Fees are the most important factor when choosing a forex broker and the spread is the main element of brokerage. There are three types of trading accounts that impact the spread:

  1. RAW account (formally known as an ECN account)
  2. Standard account (no-commission trading account)
  3. Fixed spread account

The brokers compared for each forex account type are Australian Securities And Investment Commission and listed on the ASIC register. Spreads compared were published based on published monthly data and testing conducted by Ross Collins[1]Raw vs Standard account testing.

Australian Low Spread Forex Broker List

Our list of the best ASIC regulated forex brokers with the lowest spreads is:

  • Eightcap - Best For Low RAW Spreads With TradingView
  • IC Markets - Top Broker With MetaTrader 5
  • Fusion Markets - Cheapest Broker
  • Pepperstone - Best Execution Speed With Zero Spreads
  • AvaTrade - Good Broker With Low Spreads For Day Trading
  • IG Group - Largest Range of Markets With Low Spreads
  • eToro - Top Low Spread Broker With Social Trading
  • ThinkMarkets - Great Broker For CFD Markets And Shares Investing
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
75 ASIC, SCB
FCA,CySEC
1.0 1.0 1.2 0.06 0.73 0.27 $3.50 143ms $250 (Raw)
$500 (Standard)
40+ 250+ 500:1 500:1 Visit Site
85 ASIC, FSA-S
CySEC
0.62 0.83 0.77 0.02 0.23 0.17 $3.50 134ms $0 61+ 18+ 30:1 500:1 Visit Site
82 ASIC, VFSA, FSA-S 0.93 1.08 0.92 0.13 0.21 0.12 $2.25 79ms $0 90+ 10+ 500:1 500:1 Visit Site
98 ASIC, FCA
CySEC, DFSA
1.12 1.69 1.22 0.10 0.60 0.30 $3.50 77ms $0 62+ 12+ 30:1 500:1 Visit Site
64 ASIC, FSCA
CBI, KNF, CIRO
ADGM, FSC-BVI
- - - - - - - 160ms $100 55+ 15+ 30:1 400:1 Visit Site
71 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 Visit Site
43 ASIC, CySEC, MFSA
FCA, FSA, FINRA
GFSC
1.0 2.0 1.0 - - - - 130ms $200 (Australia), $50-$100 (EU) 49+ 46+ 30:1 400:1 Visit Site
68 FCA, FSCA
ASIC, FSA-S, CySEC
1.1 1.3 1.1 0.1 0.3 0.2 $3.50 161ms $0 46+ 21+ 30:1 500:1 Visit Site
 

Who Are The Lowest Spread Forex Brokers?

We combined all the published spreads of the ASIC regulated forex brokers in Australia and then did our own testing using EAs to determine which trading accounts have the lowest spreads. This was done for both standard accounts and RAW accounts with recommendations done for each account class.

1. Eightcap Best For Low RAW Spreads With TradingView

Eightcap

Forex Panel Score

75

Average Spread

EUR/USD = 0.06
GBP/USD = 0.73
AUD/USD = 0.27

Trading Platforms

MT4, MT5, TradingView, Capitalise.ai

Minimum Deposit

100

Why We Recommend Eightcap

As one of our top-rated brokers, Eightcap secured a score of 67/100 in our evaluation. Notably, its low RAW average spreads, averaging 0.06 pips, outshine the industry average of 0.22 pips and stay at 0.0 pips 97.83% of the time outside rollover. This translates to lower trading costs, enhancing overall profitability.

We think the inclusion of diverse trading platforms, such as TradingView, MT4, and MT5, further contributes to Eightcap’s appeal.

Lastly, we should mention that Eightcap has 95 cryptos to choose from, far exceeding their competitors.

Pros & Cons

  • Lowest RAW Spreads available
  • Solid choice of Forex platforms
  • Provides access to automated trading tools
  • Has a minimum deposit
  • Limited crypto range
  • The market range is limited

Broker Details

Eightcap Has The Tightest Spreads Based On Published Broker Data

lowest spread broker award 2024When we compared February 2024 Raw spreads we found Eightcap had:

  1. The lowest published RAW spreads
  2. The lowest crypto CFD fees
  3. Competitive commission rates
  4. The choice of MetaTrader 4 + 5
  5. ASIC Regulated

If you haven’t heard of Eightcap they are similar to Pepperstone which has a much higher profile. What is interesting is both brokers are Melbourne based and were founded one year appear (Eightcap in 2009 vs 2010 for Pepperstone). While Pepperstone has gone for the full trading experience (hence they won the award for the best forex broker in Australia), Eightcap has positioned itself as the lowest-cost broker offering the best liquidity resulting in the tightest spreads.

The RAW Account Analysis That Lead To Our Findings

Below shows the data we collect from the brokers that publish their average RAW spreads. We don’t publish spreads from providers that refuse to state ‘average’ and rather ‘from’ rates as these are not a fair representation of trading costs.

ECN Forex Spread Comparison
0.06 0.20 0.23 0.42 0.27
0.10 0.30 0.20 0.30 0.20
0.10 0.60 0.40 0.40 0.20
0.20 0.30 0.20 0.40 0.20
0.30 0.60 0.50 0.50 0.50
0.30 N/A 0.30 0.50 0.40
0.44 0.83 0.20 0.40 0.42
0.17 N/A 0.24 0.54 0.30
0.20 0.70 0.30 0.50 0.40
0.10 1.10 0.30 0.60 0.50
n/a 0.30 n/a 0.60 0.50
0.44 1.41 0.77 1.13 1.23

Avg. spreads are taken from each broker's website and updated monthly. Last update on 02/01/2024

While Eightcap doesn’t have the highest spreads on all forex pairs, they do on the most traded currency pairs which led to them winning the award. They also have a competitive commission structure further leading to our recommendation. We did further RAW spread testing[2]Raw Spread Analysis by Ross Collins which also confirmed Eightcap as having low spread.

Further Details On The Eightcap RAW Spread Account

Eightcap offers two accounts including a standard account (spread only) and Raw spread (spread + commission account). In the case of Eightcap, our research showed the Raw account has 67% lower spread than the standard (marked-up account). This account has a commission of $3.50 AUD per side. This means for every 100,000 units traded a fee of $3.50 is charged. Our zero spread analysis also found the Raw account has 0 pips 97.83% of the time for the most traded current pair (EUR/USD). These low spreads combined with the low commission cements Eightcap’s low spread position.

Eightcap Account Types and Products

Eightcap’s servers are located in the Equinix TY3 Data Center in Tokyo. This co-location setup allows Eightcap servers to get faster pricing and optimal trading conditions as they are close to many tier-one liquidity providers within the Equinix Ecosystem. In addition to this Eightcap maintains a large decentralised network of data centres globally to port connections via fibre optic to their margin server as fast as possible to execute client trades. This network aims to promote global connectivity and a competitive low latency with data centre locations in New York, London, North Virginia, Sydney, Hong Kong, Milan, São Paulo, and Singapore.

Eightcap Crypto Trading With No Commissions

Eightcap’s core strength isn’t just forex trading. They also have the most extensive cryptocurrency CFD trading facility. Not only does the Australian CFD broker offer over 250 cryptocurrencies (more than any other broker) but spreads are generally tighter than their competitors as shown below.eightcap compare eightcap crypto vs other brokers
Cryptocurrencies are spread-only products meaning there are no commission costs. Maximum leverage for Australian traders can be as high as 2:1 for retail traders in Australia and 20:1 for traders outside Australia.

The Eightcap portfolio of cryptocurrencies includes:

  • Over 125 cryptocurrencies are matched to the USD. Not only do they offer popular pairs such as Bitcoin, Ethereum, Ripple, Dogecoin and Litecoin vs USD.
  • 19 Cryptocurrencies using cross-fiats with AUD, CAD, EUR, GBP, MXN and BTC.
  • Cross crypto/currency pairs include Bitcoin, Dash, Polkadot, Kusama, NEO and Maker.

Our Eightcap Verdict

Based on comparing the February 2024 brokerage of trading accounts the Eightcap RAW account is the clear winner. They have the lowest spreads for both forex and crypto trading and offer favourable trading conditions including fast execution speeds and the best forex trading platforms. If you’re looking to minimise your brokerage and are open to ECN-style trading then Eigthcap is the recommended broker for your needs.

View Eightcap ReviewVisit Eightcap

*Your capital is at risk ‘77.8% of retail CFD accounts lose money’

2. IC Markets Top Broker With MetaTrader 5

IC Markets

Forex Panel Score

85

Average Spread

EUR/USD = 0.02
GBP/USD = 0.23
AUD/USD = 0.17

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit

$200

Why We Recommend IC Markets

We gave IC Markets an impressive 84/100 in our evaluation. Notably, their average spread when you combine the major pairs is just 0.16 pips for their RAW account, over 50% better than other brokers tested.

Enjoying these low spreads is made easy on the MetaTrader 5 (or MetaTrader 5 and cTrader), a user-friendly platform with over 30+ indicators and convenient features like one-click trading, making IC Markets a compelling choice for traders seeking efficiency and cost-effectiveness.

Pros & Cons

  • Winner for low spreads on RAW and Standard Accounts
  • No fees for withdrawing
  • Choice of MT4, MT5, cTrader trading platforms
  • No TradingView available
  • Live chat customer service can be slow
  • No guaranteed stop-loss orders

Broker Details

IC Markets Has The Lowest Standard Account Spreads

best no commission forex account award 2024IC Markets was the clear winner when it came to their standard account with:

  • The lowest published non-commission spreads
  • Our testing over two periods showing their spreads were the lowest
  • Their other fees (eg overnight fees) being in-line with their competitors
  • The choice of the most popular trading platforms (MT4, MT5, cTrader)
  • A wide range of instruments from forex, CFDs to cryptocurrencies

The table below shows the published spread data our team collated in February 2024 with IC Markets the clear standard account winner.

Standard Account Spreads
0.62 0.77 1.27 0.83 0.74
1.10 1.20 1.40 1.40 1.40
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 1.20 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 1.30 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 02/01/2024

Our Chief Technology Researcher “Ross Collins” confirmed these as legit by twice running live spread tests over two separate 24-hour periods. Using MetaTrader 4 EA’s his 2023 standard account spread testing analysis[3]Standard Account Spread Analysis led to the following findings:

Broker Average Spread Average Spread Cost (USD)
IC Markets 1.03 $9.63
CMC Markets 1.11 $10.10
Fusion Markets 1.19 $11.07
TMGM 1.21 $11.18
Admiral Markets 1.31 $11.96
FXCM 1.47 $13.49
Pepperstone 1.46 $13.52
FP Markets 1.47 $13.60
Go Markets 1.49 $13.87
EightCap 1.51 $13.97
OANDA 1.54 $14.23
Axi 1.71 $15.99
City Index 1.79 $16.52
Blackbull Markets 1.82 $16.95
FXPro 2.22 $20.83

Trading Platform Options With IC Markets

Our testing was done on MetaTrader 4 which is the most popular forex trading platform. That said, IC also offers MetaTrader 5 (popular for CFD trading) and cTrader (popular for algo trading). We can’t verify that the standard account spreads are the lowest for these latter two platforms but we expect it to be the case based on the broker’s positioning in Australia.

ic markets trading platforms
Our IC Markets Verdict

IC Markets has clearly the best standard account spreads based on their published data and our own testing. To get the most out of the broker we recommend choosing MetaTrader 4 if your planning to primarily trade currency and use their VPS hosting service to maximise execution speeds.

3. Fusion Markets Cheapest Broker

Fusion Markets

Forex Panel Score

82

Average Spread

EUR/USD = 0.13
GBP/USD = 0.21
AUD/USD = 0.12

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit

$0

Why We Recommend Fusion Markets

Fusion Markets impresses with a high score of 79/100 in our evaluation, primarily for its exceptional trading experience marked by low RAW spreads and commissions.

The average RAW spread of just 0.22 pips on EUR/USD showcases cost-effectiveness. Notably, their RAW account commission, at only $2.25 per lot, stands significantly below the industry average by $1.10 per lot.

With low costs and a favorable trading environment, Fusion Markets emerges as a top choice for those seeking exceptional value in their trading journey.

Pros & Cons

  • Tight average RAW spreads
  • Good choice of trading tools
  • Low commission trading
  • A large number of Forex pairs
  • It doesn’t offer TradingView
  • The number of markets is limited
  • Has an inactivity fee

Broker Details

Fusion Markets Raw Account Has The Lowest Fees In Australia

lowest commission forex broker award 2024We found Fusion Markets has the lowest brokerage because the broker:

  • Has the lowest RAW account commission rates
  • In testing,  had the tightest spreads
  • Offers the most popular trading platforms (MT4 + MT5)
  • Has a $0 minimum deposit requirement

Commission Rates

As stated above, we found in February 2024 that Fusion Markets was charging the lowest commission rate. The table below confirms this fact:

Broker Commission Rate (AUD) Commission Rate (USD) Commission Rate (GBP) Commission Rate (EUR)
Fusion Markets $2.25 AUD $2.25 USD £1.78 €2.03
GO Markets $3.00 AUD $2.50 USD £2.00 €2.00
Blackbull Markets N/A $3.00 USD N/A N/A
Pepperstone $3.50 AUD $3.50 USD £2.25 €2.60
Eightcap $3.50 AUD $3.50 USD £2.25 €2.75
FP Markets $3.50 AUD $3.50 USD £2.25 €2.75
IC Markets $3.50 AUD $3.50 USD £2.50 €2.25
ThinkMarkets $3.50 AUD $3.50 USD N/A N/A
TMGM $3.50 AUD $3.50 USD N/A N/A
OANDA $3.50 AUD $3.50 USD N/A N/A
IG $4.42 AUD $3.00 USD £2.53 €2.97
FxPro $6.62 AUD $4.50 USD £3.80 €$3.46

Raw Account Testing

We tested the Fusion Markets ZERO account which has the lowest commission spreads to see how competitive they were. Our tighest spread comparison research[4]Raw Account Spread Analysis showed the account in fact had the lowest spreads.

Lowest Commission + Lowest Spreads = Lowest Costs

To show the impact of the commission rates on the final broker fee, we created a calculator that factors the average spread, commission and currency pair cross (through an API). You can see how the lower commission rate and tightest spread led to our recommendation that Fusion Markets is the cheapest forex broker in Australia across most trades.

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

Our Fusion Markets Verdict

Clearly, Fusion Markets ZERO account is the cheapest forest broker with the lowest commission and tighest spreads. We also conducted trading platform speed performance[5]Execution Speed Analysis and found the broker had the fastest Market Order execution speed. Personally, I trade with Fusion Markets based on their cost and find the broker easy to use and have personally known the owner (Phil Horner) for a decade. He runs a tight, professional low cost operation which is how he can pass on savings to traders.

4. Pepperstone Best Execution Speed With Zero Spreads

Pepperstone

Forex Panel Score

98

Average Spread

EUR/USD = 0.1
GBP/USD = 0.4
AUD/USD = 0.2

Trading Platforms

MT4, MT5, cTrader, TradingView, Capitalise.ai

Minimum Deposit

$0

Why We Recommend Pepperstone

Pepperstone earned an impressive 97/100 in our evaluation, standing out for its swift execution speed and zero spreads, with trades on the MT4 platform completing in just 77ms on average.

Notably, Pepperstone’s Razor account offered zero spreads on EUR/USD throughout our testing period, making it an excellent choice for scalpers.

The diverse range of trading platforms, including MT4, MT5, cTrader, TradingView, and third-party apps like Capitalise.ai and DupliTrade, impressed us. Whether you prefer automated, chart, or copy trading, Pepperstone provides the right software for your needs.

Pros & Cons

  • 100% zero spreads on EUR/USD
  • Top 3 in our execution speeds testing
  • Variety of trading platforms and 3rd party trading tools
  • Lacks specialised risk management tools
  • The demo account limited to 90 days
  • Education resources are outdated

Broker Details

Pepperstone Razor Account Has 0 Pip Spreads 100% Of The Time In Our Tests

The logic behind a Raw account is that the spread is set by the market. A broker should only make money from the commission. The truth though is that some brokers still mark up their spreads while others have poor liquidity leading to high spreads. We conducted raw account testing and found Pepperstone had zero spreads 100% of the time in our test results below.

Broker Time at Minimum Spread Minimum Spread
Pepperstone 100.00% 0.00
City Index 100.00% 0.00
Fusion Markets 98.55% 0.00
TMGM 97.83% 0.00
IC Markets 97.83% 0.00
FP Markets 97.83% 0.00
EightCap 97.83% 0.00
Admiral Markets 95.65% 0.00
ThinkMarkets 94.93% 0.00
Blueberry Markets 94.20% 0.00
Go Markets 87.68% 0.00
Blackbull Markets 86.96% 0.10
Tickmill 86.23% 0.00
Axi 82.61% 0.10
CMC Markets 81.88% 0.10

This testing was done over two periods (Wednesdays) for 26 hours using MetaTrader 4 EAs. An honourable mention can be given to City Index Australia although they have slower execution speeds which is why Pepperstone is the better choice.

You can view our best forex broker Australia review page where Pepperstone was listed as the best overall broker based on spreads, execution speeds, range of trading platforms and customer service. The broker should be on your shortlist if you’re looking for an all-round ASIC regulated forex broker which outstanding customer support.

5. AvaTrade Good Broker With Low Spreads For Day Trading

AvaTrade

Forex Panel Score

64

Average Spread

EUR/USD = 0.9
GBP/USD = 1.5
AUD/USD = 1.1

Trading Platforms

MT4, MT5, AvaTradeGo, AvaOptions

Minimum Deposit

$100

Why We Recommend AvaTrade

AvaTrade is a decent broker and one of the few that offers fixed spreads on its markets, something other brokers seem to avoid. Interestingly, AvaTrade has a fixed spread of 0.9 pips on EUR/USD, lower than the industry average of 1.8 pips. More importantly, it is cheaper than variable spread brokers like FXCM and Tickmill.

Unusually for a market maker, they allow scalping, day trading and even social and copy trading. Lastly, we should mention that they have options trading with the AvaOptions mobile app, something few other brokers offer.

Pros & Cons

  • Has stable spreads during volatile times
  • AvaProtect for risk management (with AvaTradeGo)
  • Has social and copy trading tools
  • No RAW spread pricing
  • AvaProtect limited to AvaTradeGO
  • Has inactivity fees

Broker Details

AvaTrade Has Low Fixed Costs And Is Ideal For Beginners Traders

lowest fixed spread broker award 2024AvaTrade offers superior fixed spread trading based on their:

  • Lowest fixed spread based on our February 2024 analysis
  • Risk management features including AvaProtect
  • Easy to use forex trading platform that is ideal for beginners
  • Tier 1 regulation from ASIC to CySEC

Understanding Fixed Spreads

Personally, I have never been a fan of fixed spreads. While it provides stability for a trader to know the trading fees of any future trade, in most circumstances the trading costs end up higher. That said, when we compared the fixed forex spread accounts from regulated brokers we found AvaTrade were the best in the category.

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 02/01/2024

As fixed spreads brokers target traders with a lower risk appetite it’s no surprise that AvaTrade offers additional risk management features. The first which is included at no additional charge is a guaranteed stop-loss on all trades ensuring a trader doesn’t lose more than the maximum loss amount specified.

The second is AvaProtect. This allows a trader to select a specific duration from 6 hours up to two days. If a trader’s position leads them to lose money then they can exit the trade without making a loss on the position. The only loss will be the AvaProtect fee which is displayed when activated the feature and is charged whether the protection is needed or not once activated.

Ava Protect
Our AvaTrade Verdict

I’m not a fan of fixed spread brokers due to their higher fees but AvaTrade is the best in the category and their risk management enhancements. If you really want to manage risk then the broker may be aligned to your needs but understand the price premium AvaTrade charges.

6. IG Group Largest Range of Markets With Low Spreads

IG Group

Forex Panel Score

71

Average Spread

EUR/USD = 0.16
GBP/USD = 0.59
AUD/USD = 0.29

Trading Platforms

MT4, IG Trading Platform, L2 Dealer, ProRealTime

Minimum Deposit

$0

Why We Recommend IG Group

IG Group is one of the biggest names in forex trading for having 17,000+ markets to trade, one of the largest range of markets of all brokers. Not only can you trade more Forex pairs, stocks, indices and hard and soft commodities than most CFD brokers offer, but you can also trade futures, options, sectors and interest rates. And spreads are low because there are no commission costs.

Pros & Cons

  • User-friendly IG Trading Platform
  • Widest choice of markets to trade
  • Provides free technical analysis tools
  • It doesn’t offer social trading tools
  • MT4 has limited access to share CFDs
  • Has a minimum deposit

Broker Details

IG Is The Most Trusted Broker And Ideal For Novice Traders

Based on my experience IG is a superior option to AvaTrade for beginner traders because the broker:

  1. Has lower fees with OTC accounts
  2. Has an easier-to-use trading platform
  3. Has superior reputation and trust factors
  4. Has risk management tools without premium costs

The IG standard account alone isn’t anything special for beginner traders, but combined with their risk management tools the broker has a point of difference. IG offers the following risk management tools that only some brokers offer.

  1. Guaranteed Stops – A type of stop-loss that guarantees your order to open or close a trade will be delivered at that your set price
  2. Limited Risk Account – An account that forces all positions to have a guaranteed stop and prevents trading in high-risk markets
  3. Balance Snapshots – Profit and loss records are always visible which allows you to act quickly when the markets move against you.

ig risk management
Our IG Verdict

The broker relies on it’s reputation in the market to attract traders and I do like IG’s propriety platform but their MT4 offering is poor. Australian traders new to forex should put into the mix IG (with their platform and they also accept US clients. If you’re still unsure, then we have a full page on the best broker for beginner forex traders.

7. eToro Top Low Spread Broker With Social Trading

eToro

Forex Panel Score

43

Average Spread

EUR/USD = 1
GBP/USD = 2
AUD/USD = 1

Trading Platforms

eToro Trading Platform

Minimum Deposit

$500

Why We Recommend eToro

eToro stands out with a unique focus on a Copy Trading experience rather than the traditional approach. Through the CopyTrader platform, you can automatically replicate the trades of experienced traders, making it an ideal tool for those seeking high-risk trading without the need for personal expertise.

eToro average spreads of just one pip on EUR/USD, with no additional commission costs impressed us. Lower spreads translate to reduced trading costs, a crucial factor for maximising profitability in your trading journey.

Pros & Cons

  • Simplified copy trading platform
  • 30,000,000+ traders to copy from
  • No commissions on trading
  • Doesn’t support third-party trading platforms
  • No RAW spread account pricing
  • Charges you to withdraw funds

Broker Details

eToro Offer A Low Fee Environment For Copy Traders

best social copy trading awards 2024Those looking for social trading features should consider eToro which is built around its copy trading capability. It has one of the largest communities of retail traders that can be reviewed and copied. This means that once you select a trader, you will automatically make the same trades as that individual.

eToro Copy Trading

eToro has 0% commission stocks allowing retail traders to buy shares across the world from Australia and Japan to the USA with no commissions charged. Like the best fx brokers, they also offer low spreads (spreads = ask/bid price) but have some unique fees such as a withdrawal fee. This can make them more expensive than other brokers, especially when market volatility is experienced.

The broker was also listed as one of the Automated Trading System based on this copy trading ability. Traders can adopt automation in many ways rather than just copy trading including utilising bots and other software.

Our eToro Verdict

I have found eToro to have an easy to use platform for copy trading and copy trading only. When I have traded conventionally the interface is not as straight-forward as the other low fee brokers mentioned on this page and have higher fees. If your looking for a social trading broker with a large community then eToro is the best but make sure your this type of trader before you join.

8. ThinkMarkets Great Broker For CFD Markets And Shares Investing

ThinkMarkets

Forex Panel Score

70

Average Spread

EUR/USD = 0.1
GBP/USD = 0.3
AUD/USD = 0.2

Trading Platforms

MT4, MT5, ThinkTrader

Minimum Deposit

$0

Why We Recommend ThinkMarkets

In the Forex brokerage arena, ThinkMarkets stands out for its unique offering of shares and ETF investing alongside CFD products.

With the ThinkTrader app, you can invest in over 3,100 ASX shares at just $8 per trade, in addition to trading 46 Forex pairs, 352 ETFs, 17 indices, 27 cryptos and even futures, metals, and energies with MT4 and MT5.

Boasting low average spreads, starting from just 0.1 pip on EUR/USD, ThinkMarkets provides a cost-effective trading environment, particularly beneficial for those employing frequent automated strategies.

Pros & Cons

  • Competitive low RAW spreads
  • Offers MetaTrader 4 and 5, ThinkTrader
  • Decent selection of trading products (4000+)
  • Minimum deposit for RAW spreads
  • Cannot use RAW account with ThinkMarkets platform
  • Charges an inactivity fee

Broker Details

ThinkMarkets Has A Solid Platform For Automation

There are different types of short-term traders and these include:

  1. Day traders – a trader that uses intraday strategies to make money off changes in prices throughout the day
  2. High-frequency traders – traders that use powerful computers to transact a high volume of orders in fractions of a second
  3. Scalpers – a trader executes multiple trades to take advantage of small but regular movements in price

Regardless of which of the three a trader is, to make money they need the lowest fees and ThinkMarkets offers not just CFD trading but stockbroking services as well. To make money with shares though you need to open a separate trade value account. This is for Australian residences (although ThinkMarkets has a UK offering as well).

ThinkMarkets Share Trading Account

It’s worth disclosing that I personally use Interactive Brokers for my share trading (based on their fees and the ability to short shares within their share trading platform) while David Levy uses CMC Markets for share trading services.

ThinkMarkets Uses The Best Execution Technology

On top of the low fees for stockbroking and CFD services, traders can save money by minimising slippage. This is why I like the fact that ThinkMarkets hosts servers in the same data centre or near the same data centres where the major liquidity providers, exchanges, buy-side, and sell-side firms host their servers.

ThinkMarkets has partnered with Equinix in New York, London, and Hong Kong so that no matter where in the world you are trading from and which market you want to trade, ThinkMarkets are positioned to give you the fastest trading possible.

Key factors about the ThinkMarkets standard account include:

  • Regulated by ASIC, FCA, FSCA
  • Offers CFD such as Forex, Shares, Metals and Cryptocurrency trading
  • Investment With Shares and ETFs available
  • MetaTrader 4, 5 and ThinkTrader Trading Platforms

Verdict On ThinkMarkets

I feel ThinkMarkets is a solid broker without being a great one. Some fees are on the higher end in our testing but on a positive, the platform is strong as it is their trading environment. It’s worth putting into your mix for scalping.