Each month, the team compare the published average spreads of ASIC regulated forex brokers. We combined these findings in September 2023 with our own tests to determine the lowest spread forex brokers for Australian traders.
Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.
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:
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.
Our list of the best ASIC regulated forex brokers with the lowest spreads is:
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
9.00 | ASIC, SCB, 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 |
|
|
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 |
|
|
8.17 | 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 |
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 |
|
|
7.67 |
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 |
|
|
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 |
|
|
8.33 |
ASIC, FSCA CBI, KNF, CIRO ADGM, FSC-BVI |
- | - | - | - | - | - | - |
|
|
|
160ms | $100 | 55+ | 15+ | 30:1 | 400:1 |
|
|
7.17 |
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 |
|
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.
Eightcap Has The Tightest Spreads Based On Published Broker Data
When we compared September 2023 Raw spreads we found Eightcap had:
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.
Our Review Of EightcapVisit Eightcap
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 |
|
0.12 | 0.50 | 0.47 | 0.40 | 0.22 |
|
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 01/09/2023
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’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.
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:
Our Eightcap Verdict
Based on comparing the September 2023 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.
Our Review Of EightcapVisit Eightcap
IC Markets Has The Lowest Standard Account Spreads
IC Markets was the clear winner when it came to their standard account with:
The table below shows the published spread data our team collated in September 2023 with IC Markets the clear standard account winner.
|
Standard Account Spreads
|
|||||
|---|---|---|---|---|---|
|
0.62 | 0.77 | 1.27 | 0.83 | 0.74 |
|
|
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
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.
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.
Fusion Markets Raw Account Has The Lowest Fees In Australia
We found Fusion Markets has the lowest brokerage because the broker:
Commission Rates
As stated above, we found in September 2023 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
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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.
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.
AvaTrade Has Low Fixed Costs And Is Ideal For Beginners Traders
AvaTrade offers superior fixed spread trading based on their:
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 01/09/2023
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.
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.
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:
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.
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.
eToro Offer A Low Fee Environment For Copy Traders
Those 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 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.
*Your capital is at risk ‘68% of retail CFD accounts lose money
ThinkMarkets Has A Solid Platform For Automation
There are different types of short-term traders and these include:
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).
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:
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.
A zero spread account has lower overall fees based on our fee analysis[6]ECN Accounts vs Standard Accounts with the lowest spreads offsetting the broker’s modest commission. A standard account is simpler to trade with as there is no commission but the marked-up spreads leads to higher brokerage.
A zero spread broker means that the provider offers a Raw account (also known as an ECN account). These accounts charge a commission based on the volume traded. Spreads are based on the market which means the broker’s access to liquidity is key to achieving the lowest spread. Our zero spread analysis done by Ross Collins showed that Pepperstone achieves zero spread the most on the major currency pairs with access to multiple foreign exchange pools from other brokers, financial institutions and banks.
View our zero spread forex broker research where we found that Pepperstone achieved zero pips the most on major currency pairs such as the EUR/USD.
The forex pairs with the lowest spreads are the most traded including (in order) the EUR/USD, GBP/USD, USD/JPY, USD/CHF, and AUD/USD. These pairs are favoured for their low spreads, a result of the high liquidity associated with both currencies and the substantial trading volume they command. Australian traders often opt for these pairs as they offer a cost-effective entry into the market, ensuring that the spread, the difference between the sell rate and buy rate, remains minimal. It’s this combination of liquidity and volume that positions these pairs as the most attractive options for those seeking to minimise trading costs.
The lowest execution speed broker is Blackbull Markets followed by Pepperstone. This was based on our best forex broker execution speed testing by Ross Collins where he ran EAs using the most popular forex trading platform (MetaTrader 4) to automate trades on financial markets.
Blackbull Markets had a limit order execution speed of 72ms and a market order execution speed of 90ms. The highest execution speed on the other hand was ThinkMarkets which was over twice the speed with speeds of 161ms and 248ms for the same measurements. This means that traders with ThinkMarket are more likely to experience slippage and requotes.
It’s critical to note that our team created this comparison primarily for Australian forex traders to save money when trading. All providers except for FXTM are ASIC-Regulated which is always recommended for Aussies as it provides protections when trading forex or CFDs. We have provided a list of providers that minimise trading costs including our forex brokers with a low commission page.
We also have created pages for other regions which list other providers with low fees. A few non-ASIC regulated brokers to note on these pages include the following.
Tickmill Trading Offers Low Costs
Tickmill is regulated in the UK but well known in Australia because of their published AUD/USD 0.1 typical spreads. The broker is not recommended for Australians (as it doesn’t have ASIC regulation) but is worth visiting for its free educational resources and news which we use periodically.
Blackbull Market Has The Fasted Execution Speeds
Our testing showed Blackbull had the fastest execution speeds of any locally regulated (but not ASIC) broker. They also had tight spreads and leverage up to 500:1 which is the maximum in New Zealand (FMA regulated).
Eightcap offers the lowest forex spreads through their raw account. This is based on our spread comparison table comparing the global ECN-style trading accounts where brokerage is a combination of a spread and a commission based on trading volume.
Fusion Markets has the lowest commission rate of $2.25 per site. View our lowest commission broker comparison to view our 2023 updated table of every broker and their brokerage.
This comparison was made based on the published forex broker average spreads at the time this article was created and revised. Many high-profile brokers from HotForex, FBS, NovaFX, VantageFX, and forex.com were not included primarily due to the lack of standard spread forex information. This includes providers who claim to have zero spread accounts or floating variable spreads but won’t publish average spreads. There are also country-specific low-spread comparisons for other regions from Canada, UK to the USA at the bottom of the page regulated by local authorities such as the FCA.
Your spread forex cost is one of the most important factors to consider when choosing a broker. You pay a spread cost each time you open and close your trading position with a difference between the bid/ask price. money lost These costs can add up very quickly, especially if you are a high-volume trader, scalper or trade with high leverage, and for this reason, you want to select a low-spread forex broker.
Brokers that connect you with liquidity providers with no dealing desk tend to have the lowest spread costs. They use technologies such as Straight-through processing (STP) or electronic communication networks (ECN) which means you are getting the best prices the liquidity providers have to offer without price intervention from the broker. For this reason, you pay commissions which allow the broker to avoid widening their spread to recover the money lost.
Forex market conditions can impact capital markets impacting the asking price and sell price spreads. This can lead to the actual spreads being quite different from the average spread which will be displayed by the forex broker. Before you start trading, understand the risks of leverage and CFD trading first.
| Forex Broker | Type Of Spread | EUR/USD Spreads | AUD/USD Spreads | Commission (USD) |
|---|---|---|---|---|
| Fusion Markets | ECN Account | 0,12 | 0.22 | $2.25 |
| IC Markets | ECN Account | 0.10 | 0.20 | $3.50 |
| FP Markets | ECN Account | 0.10 | 0.22 | $3.00 |
| Pepperstone | ECN Account | 0.09 | 0.17 | $3.50 |
| FXTM | ECN Account | 0.40 | 0.70 | $4.00 |
| Plus500 | Standard Account | 0.80 | 0.80 | N/A |
| HotForex | Standard Account | 0.90 | 2.30 | N/A |
| IG | Standard Account | 0.29 | 0.68 | N/A |
| eToro | Standard Account | 1.00 | 1.00 | N/A |
| FxPro | Standard Account | 1.58 | 1.96 | N/A |
| AvaTrade | Fixed Spread Account | 0.90 | 1.10 | N/A |
This table lists the published spreads that brokers list on their websites. These spreads are for ECN style (sometimes called a zero spread account) trading account which means traders will pay a commission to open and close their position. Spreads are lower than standard accounts as there is no dealing desk and because the spreads do not include commission costs in the spread.
Disclaimer Note: While Leverage products can increase your profits, they can also result in large losses, traders should therefore be aware that trading with leverage carries a high level of risk.
Ross Collins analysis of total trading costs of raw v standard.
Eightcap Result: RAW Account Spread Testing
Test Results: 2023 Spread Account Testing using MetaTrader 4
Fusion Markets: Tighest Spread Based on 2023 Raw Account Testing
Fusion Markets: No. 1 in Terms of Market Order Execution Speeds
Test Resutlts: Zero Spread vs Standard Account
Ask an Expert
Generally, what account is better to get the lowest fees? A standard or ECN account?
Generally, an ECN account is cheaper than a standard account however this will vary depending on the spread for the standard and ECN account and the commission for the ECN account.
Looking for broker with lowest spread for xauusdi live in United States
The USD does not permit CFD trading but does allow spot trading. You can see our best brokers for spot trading on the best regulated forex brokers in USA page.
How about fxcc, valutrade,axitrader, and assetfx. They are also have such account with low commission and tight spread but not “zerro” spread
Hi Eddy
We have not previously reviewed FXCC and ValuTrades so can provide too much information about them at this time. Axi (formerly AxiTrader) are regulated in Australia (ASIC), UK (FCA) and UAE (DFSA) so they are a reputable broker in terms of regulation. Unfortunately, Axi doesn’t publish their average spreads, so lack transparency in this aspect. AssetFX is not a regulated broker so we can’t recommend them
I saw that brokers charge an overnight fee. How does this work as I thought currency markets are global?
Overnight fees are sometimes called swap fees or rollover fees, these fees are applied if you hold an open position overnight which means when trading markets close. While currency markets are global so technically never close since at least one of the Sydney, Tokyo, London and New York forex sessions are operating at any time during the work week, brokers apply overnight fees if your position is open at 17:00 New York time (which equates to 00:00 platforms time)
Swaps fees mean you will either be charged interest costs or earn interest on your open positions. Whether you are debited or credited will depend on factors such as the price movement of the currency pair, the interest rates in each country of the currency traded, the swaps points of the broker’s counterparty.
Overnight positions for Wednesday to Thursday carry a credit/debit charge of triple rate to account for the settlement of trades over the weekend since these days since the markets are closed these days meaning there are no swap rates charged.
Why IC Market is not appearing in the final list though they are in the top 2 in the above 2 tables ?
I don’t see IC Markets on this list but certainly, IC Markets is a top broker and one well worth considering. It was a toss up between IC Markets and some other brokers when we made this list
Is there a zero spread broker?
If you are after zero spreads, look for a no dealing desk or ECN style broker. You will know these brokers because they have a commission account, these accounts can achieve zero spreads because you pay commission in addition to the spread. You then need to time your buy in for when the spread is zero pips. Brokers include Pepperstone, IC Markets, Fusion Markets, Eightcap.
Does Eightcap offer MT5?
Hey John , yes Eightcap does offer mt4/5.
Is meta trader 4 also used in prop firms?
Yes that is correct MT5 can also be used with a prop firm.
Is a zero spread account good?
Zero spreads mean you don’t have a spread cost when trading, so zero spreads generally work in your favour