Spread Comparison: London Session Forex Costs (2026)
Updated Apr 2026 • 11 min read • London session data
The London session (08:00-16:00 GMT) is the most important trading window in forex. Approximately 43 percent of all forex transactions occur during London hours, creating the deepest liquidity pool and the tightest spreads available at any point in the 24-hour trading day. For traders who can schedule their activity during this window, the cost savings compared to off-peak trading are substantial and consistent.
London Session Spread Data (Q1 2026)
| Pair | London Spread (Exness Raw) | London Spread (IC Markets) | London Spread (Pepperstone) |
|---|---|---|---|
| EUR/USD | 0.0 pips | 0.1 pips | 0.2 pips |
| GBP/USD | 0.1 pips | 0.3 pips | 0.4 pips |
| EUR/GBP | 0.2 pips | 0.3 pips | 0.3 pips |
| USD/CHF | 0.2 pips | 0.4 pips | 0.5 pips |
| EUR/JPY | 0.3 pips | 0.5 pips | 0.5 pips |
| XAU/USD | 5 cents | 8 cents | 8 cents |
Why London Session Spreads Are Tightest
London dominance in forex spreads stems from three factors. First, the City of London is home to the world largest concentration of forex dealing desks, including those of Deutsche Bank, Barclays, UBS, HSBC, and Citibank. Second, the London session overlaps with both the Asian close and the New York open, creating extended periods of deep liquidity. Third, the majority of EUR, GBP, and CHF transactions are processed through London, making it the natural liquidity center for European currencies.
During the London-New York overlap (13:00-16:00 GMT), liquidity reaches its daily peak. This 3-hour window consistently produces the tightest spreads on all major pairs and is the optimal trading window for cost-conscious traders regardless of their strategy.
Trade London Session Spreads
Exness offers 0.0 pip EUR/USD during peak London liquidity.
London Session Sub-Windows
- Pre-market (07:00-08:00 GMT): Spreads tightening as European banks prepare for the open. EUR/USD raw spreads of 0.1-0.3 pips. Good for early position building.
- London open (08:00-09:00 GMT): Initial volatility spike as overnight orders are executed. Spreads of 0.0-0.2 pips with potential for news-driven widening from UK/EU data.
- London core (09:00-12:00 GMT): Stable, deep liquidity. Tightest spreads for European pairs. Ideal for scalping strategies.
- London-NY overlap (13:00-16:00 GMT): Maximum liquidity globally. The absolute tightest spreads on all pairs. The best window for any trading strategy.
- London close (15:30-16:30 GMT): Institutional position squaring can cause short volatility bursts. Spreads remain competitive but begin widening after 16:00.
London Session for Non-European Traders
Traders in Asia, Africa, and the Middle East can access London session hours during their late morning to evening. For a trader in Singapore (GMT+8), the London session runs from 16:00-00:00 local time. For a trader in Dubai (GMT+4), it runs from 12:00-20:00 local time. Adjusting your schedule to overlap with even a portion of the London session provides significant spread savings.
Methodology
London session spreads measured from 08:00-16:00 GMT on raw accounts across all tested brokers. Q1 2026 data using automated tick sampling at 5-second intervals.
Related Comparisons
Explore more spread data across different pairs and brokers.
Frequently Asked Questions
When does the London session start and end?
The London forex session runs from 08:00 to 16:00 GMT. The most liquid period is the London-New York overlap from 13:00 to 16:00 GMT when both financial centers are active simultaneously.
Which pairs have the tightest spreads during London?
EUR/USD, GBP/USD, and EUR/GBP have their tightest spreads during London hours. EUR/USD can reach 0.0 pips and GBP/USD 0.1 pips on raw accounts at top brokers during peak London liquidity.
Is London session best for all trading styles?
London session is ideal for day traders and scalpers due to tight spreads and high volatility. Swing traders can also benefit from London session entries to minimize entry cost, even if they hold positions for days.