Broker records we publish
Ordered by the traderpublic desk score on each record. Records our desk has not scored are not ranked here.
This order is our published desk score across the whole broker, tie-broken by verified licences. It is NOT a ranking by cost: no all-in cost on this page has been measured by us.
Rank12 licences verified
Record updated 2 Sept 2026
4.7 out of 5
Read the full recordYour capital is at risk. Licence facts only — not a recommendation.
- Execution model
- Made upMarket maker
- Spread from
- Made upfrom 0.8 pips (EUR/USD, standard account)
- Commission
- Made up$3.50 per lot per side
- Minimum deposit
- Made up$25
- Raw / ECN account
- Made upRaw / ECN account available
What the desk checked
- ✓Swap-free accountofferedOffered on request via the Back Office; fees may apply once positions on certain instruments stay open a set number of days.source · read on 16 Sept 2026
- –Islamic accountnot checked
- ✓Negative balance protectionofferedStated in the Client Agreement; clients may never lose more than their total deposits.source · read on 16 Sept 2026
- ✓Segregated client fundsofferedHeld in separate bank accounts with named custodian banks.source · read on 16 Sept 2026
- ✓No deposit feeofferedThird-party or bank fees may still apply.source · read on 16 Sept 2026
- ✓No withdrawal feeofferedE-wallet withdrawals can carry a fee if no trading took place.source · read on 16 Sept 2026
- –Cent accountnot checked
- ✕24/7 supportnot offeredFxPro publishes 24/5 weekday support hours, not 24/7.source · read on 16 Sept 2026
- –Thai-language supportnot checked
Licences verified2 of 2 checked against the register
Score breakdown
- Licence and oversight5 / 5
- What you can trade4 / 5
- Desktop and web platform5 / 5
What the desk recorded
- The broker is authorised by the Financial Conduct Authority, the UK regulator for financial services firms, under licence number 509956, listed as authorised.
- The broker is authorised by CySEC, the Cyprus Securities and Exchange Commission for investment firms, under licence number 078/07, listed as authorised.
Rank23 licences verified
Record updated 2 Sept 2026
4.3 out of 5
Read the full recordYour capital is at risk. Licence facts only — not a recommendation.
- Execution model
- Made upHybrid ECN / market maker
- Spread from
- Made upfrom 1.3 pips (EUR/USD, standard account)
- Commission
- Made up$6.00 per lot round turn
- Minimum deposit
- Made up$500
- Raw / ECN account
- Made upRaw / ECN account available
What the desk checked
- ✓Swap-free accountofferedCountry-restricted; requires contacting support with no open trades.source · read on 16 Sept 2026
- –Islamic accountnot checked
- ✓Negative balance protectionofferedRetail clients only; balance is reinstated to zero.source · read on 16 Sept 2026
- ✓Segregated client fundsofferedHeld at regulated banks, separate from company funds.source · read on 16 Sept 2026
- ✓No deposit feeofferedYour own bank may still charge for the transfer.source · read on 16 Sept 2026
- ✓No withdrawal feeofferedMinimum card withdrawal 20 USD/EUR/GBP.source · read on 16 Sept 2026
- –Cent accountnot checked
- ✓24/7 supportofferedStated on the broker's own contact page.source · read on 16 Sept 2026
- –Thai-language supportnot checked
Licences verified3 of 3 checked against the register
Score breakdown
- Licence and oversight5 / 5
- What you can trade4 / 5
- Desktop and web platform4 / 5
What the desk recorded
- The broker is authorised by the Financial Conduct Authority in the United Kingdom, with licence number 793714 recorded as authorised.
- The broker is authorised by CySEC in Cyprus, with licence number 319/17 recorded as authorised.
Rank33 licences verified
Record updated 2 Sept 2026
4.3 out of 5
Read the full recordYour capital is at risk. Licence facts only — not a recommendation.
- Execution model
- Made upHybrid ECN / market maker
- Spread from
- Made upfrom 1.3 pips (EUR/USD, standard account)
- Commission
- Made up$6.00 per lot round turn
- Minimum deposit
- Made up$500
- Raw / ECN account
- Made upRaw / ECN account available
What the desk checked
- ✓Swap-free accountofferedApplies to selected accounts and instruments under HFM's rollover policy.source · read on 16 Sept 2026
- ✓Islamic accountofferedSharia-compliant swap-free conditions on the Cent and Zero accounts.source · read on 16 Sept 2026
- ✓Negative balance protectionofferedA negative balance is automatically reset to zero.source · read on 16 Sept 2026
- ✓Segregated client fundsofferedClient funds cannot be used to repay company creditors.source · read on 16 Sept 2026
- ✓No deposit feeofferedBank transfers are free above $100; third-party charges may apply.source · read on 16 Sept 2026
- ✓No withdrawal feeofferedSending, correspondent and receiving banks may charge their own fees.source · read on 16 Sept 2026
- ✓Cent accountofferedCent lots (0.01 of a standard lot); account currency USC.source · read on 16 Sept 2026
- ✓24/7 supportofferedHFM's own FAQ states 24/7 live support for all clients.source · read on 16 Sept 2026
- ✓Thai-language supportofferedThai-language contact page with a Thailand support line and Thai support mailbox.source · read on 16 Sept 2026
Licences verified3 of 3 checked against the register
Score breakdown
- Licence and oversight5 / 5
- What you can trade4 / 5
- Desktop and web platform4 / 5
What the desk recorded
- The broker is authorised by the FCA, the UK regulator for financial services firms, with licence number 801701.
- The broker is authorised by CySEC, the Cyprus regulator for investment firms, with licence number 183/12.
Rank42 licences verified
Record updated 24 Sept 2026
4.3
Read the full recordYour capital is at risk. Licence facts only — not a recommendation.
- Execution model
- Made upECN / STP
- Spread from
- Made upfrom 0.1 pips (EUR/USD, raw account)
- Commission
- Made up$2.00 per lot per side
- Minimum deposit
- Made up$100
- Raw / ECN account
- Made upRaw / ECN account available
What the desk checked
Our desk has not checked any of these terms for this broker yet.
- –Swap-free accountnot checked
- –Islamic accountnot checked
- –Negative balance protectionnot checked
- –Segregated client fundsnot checked
- –No deposit feenot checked
- –No withdrawal feenot checked
- –Cent accountnot checked
- –24/7 supportnot checked
- –Thai-language supportnot checked
Licences verified2 of 3 checked against the register
Score breakdown
- Licence and oversight5
- What you can trade4
- Desktop and web platform4
Rank51 licences verified
Record updated 2 Sept 2026
4.3 out of 5
Read the full recordYour capital is at risk. Licence facts only — not a recommendation.
- Execution model
- Made upHybrid ECN / market maker
- Spread from
- Made upfrom 1.3 pips (EUR/USD, standard account)
- Commission
- Made up$6.00 per lot round turn
- Minimum deposit
- Made up$10
- Raw / ECN account
- Made upRaw / ECN account available
What the desk checked
- ✓Swap-free accountofferedAn administration fee applies to positions held longer than four days.source · read on 16 Sept 2026
- ✓Islamic accountofferedFor traders complying with Sharia law; admin fees waived for the first six days.source · read on 16 Sept 2026
- ✓Negative balance protectionofferedStated for FCA-regulated retail clients of the UK entity, in line with FCA rules.source · read on 16 Sept 2026
- ✓Segregated client fundsofferedClient capital is never used for the company's business interests.source · read on 16 Sept 2026
- ✓No deposit feeofferedThird-party provider charges may still apply.source · read on 16 Sept 2026
- ✓No withdrawal feeofferedInternational bank wires typically cost about USD 25, charged by the banks.source · read on 16 Sept 2026
- –Cent accountnot checked
- ✓24/7 supportofferedMultilingual client support by live chat, email or phone.source · read on 16 Sept 2026
- –Thai-language supportnot checked
Licences verified1 of 1 checked against the register
Score breakdown
- Licence and oversight4 / 5
- What you can trade5 / 5
- Desktop and web platform4 / 5
What the desk recorded
- Authorised by CySEC, the Cyprus Securities and Exchange Commission, under licence number 215/13.
- This authorisation carried the status "authorised" when checked on 2 September 2026.
Rank63 licences verified
Record updated 24 Sept 2026
4
Read the full recordYour capital is at risk. Licence facts only — not a recommendation.
- Execution model
- Made upSTP
- Spread from
- Made upfrom 0.4 pips (EUR/USD, standard account)
- Commission
- Made up$3.00 per lot per side
- Minimum deposit
- Made up$200
- Raw / ECN account
- Made upStandard accounts only
What the desk checked
Our desk has not checked any of these terms for this broker yet.
- –Swap-free accountnot checked
- –Islamic accountnot checked
- –Negative balance protectionnot checked
- –Segregated client fundsnot checked
- –No deposit feenot checked
- –No withdrawal feenot checked
- –Cent accountnot checked
- –24/7 supportnot checked
- –Thai-language supportnot checked
Licences verified3 of 4 checked against the register
Score breakdown
- Licence and oversight4
- What you can trade4
- Desktop and web platform4
Use it to compare at a glance, then read the licence trail under each broker below — that is the part our desk checked against the regulator's register.
Raw spread plus commission — and what we have not measured
The licence rows are verified against the register. The cost rows are written-in examples of the columns we will print when the hub sends both halves of the price.
- Licences we verified against the register✓
- Raw spread floorMade up example shape: from 0.0 pips (EUR/USD, raw account) plus commission
- All-in cost (spread + commission)Made up example shape: 0.7 pips all-in (raw spread plus commission)
- Raw account minimumnot published
- Raw account namenot published
Licences we checked ourselves
This is the part of the page that rests on evidence: each licence number was read from the regulator's own public register on the date shown.
FxPro Global Markets Limited
- CySEC (CY) — 078/07 · 2 Sept 2026 · ↗
- FCA (GB) — 509956 · 2 Sept 2026 · ↗
Capital.com
- ASIC (AU) — 513393 · 16 Sept 2026 · ↗
- CySEC (CY) — 319/17 · 16 Sept 2026 · ↗
- FCA (GB) — 793714 · 2 Sept 2026 · ↗
HF Markets (SV) Ltd
- CMA_KE (KE) — 155 · 16 Sept 2026 · ↗
- CySEC (CY) — 183/12 · 2 Sept 2026 · ↗
- FCA (GB) — 801701 · 2 Sept 2026 · ↗
Tickmill Ltd
- CySEC (CY) — 278/15 · 2 Sept 2026 · ↗
- FCA (GB) — 717270 · 2 Sept 2026 · ↗
- FSA_SC (SC)
TF Global Markets (STL) Limited
- CySEC (CY) — 215/13 · 2 Sept 2026 · ↗
Eightcap
- ASIC (AU) — 391441 · 16 Sept 2026 · ↗
- CySEC (CY) — 246/14 · 2 Sept 2026 · ↗
- FCA (GB) — 921296 · 2 Sept 2026 · ↗
- FSA_SC (SC)
Frequently asked questions
Is 0.0 pips really zero cost?
No — a raw account moves the cost into a commission per lot. Comparing a raw spread against a standard account's all-in spread makes the raw account look cheaper than it is.
Are the commissions on this page real?
No, and they are labelled. Our hub publishes no commission field yet; every figure here is written in to show the shape of the column we will fill.
What a spread is, and why a single number rarely means anything
The spread is the gap between the price you can sell at and the price you can buy at, quoted in pips. It is a cost you pay the moment you open a position, before the market moves at all.
An advertised figure like "from 0.0 pips" is close to meaningless without three things attached: which instrument, which account type, and how the figure was measured. A 0.0 pip quote on a major pair during the London session, on an account that charges commission separately, describes a different cost from the same number on an exotic pair at rollover.
- Minimum spread
- The tightest figure seen, usually on the most liquid pair at the busiest hour. This is the number marketing quotes.
- Average spread
- The mean across a stated window. More useful, and only comparable when two firms measured the same instrument over the same period.
- Commission
- A separate charge, normally per lot per side. A round turn costs twice the quoted figure, which is why a "raw" spread account is not automatically cheaper.
- Swap
- Charged or paid for holding a position past the daily rollover. Irrelevant to a day trader, decisive for anyone holding for weeks.
- Slippage
- The difference between the price you asked for and the price you got. Not part of the spread, and often larger than it when a market moves fast.
Which account types tend to quote the tightest spreads
Account naming is marketing, not a standard. Two firms can use the word "ECN" for arrangements that differ in how orders actually reach a market. What follows describes what the labels usually mean, so you can ask the right question rather than trust the name.
- Raw or zero spread
- Quotes passed through with little or no markup, with the firm's revenue coming from commission instead. Cheaper only if the commission is smaller than the markup it replaced.
- ECN
- Orders meet other participants' orders in a pool. Genuine implementations usually show depth of market, so ask to see it.
- STP
- Orders are routed to one or more liquidity providers. The spread may carry a markup, and the routing rules are rarely published.
- Standard
- Costs are inside the spread, with no separate commission. Simpler to compare and frequently the cheaper choice at small trade sizes.
- Professional or VIP
- Tighter pricing in exchange for volume or balance requirements. In several jurisdictions, accepting professional classification also means giving up retail protections, including the statutory leverage cap and access to some compensation schemes.
That last point is the one that costs people money quietly. Being reclassified as a professional client is a legal change in status, not a loyalty tier. Read exactly which protections you are giving up before agreeing to it.
How to compare two firms' costs honestly
The research hub publishes no spread or commission field, so this page cannot rank firms by cost and does not try to. These steps produce a comparison you can defend, using the same instrument and the same clock for both firms.
Pick one instrument and one account type on each side. A comparison across different pairs is not a comparison.
Record the spread at the same moment on both, then again at a quiet hour and again just after a scheduled data release.
Add the commission for a round turn, per side, at the lot size you actually trade.
Add the swap for the holding period you actually use, in both directions.
Place a market order of your normal size on a demo and compare the fill price to the price you clicked. This is where a tight advertised spread often stops being tight.
Check the withdrawal fee and any inactivity fee, which sit outside trading cost entirely and can dwarf it for a small account.
How this ranking is put together
The order on this page is the research desk's published score for the whole broker, tie-broken by the number of licences we verified against a regulator's own register. It is not a score for this category, because we have not measured this category.
- Every licence is read on the regulator's own register, and the date we read it is printed beside it
- A product term is only marked available or not offered when the desk checked it and cited a source
- A term nobody has checked stays labelled as unchecked rather than being dropped from the page
- Written-in values exist only where the research hub publishes no field, and each one is labelled where it appears
Read the full methodology, including every page that carries a written-in value
What this page established, and what it did not
This page ranked brokers on the score the research desk publishes for the whole firm, and showed the licence trail behind each one. That much is checked: every licence number here was read on the regulator's own register, on the date printed beside it.
It did not establish who is best for Raw-spread accounts. No field on this site measures that yet, so the page marks the gap instead of filling it, and labels every value that was written in rather than checked. Treat the order as a starting point for your own checks, not as a recommendation.
Other broker pages on this site
Each one states its own criterion and its own gaps.
Who did the work on this page
This page is compiled by the traderpublic research desk from the broker records published on this site. The desk reads regulator registers and brokers' own terms pages, and records the date of every reading.
On this page the desk verified the licence trail of every broker listed, and published a score only where it had one to publish.
We publish no individual byline for a compiled category page. The work is the desk's, and naming a single author would suggest a judgement one person made.
