The Real Cost of Trading: Spreads, Swaps, and Fees across Top Brokers

Written by Christopher Lewis

Christopher Lewis

Christopher Lewis is a professional trader and author specialized in Forex and Crypto trading.

, | Updated: February 17, 2026

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• Go to:
• Methodology
• Spreads
• Deposit, Withdrawal Fees, and Inactivity Fees
• Final Thoughts
›

When traders compare brokers, the first thing they usually look at is the spread. Tighter spreads are often equated with lower trading costs, and many broker comparisons stop there. In reality, spreads alone tell only part of the story. Two brokers can quote similar spreads on the same instrument. Yet, the total cost of trading can differ significantly once overnight funding and various other non-trading fees are factored in.

This report aims to answer a single, practical question: How much does it really cost to trade the same instruments at different brokers?

Methodology

To provide a transparent answer, we compare costs across ten major CFD brokers: IG, Pepperstone, Plus500, eToro, IC Markets, Interactive Brokers, FP Markets, Fusion Markets, XTB, and Capital.com.

Our data focuses on five benchmark instruments representing the following asset classes:

Our analysis examines these expenses from three distinct perspectives: execution-based costs, the costs of overnight holding, and administrative fees related to account maintenance and fund transfers.

To provide a clear comparison, we analyzed the Standard (spread-only) accounts of each broker. Information on commissions is included when relevant (costs related to stock CFD trading).

Costs are normalized to:

• 1 standard lot (forex)
• 1 contract (indices, commodities)
• 1 BTC (cryptocurrencies)
• 1 share of Apple (stock CFDs)

Data is entirely based on published broker pricing, averaged where spreads fluctuate.

Spreads

In Contracts for Difference (CFD) trading, the spread refers to the difference between the “Buy” (Ask) and “Sell” (Bid) prices. It is the immediate cost you incur the moment you open a position. Because Standard accounts typically do not charge a separate commission, the spread is the primary way these brokers generate revenue.

To understand the impact of the spread on your balance, use this simple formula:

Practical Example: Suppose you want to trade 1 Standard Lot (100,000 units) of EUR/USD with a broker offering a 1.2 pip spread.

• Spread in decimals: 0.00012
• Calculation: 100,000×0.00012=$12.00 per side

Then we must multiply the cost per side by 2 to get the total cost of $24.00 for a round-trip trade of 1 standard lot of EUR/USD.

EUR/USD Average Spreads: Top 10 Broker Comparison

The following data represent the typical spreads observed during peak market liquidity. While some brokers offer “Raw” accounts with lower spreads combined with commissions, the figures below are for Standard, commission-free accounts to ensure a fair comparison.

Interactive Brokers, Capital.com, and IC Markets occupy the top three leading positions, with spreads of 0.60, 0.70, and 0.80 pips, respectively. The average EUR/USD spread among the ten brokers is 0.93 pips.

Gold Average Spreads: Top 10 Broker Comparison

IG, FP Markets, IC Markets, and Pepperstone offer the most competitive spreads for Gold trading (XAU/USD), as narrow as 0.10 and 0.25 points. Beyond these leaders, a standard tier of pricing is observed across the remaining brokers, where typical spreads for XAU/USD settle between 0.30 and 0.50 points during peak trading sessions.

NASDAQ 100 Average Spreads: Top 10 Broker Comparison

When trading the NASDAQ 100 index (often listed as US Tech 100 or US100), the spread can vary significantly depending on the broker’s liquidity providers and their specific retail markup. For a Standard Account, a spread of 1.0 point is considered the industry benchmark for competitiveness. The top three brokers, offering tighter spreads, are FP Markets (0.59 points),
Interactive Brokers (0.80 points) and Fusion Markets (0.80 points).

Bitcoin Average Spreads: Top 10 Broker Comparison

Unlike brokers who offer fixed or floating spreads in absolute dollar terms, eToro, Interactive Brokers (IBKR), and XTB utilize a percentage-based model. This means their costs scale directly with the market price of Bitcoin, which, as of February 10, 2026, is $68,496.93. As shown in the chart, eToro ranks the highest in terms of total spread cost. This is due to its simplified 1% flat-fee model, which becomes significantly more expensive than traditional CFD brokers as the price of Bitcoin increases. In contrast, ECN-style brokers like IC Markets and Pepperstone maintain the lowest costs by offering tight, market-driven spreads that do not scale as aggressively with the asset’s price.

Apple (AAPL) Trading Costs: Top 10 Broker Comparison

Brokers employ various pricing models for their single-share CFD trading services, including spread-only, commission-based, or a combination of both. The table below indicates what our top 10 brokers have incorporated into their share CFD trading services.

As already established, when trading with leverage, the price of an asset is not the only cost to consider. If you hold a position beyond the daily market close, you encounter the swap fee, also known as overnight funding fee or rollover. While spreads are a “one-off” entry and exit cost, swaps represent the cost of time. For any trader holding a position past the market close, these fees can significantly alter the profit of a trade.

The Behavior of Swaps across Different Assets

It is important to note that brokers calculate these fees differently depending on what you are trading:

• Forex Swaps (the interest differential): Based on the interest rate differential between the two currencies. If you buy a currency with a higher interest rate than the one you are selling, you might actually earn a positive swap (credited to your account). Conversely, if you buy a currency with a lower interest rate than the one you are selling, you will typically incur a negative swap, meaning a small fee is charged to your account for holding the position overnight. Even when the interest differential appears favorable, broker markups and market conditions can still result in a negative swap on both long and short positions.
• Indices and Commodities: These are generally “financing” fees. Since you are trading on margin, the broker is effectively lending you the value of the contract. You will almost always see a small daily deduction (e.g., Benchmark Rate + 2.5% divided by 365).
• Cryptocurrency: Often the most expensive category. Some brokers charge swaps every 8 hours rather than once a day. Due to high volatility and “funding” demand, crypto swaps can erode capital quickly in long-term “HODL” strategies using leverage.
• Equities (Stocks): Like indices, these are based on interbank lending rates. It is often cheaper to own the underlying stock than to trade the CFD if you plan to hold for weeks, as the daily financing adds up.

The Triple Swap

An important factor to consider for swing and position traders is the triple swap, usually charged on Wednesdays. To account for the weekend when markets are closed but interest still accrues, most brokers charge a triple fee on Wednesday nights (or Fridays for some assets).

Practical Example

To provide a practical example of how swap rates are calculated, we may look at Fusion Markets’ Swaps Calculator.

Based on this tool, the process for calculating overnight funding fees for a EUR/USD position involves several key steps and variables:

2. Define the Trade Parameters

   To begin the calculation, the trader must input specific details about their position:

   • Asset Group and Symbol: The user selects “Forex” and the specific currency pair, in this case, EUR/USD.
   • Account Base Currency: The currency in which the trading account is denominated (e.g., USD).
   • Volume in Lots: The size of the position. In this example, the volume is set to 1 lot, which corresponds to a contract size of 100,000 base currency units.
3. Determine the Swap Points

   The calculator identifies the specific interest rate differential for the pair, expressed as “Swap Long” and “Swap Short” points:

   • Currency Pair Swap Long: -7.37.
   • Currency Pair Swap Short: 3.49.
4. Calculate the Monetary Value

   Once you click on the “Calculate” button, the tool converts those points into a concrete monetary value based on the lot size and the current conversion price (which is 1 in this specific USD-based example):

   • For a Long Position (Buy): Holding 1 lot of EUR/USD overnight would result in a charge of -7.37 USD. This indicates a negative swap where interest is debited from the account.
   • For a Short Position (Sell): Holding 1 lot of EUR/USD overnight would result in a credit of 3.49 USD. This represents a positive swap where interest is earned and credited to the account.

   The calculator automatically provides these results in both the Account Base Currency and the Converted Currency to ensure the trader knows exactly how much will be added to or deducted from their balance at the daily rollover point.

Key Takeaways

• The Low-Cost Leaders: Brokers like Fusion Markets and IC Markets typically offer the most competitive “raw” swap rates for Forex and Gold.
• Institutional Approach: Interactive Brokers uses a benchmark-plus-spread model, which is often cheaper for large-scale institutional traders but more complex for retail traders to calculate.
• Fee-Free Crypto: eToro does not charge overnight fees on non-leveraged “Buy” positions for real crypto assets. Their crypto CFD positions do not entail ownership of the assets and incur overnight fees.

Deposit, Withdrawal Fees, and Inactivity Fees

Beyond the trading costs, which we already covered in the previous sections of this report, we should turn our attention to the non-trading fees. Generally, these fees include costs related to deposits and withdrawals, and inactivity charges that kick in after a particular period of account dormancy, whose length varies across the top 10 brokers covered in our report.

Deposit and Withdrawal Fees

The following data outlines the deposit and withdrawal fees charged by 10 leading brokers. As you can see, these top 10 brokers do not charge fees on deposits, which has become an industry practice. Withdrawals, too, usually do not incur additional costs for traders, except for some methods, such as international bank wire transfers. Some brokers, such as eToro, charge a fixed fee per transaction, while others, such as XTB, charge a fee only below a certain threshold.

Inactivity Fees

In the context of trading and brokerage services, account inactivity refers to a status triggered when a user does not perform any actions, such as opening a position, closing a trade, or making a deposit, within a predetermined timeframe set by the broker.

The data reveals that Pepperstone, Interactive Brokers, FP Markets, and Fusion Markets lead the group in terms of cost-efficiency, as they impose no penalties for account dormancy. While IG’s inactivity charge is the highest one, its 24-month grace period is the most generous in our report. Ultimately, when considering inactivity fees, traders must evaluate not only the fee amount but also the dormancy threshold after which it becomes payable.

Final Thoughts

The real cost of trading is highly contextual. It depends on the instrument being traded, as pricing models vary widely between forex, indices, commodities, cryptocurrencies, and stocks. The holding period is also important, with day traders primarily exposed to spreads and commissions, while swing and position traders are far more affected by overnight funding fees. Finally, the cost of trading depends on the account structure, as spread-based retail accounts often bundle costs differently than commission-based accounts.

This report reveals that a broker’s competitiveness is not absolute, and there is no single most affordable broker. The most efficient choice for a high-frequency EUR/USD scalper may not be the same as that for a stock CFD trader. An analytical approach to trading requires looking past ‘zero-commission’ headlines to evaluate how the interplay of spreads, swaps, and administrative fees aligns with one’s specific trading frequency and asset preference.