Broker pricing FAQ: spreads, commission, ECN & leverage

What is a spread?

The spread is the difference between the buy and sell price of an instrument, quoted in pips. On a spread-only account it is the entire trading cost: no separate commission is charged.

What does ECN mean?

ECN pricing refers to raw-spread pricing. Depending on the broker, this account may be called Raw, Raw Spread, Razor or ECN. These accounts typically offer lower/raw spreads but charge a separate commission per lot. We always display them as ECN and keep the broker's own account name next to it.

Is a 0.0 pip spread free?

No. A 0.0 pip ECN spread almost always comes with a commission per lot per side. Compare total cost: spread plus commission, not the spread alone.

How is commission quoted?

Usually in US dollars per standard lot (100,000 units) per side. A quote of $3.00 per lot per side means about $6.00 per round turn. Where a broker has not published a figure, we show Not provided rather than assuming zero.

Why do leverage limits differ?

Leverage caps are set by the regulator of the entity you open the account with. Retail clients under the FCA, ASIC and similar regimes are typically capped near 1:30 on major currency pairs, while offshore entities of the same broker may advertise far higher ceilings with materially higher risk.

What else affects cost?

Overnight swap/financing, currency conversion, inactivity and withdrawal fees all add up. Always confirm the current schedule on the broker's own site.