$2.00) | about £2.98 | 0.1 pips | about £3.72 | Visit HYCM | |
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| 3 |  Axi | £1.75 | £3.50 | 0.0 pips | about £3.50 | Visit Axi | |
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| 4 |  Pepperstone | £2.25 (MT4 and MT5) | £4.50 | 0.1 pips | about £5.24 | Visit Pepperstone | |
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| 5 |  Eightcap | £2.25 | £4.50 | 0.1 pips | about £5.24 | Visit Eightcap | |
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| 6 |  ThinkMarkets | £2.50 | £5.00 | 0.83 pips | about £11.16 | Visit ThinkMarkets | |
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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. Two brokers that appeared here until 1 August 2026 have been removed rather than repriced: Swissquote charges no FX commission at all and runs no raw account, so it does not belong on a commission ranking, and CMC Markets prices FX Active per US$100,000 of notional rather than per lot, which is not a per-lot commission and equals US$2.50 only at one notional. Raw spreads are the tested EUR/USD modal. All-in costs use a pip value of £7.42 per standard lot, computed from the exchange rate baked into this build (20 July 2026). 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 four 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
CFDs carry high risk. Retail leverage is FCA-capped.
- All-in cost per lot
- about £2.59 (0.08 pips tested plus £1.00 per side)
- Trading platforms
- MT4, MT5, TradingView, own platform
- Minimum deposit
- £50
- Regulation
- Vantage Global Prime LLP (FRN 590299)
◎ Standout: 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 £2.59 on one EUR/USD lot.
Why higher here? Commission Fit weights the per-side commission on a raw account, which lifts Vantage above its #8 sitewide position. See the ranking method ↓
Why we recommend Vantage
Vantage Global Prime LLP (FRN 590299) charges the lowest commission of any FCA raw account on this page, £1.00 per lot per side on GBP accounts, and pairs it with a tested 0.08-pip EUR/USD spread. That works out at roughly £2.59 all-in for one standard EUR/USD lot, once the £2.00 round-turn commission and about £0.59 of spread are added.
The caveats are worth reading. EUR/GBP tested wide at 0.74 pips, which lifts its three-pair average to 0.34 and matters if you trade that cross rather than EUR/USD. GBP billing is the draw for pound-funded accounts, and the minimum deposit on a GBP account is £50.
Pros & cons
- Lowest GBP commission on the list
- EUR/USD tested at 0.08 pips on Raw
- GBP billing avoids conversion drag
- No cTrader on the UK entity
- EUR/GBP tested wide at 0.74 pips, lifting the three-pair average to 0.34
- Smaller UK brand presence
2. HYCM: low commission, tested tight spread
CFDs carry high risk. Retail leverage is FCA-capped.
- All-in cost per lot
- about £3.72 (0.1 pips tested plus £1.49 per side)
- Trading platforms
- MT4, MT5, own platform
- Minimum deposit
- US$20
- Regulation
- HYCM Capital Markets (UK) Limited (FRN 186171)
◎ Standout: the second-lowest per-side commission here, about £1.49, on a 0.1-pip EUR/USD raw modal, for roughly £3.72 all-in on one lot.
Why higher here? Commission Fit weights the per-side commission on a raw account, which lifts HYCM above its #22 sitewide position. See the ranking method ↓
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 £3.72 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
CFDs carry high risk. Retail leverage is FCA-capped.
- All-in cost per lot
- about £3.50 (0.0 pips tested plus £1.75 per side)
- Trading platforms
- MT4, MT5
- Minimum deposit
- None published
- Regulation
- Axi Financial Services (UK) Limited (FRN 466201)
◎ Standout: a native £1.75 GBP commission, not the US-dollar rate quoted elsewhere, paired with a 0.0-pip EUR/USD modal, the tightest tested raw spread in our UK set alongside HFM.
Why higher here? Commission Fit weights the per-side commission on a raw account, which lifts Axi above its #13 sitewide position. See the ranking method ↓
Why we recommend Axi
Axi Financial Services (UK) Limited (FRN 466201) bills a native £1.75 per side on GBP accounts rather than the US-dollar rate quoted elsewhere, and its Pro account posted a 0.0-pip EUR/USD modal, the tightest tested raw spread in our UK set, level with HFM rather than clear of it. That puts one standard lot at about £3.50 all in, below HYCM once the spread is added back.
It suits MT4-first traders who want an EA-friendly setup at a low all-in price. 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
- Only the Pro account carries the raw spread; Standard is spread-only at 0.7 pips
- Thinner funding and fee documentation than the larger brokers
- Confirm the current commission schedule before you trade
4. Pepperstone: dearest fee here, strongest package
CFDs carry high risk. Retail leverage is FCA-capped.
- All-in cost per lot
- about £5.24 (0.1 pips tested plus £2.25 per side)
- Trading platforms
- MT4, MT5, cTrader, TradingView, own platform
- Minimum deposit
- £10
- Regulation
- Pepperstone Limited (FRN 684312)
◎ Standout: a £2.25 GBP commission, more than double Vantage's, and the highest all-in of the four ranked here at about £5.24; it holds its place on execution and platform range rather than on price.
Why lower here? Commission Fit weights the per-side commission on a raw account, rather than the all-round strengths behind Pepperstone's #1 sitewide position. See the ranking method ↓
Why we recommend Pepperstone
Pepperstone Limited (FRN 684312) charges more than double Vantage's commission and is the dearest of the four ranked here on both measures: £2.25 per side, and about £5.24 all in on one EUR/USD lot once its 0.1-pip tested raw spread is added. It ranks last on this page and first on our overall UK model, which is the trade-off in one line.
What the fee buys is GBP billing with no conversion on the commission, four platforms on a single account, and the execution record behind that overall rating. 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 four
- Commission is more than double Vantage's
- Highest all-in of the four ranked here, about £5.24
- No fixed-spread option
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
The clearest way to see why commission alone cannot rank a raw account is to put two brokers side by side where the cheaper commission loses. One pip on a standard lot of EUR/USD is worth £7.42 at the rate baked into this build (20 July 2026).
| HYCM | Axi | |
|---|---|---|
| Commission, round turn | £2.98 | £3.50 |
| Tested EUR/USD spread | 0.1 pips | 0 pips |
| Spread cost on one lot | £0.74 | £0.00 |
| All-in | about £3.72 | about £3.50 |
HYCM bills £2.98 for the round turn against Axi’s £3.50, so on the commission line it wins by £0.52. It still finishes dearer, because Axi’s Pro account tested at 0 pips on EUR/USD and adds nothing back, while HYCM’s 0.1 pips add £0.74. The order on this page is by commission, which is the question readers arrive with; the all-in column is the answer they actually need, and the two do not agree.
Vantage is the exception that proves it: £2.00 round turn and a 0.08-pip spread, so it leads on both halves at about £2.59. Set your own monthly volume here.
Spreads tested July 2026 · FX updated 00:03 BST, 20 July 2026
| # | Broker | Monthly cost |
|---|---|---|
| 1 | Axi | £44.14 |
| 2 | Vantage | £51.59 |
| 3 | Eightcap | £55.75 |
| 4 | Pepperstone | £59.09 |
| 5 | HFM | £60.81 |
| 6 | HYCM | £62.17 |
| 7 | Tickmill | £71.23 |
| 8 | FxPro | £104.39 |
| 9 | ThinkMarkets | £125.85 |
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.
Watch the order change when you do. The calculator averages EUR/USD, GBP/USD and EUR/GBP, and Vantage’s EUR/GBP tested wide at 0.74 pips, so over a three-pair basket it falls behind Axi despite winning on EUR/USD and on commission. A page can only rank on one question at a time; this is what the other answer looks like.
Recompute on the pairs and sizes you trade with the forex broker cost calculator; commissions billed in US dollars or euros move with the exchange 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. To see the all-in figure at your own trade volume, run the numbers through our broker cost calculator.
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.
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FAQs
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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.