A zero-pip spread that is fixed, and doesn't vary, will likely include a commission. The broker may also be operating a dealing desk to attempt to make money when you trade, by being on the opposite side of each trade. The way forex and CFD brokers earn money depends on their business model and available execution methods. All brokers will ultimately do one or more of the following: Add a spread markup or earn a rebate (agency broker) when you trade with them, as they route your order to a third-party market-maker in return for compensation. Charge a commission (agency broker) in lieu of any spreads when routing your order. Manage risk as a dealer (agency broker or market maker) on zero spread accounts. Pro tip: Some zero spread brokers combine some of these execution methods into a hybrid offering. Some brokers let you choose execution type from within your account or open an account specific to a particular execution method.