Lowest EUR/USD Spread Brokers 2026: Raw/ECN Account (0.0 pip minimum): 1. Pepperstone Razor — 0.0 pips + $3.50/side commission | FCA + ASIC regulated 2. Eightcap Raw — 0.0 pips + $3.50/side commission | FCA + ASIC regulated 3. ThinkMarkets ThinkZero — 0.0 pips + $3.50/side | FCA + ASIC regulated 4. TIO Markets VIP Black — 0.0 pips + monthly subscription fee Commission-Free (tightest spread-only): 5. Capital.com — from 0.6 pips, no commission | FCA + ASIC regulated 6. XM Ultra Low — from 0.6 pips, no commission | CySEC + ASIC regulated 7. ThinkMarkets Standard — from ~0.4 pips, no commission | FCA + ASIC Industry average EUR/USD spread: ~0.88 pips. Average total 1 lot round-trip cost: ~$8.80.
EUR/USD is the world’s most actively traded currency pair, accounting for approximately 28% of global daily Forex volume as of 2026. It is also the pair on which spread competition among retail Forex brokers is most intense — and the spread on EUR/USD is the most commonly used benchmark for comparing the overall pricing competitiveness of different brokers.
Spread costs accumulate silently and consistently across every trade you execute. A trader who executes 20 standard lots of EUR/USD per month across a year at 1.0 pip spread pays approximately $20,000 in spread costs. The same trader at a 0.0 pip raw spread with $3.50/side commission pays approximately $1,680 in commission — a saving of more than $18,000 annually. This difference is not hypothetical: it is the real, documented cost difference between a wide-spread broker and a competitive raw-spread broker at moderate trading volume.
This guide compares the brokers offering the tightest EUR/USD spreads in 2026 across both raw-spread (ECN/STP) and spread-only (commission-free) account structures, with verified data, regulation details, and specific guidance on how to calculate the total cost of trading — not just the quoted spread.
EUR/USD Spread Comparison 2026 — All Major Brokers
Broker | Account | EUR/USD Min. | Commission | All-in 1 lot | Regulation | Min. Dep. |
Pepperstone | Razor | 0.0 pips | $3.50/side | ~$7 | FCA, ASIC | $0 |
Eightcap | Raw | 0.0 pips | $3.50/side | ~$7 | FCA, ASIC | $100 |
ThinkMarkets | ThinkZero | 0.0 pips | $3.50/side | ~$7 | FCA, ASIC | $0 |
Alchemy Mkt. | Raw/ECN | 0.0–0.2 pips | $3.50/side | ~$7 | MFSA (EU) | $500 |
Equiti | Premier | 0.0 pips | $3.50/side | ~$7 | FCA, CySEC | $500 |
TIO Markets | VIP Black | 0.0 pips | Sub. fee | ~$25-50/mo | FCA (UK) | $500 |
Capital.com | Standard | 0.6 pips | None | ~$6 | FCA, ASIC | $20 |
XM Ultra Low | Ultra Low | 0.6 pips | None | ~$6 | CySEC, ASIC | $5 |
ThinkMarkets | Standard | ~0.4 pips | None | ~$4 | FCA, ASIC | $0 |
DeltaStock | Standard | ~0.8 pips | None | ~$8 | EU FSC | $100 |
Markets.com | Standard | ~0.9 pips | None | ~$9 | FCA, CySEC | $100 |
Pepperstone | Standard | ~0.6 pips | None | ~$6 | FCA, ASIC | $0 |
AvaTrade | Standard | 0.9 pips | None | ~$9 | CBI, ASIC | $100 |
XM Standard | Standard | ~1.6 pips | None | ~$16 | CySEC, ASIC | $5 |
eToro | Standard | 3.0 pips | None | ~$30 | FCA, CySEC | $50 |
Industry Avg. | All | ~0.88 pips | Varies | ~$8.80 | — | — |
How to read ‘All-in 1 lot’: This column shows the total round-trip cost of opening and closing one standard lot (100,000 units) of EUR/USD, combining both the spread cost and any commission. For spread-only accounts: cost = spread in pips × $10 per pip. For commission accounts: cost = (spread × $10) + (2 × commission per side). Always compare on an ‘all-in’ basis rather than quoted spread alone.
Understanding EUR/USD Spread Costs: The Real Numbers
Why the Quoted Spread Is Not the Complete Picture
Most broker marketing focuses on the minimum quoted spread — often the 0.0 pip figure on raw accounts that appears during peak liquidity at 10:00–15:00 London time. This figure is real but represents the ideal condition. The spread you actually pay depends on:
- [object Object]The EUR/USD spread is at its absolute tightest during the London/New York session overlap (13:00–17:00 GMT). Outside London hours — during the Asian session (00:00–07:00 GMT) or around the daily rollover — spreads on even the best raw accounts may widen to 0.3–0.8 pips on EUR/USD. During major economic news releases (NFP, ECB rate decisions, CPI), spreads typically widen to 1.0–3.0 pips even on institutional-grade accounts.
- [object Object]The spread quoted by a broker for a given account type is the minimum under normal conditions. Always test your chosen broker on a demo account during your typical trading hours to understand the actual average spread you will encounter.
- [object Object]Raw-spread accounts at $3.50/side commission have a 0.0 pip spread floor but a $7 round-trip commission floor. A 0.0 pip spread with $7 commission is equivalent to a 0.7 pip spread-only account in terms of total cost per standard lot. Compare brokers on all-in cost, not headline spread alone.
The table below shows the real-world cost comparison between account types, illustrating how commission accounts and spread-only accounts compare at different trading volumes:
Monthly Volume (lots) | Raw 0.0 pip + $7/lot | Spread-only 0.6 pip ($6/lot) | Spread-only 1.0 pip ($10/lot) |
10 lots | $70 | $60 | $100 |
20 lots | $140 | $120 | $200 |
50 lots | $350 | $300 | $500 |
100 lots | $700 | $600 | $1,000 |
200 lots | $1,400 | $1,200 | $2,000 |
500 lots | $3,500 | $3,000 | $5,000 |
The table reveals an important insight: at lower trading volumes (under 50 lots/month), a commission-free 0.6 pip account at Capital.com or ThinkMarkets Standard is actually cheaper in absolute terms than a 0.0 pip + $7 commission raw account. At higher volumes (100+ lots/month), the raw accounts progressively outperform commission-free spreads because the commission is a flat rate while the wider spread compounds with every lot.
Detailed Analysis: Brokers with the Tightest EUR/USD Spreads
1. Pepperstone Razor — The Benchmark for Raw EUR/USD Pricing
Pepperstone is the most comprehensively regulated raw-spread broker available to retail traders globally, and the Razor account is the benchmark against which all other raw spread offerings are evaluated. The Razor account delivers EUR/USD spreads from 0.0 pips during peak trading hours with a commission of $3.50 per side per standard lot ($7 round-trip). The Standard account delivers EUR/USD from approximately 0.6 pips commission-free.
Pepperstone holds regulatory licences from the FCA (FRN 684312), ASIC (AFSL 414530), CySEC, DFSA (Dubai), SCB (Bahamas), and CMA (Kenya) — the widest regulatory footprint of any broker reviewed here. UK clients benefit from FSCS protection up to £85,000. The average EUR/USD spread across all trading hours (including off-peak) on the Razor account is approximately 0.12–0.18 pips in normal market conditions. Platform support: MT4, MT5, cTrader, and TradingView — all four simultaneously.
Pepperstone EUR/USD Spread at Different Times: Peak (London/NY overlap 13:00–17:00 GMT): 0.0–0.2 pips Standard London hours (08:00–17:00 GMT): 0.1–0.3 pips Asian session (00:00–07:00 GMT): 0.3–0.6 pips Major news events (NFP, ECB): 0.5–2.0 pips (temporary) Average across all hours: ~0.12–0.18 pips
- Regulation: FCA, ASIC, CySEC, DFSA, CMA, SCB — FSCS £85,000 (UK)
- EUR/USD Razor: From 0.0 pips + $3.50/side | Standard: From ~0.6 pips
- All-in cost per standard lot (Razor): ~$7 | Standard: ~$6
- Platforms: MT4, MT5, cTrader, TradingView
- Min. deposit: $0 | Inactivity fee: None | Withdrawal fee: None
2. Eightcap Raw — 0.0 Pips + Best Crypto CFD Combination
Eightcap’s Raw account delivers EUR/USD from 0.0 pips with a commission of $3.50 per side — identical headline pricing to Pepperstone’s Razor. The all-in cost of $7 per standard lot round-trip matches the best available pricing from any FCA-regulated broker. Eightcap holds FCA (UK), ASIC (AFSL 391441), CySEC, and SCB regulatory licences, with FSCS protection for UK clients.
Where Eightcap distinguishes itself from Pepperstone in the tight-spread tier is its cryptocurrency CFD breadth: over 500 crypto instruments with Bitcoin spreads from approximately $10 (versus Pepperstone’s ~$30 and the ~$50 industry average). For traders who want the tightest EUR/USD spreads and the widest crypto CFD selection, Eightcap is the combination that no other single broker currently replicates. TradingView live trading integration is also available. No inactivity fee, no deposit fee, no withdrawal fee.
- Regulation: FCA, ASIC (AFSL 391441), CySEC, SCB — FSCS £85,000 (UK)
- EUR/USD Raw: From 0.0 pips + $3.50/side | Standard: From ~1.0 pip
- All-in cost per standard lot (Raw): ~$7
- Platforms: MT4, MT5, TradingView
- Min. deposit: $100 | Inactivity fee: None | Withdrawal fee: None
3. ThinkMarkets ThinkZero — 0.0 Pips with Best Standard Account Pricing
ThinkMarkets is uniquely positioned in the tight-spread market because it offers competitive pricing across both account types: the ThinkZero account delivers EUR/USD from 0.0 pips + $3.50/side commission (matching Pepperstone and Eightcap in the raw tier), while the Standard account delivers EUR/USD from approximately 0.4 pips commission-free — the tightest spread-only EUR/USD pricing among all reviewed brokers, below even Capital.com’s 0.6 pips and significantly below the 0.88 pip industry average.
ThinkMarkets holds FCA (FRN 629628), ASIC (AFSL 424700), FSCA, and CySEC licences with FSCS protection for UK clients. The ThinkTrader proprietary platform — in addition to MT4 and MT5 — is the most developed proprietary platform among the tight-spread specialist brokers, with native copy trading through ThinkCopy. No minimum deposit, no inactivity fee, no withdrawal fee.
- Regulation: FCA (FRN 629628), ASIC (AFSL 424700), FSCA, CySEC — FSCS £85,000 (UK)
- EUR/USD ThinkZero: From 0.0 pips + $3.50/side | Standard: From ~0.4 pips
- All-in cost per standard lot (ThinkZero): ~$7 | Standard: ~$4
- Platforms: MT4, MT5, ThinkTrader (proprietary)
- Min. deposit: $0 | Inactivity fee: None
4. TIO Markets VIP Black — Subscription Model for Ultra-High Volume
TIO Markets offers a genuinely different pricing model for traders who execute very high volumes. The VIP Black subscription account charges a fixed monthly fee (approximately $24.95–$49.95/month depending on tier) and delivers raw spreads from 0.0 pips with zero per-trade commissions. For traders executing 50+ standard lots per month, the subscription model is demonstrably cheaper than paying $3.50/side commission on every trade.
Break-even calculation: at $49.95/month subscription vs $7 round-trip commission, a trader needs to execute approximately 7.2 standard lots per month for the subscription to be cost-neutral. At 50 lots/month, the $49.95 subscription saves approximately $300/month in commission costs. TIO Markets holds an FCA licence for its UK entity (with FSCS protection), alongside an offshore SVG entity for international clients. The SVG entity carries significantly lower regulatory protections — UK registration under the FCA entity is strongly recommended. See our full TIO Markets review for complete details.
- Regulation: FCA (UK entity, FSCS £85,000) | SVG offshore entity (lower protection)
- EUR/USD VIP Black: From 0.0 pips, zero commission, monthly subscription fee
- Platforms: MT4, MT5
- Min. deposit: ~$500 (VIP Black)
5. Capital.com Standard — Tightest Commission-Free Spread for Beginners
Capital.com offers the most accessible entry point to competitive EUR/USD pricing with a commission-free model: EUR/USD spreads from 0.6 pips with no per-trade commissions and a minimum deposit of just $20 — the lowest minimum deposit among all reviewed brokers offering below-average spreads. Regulated by FCA, ASIC, and CySEC with FSCS protection for UK clients.
The all-in EUR/USD cost at Capital.com’s Standard account is approximately $6 per standard lot — identical to the total cost of a 0.6 pip commission-free spread, and competitive with the $7 all-in cost of raw-spread accounts with commission. Capital.com’s additional differentiator is its AI-powered platform with pattern recognition, behavioural analytics, and a 6,000+ instrument range — the broadest of any broker reviewed. For traders who want competitive EUR/USD spreads without commission complexity, Capital.com is a strong choice. See our full Capital.com review.
- Regulation: FCA, ASIC, CySEC — FSCS £85,000 (UK)
- EUR/USD: From 0.6 pips, no commission
- All-in cost per standard lot: ~$6
- Platforms: Proprietary + MT4 + TradingView
- Min. deposit: $20 | Inactivity fee: None
6. XM Ultra Low — 0.6 Pips Commission-Free, $5 Min. Deposit
XM Group’s Ultra Low account delivers EUR/USD spreads from approximately 0.6 pips commission-free — matching Capital.com’s best-in-class spread-only pricing but with a minimum deposit of just $5. XM Ultra Low is regulated by CySEC (Cyprus/EU) and ASIC (Australia) with ICF compensation up to €20,000 for EU clients. The all-in cost is approximately $6 per standard lot.
XM’s Ultra Low account is the most accessible option for budget-constrained traders who want below-average spread pricing in a commission-free account structure. Note that the Standard and Micro accounts have significantly wider spreads (~1.6 pips on EUR/USD) — the Ultra Low is the appropriate account type for cost-conscious XM traders. XM also added TradingView integration in 2025/2026 alongside its MT4 and MT5 platforms. See our full XM Group review for details on all account types.
- Regulation: CySEC (120/10), ASIC (AFSL #443670), DFSA, IFSC — ICF €20,000 (EU)
- EUR/USD Ultra Low: From 0.6 pips, no commission
- All-in cost per standard lot: ~$6
- Platforms: MT4, MT5, TradingView
- Min. deposit: $5 | Inactivity fee: Yes (after 90 days — verify amount)
How to Properly Evaluate EUR/USD Spread Quality
Step 1: Calculate All-In Cost, Not Quoted Spread
The only meaningful spread comparison is the all-in round-trip cost per standard lot. Use this formula:
All-in cost formula: Spread-only accounts: Cost = Spread (pips) × $10 per pip Example: 0.6 pip spread = 0.6 × $10 = $6 per standard lot Commission accounts: Cost = (Spread × $10) + (2 × commission per side) Example: 0.0 pip spread + $3.50/side = ($0) + ($3.50 × 2) = $7 per standard lot Subscription accounts: Cost = (Spread × $10) + (monthly fee ÷ monthly lots) Example: 0.0 pip + $49.95/month at 50 lots = $0 spread + $1/lot = $1 effective per lot
Step 2: Test on Demo During Your Trading Hours
Quoted spreads represent the minimum under ideal conditions. The spread you actually experience depends on your trading hours, market conditions, and the time of news events. Before choosing a broker based on spread claims, open a demo account and manually record the EUR/USD spread at the specific times you plan to trade. This will give you an empirical average spread rather than a marketing minimum. Our Compare Forex Demo Accounts page lists the best demo environments for this type of testing.
Step 3: Check Spread During News Events
EUR/USD spreads widen significantly around major economic releases: US NFP (first Friday of each month), ECB rate decisions, FOMC meetings, and US CPI/PPI releases. Widening can be temporary (30 seconds to 5 minutes) but if your strategy involves trading around news, the peak spread during these moments is more relevant than the average spread. Test your shortlisted brokers during a live news event on a demo account before committing to live trading.
Step 4: Compare Across Multiple Pairs
The EUR/USD spread benchmark is useful for comparison but may not reflect the spread quality on the instruments you actually trade most frequently. If you primarily trade GBP/USD, USD/JPY, or commodity CFDs like Gold or Oil, compare the all-in costs on those specific instruments rather than relying solely on EUR/USD as a proxy. Our dedicated comparison pages — Compare Brokers for Trading Gold and Compare Brokers for Trading Oil — provide instrument-specific spread data.
EUR/USD Spread by Account Type: Which Structure Is Right for You?
Account Type | How It Works | Best For |
Raw / ECN (0.0 pips + commission) | Direct interbank spread passed to client + per-lot commission fee | High-volume active traders (50+ lots/month); scalpers; algorithmic strategies |
Ultra-low spread-only (0.4–0.6 pips) | Tight spread, no commission. All cost in spread | Moderate-volume traders; beginners; commission-free preference |
Standard spread-only (0.8–1.0 pips) | Wider spread, no commission. Simplest cost model | Occasional traders; low volume; those prioritising simplicity |
Subscription (0.0 pips + monthly fee) | Fixed monthly fee replaces per-lot commission | Very high-volume traders (100+ lots/month) where fee savings > subscription |
Fixed spread | Constant spread regardless of market conditions | News traders; risk-averse about widening spreads |
Beyond EUR/USD: Spreads on Other Major Pairs
EUR/USD is the tightest market, but the same brokers that offer competitive EUR/USD spreads typically maintain that competitive position across other major pairs. The following table shows how the top low-spread brokers compare on key instruments beyond EUR/USD:
Instrument | Pepperstone Razor | Eightcap Raw | Industry Average | eToro (comparison) |
EUR/USD | 0.0 pips | 0.0 pips | ~0.88 pips | 3.0 pips |
GBP/USD | 0.0 pips | 0.0 pips | ~1.23 pips | 4.0 pips |
USD/JPY | 0.0 pips | 0.0 pips | ~1.10 pips | 2.0 pips |
AUD/USD | 0.0 pips | 0.0 pips | ~0.80 pips | 1.0 pips |
Gold XAU/USD | ~0.10 | ~0.10 | ~0.55 | ~45 pips |
S&P 500 Index | ~0.4 pts | ~0.4 pts | ~0.79 pts | ~0.75 pts |
DAX 40 Index | ~1.2 pts | ~1.0 pts | ~1.65 pts | N/A |
Bitcoin CFD | ~$30 | ~$10 | ~$50 | ~1.5% |
Crude Oil WTI | ~0.02 | ~0.02 | ~0.05 | ~5 pips |
The cross-instrument comparison confirms that the brokers with the tightest EUR/USD spreads typically maintain competitive pricing across all major asset classes. Eightcap’s standout position is specifically on Bitcoin (~$10 vs $30 at Pepperstone and $50 industry average). For index traders, both Pepperstone and Eightcap are significantly below average on S&P 500 pricing. For gold traders, both deliver ~0.10 pip spreads versus the 0.55 average. For instrument-specific broker comparisons, see our dedicated pages: Compare Brokers for Trading Gold, Compare Brokers for Trading Indices, Compare Brokers for Trading Bitcoin, and Compare Brokers for Trading Oil.
Regulation of Low-Spread Brokers: Does Tight Spread Mean Lower Safety?
A common misperception is that brokers offering very tight spreads must be compensating somewhere — perhaps in regulatory quality, execution reliability, or financial stability. This is not supported by the evidence. All five of the tightest-spread brokers reviewed here (Pepperstone, Eightcap, ThinkMarkets, Capital.com, and Equiti) hold FCA UK licences with FSCS protection, maintain client funds in segregated accounts at tier-1 banks, and have multi-year operating histories with consistent regulatory compliance.
The reason these brokers can offer tight spreads while maintaining strong regulatory standing is their business model: they generate revenue primarily through commission income on high-volume ECN trading rather than through wide spread margins. This ECN/STP model aligns the broker’s incentive with client success rather than against it — a transparent, professional structure that is entirely compatible with — and indeed promoted by — Tier-1 regulatory frameworks.
For traders who want to verify the FCA registration of any broker before opening an account, the FCA Register is publicly available at register.fca.org.uk and displays full authorisation status, any regulatory actions, and the scope of permission for every FCA-authorised firm. Our Compare FCA Regulated Brokers page also covers the full landscape of FCA-licensed brokers.
Frequently Asked Questions: Lowest EUR/USD Spread Brokers
What is the lowest possible EUR/USD spread?
The theoretical minimum EUR/USD spread in the interbank market is 0.0 pips during peak liquidity. This is the spread that tier-1 banks charge each other. The best retail brokers (Pepperstone Razor, Eightcap Raw, ThinkMarkets ThinkZero) pass this 0.0 pip spread directly to retail clients and add a transparent commission of $3.50/side per standard lot. In practice, the actual spread experienced will average 0.1–0.2 pips across all trading hours due to wider spreads during off-peak periods.
Is a 0.0 pip spread really possible for retail traders?
Yes. Raw spread or ECN accounts at regulated brokers like Pepperstone and Eightcap genuinely offer 0.0 pip spreads on EUR/USD during peak trading hours. The catch is the per-lot commission: while the spread is zero, a $7 round-trip commission applies per standard lot. The total all-in cost is therefore $7 per standard lot — equivalent to a 0.7 pip spread-only account. The advantage of the commission model is transparency: you always know exactly what you’re paying, independent of market conditions.
Which type of account — spread-only or commission — is cheaper overall?
It depends on your trading volume. At under 50 lots per month, a tight spread-only account (0.4–0.6 pips, no commission) can actually be cheaper than a raw account with $7 commission per lot, because the commission cost is fixed per lot while the spread cost scales with pip movement. At over 50–100 lots per month, the raw commission account’s 0.0 pip spread becomes increasingly advantageous. See the cost table in this article for the specific break-even calculations.
How do EUR/USD spreads vary by time of day?
EUR/USD spreads are tightest during the London–New York session overlap (approximately 13:00–17:00 GMT), when both of the world’s two largest financial centres are simultaneously active and liquidity is at its peak. Spreads widen significantly during the Asian session (00:00–07:00 GMT), around major economic news releases, and at the daily rollover time (21:00–22:00 GMT). If you primarily trade during off-peak hours, your actual average spread will be meaningfully wider than the advertised minimum.
Does the EUR/USD spread affect scalping strategies specifically?
Yes — spread cost has the greatest proportional impact on scalping strategies because scalpers seek small profits per trade (often 3–10 pips) and the spread represents a large percentage of the target profit. A 1.0 pip spread on a 5-pip target trade means 20% of the profit is paid in spread before the trade even begins. A 0.0 pip spread with $7 commission on a 5-pip target in a standard lot represents $7 commission versus $50 profit — 14% cost ratio. For scalpers specifically, raw ECN accounts at Pepperstone or Eightcap are almost always the optimal choice. Our Compare Day Trading Brokers page covers brokers specifically optimised for scalping and day trading.
Is a wider spread always worse than a tighter spread with commission?
Not always. Spread-only accounts have certain structural advantages for some traders. Guaranteed stops — which execute at the requested price regardless of market gaps — are more commonly available on spread-only accounts and often carry no additional cost. Spread-only accounts also have simpler cost tracking for tax purposes. For traders who prioritise simplicity and trade at moderate volume, a 0.6 pip commission-free account may be genuinely preferable to a 0.0 pip + $7 commission account, even if the raw total cost is slightly higher.
Summary — Lowest EUR/USD Spread Forex Brokers 2026: Absolute tightest (0.0 pips): Pepperstone Razor, Eightcap Raw, ThinkMarkets ThinkZero — all at $7 all-in/lot with FCA + ASIC regulation Tightest commission-free: ThinkMarkets Standard (~0.4 pips, ~$4/lot), Capital.com (0.6 pips, ~$6/lot), XM Ultra Low (0.6 pips, ~$6/lot) Best for high volume: TIO Markets VIP Black (0.0 pips, monthly subscription) — most cost-effective above 50 lots/month Best regulation + tight spread: Pepperstone (FCA + ASIC + 4 other licences) — strongest regulatory footprint in the tight-spread tier Industry average to beat: ~0.88 pips ($8.80/lot) — any broker above this is above-average cost
Further Reading
For traders choosing between the tightest-spread brokers, regulation quality and platform availability are the other key decision factors alongside spread cost. Our Compare FCA Regulated Brokers page covers the full FCA-licensed broker landscape. Our Compare ECN Brokers page provides a detailed analysis of ECN and STP execution models. For traders who also need to avoid inactivity fees — all five tight-spread brokers covered here also charge no inactivity fees — see our Best Forex Brokers with No Inactivity Fee 2026 guide. The Compare Forex Brokers tool allows side-by-side comparison across all criteria simultaneously.
Disclaimer: This article is published by CompareBroker.io for informational purposes only and does not constitute financial or investment advice. Broker fees, spreads, and policies are subject to change — always verify current terms directly with the broker before opening an account. CompareBroker.io may have affiliate relationships with some brokers listed. CFD and Forex trading involves significant risk of loss.
