One standard EUR/USD lot on Moneta Markets costs $8.60 all-in on a US-dollar Prime ECN account, once the published 0.26 average spread and the $6 round-turn commission are added together.
The 0.26 is the ECN average on the spreads page, opened 22 October 2026. One pip on this lot is $10, because 1 lot is 100,000 and a pip is 0.0001, so the spread piece is $2.60. TRUE ECN commission on a USD account is a $6 round turn. “Spreads from 0.0 pips” is a list-wide floor. The EURUSD ECN minimum is 0.10, already $1 of spread and $7 all-in.
Two raw-spread peers, opened the same day, land at $8.00. Pepperstone Limited’s Razor average prints as 0.1, read here as pips, plus $3.50 a side. Raw Trading Ltd states 0.1 pips and a $7 MetaTrader round turn. Sixty cents separates the tickets. The companies do not: Saint Lucia at up to 1,000:1, an FCA firm at 1:30 on majors, and Seychelles at up to 1:5,000 with a cap that can change.
Updated 22 October 2026
Figures below are the pages opened that day: Moneta spreads at https://www.monetamarkets.com/trading/products/spreads-and-commissions/, compare-accounts at https://www.monetamarkets.com/clients/compare-accounts/, regulation at https://www.monetamarkets.com/about-us/moneta-markets/regulation/, and legal documents at https://www.monetamarkets.com/about-us/moneta-markets/legal-documentation/; Pepperstone pairs at https://pepperstone.com/en-gb/markets/forex/pairs-and-spreads, costs at https://pepperstone.com/en-gb/trading/costs-and-fees, and legal documents at https://pepperstone.com/en-gb/legal-documents/; IC Raw Spread at https://www.ic.com/en/trading-accounts/raw-spread-account, the account overview at https://www.ic.com/en/trading-accounts/overview, and the help centre at https://www.ic.com/en/help-resources/help-centre.
How the $8.60 is built
The figure needs a pip, a round turn, and the legal entity that holds the contract.
EUR/USD is quoted in dollars per euro. One pip is 0.0001, and a fifth decimal is a tenth of a pip, sometimes called a point. Moneta defines 1 lot as 100,000 of the base currency, so this pip is $10. Pepperstone usually measures a spread in pips, and IC states its average in pips. The same $10 converts all three rows.
A round turn is opening plus closing, one sum, not a second full fee. TRUE ECN on a USD account shows $0.03 per 0.01 lot, round turn $0.06, which scales to $6 on 1 lot, or $3 a side. The 1-lot cell prints only “USD (round turn $6)”. The 0.01-lot cell and the Prime card’s “$3 per lot per side” supply the missing side. The yen row begins “PY” rather than “JPY”.
The spread is the gap between bid and ask. Commission is a separate charge, in the account currency, on the ECN tiers. STP sets that commission to zero and widens the spread. Swap is a weekly rollover, and the spreads page points to MT4 symbol properties. No EURUSD swap is printed there.
| Piece | Moneta Prime ECN / TRUE ECN | Pepperstone Razor | IC Raw Spread, MetaTrader |
|---|---|---|---|
| Entity on the page | Moneta Markets Ltd, the site operator | Pepperstone Limited | Raw Trading Ltd |
| Platform beside the figure | PRO Trader, MT4, MT5, AppTrader | Razor. The $7 matches the house platform and TradingView, not cTrader | MetaTrader 4 and 5 |
| Average spread | 0.26 pips | 0.1, read here as pips | 0.1 pips |
| Spread at $10 a pip | $2.60 | $1.00 | $1.00 |
| Round-turn commission | $6 | $7 | $7 |
| All-in | $8.60 | $8.00 | $8.00 |
At the published minimum the three tickets can meet near $7. Pepperstone’s Razor minimum prints as 0, and IC’s MetaTrader floor is 0.0 pips. Moneta’s own EURUSD minimum is already 0.10. At the average, Moneta is the one $0.60 higher.
Who holds the contract
A CFD on EUR/USD is a contract with the firm that issued it, not a pile of euros in a bank. Moneta’s regulation page, opened with the spreads page, names four arrangements, and they do not do the same job.
The banner says the website is operated by Moneta Markets Ltd, that this company is not FCA-authorised, and that it does not serve UK residents. Moneta Markets is a trading name of that company, Saint Lucia international business company 2023-00068. The 0.0 line, the 0.26 average, the $6 round turn and leverage “up to 1000:1” sit on that site.
Moneta Markets South Africa (Pty) Ltd is FSCA 47490, at 1 Hood Avenue, Rosebank, Johannesburg. Moneta Markets Capital Ltd, company 08279988, is FCA 613381 for UK clients, at the page’s Wimbledon line, Amlbenson the Long Lodge, 265-269 Kingston Road, SW19 3NW. Other Moneta entities are not FCA-authorised. Moneta Global Financial Services L.L.C holds UAE CMA licence 20200000459 for introduction and promotion only, Suite B402, The Opus Tower, Business Bay, and the page says it does not execute trades.
The legal-documents page did not render a client-agreement file in this session, so the operator line is the banner plus the regulation page, not a clause from signed terms. “Regulated”, on these pages, is a stack. Only one company is described as running the site that prints the $8.60.
The @MonetaMarkets bio, read 22 October 2026, lists the CMA, the FCA, the FSCA and the FSRA. The regulation page names the first three, the last of those only for introduction, and does not name an FSRA licence. Recent posts on that account are market notes and a gold promotion, so none is embedded.
The same split shows up on other books. The Scope Markets review follows a Saint Lucia contract. The Hantec Markets review follows a London number on a Mauritius book. The entity that operates the page is the counterparty, and a licence further down the page is a different company.
Pepperstone and IC on the same lot
Pepperstone’s row is the UK site. The legal-documents page calls the firm Pepperstone Limited. The footer prints company 08965105, FCA 684312, and 4th Floor, 27 Old Jewry, London, EC2R 8DQ.
Razor’s EURUSD minimum is 0 and the average is 0.1. Standard is 1 and 1.1, sampled through August 2026. The header says “0.0 points”, not pips. A 1-point markup on Standard matches the 1.0 gap, and an about-page footnote says Razor minimums are from 0 pips, so 0.1 is read as 0.1 pips. A tenth-of-a-pip reading would put Razor at $7.10 and make commission-free Standard cheaper. The chart uses the pip reading.
USD commission is $3.50 a side, a $7 round turn. cTrader FX is $6 round trip, TradingView is $7, and the house platform shows “USD 7 when position opened”. The chart uses $7 plus $1 of spread. The cTrader bar would be $7.00 and is not drawn. Major pairs are listed at 1:30. A professional-client margin file was not opened. The minimum is £10, or none on a bank wire.
IC’s pages resolved to ic.com. Raw Spread states a 0.1 pip EURUSD average, $3.50 per lot per side, and spreads from 0.0 on MT4 and MT5. The overview shows a $7.00 MetaTrader round turn, a $0 minimum, and leverage of 1:5000. The help centre repeats the $7 and says leverage can change margin. Raw Trading Ltd, Seychelles 8419879-1, holds FSA SD018. cTrader is $3 per 100,000 USD traded, so the bars use MetaTrader. The Equiti review is a different Seychelles book.
| Axis | Moneta Prime ECN | Pepperstone Razor | IC Raw Spread |
|---|---|---|---|
| All-in, 1 standard lot, USD | $8.60 | $8.00, 0.1 read as pips | $8.00 |
| Legal entity | Moneta Markets Ltd | Pepperstone Limited | Raw Trading Ltd |
| Regulator for that entity | Saint Lucia IBC 2023-00068. FSCA 47490 and FCA 613381 are other companies | FCA 684312 | Seychelles FSA SD018 |
| Minimum | $50 | £10, or none on a bank wire | $0 |
| Leverage cap as printed | Up to 1000:1 | 1:30 on major pairs | Up to 1:5000, described as dynamic |
The bars sit close together on purpose. A Moneta Markets review that stops at “from 0.0” would call this the cheap ticket, and the average says otherwise. The VT Markets review is another 0.0 line that is not the lot. The broker comparison desk collects that reading, and the Darwinex review is an FCA round turn with a different number.
Three cards, one average column
The compare-accounts heading says Direct STP, Prime ECN or Ultra ECN, and the page shows three cards in that order. Each lists PRO Trader, MT4, MT5 and AppTrader, a 0.01 minimum volume, and margin call / stop-out at 50 / 20.
| Direct STP | Prime ECN | Ultra ECN | |
|---|---|---|---|
| Minimum deposit | $50 | $50 | $20,000 |
| Leverage | Up to 1000:1 | Up to 1000:1 | Up to 500:1 |
| Spreads from | 1.2 pips | 0.0 pips | 0.0 pips |
| Commission, USD | $0 | $3 a side, $6 round turn | $1 a side, $2 round turn |
| EURUSD average printed | STP column, 1.36 | ECN column, 0.26 | No separate Ultra average |
| All-in on that average | $13.60 | $8.60 | Not published as its own average |
STP is the commission-free card, and on the published average it is the expensive one. A spread of 1.36 pips is $13.60, $5 more than Prime on this lot. Removing the commission moved the cost into a wider spread. Even the STP floor of 1.20 pips is $12 before any swap.
Ultra’s commission is the low one, and the minimum is $20,000. The spreads page has one ECN column. Adding $2 to the 0.26 average would make $4.60, an inference, so it stays out of the chart. The site does not say whether a live Ultra spread matches that average.
Account currency changes the commission and leaves the pip in dollars. On TRUE ECN a 1-lot round turn is €5, £4, A$6, NZ$6.50, C$6, S$7, or ¥550. The $8.60 exists only on a USD account, and the spreads page prints no conversion rate. Pepperstone’s euro charge is €2.60 a side. IC lists a 6.50 euro round turn against 7.00 in dollars. The chart stays on the USD row.
RelatedBlueberry Markets Review 2026: EUR/USD Direct Fee Is $7
What sixty cents does not decide
Sixty cents on a standard lot is small beside the other axes. Pepperstone Limited prints 1:30 on major pairs. The Moneta site that prints $8.60 also prints “up to 1000:1”, and the banner says that site is not the FCA firm. IC prints up to 1:5000 and says the cap can move. Those caps change position size.
Minimums cut the other way. Prime is $50, Pepperstone’s UK page is £10 or nothing on a bank wire, and IC’s Raw Spread row is $0. Ultra’s $1-a-side commission asks for $20,000, so the first sentence prices Prime. Swap can run three days over a weekend. Share CFDs use another schedule, and the $6 does not travel to them.
This review scores the pricing pages 3.4 out of 5. The score is whether one EURUSD lot can be computed without guessing, and whether the company on the contract can be named. Execution, withdrawals and platform uptime were not measured.
The pages support a labelled minimum and average, a round turn by currency, and an all-in within $0.60 of two raw-spread peers. They do not support reading 0.0 as the EURUSD minimum. The 1-lot USD cell omits the per-side amount, Ultra has no average of its own, and the social bio adds an FSRA line the regulation page does not.
Questions the fee page actually answers
What is a pip on EUR/USD, in dollars?
A pip on EUR/USD is a move of 0.0001. Moneta’s commission table defines 1 lot as 100,000 of the base currency, so one pip on a standard lot is 100,000 times 0.0001. The quote currency is the dollar, which makes that pip $10. An average of 0.26 pips is $2.60 of spread before commission. The same $10 converts the Pepperstone and IC averages in this review. It is a contract convention, not a broker surcharge.
What does round turn mean on the commission table?
Round turn means opening and closing, stated as one sum. On Moneta’s TRUE ECN table a USD account shows $0.03 per 0.01 lot and a round turn of $0.06. Multiply by 100 and the 1-lot round turn is $6, matching “$3 per lot per side” on the Prime card. Pepperstone’s UK pairs page prints $3.50 a side, so the round turn used here is $7. IC’s overview prints $7 round turn on MetaTrader. That sum is the whole commission.
Which company holds a Moneta contract?
Those pages say the website is operated by Moneta Markets Ltd, Saint Lucia company 2023-00068. The regulation page also names Moneta Markets South Africa (Pty) Ltd under FSCA licence 47490, and Moneta Markets Capital Ltd under FCA 613381 for UK clients. The UAE firm may introduce and promote, and the page says it does not execute trades. No client-agreement file rendered this session, so the operator line is the banner and the regulation page.
Is a 0.0 spread the cost of this trade?
No. On Moneta’s forex table the EURUSD ECN minimum is 0.10 and the average is 0.26. “Spreads from 0.0 pips” is a floor across instruments, not this row. On the average, spread plus round turn is $8.60 on a USD Prime account. At the row’s own minimum the spread is still $1, so the floor with the $6 commission is $7, not zero. A live quote can differ. The table is not a ticket.
How do the two peers compare on this lot?
On pages opened 22 October 2026, Pepperstone Limited’s Razor average prints as 0.1. Read as pips, plus a $7 round turn, that is $8.00. Raw Trading Ltd’s MetaTrader Raw Spread account states 0.1 pips and a $7 round turn, also $8.00. The gap versus Moneta’s $8.60 is $0.60. Leverage is not close: up to 1,000:1 on the Moneta site, 1:30 on major pairs at Pepperstone, and up to 1:5,000 at IC, which says the cap can change.
Does the $8.60 include overnight financing?
No. Moneta describes swap as a rollover for holding past the session, updated weekly by liquidity providers, and points to symbol properties in MT4. The spreads table does not print a EURUSD swap. The $8.60 is the published average spread plus the round-turn commission, for a trade opened and closed inside the day. A position held over a weekend can pick up a multi-day roll. That cost is separate, and it is not in the bars.
The all-in, stated plainly
On the pages retrieved 22 October 2026, one standard EUR/USD lot on Moneta Markets’ Prime ECN tier, in a US-dollar account, is $8.60. That is $2.60 of average spread and $6 of round-turn commission, on PRO Trader, MT4, MT5 or AppTrader, at Moneta Markets Ltd. It is not 0.0. The row’s own minimum still leaves $1 of spread, so the floor with the commission is $7.
The same lot is $8.00 at Pepperstone Limited’s Razor account and $8.00 at Raw Trading Ltd’s MetaTrader Raw Spread account, on the pip reading above. The figure that changes how this fee should be read is which company holds the contract, and which leverage cap that company prints.