FX trading costs cannot be compared based solely on the narrowness of the spread. This is because, when using cashback, the actual cost is determined by “spread (+ trading commission) – cashback.” On this page, we provide a simple estimate of the effective spread after rebates for the five major brokers handled by REBATE ONE, using USD/JPY as an example (these estimates are based on actual and published figures verified in August 2026 and our company’s rebate rates).
[Conclusion] When comparing the effective spreads after rebates, the performance gap between the major accounts is smaller than what the spreads appear to indicate. In this analysis, the ThreeTrader Raw Zero account (approx. 0.45 pips) was the cheapest, followed by the Exness Standard account (approx. 0.66 pips), with the major accounts falling within a range of approximately 0.45 to 0.9 pips.
Formula for Calculating the Effective Spread
Effective Spread (pips) = Average Spread + Trading Commission (converted to pips) – Cashback (converted to pips)
Since our rebates are denominated in USD, we convert them to pips using a simplified conversion rate of 1 pip per lot = $10 (e.g., $8.10 → 0.81 pips). This conversion is for reference only; the actual monetary value may vary depending on the instrument and exchange rate.
Preliminary Calculations for the Top 5 Firms (USD/JPY, per lot)
| Broker/Account | Estimated Spread + Commission*1 | REBATE ONE Rebate (converted to pips*2) | Estimated Effective Spread |
|---|---|---|---|
| ThreeTrader/Raw Zero | Approx. 0.1 pips + $4 commission (0.4 pips) | $0.475 (0.048 pips) | Approximately 0.45 pips |
| exness/Standard | About 1.1 pips | 40% of the spread (0.44 pips) | Approximately 0.66 pips |
| XS/Standard | About 1.1 pips | $3.17 (0.317 pips) | Approximately 0.78 pips |
| Titan FX/Zero Standard | Approximately 1.33 pips | $4.75 (0.475 pips) | Approximately 0.86 pips |
| HFM/Premium | About 1.7 pips | $8.10 (0.81 pips) | Approximately 0.89 pips |
*1 This is an approximate average spread based on publicly available data and figures released by various companies. Spreads fluctuate constantly depending on market conditions and the time of day.
*2 This is an approximate figure calculated by simply converting the USD-denominated rebate amount at a rate of 1 pip per lot = $10. Actual conversions vary depending on the instrument and exchange rate.
Three Key Takeaways from the Projections
The actual spread is smaller than it appears
If you look only at the spreads, there is a significant difference ranging from 0.1 pips to 1.7 pips, but after the rebate, this narrows to a range of approximately 0.45 to 0.9 pips. This is because, for accounts with wider spreads—such as the HFM Premium account—the affiliate commissions paid by the broker are higher, so the rebate amount makes up for the difference.
Low-spread accounts offer smaller rebates, but they’re still strong in practical terms.
Although the cashback amount for ThreeTrader’s Raw Zero account is small, its low base costs made it the cheapest in terms of effective spreads. On the other hand, since cashback accumulates steadily based on trading volume, the difference—even when factoring in cashback—becomes smaller for accounts with wider spreads.
It's most accurate to run the calculations using the stocks you actually trade.
This table shows an example for USDJPY. The balance between the spread and the rebate amount varies depending on the instrument, such as gold or EURUSD. The rebate amounts for each instrument offered by each broker are listed on the respective pages of the broker directory.
FAQ
Won't I lose money even with an account that has wide spreads?
While the difference narrows when comparing the effective spreads after rebates, for trading styles—such as scalping—where the spread at the time of execution is critical, a low-spread account is more suitable. This is because rebates are, after all, amounts refunded after the fact.
Don't you publish estimates from other brokers?
We will add accounts sequentially, starting with those for which we have confirmed the spreads and rebate terms. You can check the rebate amounts for each company in the list of supported brokers.
About Sources and Data
The estimated spreads are based on figures published on each broker's official website or official research page (verified on August 30, 2026). The rebate amount is based on REBATE ONE's rebate rate.
- Exness Official Website (Spreads by Account Type)
- HFM Official Website (Spreads by Account Type)
- XS.com Official Website (Standard Account: Average Spread)
- Titan FX Official Research (Historical Spread Data)
- ThreeTrader Official · Raw Zero Account (Commission: $4 per round trip)
Since spreads fluctuate constantly depending on market conditions, please be sure to check the latest figures on each company’s official website. The estimates on this page are reviewed periodically.