Best Forex Brokers with low spreads and high leverage in 2024
One of the things traders look for most when they are choosing a broker is low trading fees, which usually means low spreads in Forex terms.
The spread does not only impact the cost of trading. It can also make the difference between a profitable and unprofitable trade in the case of very short-term trading strategies.
The following article compares a selection of brokers based on the spreads they offer for four of the most widely traded assets (EUR/USD, GBP/USD, USD/JPY and Gold).
Do zero-spread brokers exist?
Forex brokers that say they offer “zero spreads'' usually make clients pay in another way, such as by charging a commission. This is often a fixed amount, such as $6 or $7 (or the equivalent in any other currency), per traded “lot”. A lot is equal to 100,000 units (Pounds, Dollars, Euros, etc) of the base currency of a pair.
Which Forex brokers offer the lowest spreads?
The Forex brokers below have been included in the comparison. They all offer competitively low spreads:
Tickmill
Tickmill
The Tickmill Group is a multi-award-winning and globally regulated broker, offering a wide range of products, including CFDs on Forex, Stocks, Indices, Commodities, Cryptocurrencies, and Bonds, as well as exchange-traded derivatives (Futures & Options) through Tickmill UK Ltd.
Known for its highly competitive spreads, low commissions, and fast execution across the entire MetaTrader suite of platforms, Tickmill stands out with flexible leverage options and robust security for client funds.
Clients of Tickmill Ltd can take advantage of its proprietary Tickmill Trader platform accessible via mobile and web and copy trading through Tickmill Social Trading. Its Raw account offers spreads as low as 0.0 pips and comes with leverage up to 1000:1.
The Tickmill Group is regulated in multiple jurisdictions, including the UK, CySEC, Seychelles, and South Africa, ensuring client protection and transparency. Tickmill has won Forexbrokers.com’s award for Best Commissions and Fees for four consecutive years, making it a top choice for traders looking for competitive pricing and superior trading conditions.
Moneta Markets
Moneta Markets
Moneta Markets is a UAE-based global Forex broker offering high leverage (1,000:1) and fast execution on over 1,000 tradable assets including Forex, Commodities, Indices, Shares, ETFs, Bonds and Cryptocurrencies. Traders can opt to trade via MetaTrader or its own ProTrader and AppTrader platforms. Account types range from spread only (STP execution type) to ECN and Islamic. Moneta Markets is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa and also solicits business from the UAE through a non-exclusive introducing broker agreement regulated by the SCA, Sterling Financial Services LLC, Cat 5, No 305029.
For deposits of over $500, the company is offering a cashback scheme enabling traders to earn a per-trade commission. There is the option of taking part in Copytrading and using Expert Advisors (automated trading algorithms). Security of funds and speedy transfers are further advantages.
FP Markets
FP Markets
Highly rated for its customer service, FP Markets was founded in 2005 and offers competitive spreads and a wide number of tradeable entities via its Iress platform. Traders can choose from Raw and ECN account types in MetaTrader 4/5, cTrader, TradingView and Iress (for Australian-based clients). The broker also offers Copytrading.
FP Markets is regulated in both Australia, Cyprus, South Africa, Kenya and other global entities. It won the ForexBrokers.com’s 2024 awards for Best In Class Honors in the MetaTrader category and Best “Zero-Spread” Forex Broker. FP Markets was voted ‘Best Value Broker – Global’ for the sixth time in a row at The Global Forex Awards.
FBS
FBS is the umbrella company for a group of brokers regulated in Australia, Cyprus, and Belize. Users can trade over 550 assets using MetaTrader 4 or 5 or via a mobile trading application – FBS app. Islamic accounts are available and leverage depends on the location but can be as high as 3,000:1 on certain instruments.
FBS offers 24/7 multilingual customer service and multiple educational resources including webinars, video lessons and market analytics. Most withdrawal requests are fast, taking around 15-20 minutes, with a maximum processing of up to 48 hours.
FxPro
FxPro
FxPro is a major global brand offering over 2,100 financial instruments, including Forex, Futures, Indices, Metals, Energies, and Shares, as well as some Cryptocurrencies. Trading is done via MetaTrader 4, 5, cTrader, and FxPro’s proprietary platform. A myriad of educational resources, market analytics and news are available.
FxPro offers intervention-free execution via a No Dealing Desk (NDD) model. There is the option of floating-spread, commission-free accounts or commission plus reduced-spread accounts. Leverage varies upon jurisdiction, and traders have the option to engage risk management tools such as the FxPro Wallet and order protections.
FxPro is regulated in multiple jurisdictions including the UK, Cyprus, South Africa, and The Bahamas. Client funds are segregated with top-tier banks and advanced encryption technology protects client information. Funding and withdrawals are straightforward and are typically processed within one working day.
OANDA
OANDA
A trusted broker with a global reach, OANDA is licensed in the US, Canada, the UK, Europe, South Africa and Singapore amongst others. The broker is especially useful for novice traders who can try their hand trading micro lot sizes. Assets offered include Forex, Shares (not available in the US), Commodities (not available in the US), Cryptocurrencies with Paxos in the US* and ETF Funds (not available in the US). OANDA's Elite account has competitive trading costs and overall tight spreads, especially for high-volume traders with large deposits.
*OANDA Corporation (US) provides access to cryptocurrency trading through Paxos Trust Company. Paxos is a separate legal entity from OANDA
Orders are executed via OANDA’s proprietary online platform, MetaTrader, or in certain jurisdictions TradingView. OANDA’s mobile app ranks highly for ease of use. The broker offers high-quality research articles and news as well as algo trading, including via API as part of its Algo Labs offering (not available in Australia and in the US.)
Disclaimer: OANDA CORPORATION IS A MEMBER OF NFA AND IS SUBJECT TO NFA'S REGULATORY OVERSIGHT AND EXAMINATIONS. HOWEVER, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS.
Trading in digital assets, including cryptocurrencies, is especially risky and is only for individuals with a high risk tolerance and the financial ability to sustain losses. OANDA Corporation is not party to any transactions in digital assets and does not custody digital assets on your behalf. All digital asset transactions occur on the Paxos Trust Company exchange. Any positions in digital assets are custodied solely with Paxos and held in an account in your name outside of OANDA Corporation. Digital assets held with Paxos are not protected by SIPC. Paxos is not an NFA member and is not subject to the NFA’s regulatory oversight and examinations.
Comparison tables for Forex brokers based on low spreads
The tables below show brokers ranked based on gross trading costs for EUR/USD, GBP/USD, USD/JPY and Gold (XAU/USD).
“Trading costs” can mean the cost of the spread – or a combination of the spread and a fixed commission where applicable.
For ease of comparison, costs have been calculated in US Dollars for a hypothetical $10,000 trade (one-tenth of a lot) in the case of FX pairs. The costs include both entry and exit from the trade. Fractions of a cent were rounded up or down to the nearest whole number.
In the case of Gold, for ease of calculation and comparison, the cost was calculated based on a four-ounce (oz) trade, with Gold at a hypothetical price of $2,500 per oz.
Where brokers quoted a range between a “minimum” and “average” spread, the median of the two was used for the calculation (rounded up or down).
Brokers compared for a $10,000 trade in EUR/USD
| BROKER NAME | Cost of $10,000 trade EUR/USD ($) | ACCOUNT TYPE |
|---|---|---|
| FP Markets | 0.60 | Raw |
| Tickmill | 0.67 | Raw |
| FBS | 0.80 | Standard |
| Moneta Markets | 0.82 | ECN |
| FxPro | 1.16 | Raw + and Elite With CTrader Platform |
| OANDA | 1.50 | Standard |
Brokers compared for a $10,000 trade in GBP/USD
| BROKER NAME | Cost of $10,000 trade GBP/USD ($) | ACCOUNT TYPE |
|---|---|---|
| FP Markets | 0.70 | Raw |
| Tickmill | 0.79 | Raw |
| FBS | 0.95 | Standard |
| Moneta Markets | 0.88 | ECN |
| FxPro | 1.16 | Raw + and Elite With CTrader Platform |
| OANDA | 1.85 | Standard |
Brokers compared for a $10,000 trade in USD/JPY
| BROKER NAME | Cost of $10,000 trade USD/JPY* ($) | ACCOUNT TYPE |
|---|---|---|
| FP Markets | 0.67 | Raw |
| Tickmill | 0.78 | Raw |
| FBS | 0.83 | Standard |
| Moneta Markets | 0.93 | ECN |
| FxPro | 1.11 | Raw + and Elite With CTrader Platform |
| OANDA | 1.65 | Standard |
* For the USD/JPY pair, the exchange rate on August 27, 2024, according to Google, was used for the cost calculation.
Brokers compared for a four-ounce trade with Gold
| BROKER NAME | Cost of Gold trade ($) | ACCOUNT TYPE |
|---|---|---|
| FP Markets | 1.00 | Raw |
| Tickmill | 1.04 | Raw |
| FBS | 0.86 | Standard |
| Moneta Markets | 1.00 | ECN |
| FxPro | 1.10 | Raw + and Elite With CTrader Platform |
| OANDA | 1.68 | Standard |
Disclaimer: The trading costs and other information in this article are estimates based on the information provided by the brokers named at the time of writing and may vary over time, depending on account type and market conditions.
OANDA Corporation does not offer gold in the US.
Forex Broker FAQs
What are Forex Brokers?
Forex brokers facilitate transactions. They do so by buying currencies wholesale from larger prime brokers such as banks, and then selling them on to their retail clients. Sometimes they just pass the orders on from their clients to the bigger interbank market and vice versa. If liquidity is low, however, they may fulfill the order themselves, effectively acting as a market maker for their customers.
The most common method for brokers to earn fees is by taking interbank market Forex spreads and widening them – so as to bake in a profit for themselves – before offering them to their clients via their platforms.
The width of Forex spreads, therefore, varies from broker to broker depending on how much extra width they want to charge. In fact, it is a key point of comparison.
What are Forex spreads?
An easy way to understand what Forex spreads are is to think of a negotiation between two parties. Imagine you are selling a house, a car or a laptop – you set a price and a buyer comes along and makes an offer. At first, the two figures may diverge. Over time, through a process of negotiation, the gap closes and, if all goes well, you do a deal.
This gap is like the Forex spread. This is why on a Forex broker platform you will see two prices quoted: the “bid” (buy price) and “ask” (sell price) – they represent the “negotiation”. Instead of involving just two parties, however, the Forex market involves millions of buyers and sellers from around the globe doing deals 24 hours a day.
Are low spreads good in Forex trading?
A low spread keeps trading costs down (as long as there are no hidden fees – check with your broker first). It is also good for traders who like “scalping”, a type of trading that involves entering and exiting the market quickly, shaving numerous little winning trades from the many small movements and fluctuations in the exchange rate. Only low spreads make this form of trading profitable. With a wider spread, bigger moves are necessary to shift the price a sufficient distance away from the entry price in order to overcome the spread.
Which Forex pair usually has the lowest spread?
Generally, the pair with the lowest spread is EUR/USD as it is the currency pair with the largest volumes of trading activity.
Why do ECN accounts have such low spreads?
Many brokers offer a choice between so-called “standard” accounts and ECN accounts. The standard accounts are those where the broker earns their fees from the spread alone. ECN accounts are those where the broker offers clients narrower institutional spreads that are similar to those used by bank dealers on the interbank markets. This is why ECN spreads are lower. There is usually a trade-off, however, in that the broker will charge a commission per trade, based on the volume traded which can have a similar or more than spread only pricing.
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