How to read a forex broker's commission table: an EU trader's guide
Most guides tell you to "watch out for hidden fees." This one is narrower and more useful: it teaches you to read the one document where those fees hide in plain sight — the broker's commission table on a raw-spread or ECN account.
A commission table looks simple: an account name, a spread figure, a commission figure. But three small conventions inside it — how the commission is expressed, whether it is per side or round-turn, and whether tiers or conversions apply — can double or triple your real cost. Learn to read those and you can compare any two EU brokers correctly in under a minute.
What's in this guide
- The four columns that actually matter
- Per-lot vs percentage commissions
- Per-side vs round-turn — the costliest misread
- Tiered and rebated commissions
- Currency-of-account conversion fees
- A worked example: same broker, two accounts
- Your 60-second commission-table checklist
- FAQ
The four columns that actually matter
Strip a commission table back and only four pieces of information decide your cost. Everything else is marketing.
| Column | What it tells you | The trap |
|---|---|---|
| Typical spread | The raw spread before commission, in pips | Quoted as a "from" figure — the average is usually higher |
| Commission unit | Whether the charge is per lot or a percentage of notional | Percentages look tiny but scale with position size |
| Per side / round-turn | Whether the figure covers one leg or both | Reading per-side as round-turn halves your estimate |
| Currency | The currency the commission is charged in | USD commissions on a EUR account add a conversion fee |
Per-lot vs percentage commissions
EU brokers express forex commissions in one of two ways:
- Per lot — a flat cash amount for every standard lot (100,000 units) you trade, e.g. "3.50 USD per lot." This is the most common format for MT4/MT5 raw-spread accounts.
- Percentage of notional — a fraction of the trade's value, e.g. "0.0035%." More common on share CFDs, but some brokers use it for forex too.
The two are directly comparable once you convert. A 3.50 USD per-lot commission on a 100,000-unit trade is 0.0035% of notional — identical. The difference is psychological: "0.0035%" reads as trivially small, while "3.50 per lot, twice" reads as a real cost. Always translate percentage commissions into a cash-per-lot figure before you compare.
Per-side vs round-turn — the costliest misread
This single distinction causes more mispriced comparisons than any other. A commission is charged either:
- Per side — once when you open the trade and again when you close it. A "3.50 per side" account costs 7.00 per lot for a completed trade.
- Round-turn — a single figure covering both the open and the close.
If a broker advertises "3.50 commission" without saying which, assume per side and confirm before depositing. Reading a per-side figure as round-turn quietly halves your cost estimate — and makes a mid-priced broker look like the cheapest on your shortlist.
Tiered and rebated commissions
Higher-volume accounts often show a tiered table: the commission per lot falls as monthly volume rises (e.g. 3.50 up to 100 lots, 3.00 from 100–500 lots, 2.50 above). For a beginner this matters in one direction only — you will almost always sit in the top, most expensive tier, so use that row, not the headline "as low as 2.50" figure, when estimating cost.
Some brokers instead advertise a rebate — a portion of the commission returned after a volume threshold. Treat rebates as conditional, not guaranteed: if you never hit the threshold, your real commission is the un-rebated one.
Currency-of-account conversion fees
Many EU brokers quote commissions in USD even when your account is in EUR. Each USD commission is then converted back to euros at the broker's rate, which usually carries a small markup over the mid-market rate. It is a genuine cost that never appears in the commission column itself. If your account is in EUR, prefer a broker that charges commission in EUR, or factor a conversion markup of roughly 0.3–1% into every USD commission you see. This is one of the ancillary charges our hidden-fees checklist covers in full.
A worked example: same broker, two accounts
Here is why reading only the spread column, or only the commission column, gives the wrong answer. These are illustrative figures for a EUR/USD trade, not live quotes — always verify current pricing with the broker.
| Account | Spread | Commission (round-turn) | Commission in pips* | All-in cost |
|---|---|---|---|---|
| Raw / ECN | 0.1 pip | 7.00 per lot | ~0.7 pip | ~0.8 pip |
| Standard (zero commission) | 1.4 pip | 0.00 | 0 | ~1.4 pip |
*A round-turn commission of about 7 USD per standard lot is roughly 0.7 pip on EUR/USD, because one pip on a standard lot is worth about 10 USD.
What the example proves
The "zero-commission" account is the more expensive one — 1.4 pips all-in versus about 0.8 pips for the raw account, once the commission is converted to pips and added to the spread. A trader who compared only the commission column would pick the wrong account. The all-in cost is the only number that matters. Our EU trade cost calculator does this conversion for you, and the best ECN brokers page lists raw accounts worth comparing.
Your 60-second commission-table checklist
Before you deposit, run any commission table through these five questions:
- Is the commission per lot or a percentage? Convert to cash-per-lot.
- Is it per side or round-turn? If unstated, assume per side and double it.
- Which tier will I actually sit in? Use the top (most expensive) row.
- What currency is it charged in? Add a conversion markup if it differs from my account.
- Does the all-in cost (spread + round-turn commission, in pips) beat a comparable standard account?
Then check the licence, not just the price
The cheapest table is only worth using if the broker is properly regulated. Confirm the CySEC or other EU licence number on the regulator's public register — our regulation guide shows how — and skim the forex jargon glossary if any term above was unfamiliar.
Frequently asked questions
Is a forex commission charged per side or round-turn?
It depends on the broker. "Per side" means the figure applies when you open and again when you close, so "3.50 per side" is 7.00 per lot round-turn. "Round-turn" means the figure already covers both legs. If the table does not say, assume per side and confirm before depositing.
What does a commission per lot actually cost in euros?
A commission of 3.50 USD per lot per side equals about 7.00 USD round-turn per standard lot, roughly 0.7 pip on EUR/USD. On a EUR account, add a small conversion markup because the charge is in USD.
Why is a raw-spread commission account sometimes cheaper than a zero-commission account?
Because total cost is spread plus commission, not spread alone. A raw account at 0.1 pip + 7.00 round-turn is about 0.8 pip all-in, cheaper than a 1.4 pip zero-commission account. Reading only one column gives the wrong answer.
Do EU brokers have to disclose commissions before I open an account?
Yes. Under MiFID II, EU-regulated brokers must give you a Key Information Document and a full costs-and-charges disclosure before you open an account. The pricing-page commission table should match those documents — if it does not, ask the broker to reconcile them first.