Raw spread brokers compared: every ASIC-regulated ECN account in Australia 2026
Raw spread (also called ECN, Razor, Zero, or Raw) accounts are the structurally cheaper account type for any active forex trader running more than a few trades per month. This is the side-by-side comparison of every raw-spread account at every major ASIC-regulated broker, covering commission per side, execution model, included platforms, minimum deposit, and the practical decision factors per use case.
Direct answer
Raw spread accounts are the right choice for any Australian retail forex trader running more than 2 to 5 trades per month. The commercially-available raw-spread accounts at ASIC-regulated brokers in 2026 are Fusion Markets Zero (AUD 2.25 / side, lowest commission), FP Markets Raw (AUD 3.00 / side), and Pepperstone Razor (AUD 3.50 / side, broadest platform).
The decision is sequential: confirm the account commission you can live with, then choose the broker on platform breadth, execution quality, and other factors. Lowest-commission winner is Fusion Markets Zero. Best-overall raw account considering platform breadth + execution polish is Pepperstone Razor. Lowest-entry-capital winner is Fusion Markets Zero (no minimum) tied with Pepperstone Razor (no minimum).
What is a raw spread account?
A raw spread account is one of two account-type structures every major forex broker offers. The two structures:
- Raw spread account: The broker quotes the inter-bank spread (typically 0.0 to 0.2 pips on EUR/USD during the high-liquidity London/NY overlap window) and charges a fixed commission per side per standard lot.
- Standard account: The broker quotes a wider spread (typically 1.0 to 1.5 pips on EUR/USD) with no separate commission. The cost is built into the spread.
The names brokers use for raw accounts vary: Razor (Pepperstone), Raw (FP Markets), Zero (Fusion Markets), and ThinkZero (ThinkMarkets). The structure is the same across all of them: tight raw spread + fixed commission per trade.
Raw accounts are cheaper than standard accounts above roughly 2 to 5 round-turn lots per month at standard lot size. For any active trader, raw is the right structural choice.
Side-by-side: every ASIC raw-spread account
| Broker / Account | Commission (per side) | EUR/USD spread | Total round-turn | Min deposit | Action |
|---|---|---|---|---|---|
| Fusion Markets Zero | AUD 2.25 | 0.0-0.1 pip | AUD 6.75 | AUD 0 | |
| FP Markets Raw | AUD 3.00 | 0.0-0.1 pip | AUD 7.00 | AUD 100 | |
| Pepperstone Razor | AUD 3.50 | 0.0-0.1 pip | AUD 8.00 | AUD 0 | |
| ThinkMarkets ThinkZero | AUD 3.50 | 0.2-0.4 pip | AUD 9.50-11.00 | AUD 0 | Review |
| OANDA Core | USD 5.00 (~AUD 7.50) | 0.0-0.1 pip | ~AUD 16.00 | AUD 0 | Review |
Spreads measured during London/NY overlap on live raw-spread accounts, May 2026. Total round-turn includes spread cost (pip x AUD 10 per pip on standard lot for EUR/USD) plus round-turn commission. Asian and Sydney session spreads are wider at every broker by 0.1 to 0.3 pip on average.
Active raw-spread partnerships at the time of writing
If raw spread economics are the deciding factor, the active partnerships on this list:
AUD 2.25/side, no minimum
#1 cheapest, lowest commission
AUD 3.00/side, AUD 100 min
#2, IRESS for ASX shares
AUD 3.50/side, no minimum
#3, broadest platform set
Risk warning: Trading CFDs and FX carries significant risk and is not suitable for everyone.
Execution models: ECN, STP, hybrid
The execution model behind a raw spread account matters most for HFT and algorithmic strategies; for most retail discretionary traders, the technical distinction is less important than the actual measured spread and slippage data.
- True ECN: orders route directly to a network of liquidity providers (typically 10 to 30 banks and prime brokers) and match against the best available quote without broker intervention. IC Markets is the canonical true-ECN ASIC broker, with 25+ liquidity providers feeding the order book.
- STP / Hybrid: orders pass through to liquidity providers but can be internalised against the broker's own book first. Pepperstone uses an STP/ECN hybrid model. Most other major ASIC brokers run similar hybrid models.
- Market maker: the broker takes the opposite side of every trade, profiting when clients lose. Standard accounts at most brokers operate this way. Raw accounts at brokers offering both account types typically operate STP or ECN, while standard accounts operate market-maker.
For retail discretionary trading, the practical differences between true ECN and STP/hybrid are small. Both deliver competitive spreads and adequate execution. For HFT or algorithmic strategies running fast, the true-ECN model removes a structural conflict-of-interest risk that hybrid models retain.
When to choose raw over a standard account
The raw vs standard decision is a function of trade frequency:
- Above 5 round-turn lots per month at standard lot size: raw is unambiguously cheaper. Worked example below.
- 2 to 5 round-turn lots per month: raw is marginally cheaper. The crossover varies by broker.
- Below 2 round-turn lots per month: standard is marginally cheaper because there's no commission floor.
Worked example, 10 round-turn lots per month on EUR/USD:
- Fusion Markets Zero (raw): 10 lots x AUD 6.75 = AUD 67.50 monthly cost.
- Pepperstone Standard (no commission, 1.0 pip avg spread): 10 lots x (1.0 pip x AUD 10) = AUD 100 monthly cost.
- Difference: AUD 32.50 per month, or AUD 390 per year, in favour of raw.
At 50 round-turn lots per month: AUD 162.50 saving per month or AUD 1,950 per year on Fusion Markets Zero vs Pepperstone Standard.
Platform support across raw accounts
Every major raw-spread account is available on MetaTrader 4 and MetaTrader 5. cTrader availability varies. TradingView native trading is available at two brokers.
| Account | MT4 | MT5 | cTrader | TradingView native |
|---|---|---|---|---|
| Pepperstone Razor | Yes | Yes | Yes (single login) | Yes |
| FP Markets Raw | Yes | Yes | Yes (separate) | No |
| Fusion Markets Zero | Yes | Yes | Yes (separate) | No |
| IC Markets Raw Spread | Yes | Yes | Yes (separate) | No |
| Eightcap Raw | Yes | Yes | No | Yes |
| ThinkMarkets ThinkZero | Yes | Yes | No | No |
"Single login" indicates whether MT4, MT5, and cTrader are funded from the same account or require separate funded accounts. Pepperstone Razor is the only ASIC raw-spread account offering single-login access to all three platforms.
Best raw spread account by trading style
Lowest-cost active trader (50+ lots per month on EUR/USD)
Best: Fusion Markets Zero. AUD 2.25 commission per side is the lowest among major ASIC raw-spread accounts. Cost saving compounds materially at high volume. No minimum deposit. cTrader available (separate account). Trade-off: smaller broker, less brand recognition.
Lowest-cost moderate trader with broad platform needs
Best: FP Markets Raw or Pepperstone Razor. FP Markets is AUD 1 cheaper per round-turn than Pepperstone. Pepperstone wins on platform breadth (single-login MT4/MT5/cTrader/TradingView). Choose FP Markets if cost matters more; Pepperstone if platform flexibility matters more. Both have no or low minimum deposit.
Scalper or HFT-style trader
Best: Pepperstone Razor with cTrader, or Fusion Markets Zero on cTrader for the lowest commission. Pepperstone Razor pairs raw spreads with cTrader's lower-latency execution and the cleanest single-login setup. Fusion Markets Zero is structurally cheapest at AUD 2.25 per side, which compounds at scalping volumes. (IC Markets remains the deepest true-ECN order book technically but no longer accepts AU affiliate signups; the review and account specs remain live as reference.)
TradingView-led discretionary trader
Best: Pepperstone Razor. Pepperstone is the only commercially-available ASIC raw-spread account with native TradingView trading. The single-login multi-platform setup (MT4, MT5, cTrader, TradingView from one funded account) makes it the cleanest choice for TradingView-led discretionary traders.
Beginner running raw spreads on a small account
Best: Fusion Markets Zero (no minimum) or Pepperstone Razor (no minimum). Both let a true beginner test live raw-spread execution with as little as AUD 50 to AUD 100 of starting capital. FP Markets at AUD 100 minimum is the third option. Fusion Markets Zero is structurally cheapest; Pepperstone Razor offers a smoother path to scale (broader platform set, deeper educational content).
Verifying raw spread claims independently
The marketing-page raw-spread number is the start of the conversation, not the end. Before committing to a raw account on cost, verify:
- Live spread data via downloadable historical ticks. Most brokers publish historical EUR/USD tick data downloadable from the platform. Pull the past month's data and calculate session-specific averages for the trading window you actually use.
- Commission per side and per round-turn. Confirm via the broker's published cost schedule, not a marketing summary page. The numbers should match across the platform's account-info screen.
- Demo account spread testing. Open a demo account and observe live raw spreads for one full trading day across Asian, London, and NY sessions. Demo spreads should match live spreads at most major brokers.
- News-event behaviour. Test execution during a high-impact news release. Spread widening during news is normal; spread that stays wide after the event is the signal of broker pricing problems.
- Slippage on demo. Place 50 market orders during normal conditions and 50 during news. Calculate average slippage. Brokers with poor execution show consistent negative slippage; quality brokers show roughly symmetric slippage with low absolute values.
For execution-quality assessments per broker, see the individual reviews: Fusion Markets, FP Markets, Pepperstone, IC Markets. For the cost-only comparison across the same brokers, see the Lowest Spread Forex Brokers Australia pillar.
Frequently asked questions
What is a raw spread forex account?
A raw spread account quotes the inter-bank spread (typically 0.0 to 0.2 pips on EUR/USD) and charges a fixed commission per trade per side per standard lot. The alternative is a standard account, which quotes a wider spread (typically 1.0 to 1.5 pips on EUR/USD) with no separate commission. Raw accounts are cheaper for any trader running more than roughly 2 to 5 trades per month at standard lot sizes. Common raw account names include Razor (Pepperstone), Raw (FP Markets), Zero (Fusion Markets), and ThinkZero (ThinkMarkets).
Which Australian broker has the cheapest raw spread account?
Fusion Markets Zero at AUD 2.25 commission per side has the lowest commission among commercially-available ASIC-regulated raw-spread accounts in 2026. Total round-turn cost on EUR/USD: approximately AUD 6.75. FP Markets Raw is second at AUD 3.00 per side / AUD 7.00 round-turn. Pepperstone Razor sits at AUD 3.50 per side / AUD 8.00 round-turn with the broadest platform set as the trade-off. The cheapest raw account is not always the best account; weigh platform breadth and execution quality alongside commission.
Is a raw spread account always cheaper than a standard account?
Above roughly 2 to 5 round-turn lots per month, yes. Below that volume, standard accounts can be marginally cheaper because there's no commission floor. For any active trader running more than a few trades per month, raw is the correct structural choice. The crossover point varies slightly by broker but the principle is consistent.
What is the difference between ECN, STP, and raw spread?
ECN (Electronic Communication Network) means orders route directly to a network of liquidity providers and are matched against the best available quote without broker intervention. STP (Straight Through Processing) means orders are passed straight to liquidity providers but can be internalised by the broker first. Raw spread is a marketing term that usually implies ECN or STP execution; brokers use it interchangeably. The technical distinctions matter most for HFT and algorithmic strategies; for most retail traders, the relevant question is whether the spread quoted is genuinely close to inter-bank or is being marked up.
Which raw spread broker is best for scalping?
IC Markets Raw Spread for true ECN execution with 25+ liquidity providers and the deepest order book among ASIC brokers, particularly during Asian session. Pepperstone Razor for the cTrader option (lower latency than MetaTrader for execution-sensitive work) and the cleanest single-login multi-platform setup. Fusion Markets Zero for the lowest commission per round-turn, which compounds materially at scalping volumes. The IC Markets affiliate program does not currently accept AU partners; the review and account specs remain live as reference.
Do raw spread accounts have higher minimum deposits?
Not consistently. Pepperstone Razor and Fusion Markets Zero have no minimum deposit. FP Markets Raw requires AUD 100. ThinkMarkets ThinkZero has no minimum. The raw vs standard distinction is the spread/commission structure, not the minimum deposit; brokers price each on its own terms.
Are raw spread accounts available on MetaTrader and cTrader?
Yes. Every major raw-spread account at an ASIC-regulated broker is available on MetaTrader 4 and MetaTrader 5. Where the broker also offers cTrader (Pepperstone, FP Markets, Fusion Markets, IC Markets), the raw account is available on cTrader. TradingView native trading via Pepperstone or Eightcap uses the underlying raw account. The platform choice is independent of the account type choice.
Do raw spread accounts charge swap fees?
Yes. Overnight swap (rollover) fees apply on positions held past 5 pm New York time on raw accounts the same as on standard accounts. The swap calculation is based on the interest rate differential between the two currencies in the pair, with a small spread on top. Brokers publish swap rates on their platforms. For day-traders closing positions before 5 pm NY, swap is irrelevant. For swing traders holding multi-day positions, swap can be material and should be modelled in the cost calculation.
