⭐ Can Market Makers offer Raw ECN Spreads from 0.0 Pips?

Yes.
A Market Maker Forex Broker, who uses Hybrid dealing model (B-book order internalization + A-book external order hedge), can absolutely advertise and offer "Interbank level raw ECN spreads from 0.0 Pips".

A Market Maker is essentially in control of the price quotes it streams, and can definitely base it on external price feed as tight as they choose to.

How Does It Work?

From the practical point:

Being a Hybrid Market Maker does not prevent raw pricing

A Market Maker can have connection to many Liquidity Providers (LPs), who will be streaming top-of-book raw price quotes to the Market Maker, who may then choose to pass them raw (or close-to-raw) to own Clients and still be a Counterparty to Clients' trades and internalize (B-book) some of the flow.

From the risk handling point:

The raw spreads do not affect the contractual factor of the Market Making

E.g. razor-sharp, tight spreads are just the pricing factor, while contractual risks of dealing with a Market Maker (conflict of interests) remains unchanged.

From the total cost point:

True spreads from 0.0 pips are almost always accompanied by commission to make profits for the Market Maker

If a Forex broker promotes spreads from 0.0 pips and $0 commission, this suggests that spreads rarely hit 0 pips, and instead are often hovering at higher levels during most of the trading session... (That is unless you found a rare charity broker, who allows free trading).

When converting all costs to pips, the picture often matched standard MM accounts. Fore example: Raw ECN spread from 0.0 pips on EURUSD + $6 commission round turn = 0.6 pips in trading cost.

From the legal perspective:

Acting as "Principal, Counterparty", "Sole Execution Venue", "May Hedge, Internalize"

- all point to a Hybrid Market Maker, where Raw 0.0 pips are still very much possible, and often seen nowadays, as the competition among Forex brokers grow higher.

And lastly, from the marketing point:

"Spreads from 0.0 pips" are not the same as "Usually 0.0 pips spreads"

which leaves a lot of room for price variation and debate.

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