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15 Best Forex Brokers with Low Spreads

Overview

When traders are looking to start with a forex broker, or they are moving from one to the other, there are some key considerations before choosing one, and the spread is one of these considerations.

The spread is the difference between the bid and ask price and it is indicated in pips. Even though pips are the smallest measurement with which a price can move either up or down, it can make the difference between a profit and a loss, no matter how great or small.

Spreads are typically applied in forex trading rather than a fixed rate or a commission. The spread is how the forex broker makes their profit and traders are subjected to either fixed or floating/variable spreads.

It would seem logical for traders to choose a broker that offers the lowest spreads from a cost-effective point of view. However, this is not the only reason why traders consider brokers that offer low spreads.

Brokers that offer low spreads are ideal for scalpers or day traders who open and close positions in short periods and who make small profits within a single trading day.

We have compiled a comprehensive list of the best forex brokers who offer the lowest spreads in the industry.

 

FP Markets

Features

FP Markets is an ECN, STP, and DMA broker that operates out of Australia, offering traders from around the world with more than 10,000 financial markets from forex, stocks, CFDs, and cryptocurrencies.

FP Markets has won several industry awards since its inception in 2005, and it is well-known as a reliable and industry-leading trading provider that offers competitive trading conditions, powerful and reliable trading software, and transparent fee schedules.

FP Markets offers a spread from 0.0 pips with commissions of $3 charged on some financial instruments. Traders are also provided with leverage up to 1:500 and 24/5 multilingual support.

 

Pros and Cons

PROS CONS
Well-regulated Clients from the US are not accepted
Wide range of tradable instruments Fixed spreads are not provided
ECN pricing model and raw, tight spreads
No requotes and no dealing desk (NDD)
No inactivity fees
Social trading opportunities provided
Educational materials available
Fast and reliable trade execution

Key to Markets

Features

Key to Markets is a well-regulated ECN online forex broker that has a decent selection of financial instruments that can be traded through powerful trading platforms such as MetaTrader 4 and FIX API.

Key to Markets has been offering its comprehensive trading solutions to traders from around the world since 2010. With Key to Markets, retail traders are offered an innovative, dynamic trading experience, dedicated customer service, and a transparent trading environment.

Key to Markets is known for its No-Dealing Desk (NDD) and ECN model, ensuring that traders can expect spreads from 0.0 pips. The commissions charged on trades start from $8 per lot, round turn and traders are given access to maximum leverage of 1:500.

 

Pros and Cons

PROS CONS
Well-regulated US clients are not accepted
Client funds are kept in segregated accounts No cryptocurrency trading
FIX API and MetaTrader 4 offered Limited trading tools
Free VPS for eligible clients Limited educational materials
PAMM solutions

Vantage FX

Features

Vantage FX is one of the most reputable forex brokers in the industry with flexible trading conditions, powerful trading platforms, and a variety of retail investor accounts to suit different trading experience levels.

Vantage FX is renowned for its award-winning customer service, a wide range of financial instruments, a vast amount of trading tools, educational materials, and convenient funding options.

With Vantage FX, traders can expect competitive spreads from 0.0 pips, ultra-low commissions from $2, and high maximum leverage up to 1:500.

 

Pros and Cons

PROS CONS
ECN and STP execution US clients are not accepted
More than 300 tradable instruments EU clients have restricted leverage
Commission-free trading offered Fixed spreads are not offered
ProTrader tools offered
Trading Central offered

HotForex

Features

HotForex is one of the most popular forex brokers in the industry and the brand name for HF Markets (Europe) Ltd. HotForex is a multi-asset forex broker with regulation through several reputable market regulators.

When trading with HotForex, traders can expect a large range of tradable instruments, access to reliable trading platforms, and a safe trading environment where traders can expect security and safety of funds.

 

Pros and Cons

PROS CONS
Well-regulated US clients are not accepted
Strong global presence
Competitive trading conditions
Variety of retail investor accounts to choose from
Powerful and reliable trading platforms offered

Tickmill

Features

Tickmill is one of the forex brokers that has made a good name for itself in a short time. Established in 2015, Tickmill is a multi-regulated online broker that offers both retail and institutional traders access to global financial markets.

Traders are also provided access to powerful trading platforms, a wide range of trading tools, and a secure trading environment.

The average spreads that traders can expect are competitive and in ideal market conditions, they start from as low as 0.0 pips. Commissions charged start from as little as $1, and traders can expect an industry-standard minimum deposit of $100.

 

Pros and Cons

PROS CONS
Multi-regulated US clients not accepted
Negative balance protection provided for retail accounts Restricted leverage for EU clients
Client fund segregation Fixed spreads not offered
Commission-free trading offered Limited educational material
VPS and FIX API offered Cryptocurrency trading not offered

RoboForex

Features

RoboForex is a popular Belize-based forex broker that has been in operation since 2009. As a Market Maker, STP, and ECN forex broker, RoboForex is well-known for offering competitive trading conditions to both beginner traders and professionals alike.

RoboForex offers the trade in more than 9,400 financial instruments, a choice between different trading accounts, and the use of innovative, reliable trading software.

RoboForex offers tight, variable spreads that start from 0.0 pips, with ultra-low commission charges from $0.0045 on US Stocks.

 

Pros and Cons

PROS CONS
Negative balance protection applied to retail accounts US clients not accepted
Multi-award-winning broker EU clients have restricted leverage
More than 9,400 tradable instruments Fixed spreads not offered
Verify My Trade offered
Financial Commission member

XM

Features

XM is one of the most popular, well-established, multi-regulated forex brokers in the industry with a global presence in more than 196 countries worldwide.

XM offers advanced, sophisticated trading conditions to both beginner and professional traders with no requote, tight variable spreads, fast trade execution, low commissions, and negative balance protection which is automatically added to retail accounts.

XM charges tight spreads from 0.0 pips with ultra-low commissions from $1 and high leverage up to 1:888.

 

Pros and Cons

PROS CONS
Multi-award winning No US clients
Well-regulated No fixed spreads
Flexible funding methods Inactivity fees charged on dormant accounts
Competitive trading conditions
Range of trading strategies supported

Blueberry Markets

Features

Blueberry Markets is a well-regulated ECN and STP broker based in Australia. With Blueberry Markets, traders are offered a choice between more than 350 financial instruments and access to the powerful, popular MetaTrader trading platforms.

Blueberry Markets offers ECN solutions, commission-free trading options, and reliable trade execution speeds. The variable spreads that traders can expect are as low as 0.0 pips, with commission charges from $7 round turn.

 

Pros and Cons

PROS CONS
Well-regulated US clients are not accepted
User-friendly trading platform
Commission-free trading
Tight spreads and reliable trade execution
Free VPS
Superior customer service

Axi

Features

Established in 2007, Axi is a multi-regulated, popular STP and ECN broker based in Australia and the United Kingdom. Axi is an award-winning broker that was created by professional traders for other traders.

Axi offers tight, variable spreads, ultra-low competitive commissions, reliable trade execution, and a wide range of tradable financial instruments which are spread across several asset classes.

Axi charges floating spreads from 0.0 pips, with commissions from $3.5 per side or $7 per round turn.

 

Pros and Cons

PROS CONS
User-friendly trading solutions No US clients
Commission-free trading Restricted leverage for EU clients
Social trading offered
Educational materials provided
Zero deposit and withdrawal fees
Powerful trading tools

FBS

Features

Established in 2009, FBS is one of the most trusted STP and ECN forex brokers in the industry. FBS offers the trade of a vast number of instruments and offers both professional and beginner traders competitive trading conditions.

FBS is a broker that caters to the trading needs of both retail traders and professionals with 0-pip spreads, low commission charges, and high maximum leverage up to 1:3000.

 

Pros and Cons

PROS CONS
Low minimum deposit requirement US, Japan, Israel, Canada, and some other regions not accepted
Range of trading instruments High spreads on cent accounts
CopyTrade offered Inactivity fee charged
Demo account offered
Dedicated customer service
Competitive trading conditions

OctaFX

Features

OctaFX is a popular forex broker that is based in Saint Vincent and the Grenadines. OctaFX offers a choice in flexible investor accounts that suit all experience levels.

OctaFX also offers traders a wide range of tradable instruments, competitive trading and non-trading fees, useful trading tools, educational sources, and dedicated customer support.

With OctaFX, traders are charged with low and variable spreads that start from 0.0 pips, with ultra-low commissions from $0.02, and decent leverage up to 1:500.

 

Pros and Cons

PROS CONS
Sophisticated trading platforms No UK or US clients
Flexible funding methods
Commission-free trading
AutoChartist and OctaFX Copy Trading App offered
Negative balance protection applied to retail accounts

IC Markets

Features

IC Markets has been in operation since 2007 and is one of the largest ECN forex brokers in the industry with rapid trade execution speeds, deep liquidity, and a range of reliable liquidity providers.

IC Markets is multi-regulated by trusted market regulators and offers retail traders a choice in trading accounts with commission-free trading options available.

In addition to this, traders are also offered competitive spreads from 0.0 pips, low commission charges, and high leverage ratios.

 

Pros and Cons

PROS CONS
Well-regulated No fixed spreads
Low trading and non-trading fees No US clients
True ECN model
Variety of trading strategies allowed
Social trading supported

Exness

Features

Exness is another popular, well-regulated, and trusted forex broker that offers traders from around the world the chance to participate in global financial markets.

Exness is known for its tailor-made solutions and financial services alongside a plethora of investing opportunities. Retail traders and institutional investors can expect competitive and variable spreads from as low as 0.0 pips and commissions from $3.5 per lot per side.

 

Pros and Cons

PROS CONS
High maximum leverage ratio Multi-currency accounts not offered
Well-regulated No US clients
Powerful trading platforms
Wide range of tradable instruments
Tight and competitive spreads
Low commission charges

FXTM

Features

Established in 2011, FXTM is another popular and well-regulated forex broker that offers trade in more than 250 financial instruments in global markets.

With FXTM, traders can expect competitive trading conditions, user-friendly trading platforms available across several devices, and a range of useful educational materials for beginner and advanced traders.

With FXTM, traders can expect 0-pip spreads and ultra-low commissions, flexible funding methods, and a safe trading environment.

 

Pros and Cons

PROS CONS
Well-regulated Inactivity fee charged
Flexible trading accounts US clients not accepted
Tight spreads
Low minimum deposit
Advanced trading tools

FXDD

Features

FXDD is a Malta and Mauritius-based ECN and Market Maker forex and CFD broker and a popular name in the industry. With FXDD, traders can expect a plethora of trading opportunities and a selection of useful trading tools that will help traders refine their trading and add a competitive edge.

Traders are also provided with an in-depth market analysis, educational materials, and competitive trading conditions that consist of tight spreads from 0.0 pips and ultra-low commissions from $0.02 on some major currency pairs.

 

Pros and Cons

PROS CONS
Well-regulated US clients not accepted
Client funds kept in segregated accounts Restricted leverage for EU clients
Negative balance protection applied to retail accounts Fixed spread accounts not offered
Member of an investor compensation scheme Limited funding options
Commission-free trading
Trading Central and free VPS

 

FAQ

 

What is the spread and what is a pip?

The spread is the difference between the bid/ask price indicated in pips, which is the smallest measurement with which a price can either move up or down.

 

What are the tightest spreads offered in Forex?

The tightest spreads that are offered in forex trading is 0.0 pips.

 

Why are low spreads important in forex trading?

They are important as they mean lower trading costs for traders. They are also ideal for scalpers and day traders who make a profit on quick trades.

 

Are these Forex brokers well-regulated and safe to use?

Yes, these brokers are some of the best forex brokers in the industry in terms of safety, regulation, and transparency.

Do these forex brokers offer demo accounts?

Most of these forex brokers offer demo accounts that can be used either as practice accounts, or risk-free environments to test and back-test trading strategies.

Are these forex brokers safe to use?

Yes, these forex brokers are well-regulated and guarantee client fund security by using segregated accounts.

 

Which Forex brokers offer the best low spreads in 2021?

The brokers discussed in this article are the best forex brokers that offer the lowest spreads.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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