Brokerage for ECN-style forex accounts is based on spreads and commissions with the latter the primary trading cost. We compared the best trading accounts based on brokerage to determine the lowest commission forex broker.
Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.
Our September 2023 analysis found the best low commission forex brokers are:
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
8.17 | ASIC, VFSA | 0.93 | 1.08 | 0.92 | 0.13 | 0.21 | 0.12 | $2.25 |
|
|
|
79ms | $0 | 90+ | 10+ | 500:1 | 500:1 |
|
|
9.33 |
SCG, ASIC FCA, CySEC |
1.12 | 1.69 | 1.22 | 0.1 | 0.6 | 0.3 | $3.50 |
|
|
|
77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
|
|
8.17 | ASIC, CySEC | 1.1 | 1.3 | 1.3 | 0.10 | 0.20 | 0.20 | $3.00 |
|
|
|
225ms | $100 | 63+ | 4+ | 30:1 | 500:1 |
|
|
8.50 |
ASIC, FSA CySEC |
0.62 | 0.83 | 0.77 | 0.02 | 0.23 | 0.17 | $3.50 |
|
|
|
134ms | $0 | 61+ | 18+ | 30:1 | 500:1 |
|
|
8.50 |
ASIC, CYSEC FSC, FSA |
1.0 | 1.3 | 1 | 0.2 | 0.5 | 0.2 | $3.50 |
|
|
|
144ms | $0 | 49+ | 14+ | 30:1 | 500:1 |
|
|
6 |
FCA, FSCA, CySEC FSCM, CMA, |
1.9 | 2 | 2 | 0.0 | 0.0 | 0.5 | $2.00 |
|
|
|
160ms | $500 | 63+ | - | 30:1 | 300:1 |
|
|
8.33 |
ASIC, FSCA CBI, KNF, CIRO ADGM, FSC-BVI |
- | - | - | - | - | - | - |
|
|
|
160ms | $100 | 55+ | 15+ | 30:1 | 400:1 |
|
|
6.67 |
ASIC, FCA, BaFin FINMA, NFA/CFTC, MAS CySEC, DFSA, FMA JFSA, BMA, FSCA |
1.13 | 1.66 | 1.01 | 0.16 | 0.59 | 0.29 | $6.00 |
|
|
|
174ms | $450 | 100+ | 12+ | 30:1 | 200:1 |
|
Some brokers charge commissions, often through an ECN-style account with access to top-tier liquidity. These accounts will usually offer low spreads, typically starting as low as 0.0 pips for major forex pairs. The list below contains our picks for the best forex brokers with low commissions in Australia.
The Lowest Commission Forex Broker
The best forex broker with low commissions was Fusion based on the brokers:
| Broker | USD | AUD | GBP | EUR |
|---|---|---|---|---|
| Fusion Markets | 2.25 | 2.25 | 1.78 | 2.03 |
| CMC Markets | 2.5 | 2.5 | 2.5 | 2.5 |
| Fair Markets | 2.5 | 2.5 | N/A | N/A |
| Go Markets | 2.5 | 3 | 2 | 2 |
| VT Markets | 3 | 3 | 2 | 2.5 |
| FIBO Group | 3 | 3 | 3 | 3 |
| FlowBank | 3.25 | 3.25 | 2.5 | 2.5 |
| City Index | 2.5 | 3.5 | N/A | N/A |
| Pepperstone | 3.5 | 3.5 | 2.25 | 2.6 |
| EightCap | 3.5 | 3.5 | 2.25 | 2.75 |
| IC Markets | 3.5 | 3.5 | 2.5 | 2.75 |
| Global Prime | 3.5 | 3.5 | 2.7 | 3.1 |
| Axi | 3.5 | 3.5 | 2.25 | 3.25 |
| ThinkMarkets | 3.5 | 3.5 | 2.5 | N/A |
| TMGM | 3.5 | 3.5 | N/A | N/A |
| Blueberry Markets | 3.5 | 3.5 | N/A | N/A |
| Admirals | 3 | 4 | 2.4 | 2.6 |
| Blackbull Markets | 3 | 4.5 | N/A | N/A |
| Tickmill | 2 | N/A | 2 | 2 |
| RoboForex | 2 | N/A | N/A | N/A |
| London Capital Group | 2.25 | N/A | N/A | N/A |
| FP Markets | 3 | N/A | 2.25 | 2.75 |
| HF Markets | 3 | N/A | N/A | N/A |
| MultiBank Group | 3 | N/A | N/A | N/A |
| Tradersway | 3 | N/A | N/A | N/A |
| Axiory Nano | 3 | N/A | N/A | N/A |
| ATC Brokers | 3 | N/A | N/A | N/A |
| FxPro | 3.5 | N/A | N/A | N/A |
| LQDFX | 3.5 | N/A | N/A | N/A |
| OctaFx | 3.5 | N/A | N/A | N/A |
| XM | 3.5 | N/A | N/A | N/A |
| FXTM | 4 | N/A | N/A | N/A |
| HYCM | 4 | N/A | N/A | N/A |
| Blackwell Global | 4.5 | N/A | N/A | N/A |
| Dukascopy | 5 | N/A | 3.5 | 4 |
| AMarkets | 5 | N/A | N/A | 5 |
| BD Swiss | 5 | N/A | N/A | N/A |
| IG | 6 | N/A | N/A | N/A |
The September 2023 rates shown above are based on the lowest commission account offered by each broker which for Fusion Markets is the Zero Account. This account’s key features from spreads to the trading platform are explored below.
View Fusion Markets ReviewVisit Fusion Markets
Trading Account Options With Fusion Markets
Fusion offers a standard no-commission account (CLASSIC account) and an ECN style spread plus a commission account (ZERO account). The ZERO account has the lowest fees of the two accounts with the marked-up spreads of the classic accounts leading to higher brokerage. Based on this, the core focus of our Fusion Markets review focused on the cheaper Zero account features.
The ZERO Account commissions are based on one standard lot which is 100,000 units and the base currency the trader selects when opening an account. So for example, if a trader opens an account in AUD, it will cost AU$2.25 per 100,000 traded per side ($4.50 round-turn). Below shows the per-side rate per 100,000 units traded which is the lowest of any forex brokers irrelevant of the base currency selected:
The Fusion markets ZERO account also has ECN-style competitive tight spreads. The table below compares the ZERO account average spreads to a handful of similar brokers updated monthly.
|
ECN-Style Commission Spreads
|
|||||
|---|---|---|---|---|---|
|
0.02 | 0.05 | 0.36 | 0.11 | 0.03 |
|
0.44 | 0.42 | 0.50 | 0.83 | 0.20 |
|
n/a | 0.50 | 0.70 | 0.30 | n/a |
|
0.50 | 0.70 | 1.70 | 0.80 | 0.50 |
|
0.30 | 0.50 | 0.60 | 0.60 | 0.50 |
|
0.12 | 0.22 | 0.55 | 0.50 | 0.47 |
|
0.20 | 0.40 | 0.60 | 0.70 | 0.30 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Our exclusive calculator has combined the commission and spread costs to work out the brokerage by the base currency the trader selected and the currency pair traded. These costs vary but Fusion Markets in almost all scenarios has the lowest trading costs. This is why Fusion Markets is considered the forex broker with the lowest brokerage.
Calculate Your Trading Costs Below
Total Fees
Commission
Spread Costs
Total
Total Fees
Commission
Spread Costs
Total
Total Fees
Commission
Spread Costs
Total
Total Fees
Commission
Spread Costs
Total
Total Fees
Commission
Spread Costs
Total
Total Fees
Commission
Spread Costs
Total
Trading Platforms Options By Fusion Markets
Fusion Markets gives traders the choice of the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. MT4 is the most popular forex trading platform worldwide while MT5 is the most popular platform for CFD trading. The latter excels at trading a variety of asset classes from indices, precious metals and energies to cryptocurrencies.
Fusion Markets offers trading platform extensions including Myfxbook which is a social trading program that has one of the largest online trader communities. Individuals can follow and copy traders using Myfxbook with the software hand-picking the best-run systems to follow. Duplitrade is also available on MetaTrader 4 only and has similar functionality allowing individuals to copy other successful traders.
Fusion Markets Minimum Deposit
The minimum deposit required by Fusion Markets to open a live account is $500 for the recommended ZERO account. This is based on the Australian Dollar and therefore considerably less if you convert it to USD. Based currency options for traders include:
There are no deposit or withdrawal fees on most payment methods. Only international bank transfers may incur an AUD $20 fee. The primary funding and withdrawal facilities offered by Fusion Markets include:
In our experience of opening an account in 2023, we found it straightforward to open an account with Australian-based customer service available via live chat and phone support assisting the team with questions. There is also overseas-based customer support for trading periods when the Australian-based call centre is closed.
Our Verdict On The Fusion Market ZERO account
Our September 2023 found the Fusion Markets ZERO account had the lowest commission rates ($2.25 per side) and lowest brokerage of any forex broker factoring in spreads and commissions. The broker offers the two most popular trading platforms, no fees on deposits or withdrawals and adequate customer support. If your looking for the lowest brokerage possible and are happy with the minimum $500 deposit requirement then Fusion Markets is the best forex broker for your needs.
View Fusion Markets ReviewVisit Fusion Markets
The Best Low Spread No Commission Forex Broker
The Pepperstone standard account is the best no commission account with:
|
Standard Account Spreads
|
|||||
|---|---|---|---|---|---|
|
|
1.12 | 1.22 | 1.40 | 1.69 | 1.47 |
|
1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
|
|
0.90 | 1.30 | 1.40 | 1.40 | 1.40 |
|
0.70 | 2.20 | 1.10 | 1.10 | 0.60 |
|
1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
|
1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
|
1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
|
1.10 | 1.30 | 1.30 | 1.30 | 1.30 |
|
|
1.20 | 1.30 | 1.20 | 1.30 | 1.10 |
|
1.70 | 1.60 | 1.70 | 2.00 | 1.60 |
|
1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
|
1.30 | 1.70 | 2.10 | 1.40 | 1.50 |
|
1.12 | 1.64 | 0.86 | 1.30 | 1.38 |
|
1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
|
1.20 | 1.30 | 1.50 | 1.30 | 1.20 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
The above spread comparison of non-commission accounts was the primary reason the Pepperstone standard account was recommended. A more thorough review can be viewed below including the differences between a spread-only account and an ECN-style trading account.
View Pepperstone ReviewVisit Pepperstone
Trading Accounts Offered By Pepperstone
Pepperstone is a no-dealing desk, STP broker that offers tight spreads, low commission costs, and excellent trading platforms. When signing up to Pepperstone, you can choose between two trading accounts, with neither requiring a specific minimum deposit to start trading.
The broker offers the world’s three most popular trading platforms – MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader. Razor Account holders pay different commission fees on each platform:
MT4 Trading Conditions
As a Pepperstone client, you gain access to excellent trading conditions with low fees, fast execution speeds and ultra-tight spreads. As a no-dealing desk (NDD) broker, Pepperstone uses multiple liquidity sources to determine prices and fill orders, meaning you can trade institutional grade spreads from a retail investor account.
The following features ensure Pepperstone provides you with a seamless trading experience when using the MT4 broker:
MT4 Trading Tools
Although MetaQuotes released MT4 back in 2005, it is still the most widely used forex trading platform worldwide. Regardless of your level of trading experience, the platform provides suitable trading tools. Beginner forex traders can benefit from the large CFD trading you gain access to, while seasoned pros can develop algorithmic strategies that include a range of complex instruments and features.
Expert Advisors (EAs) allow you to fully automate trading using algorithms that you either write yourself using the MT4 programming language (MQL4) or download from the MetaTrader Marketplace online.
Other MT4 trading tools and features include:
VIP Trading Accounts
If you are a high-volume trader looking for a way to reduce your trading costs, Pepperstone offers a VIP account offering cash rebates on commissions. On top of discounted pricing, High-volume forex traders receive various premium perks such as invites to VIP events, priority customer support, and expert analysis and resources from Pepperstone’s in-house analysts.
To qualify for the Active Trader program, you are required to trade at least USD $15,000,000 worth of forex, commodities or CFDs per month. After you gain VIP status, you can greatly reduce your trading costs through the broker’s tiered rebate system. For example, if you trade 200-500 FX lots a month, you receive a 15% discount per lot and up to $500 in rebates.
Regulation
Pepperstone was rated the top Australian forex broker (ASIC) and the best UK forex broker (FCA). Other areas of regulation include:
Our Verdict On The Pepperstone Standard Account
Pepperstone offers the lowest spreads of any forex broker offering non-commission trading accounts. The low brokerage costs combined with no funding or withdrawal make them the best low-cost choice for traders looking to trade with no commissions. Traders have the choice of the three most popular trading platforms (including MT4), fast execution speeds and award-winning customer support. Based on these benefits the broker is recommended for any trader looking for a low-fee forex broker that doesn’t charge commissions.
A Great ECN Broker With Low Commissions
FP Markets is one of Australia’s best brokers specialising in forex and CFDs. Choosing FP Markets means you get access to ECN pricing which means some of the tightest spreads on the market.
In addition to tight spreads, other compelling reasons to consider FP Markets include:
MT4 And MT5 Account Spreads And Commissions
FP Markets offers a choice of 2 trading accounts, this is the Standard account and the Raw Spread accounts. FP Market’s strength lies in the spreads for the RAW account which are some of the best in the market. On the other hand, other brokers offer superior standard account spreads for this reason we review and recommend the RAW spread account.
FP Markets RAW Spread Account
FP Markets RAW account is an electronic communication network (ECN) pricing account that uses Straight-through processing (STP) to connect you to liquidity providers. Removing the ‘middle man’ or ‘dealing desk’ means you can get the tightest possible spreads, which will help you save on trading costs.
Spreads for the RAW account start from 0 pips for the EUR/USD currency pair. Like all ECN pricing accounts. You will need to pay a commission to open your position and close your position. The table below shows commissions for forex and metals to open your position.
| AUD, CAD & SGD | USD | EUR | GBP | HKD | JPY |
|---|---|---|---|---|---|
| 3.50 | 3.00 | 2.75 | 2.25 | 20 | 250 |
This account can use either MetaTrader 4 or MetaTrader 5
Our Verdict On FP Markets
For ECN trading with a competitive brokerage, FP Market is suitable for European traders with CySEC regulation. While Fusion Markets has a lower commission it is only ASIC regulated. Also, Pepperstone has higher RAW spreads but has lower brokerage when it comes to their no-commission standard account. This is why FP Markets ‘sweet spot’ is specifically for European traders looking for a low raw spread brokerage CFD account.
A Lowest Commission Broker For Euro Traders
GO Markets is a globally regulated CFD and forex broker that provides a range of base currencies to choose from, as well as fee-free payment methods. The broker offers two options for retail investor accounts. If you want to trade commission-free spreads, a Standard Account is available with forex spreads from 1.0 pip.
Alternatively, you can sign up for the GO Plus Account if you are looking for an ECN-type trading experience. Minimum spreads are as low as 0.0 pips and commission fees equate to AUD $6 round turn.
Trust And Safety
In terms of financial regulation, GO Markets holds a financial services licence issued by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (FSA).
The investor protections, maximum leverage and account management features you receive depend on the subsidiary you sign up to.
Account Management
The base currencies and payment methods available differ between the ASIC, CySEC and FSA-regulated subsidiaries. While various e-wallet options can be used to deposit and withdraw funds, PayPal is not available with any GO Markets subsidiaries.
GO Markets charges no fees for all deposit and withdrawal methods, yet international bank transfers may incur third-party fees.
GO Markets In Australia And Seychelles
If you set up an account with the broker’s FSA or ASIC-regulated branch in Australia, you can choose between nine different base currencies:
GO Markets provides a range of fee-free payment methods when depositing or withdrawing funds from your trading account.
GO Markets In Europe
If you are based in Europe and register with the CySEC regulated subsidiary, you can select one of three base currencies:
European traders can deposit and withdraw funds with no fees using the following payment methods:
Minimum Deposits
As with account base currencies and payment methods, the initial minimum deposit you are required to make varies between regulatory jurisdictions:
Our Verdict On Go Markets
When setting up your trading account with GO Markets, you can choose from a wide range of base currencies and payment methods. Additionally, the broker offers fee-free funding methods, including credit card, bank transfer and e-wallet options.
Suited For Active Traders With Competitive Trading Costs
FXTM is the home of over 3 million traders from over 180 countries with 10 global offices. Aside from the low trading costs that accommodate the needs of scalpers and day traders, active traders can profit from a selection of 6 different accounts, superfast order speed, popular trading platforms and over 250 financial instruments.
Clients with FXTM can select between three commission-free accounts and 3 ECN account types with floating commissions:
Note* Commission rates are only applied to the ECN account; all other account types have no base commission.
FXTM ECN Trading Conditions
Active traders could benefit from exploring ECN pricing with low spreads, deep pools of liquidity and faster execution. The No Dealing Desk (NDD) execution model ensures orders are matched automatically with FXTM’s liquidity providers without the need for a middleman.
Additionally, the ECN environment ensures a market execution model with total anonymity. The low bid and ask spreads and fast order executions are the perfect environment for scalping trading strategies.
More, the ECN account supports FXTM Invest a copy trading platform that allows both investors and strategy managers to earn passive income. Traders can start with as little as USD 100, filter out the best strategies based on their personal risk appetite and track the top-performing strategies 24/5.
FXTM Floating Commission Terms
FXTM offers some of the lowest fixed commissions in the FX space. Active traders will only have to pay $2 per 100,000 units traded or a $4 round-turn commission rate. FXTM clients need to be aware that commission is charged on the number of units traded in the base currency.
For example, if your account is USD denominated and you wish to trade 1 standard lot EUR/USD, the commission calculation will be EUR 4.00 x 1.1855 (EUR/USD exchange rate) = USD 4.74.
Additionally, FXTM offers more flexibility for high-volume traders. Active traders can qualify for lower commission rates if they generate high turnover. The commission on the ECN MT4 account is broken into 4 different brackets based on the trading volume and account equity.
Our Verdict On FXTM
Overall, FXTM offers competitive commissions of only $4 per standard lot and low spreads, starting from 0.1 pips with true ECN trading conditions. This in combination with the flexible commission terms catered for active traders helps to cut the trading costs significantly.
The Broker That Offers Great Fixed Spreads
AvaTrade differs from most other brokers as they offer fixed spreads, rather than variable spreads. Fixed spreads are a good choice for new traders since the spread does not fluctuate when market conditions are volatile or liquidity is low. The predictability of spreads is also suitable for trade planning since you are unlikely to have unexpected surprises.
While this page looks at the best low-commission brokers, the benefits of fixed spreads (which have no commissions) mean they should at least be considered as an option. Even though fixed spreads are wider than ECN pricing accounts, full price transparency and stability can be an advantage regardless if you are a day trader, swing trader or scalper.
The table below compares brokers that offer fixed spreads. As you will see there are limited fixed spread accounts with AvaTrade having the most competitive brokerage in the vertical.
|
Fixed Spreads
|
|||||
|---|---|---|---|---|---|
|
0.90 | 1.10 | 1.50 | 1.80 | 1.50 |
|
0.70 | 1.20 | 1.50 | 1.80 | 1.30 |
|
|
1.94 | 2.36 | 2.11 | 2.24 | 2.05 |
|
1.60 | 1.90 | 1.70 | 2.40 | 2.10 |
|
|
1.50 | 1.80 | 2.00 | 2.00 | 2.00 |
|
3.00 | 3.00 | 3.00 | 3.00 | 3.00 |
|
4.00 | 4.00 | 3.00 | 5.00 | 5.00 |
|
1.00 | 1.00 | 1.50 | 2.00 | 2.00 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
AvaTrade Products
Fixed spreads are not just limited to currency pairs, AvaTrade allows you to trade some 1250+ financial products and like with forex, there are no commissions:
Risk Management Tools
In addition to the standard risk management tools, you can find with all brokers like stop-loss orders, AvaTrade has been offering their unique AvaProtect product since mid-2020.
AvaProtect is a way to ensure your position for up to two days for a small cost. Should your trade position go against you this time and you incur a loss, AvaTrade will reimburse you for your loss minus your insurance fee.
AvaProtect is available with WebTrader and AvaTradeGo and is available with forex, gold, and silver derivatives.
Worldwide Regulation
If you are in Australia, Europe, South Africa, the Middle East and even Japan, AvaTrade can legally offer their financial services thanks to appropriate regulation in all these countries. Being multi-regulated enhances AvaTrade’s standing as a broker that is safe and trustworthy.
Our Verdict Of AvaTrade
Don’t be too quick to rule out AvaTrade as a suitable broker just because they don’t have ECN pricing or commissions. Being a broker with fixed spreads does have some advantages over variable spreads especially if you are new to trading or a scalper.
A Broker That Offers Low Brokerage Forex Trading With Risk Management Tools
IG Markets is a tier-1 regulated broker that offers features of both a market maker and direct market access (DMA) broker.
Although many market maker brokers offer fixed spreads, IG Markets allows you to trade floating spreads that vary with market conditions. To help you protect yourself against unfavourable price movements, IG Markets provides you with a range of both free and paid risk management tools.
Premium Order Types
To manage the high risk of CFD and forex trading, both basic and premium are available to all IG Markets clients. You can place basic orders like stop losses, take profits and trailing stops free of charge, while premium orders such as guaranteed stop-loss orders (GSLOs) involve a small fee.
Forex traders frequently use standard stop losses as a risk management tool, as you can limit potential losses if markets move against you. Yet one issue with free order types is the potential for slippage. To avoid this, you can pay a fee to place GSLOs that guarantees no slippage will occur, making it easier for you to forecast gains and losses with more certainty.
Limited Risk Account Type
If you want to attach GSLOs to every trade you make, the broker offers the option of a limited risk account type. This account type ensures that you cannot lose more than the deposit required to enter the trade, with every position opened with a GSLO attached.
As well as premium order types and limited risk accounts, the following IG Markets features can help you reduce the high risk of trading:
Our Verdict On IG Markets
IG Markets is a great option if you are looking for a broker that offers a strong selection of risk management tools, such as guaranteed stop-loss orders and the choice of a limited risk account type.
The Broker That Offers Some Of The Lowest Spread Pairs
IC Markets is no dealing desk broker that provides access to a diverse selection of financial markets with competitive pricing. Two account types are available, a no commission, standard account, as well as an ECN-style commission account type.
If your account base currency is not the Australian Dollar, when using MetaTrader 4 or 5 you can pay commission fees that equate to:
In terms of trading platform options, Standard Account holders can choose either MetaTrader 4 or MetaTrader 5, while Raw Accounts also gain the additional option of cTrader. Each trading platform provides comprehensive inbuilt trading tools, including features to automate trading and advanced charting tools.
CFD And Forex Markets
You can develop trading strategies that include six different asset classes. Commission fee structures and maximum leverage limits vary between the financial markets you are trading. For major forex pairs, you can trade with the maximum leverage of 500:1 under FSA regulation which stacks up well with the global highest leverage forex brokers.
Other key features include:
Trading Conditions
Similar to an ECN broker, IC Markets offers excellent trading conditions with institutional grade spreads and fast order execution. As a no-dealing desk broker, IC Markets uses 25 different liquidity providers to ensure traders are getting the best spreads possible. To complement the broker’s tight spreads, fast servers in New York and London ensure ultra-fast order execution speeds averaging 40 ms.
Trading Account Fees
Low spreads and minimal account management fees mean you will face low trading costs overall.
There are also no:
Our Verdict On IC Markets
As an IC Markets forex trader, you gain access to excellent trading conditions with low spreads and fees. Forex spreads start from 0.0 pips, and you will incur no deposit, withdrawal or inactivity fees.
Forex brokers charge a commission based on 100,000 units traded. The rate varies based on the based currency chosen by the trader and what the forex broker chooses to charge on that currency.
The forex broker with the lowest commission in 2023 is Fusion Markets based on our full brokerage calculation factoring in commission rates, spreads and funding costs.
Based on our spread review, Eightcap is the best lowest spread forex broker. At Eightcap spreads start from 0.0 pips, while the average EUR/USD spread is 0.1 pips, the tightest spread globally. Eightcap offer the following average spreads on the most popular currency pairs:
The top 8 lowest commission brokers are led by the Fusion Markets ZERO account which charges $2.25 per side ($4.50 round turn). This is over 50% lower than other low-spread brokers including FP Markets, Pepperstone and IC Markets which charged $3.50 per side ($7.00 round turn). The broker also has competitive spreads and no deposit or withdrawal hidden fees.
Other brokers to consider with low commissions include VantageFX, Tickmill (in the UK) , City Index (in Australia) and CMC Markets.
FP Markets offers the choice of the most popular forex trading platform (MetaTrader 4) or the most popular CFD trading platform (MetaTrader 5). Traders can utilise automation through the Expert Advisors functionalist with advanced risk management tools. The trading platforms also have sophisticated technical analysis with the inbuilt charting package. If you want to test out MetaTrader, or can’t decide which account type to sign up for, Fusion Markets offers the choice of an MT4 or MT5 demo account where you can practise trading forex in a risk-free environment.
View Fusion Markets ReviewVisit Fusion Markets
Disclaimer: Trading with leverage has the possibility of increasing your profits, but also has a chance of increasing your losses too. Under the ASIC regulations, brokers are restricted to a maximum of 30:1 leverage, so it is worth checking what your regulator has set as the maximum leverage for each market.
Ask an Expert
Fusion Markets based on your analysis seems to have the lowest spreads but I’m not based in Australia. Can I still trade with them?
Yes of course you can. While traders in Australia are regulated by ASIC, Traders outside Australia are regulated by the Vanuatu Financial Services Commission (VFSC). One benefit of trading outside Australia is that the maximum leverage for forex pairs is 1:500. Traders in Australia are restricted to 1:30.
Which broker is the cheapest overall?
Based on an analysis Ross, our Head of Research, conducted recently using Spread Monitor, IC Markets and CMC Markets were the two brokers that came out on top most consistently. IC Markets’ avg. spread
across all majors was about about 1.02 pips. CMCs was around 1.09 pips on avg. Obviously there are other factors to consider when working out the very cheapest, but looking at spreads which is a trader’s main cost is the best way to analyse it.