Overseas FX Real Trading Cost Comparison: Spread + Commission - Cashback
Can't decide whether a narrow-spread account or a no-commission account is actually cheaper?
In short, convert spreads and commissions to yen, add them up, subtract cashback, and compare the real cost. The cashback amount is not yet confirmed, so the formulas treat it as X.
This article gives a table of the 5 supported brokers' account conditions converted to yen, and shows how to compare using X.
In short: compare real cost as spread + commission - cashback
- Conditions that mix pips and dollars are easier to compare once converted to yen per lot
- Real cost = spread cost + round-turn commission - cashback
- The cashback amount will be posted at launch, so the formulas write it as X
- The gap between accounts grows in yen terms as you trade more lots
Definition of real cost and the formula
Real cost is the amount you actually bear on each trade, minus the amount returned to you. It is determined by three things: spread, commission and cashback.
| Item | Formula per lot (yen) |
|---|---|
| Spread cost | Spread (pips) x ¥1,000 |
| Commission | Round-turn commission (USD) x ¥150 |
| Cashback | X (USD) x ¥150 |
| Real cost | Spread cost + commission - X x ¥150 |
Spreads and commissions by account at supported brokers, in yen
The table below converts each broker's statements, as of our official checks, into yen per lot under the assumptions above. Spread bases differ by broker, so read it as a guide, not a ranking.
| Broker / account | Spread (basis) | Commission | Spread + commission (yen) |
|---|---|---|---|
| XS Standard | 1.1 pips (average) | None | approx. ¥1,100 |
| XS Pro | 0.7 pips (average) | None | approx. ¥700 |
| XS Elite | 0.1 pips (average) | $6 round turn | approx. ¥1,000 |
| HFM Premium | From 1.4 pips | None | approx. ¥1,400 |
| HFM Pro | From 0.6 pips | None | approx. ¥600 |
| HFM Zero | From 0 pips | FX $6 round turn / standard lot | approx. ¥900 |
| Axi Standard | From 0.7 pips | None | approx. ¥700 |
| Axi Premium | From 0.0 pips | $4.5 round turn | approx. ¥675 |
| Axi Elite | From 0.0 pips | $3.5 round turn | approx. ¥525 |
| Exness Standard | From 0.2 pips | None | approx. ¥200 |
| Exness Pro | From 0.1 pips | None | approx. ¥100 |
| Exness Raw Spread | From 0.0 pips | Up to 3.50 USD per side | up to approx. ¥1,050 |
| Exness Zero | From 0.0 pips | From 0.05 USD per side | commission only, from approx. ¥15 |
| DecodeFX STD | From 0.34 pips | None | approx. ¥340 |
| DecodeFX PRO | From 0.0 pips | $7 per standard lot | approx. ¥1,050* |
- "From 0.0 pips" is the minimum, and the spread is not always that narrow
- Exness Zero's spread differs by instrument, so no total can be given
- DecodeFX STD conditions may differ by referral route (IB settings)
- Minimum deposits, leverage and bonuses are not included in this table
Per-lot calculation examples: comparing with cashback X
Let's compare Axi's two accounts using X. Standard is about ¥700 and Premium about ¥675, so with the same X, Premium is ¥25 cheaper.
| Account | Real cost formula (yen) | If X = 1 USD |
|---|---|---|
| Axi Standard | 700 - 150X | ¥550 |
| Axi Premium | 675 - 150X | ¥525 |
If the cashback differs by account, decide by the difference. If Standard's X is larger than Premium's by about 0.17 USD (¥25 / ¥150) or more, Standard comes out ahead.
For HFM Premium (about ¥1,400) and Pro (about ¥600), the gap is ¥800. Premium's X would have to be larger than Pro's by about 5.33 USD or more to reverse that.
Why the gap in real cost widens as you trade more
Both costs and cashback grow in proportion to lot size. Even if the difference per lot is small, the total difference gets larger as your trading volume rises.
| Monthly lots | ¥25 per lot gap (Axi example) | ¥800 per lot gap (HFM example) |
|---|---|---|
| 10 lots | ¥250 | ¥8,000 |
| 50 lots | ¥1,250 | ¥40,000 |
| 100 lots | ¥2,500 | ¥80,000 |
| 200 lots | ¥5,000 | ¥160,000 |
For scalping and EAs with many trades, this gap adds up over a month. Use the comparison tool, which lets you enter monthly lots and re-sort, to check your own conditions.
Enter your monthly trading volume to compare real cost in yen by broker and account side by side.
Use the real cost comparison toolFAQ
Q.What is real cost in overseas FX?
It is spread cost plus commission, minus cashback. Conditions that mix pips and dollars are easier to compare once converted to yen per lot.
Q.Which is cheaper, an account with commission or one with wider spreads?
It depends on the currency pair and the actual spread. Compare real cost: the spread plus the round-turn commission, minus the cashback. The values in the table are a guide.
Q.How much does cashback affect real cost?
The cashback amount is not yet confirmed, so we cannot give a figure. The formulas treat it as X, so put in the amount we post at launch to calculate. The effect is larger the more you trade.
Sources
- XS Account Types (Official) (checked 2026-08-02)
- HFM Trading Accounts (Official) (checked 2026-09-01)
- Axi Trading Accounts (Official) (checked 2026-09-10)
- Exness Help Center (Account Types) (checked 2026-09-03)
- DecodeFX Trading Accounts (Official) (checked 2026-08-04)
This article is for information purposes only and is not investment advice. Conditions may change, so please check each broker's official page for the latest information. Offshore FX and CFD trading carries a risk of losses exceeding your principal.
