Forex scalping has particular trading requirements, so forex traders can get the most from their scalping strategy on the forex market. Traders should choose a trading platform from a forex broker that has fast execution with low costs.
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The top forex brokers with great scalping software list 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
8.17 | ASIC, CySEC | 1.1 | 1.3 | 1.3 | 0.10 | 0.20 | 0.20 | $3.00 |
|
|
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225ms | $100 | 63+ | 4+ | 30:1 | 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 |
|
|
7.46 |
FCA, FSCA CySEC, SCB, FSCM |
1.32 | 1.7 | 1.95 | 0.32 | 0.37 | 0.51 | $3.50 |
|
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|
151ms | $0 | 69+ | 30+ | 30:1 | 200:1 |
|
|
FCA, FSCA, CYSEC DFSA,CMA,FSA |
1.2 | 1.9 | 1.8 | 0.1 | 0.3 | 0.7 | $3.00 |
|
|
|
$0 | 38+ | 19+ |
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7.93 |
ASIC, FSCA FCA, CIRO AMF, ISA, CySEC |
1.3 | 1.4 | 1.7 | 0.30 | 0.90 | 0.40 | $3.00 |
|
|
|
150ms | $300 | 42+ | 7+ | 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 |
|
|
8.83 |
FCA, CIRO, ASIC MAS, JFSA, FSCM KNF, NFA/CFTC |
0.6 | 0.9 | 0.7 | - | - | - | - |
|
|
|
- | $0 | 70+ | 4+ |
|
||
|
7.67 |
FCA, FSCA ASIC, FSA-S, CySEC |
1.1 | 1.3 | 1.1 | 0.1 | 0.3 | 0.2 | $3.50 |
|
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|
161ms | $0 | 46+ | 21+ | 30:1 | 500:1 |
|
|
7.28 |
FCA, CySEC, CIMA NFA/CFTC, CIRO, JFSA |
1.2 | 1.6 | 1.4 | - | - | - | $6.00 |
|
|
|
30 ms (May 2023) | $100 | 80+ | 8+ | 30:1 | 400:1 |
|
Scalping is a unique trading strategy in which traders profit off small price changes for a financial asset. Picking a broker that a) allows scalping and b) offers a good forex trading platform is tricky given scalping relies on technical analysis tools for execution. The below list provides the best forex trading platforms for scalping.
MetaTrader 5
Available since 2009, MetaTrader 5 (MT5) is an upgrade of MT4. The platform offers the ability to trade a wider range of CFDs, has more advanced features and faster processing power than MT4. The London Summit Awards 2019 saw the platform earn two prestigious awards “Best FX trading platform” and “Best multi-asset trading platform”, a reflection of the excellence as a trading solution the platform offers.
Advantages Of MT5
MetaTrader 5 is a powerful all-in-one platform suitable for trading Forex pairs, Shares and Futures CFDs. The platform offers advanced technical analysis tools and features outstanding Expert Advisors and fast order capabilities designed for scalping.
MetaTrader 5 trading platform allows access to market liquidity pools and depth of market (DoM) visibility, which helps one avoid low-volume financial instruments (with little or no liquidity).
Regardless if you are a beginner or an advanced scalper, you will appreciate the following features MT5 offers:
Last but not least, MT5 offers built-in advanced reports for an effortless assessment of trading activity.
MT5 is the future if you wish to use a trading platform by MetaQuotes. In time, the MT5 community will grow, more brokers will offer the platform, and MT5 will supersede MT4.
Disadvantages Of MetaTrader 5
Scalping brokers offering MT5 implement FIFO (first-in, first-out) accounting system. MetaTrader 5’s default setting applies the FIFO principle and, therefore, the platform does not allow Hedging. Expert Advisors and custom indicators built with MQL4 for use in MT4 cannot be used in this state in MT5. Or, they need to be coded once again with the MQL5 programming language.
The Best MT5 Forex Broker For Scalping
Our review believes FP Markets is one of the best Forex brokers for Forex scalping on the MT5 trading platform. This is based on:
1)Low Spreads And Costs
FP Markets is able to offer tight spreads as it sources prices from multiple tier one liquidity providers. This allows Forex traders who employ scalping to take advantage of spreads starting from 0.0 pips using FP Markets Raw Spread account. The RAW spread account average spread on major currency pairs such as EUR/USD of 0.1 pips most of the time, which is one of the best available from brokers worldwide.
Below compares the spreads of the range of Forex brokers who advertise their average spread on their website. This table is updated monthly.
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FP Markets Raw Account Spreads
|
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|---|---|---|---|---|---|
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0.10 | 0.20 | 0.30 | 0.30 | 1.40 |
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0.20 | 0.20 | 0.40 | 0.50 | 1.50 |
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0.44 | 0.42 | 0.40 | 0.85 | 1.30 |
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0.17 | 0.30 | 0.54 | 0.59 | N/A |
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0.20 | 0.40 | 0.50 | 0.60 | 10.00 |
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0.10 | 0.50 | 0.60 | 0.60 | 1.30 |
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n/a | 0.50 | 0.60 | 0.20 | 3.10 |
|
0.44 | 1.23 | 1.13 | 1.08 | 1.85 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Commissions when trading with FP Markets is $3.00 side / $6.00 round turn. These commissions are in line with commission charges from other brokers making them suitable for high-volume traders. Scalpers can place orders between the spread due to no minimum order distance and a freeze level of 0. All orders, including Stop-Loss orders, can be placed at any distance from the current market price.
2) ECN Trading Environment
FP Markets’ raw pricing along with a MetaTrader server located in the Equinix NY data centre gives STP / ECN style trading conditions. The main advantage of brokers that use STP / ECN style conditions can be summarized by low latency and minimized probability for slippage, no dealing desk, no re-quotes, and extremely fast order execution (less than 40 ms).
MetaTrader 5 offers Depth of Market, which allows traders to visualize the entire range of available prices derived directly from its liquidity providers. This ensures complete transparency of all liquidity for any currency at any moment.
3) Strong Forex Regulation
FP Markets complies with strict regulatory standards by some of the most reputable Forex authorities worldwide. FP Markets is regulated in Australia by the Australian Securities and Investments Commission (ASIC) and in Europe by the Cyprus Securities and Exchange Commission (CySEC).
Raw Spreads + 40ms Speed + Reduced Slippage = FP Markets MT5
Summary Of Why FP Markets Is The Best MetaTrader 5 Broker For Scalping
Overall, The MetaTrader 5 platform powered by FP Markets is an excellent choice for scalpers. The broker has a low minimum deposit requirement ($100) and allows the use of leverage (maximum leverage for Forex is 30:1 in Australia, the UK, and Europe). Traders also have the option to practice scalping in good conditions on the free Best Demo Trading Platform with no risk or restrictions on scalping strategies.
MetaTrader 4
MetaTrader 4 (MT4) is comfortably the most widely adopted forex trading platform by both brokers and traders worldwide. Produced by MetaQuotes and launched in 2005, is one of the first readily available mainstream trading platforms licensed to forex brokers and available to traders for free. Brokers that offer the platform include Pepperstone, FP Markets, FxPro, ThinkMarkets, FXTM, and Oanda.
Advantages Of MetaTrader 4
MetaTrader 4 is an easily customizable trading platform that features live quotes, real-time charts, in-depth news and analytics, a variety of technical indicators, and order management tools, and it has good Expert Advisor compatibility.
Many consider MT4 to be the “gold” standard among all trading platforms. The platform’s popularity can be attributed to a number of reasons, including:
At its core, MT4 is an intuitive and simple platform with all the necessary tools for trading, which makes it a great platform for beginner traders but also comes with the ability to integrate more advanced features for experienced traders.
Disadvantages Of MetaTrader 4
MQL may be considered the ‘gold standard’ for trading platforms however it does have some disadvantages.
Last but not least, the platform has a limited Depth of Market features.
The Best MT4 Broker For Scalping
Based on our reviews, Pepperstone offers the best conditions for scalping strategies on its MetaTrader 4 platform, because it has the following:
With low costs and fast execution speeds[1]2023 Speed Finalists, Pepperstone is a great broker to use MetaTrader 4.
1)Low Standard Account Spreads
As an STP/ECN style broker, Pepperstone offers no dealing desk order execution with low latency and low risk of slippage. Additionally, Forex spreads remain ultra-low on the broker’s Razor trading account, starting from 0.0 pips, while the company also offers low average spreads on its entire CFD product list.
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Pepperstone MT4 Spread Comparison
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|---|---|---|---|---|---|
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0.22 | 0.43 | 0.47 | 0.50 | 0.12 |
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0.20 | 0.50 | 0.20 | 0.30 | 0.10 |
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0.20 | N/A | 0.20 | 0.30 | 0.20 |
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0.42 | 0.30 | 0.20 | 0.83 | 0.44 |
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0.30 | 0.68 | 0.24 | N/A | 0.17 |
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0.40 | 0.70 | 0.30 | 0.70 | 0.20 |
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0.50 | 0.80 | 0.30 | 1.10 | 0.10 |
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0.50 | 0.40 | n/a | 0.30 | n/a |
|
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1.23 | 1.23 | 0.77 | 1.41 | 0.44 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
In exchange for ECN-style trading conditions, Pepperstone will charge a small commission of $3.76 per side for 1 Standard Lot traded on its MetaTrader 4 platform.
Due to its co-location servers in key financial data centers and fibre-optic cable networks, Pepperstone ensures exceptional execution speeds. According to the broker, most trade orders by UK clients are filled in less than 60 ms, while the majority of orders by clients from Australia – in less than 30 ms.
.2)Copy Trading Feature
Pepperstone offers copy trading features through 3 dedicated third-party platforms Myfxbook, MetaTrader Signals, and DupliTrade. The software solution for social trading offered by Pepperstone work seamlessly with the MT4 platform.
Myfxbook’s key strength is the verified track record, MetaTrader Signals offers thousands of trading signals, while DupliTrade offers signals from professional traders and has a minimum deposit requirement of USD 5,000.
Interbank Spreads + ECN model + Fast Speed + Copy Trading Features = Pepperstone MT4 Solution.
Summary Of Why Pepperstone Is The Best MetaTrader 4 Scalping Broker
Overall, our team of experts considers Pepperstone as the best scalping broker with MetaTrader 4 platform. With a true ECN pricing model, spreads starting from 0.0 pips, USD 3.76 commission rate, fast execution, and copy trading feature, Pepperstone’s MT4 solution is the best if scalping is your preferred strategy. The broker was also listed first on the best forex trading platforms list.
Pepperstone doesn’t enforce any minimum deposit requirements. Feel free to click the button below and test their MetaTrader 4 platform today.
MT4 Web Trader
The MetaTrader 4 web trader is a leading web-based software solution that provides access to the global markets straight from your browser. The web platform is supported across all operating systems (Windows, MAC and Linux) and is compatible with any browser. The MetaTrader 4 Web platform is integrated with most MT4 FX brokers.
Advantages Of MT4 Web Trader
Trading is more accessible via your browser, as it requires no additional software installation or downloads on your local computer. The MT4 web terminal is similar to the desktop version and includes the same trading tools and features. Scalping efficiently via the web application can be done effortlessly.
The MT4 web terminal main key advantages and benefits include:
One-click trading feature for faster execution and no secondary confirmationAdditionally, the MT4 web trader supports Expert Advisors (EAs) and scripts with the same performance as the desktop version.
Disadvantages Of MT4 Web Trader
Some people consider the Web Trader pay layout to be a bit of data. The most common issues faced while running the MetaTrader 4 web platform include:
Big Data Al Sentiment Trading Scalping Software – MT4 Web Trader
Based on our reviews, HotForex offers the best sentiment analysis tools for scalpers. We consider that the brokerage offers good trading conditions for scalping based on:
1)AI Sentiment Trading Tool
The challenges that come with scalping in fast-moving markets can be met with the right trading tools. HotForex is equipped with proprietary trading tools that can’t be found anywhere else, like the Sentiment Trader tool. This tool uses artificial intelligence (AI) to measure in real-time the market sentiment dynamics. The order flows (buy and sell ratios) are tracked using data from leading provider FX Blue Labs.
The key features and advantages offered by the Sentiment Trader tool are summarized below:
The sentiment information can be used for better reading of the short-term price fluctuations. To the astute scalper, sentiment analysis can be used as a confirmation tool to buy and sell currencies and CFDs. Additionally, the orders can be opened and closed directly from the Sentiment Trader window without the need to go elsewhere.
2)Superior Trading Conditions
HotForex clients can choose between 4 different trading account types (Premium, Zero Spread, HFCopy and Premium Pro), trade with variable spreads, minimum trade size 1,000 units of the base currency, quotation system using the fifth decimal and telephone trading.
In terms of tradable instruments, scalpers are allowed to trade CFDs (Contracts for Difference) on 8 different financial markets (forex, cryptocurrencies, metals, indices, shares, energies, commodities and bonds). The large number of financial instruments offered by HotForex means more trading opportunities for scalpers.
Institutional Tools + MT4 Web Trader + 8 Trading Markets = HotForex
Summary Of Why HotForex Has The Best Scalping Sentiment Tools
Overall, HotForex’s trading tools can be used as a personal trading assistant, proving you with highly accurate AI technology. At HotForex, scalpers can enjoy better tools, hedging and non-hedging mode, better information, a good selection of instruments and a range of account types. The minimum deposit to open an account is USD 100, but you can always use their demo account.
Trading Station is FXCM’s proprietary CFD and Forex trading platform, which has an intuitive user interface, offers advanced trading analytics and comes in three versions: web-based, mobile-based and desktop.
Advantages Of Trading Station
First of all, the platform offers good chart customisability, with traders being able to expand to full-screen or detach charts, use numerous chart formats and time frames, set up price alerts, compare financial instruments with price overlays among other options.
Second, Trading Station Desktop allows for the use of automated trading strategies, along with advanced strategy backtesting and strategy optimization tools.
Third, Trading Station Desktop offers additional advanced technical indicators such as the Speculative Sentiment Index (SSI) and Real Volume, which provide strategy support with real market sentiment. Last but not least, Trading Station has market depth functionality, which visualizes multiple levels of liquidity at every price level for every trading instrument.
Disadvantages Of Trading Station
FXCM Is The Best Broker For Scalping With Price Improvement
Based on our reviews, FXCM turns out to be the best scalping Forex broker when it comes to execution with zero slippage or price improvement, because:
59.79% of all trade orders were executed with no slippage, according to data encompassing the first six months of 20201)FXCM Price Improvement Technology
Over the years, FXCM has remained dedicated to ensuring the best trading experience for its clients by increasing the quality of its pricing, transparency and execution services. And the broker’s latest slippage statistics indicate rather favorable conditions for scalpers. Data for the first half of 2020 showed that:
The broker’s statistics also suggested that limit and limit entry orders are most likely to be filled with positive slippage, while stop and stop entry orders are most likely to be filled with negative slippage.
2) Zero Commission Share Trading
Not only does FXCM have no commission on popular CFDs like forex and Equities, but with FXCM, scalpers can enjoy 0% commission on share trading. FXCM is the latest CFD provider to offer no commission trading on stocks and fractional shares. FXCM is only compensated through charging the spread, which is mark-up above the Interbank spread.
28ms Speed + 28.90% of Orders Receive Positive Slippage + 0.2pips EUR/USD Spread = FXCM Trading Station
FXCM Best Broker For Scalping With Price Improvement
Overall, FXCM’s price improvement technology can help scalper receive better prices, less slippage and no-requotes. Scalpers can have an edge in high volatile markets due to the low-cost pricing and possible benefit from better quotes 94.84% of the time. The minimum deposit for FXCM clients is USD 50, but traders can always open a demo account to enjoy risk-free trading.
*Your capital is at risk ‘67% of retail CFD accounts lose money’
cTrader
Released in 2011 by Spotware, cTrader was built specifically to meet the needs of ‘no dealing desk’ brokers who offer Electronic Communication Network (ECN), Straight-Through-Processing (STP) and Direct Market Access (DMA). A newcomer to the world of online trading, cTrader is a platform that grants access to the best available bid and asks prices for traders looking for more comprehensive market analysis tools and greater transparency. cTrader can be integrated with over 45 leading applications and a suite of leading add-ons.
Advantages Of cTrader
cTrader has 3 main strengths:
Pepperstone, IC Markets and FxPro have been long time providers of the MT5 platform.
One of the strengths of cTrader is market transparency through Level II pricing depth of market (DOM). The DOM allows market data to be visualized in three possible ways (Standard Depth of Market, Price Depth of Market and Volume-Weighted Average Price (VWAP) Depth of Market). In comparison, MetaTrader software is designed to visualize only one type of Depth of Market.
Interface And Charts
Many traders enjoy cTrader’s clean interface, which is sleek and modern. Charts, for example, have a range of colors and choices of light and dark themes so you can customize them to your liking. The charts have a large charting area and can also be detached, which means you can move charts onto a different monitor.
Note* cTrader offers more indicators and timeframes than many other platforms offer.
Order Types
When it comes to Order types, cTrader has 4 order types available. These order types are Market Orders, Limit Orders, Stop Orders and Market Range Orders. All offer OCO protection, with limit and stop order also offer expiry. One interesting feature is the ability to place a pending order, even if the market has closed for the day.
If you are looking for an alternate platform to MetaTrader that has great charting features and Level II pricing with fast execution option, then you cTrader is a solid option.
Disadvantages Of cTrader
There are not many downsides associated with cTrader. As a possible disadvantage, we can mention the limited selection of available trading robots and custom indicators compared to MetaTrader software, as a different programming language is used (C#). The majority of retail Forex developers employ MQL4 and MQL5.
The Best Broker With cTrader For Scalping
Our review has concluded that FxPro is one of the best Forex brokers when it comes to scalping strategies by using the cTrader software, based on:
FxPro No Dealing Desk Execution
FxPro operates a no dealing desk NDD agency model that supports superior trading conditions for day traders and scalpers. By operating an NDD model, FxPro is able to offer unrestricted access and instant execution of a wide range of orders. Scalping is usually performed via flawless order execution, which is an essential component of a scalping trading strategy.
FxPro is not a true ECN broker or an STP broker, it advertises itself as filling clients’ orders with true NDD execution. However, the price execution engine that powers FxPro’s cTrader is able to deliver institutional trading conditions that are compatible with scalpers.
FxPro supports profitable trading based on:
“99.32% No Requotes + 9% Positive Slippage + 11.06ms Order speed = cTrader”
Summary Of Why FxPro Is Among The Best Scalping Forex Brokers With cTrader
Among scalping brokers, FxPro is the go-to solution for trading on the cTrader platform. FxPro reputation among scalping brokers is a combination of low spread, fast order execution and no requotes. FxPro offers retail investor accounts with a minimum deposit of USD 100.
*Your capital is at risk ‘84.69% of retail CFD accounts lose money’
FXTM Trader is FXTM’s brand-new forex trading app, which is meant to revolutionize clients’ mobile trading experience. With this app traders are able to buy and sell currencies in a matter of seconds, access real-time Foreign Exchange rates and manage their trading accounts while on the go.
Advantages Of FXTM Trader
First, the platform allows access to over 250 trading instruments – from Forex pairs to complex instruments (CFDs) on Shares, Stock Indices and Commodities. This investment app built by FXTM experts welcomes scalpers on its platform. The key features and trading tools that come with FXTM Trader include:
Clients can manage their trading accounts and trading activity from the same appDisadvantages Of FXTM Trader
First, FXTM Trader is available only on some of FXTM’s account types. It cannot be used as a trading option on the broker’s MT5 and FXTM Invest accounts. Additionally, the platform does not allow price alerts setting, has only a one-step login, and traders cannot access Cryptocurrencies on this platform.
FXTM Offers The Highest Leverage Ratios For Scalping
Our review has concluded that FXTM is among the Forex brokers that offer the highest leverage ratios – a key factor for traders who employ scalping. To gain access to FXTM’s high leverage, you are required to sign up with the broker’s offshore branch regulated by the Financial Services Commission (FSC) of Mauritius. What makes this brokerage attractive for scalpers can be summarized as follows:
FXTM allows leverage ratios of up to 1:1000 on major FX pairs like EUR/USD, GBP/USD or AUD/USD1) FXTM Maximum Leverage
When it comes to maximum leverage allowed, UK and EU-based retail clients will be offered significantly lower ratios, in line with the local regulatory framework – 1:30 on major currency pairs; 1:20 on minors, exotics and Spot Metals; 1:5 on the majority of Stock Indices and on all Shares CFDs; 1:10 on Energies. This is similar to Australian high leverage brokers which also are capped by ASIC at 30:1 for retail traders. Yet, if you sign up to FXTM’s offshore entity regulated by the FSC you can access leverage ratios of up to 1:1000.
Due to FXTM’s vast pool of top-tier liquidity providers, Forex spreads are kept tight (starting from 0.1 pips on AUD/USD and EUR/USD, 0.2 pips on GBP/USD, 5.0 points on Spot Gold), while requote rates have remained at competitive lows.
Along with high maximum leverage and low minimum spreads, FXTM clients who employ scalping strategies are able to take advantage of lightning-fast execution speeds on all ECN accounts.
2) Connect MT4 With FXTM Trader
The unique feature is the interconnectivity between the trading app and MetaTrader 4. FXTM trading software was built with flexibility so traders can buy and sell currency on the MT4 desktop and then have the option to close it via the FXTM Trader app and vice versa. In practice, the FXTM Trader should allow scalpers to move in and out of the market faster.
One-Click Trading + 1:1000 Leverage + ECN Account = FXTM Trader
Summary Of Why FXTM Is The Highest Leverage Broker For Scalping
Best all-around FXTM is hands down the best high leverage broker that supports scalping. With this broker, scalpers can tap into 1:1000 maximum leverage, positive slippage, no-requotes and minimum deposit as low as USD 10 (Standard Cent Account).
TradingView
TradingView is the largest network of traders and investors on the internet, which enables them to exchange ideas, learn new tricks, or simply make use of its free Forex charting trading software. TradingView charts have been integrated with over 8,000 stock and futures exchanges and websites across the globe.
Advantages Of TradingView
First of all, the platform features 11 customizable chart types, including Candlesticks, Renko, Heikin-Ashi or Point & Figure, traders can view up to 8 charts in a single layout at one time and traders have access to data from over 50 exchanges.
TradingView offers a variety of time frames, with intervals ranging from 5 seconds to 1 month as well as customizable time frames which come with the paid version.
Additionally, the platform features over 50 drawing tools, including Elliott Waves, Andrew’s Pitchfork, Gann Fans among others, over 65 technical indicators, including moving averages, Stochastics, Bollinger Bands, MACD, Ichimoku Cloud among others.
More, traders have access to real-time news from Yahoo Finance access Economic and Corporate Earnings Calendars and make a side-by-side comparison of trading instruments.
Disadvantages Of TradingView
Premium subscription packages tend to be a bit costly and platform’s news feed system needs further improvement – for example, sorting news headlines based on popularity or relevance.
The Best Web Trading Platform For Scalpers That Offers TradingView
Our review has concluded that Oanda has the best web-based trading platform for scalping, based on:
Although OANDA allows scalping, we should note that it is not an ECN broker, but a market maker. This puts the no dealing desk execution of orders in question. In other words, it is possible that CFD and Forex traders face some kind of price manipulation, something that is completely out of question with true ECN brokers.
OANDA’s Web Trader, which utilizes advanced TradingView charting, is a quite responsive platform, offering a decent order execution speed (0.012 seconds) – one of the key factors for successful scalping. However, in times of extreme market volatility, Forex traders may face slippage.
OANDA is a multi-regulated broker in six tier-1 jurisdictions, as it complies with regulatory standards by Australia’s ASIC, Canada’s IIROC and UK’s Financial Conduct Authority (FCA).
Variable Spreads + Reputation + Advance Web Platform = Oanda
Summary Of Why Oanda Offers The Best Web Platform For Scalpers
Overall, Oanda is a trusted firm that allows its clients to scalp the financial markets on the powerful charting solution TradingView. It’s secure and safe to trade with Oanda, but there is certainly some room for providing a better service in terms of spreads during news releases and slippage. There are no minimum requirements to open an account with Oanda.
Previously known as Think Interceptor, ThinkTrader is ThinkMarkets’ proprietary trading software solution compatible with all smartphones, tablets and PCs. ThinkTrader mobile is one of the leading Forex trading apps with advanced built-in technical tools and “tailor-made commission plans” that cater to scalpers.
Advantages Of ThinkTrader
ThinkTrader platform supply scalpers with real-time charts, general analysis tools, touch-enabled trade management functionality (featured on the mobile app) and split-screen mode to monitor several financial instruments at the same time. This proprietary trading platform has a number of built-in trading tools including:
Forex traders can benefit from professionally curated real-time news from FX Wire Pro and data release alerts that help scalpers stay on top of the game.
Disadvantages Of ThinkTrader
While ThinkTrader is a specially developed platform, we can also note some minor drawbacks. ThinkTrader is free for download for mobile, tablet and desktop but there is no web trader version of the trading platform. Additionally, there is no VPS hosting service, ThinkMarkets only offers free VPS hosting for MT4 running strategies.
To qualify for the free hosting service offered by ForexVPS in partnership with ThinkMarkets, traders need to generate at least 15 round turn lots within a calendar month of trading.
ThinkMarkets ThinkTrader Has Low Commissions For Scalping
Based on our reviews, ThinkMarkets is among the best low-cost scalping brokers. We consider that the brokerage offers good trading conditions for scalpers because:
It offers tight spreads on Forex pairs, starting from 0.0 pips, on its ThinkZero Account. The average spread on EUR/USD is kept at 0.1 pips due to a large pool of liquidity providers and state-of-art trading infrastructure.If you’re an active trader (scalper or day trader) the three most important features you want in a broker are low commissions, faster trading speeds and a comprehensive trading platform. ThinkMarkets checks all the boxes to fulfil everything that is necessary to successfully scalp the forex market and +1,200 of other CFDs.
1)ThinkMarkets Low Commission
With ThinkMarkets traders are charged USD 3.5 per one standard lot or USD 7.0 round-turn commission rate. The commission is only charged on the ThinkZero account and on FX currency pairs along with gold trading. The transaction cost for trading CFDs is built in the buy-sell spread. Scalpers can enjoy no commission on trading CFDs and spreads starting from 0.4 points.
Note* Currently, ThinkMarkets’ clients can only trade with variable spreads (average FX spreads from 0.1 pips) and no interventions.
The commission rate across the best forex brokers varies from as low as USD 2.0 to as high as USD 5.0 per side (see the full comparison in the table below).
| ThinkMarkets | Pepperstone | Oanda | FxPro | HotForex | FXTM | |
|---|---|---|---|---|---|---|
| Commission (per-side) | USD 3.5 | USD 3.5 | USD 3.5 | USD 4.5 | USD 3.0 | USD 2.0 |
| Commission (round-turn) | USD 7.0 | USD 7.0 | USD 7.0 | USD 9.0 | USD 6.0 | USD 4.0 |
2)STP Pricing Model
ThinkMarkets also employs the Straight Through Processing (STP) pricing model, which is superior to the ECN model. While scalping goes with an ECN account, the STP account ensures lower costs of transactions and faster speeds. ThinkMarkets only uses its price engine to route your orders directly to the liquidity providers (LP).
Additionally, ThinkMarkets can guarantee “fast trade execution within milliseconds.” The fast order speed is achieved due to the strategic location of ThinkMarkets’ servers. ThinkTrader price technology is located in major Equinix co-location centers:
ThinkMarkets trading infrastructure was built to ensure stability, low latency and fast speed. More, you can scalp the market with flexible trade sizes. The minimum trade size offered by ThinkMarkets is 0.01 or 1,000 units, which is equivalent to USD 0.1 per pip. This enables scalpers to position themselves in the market with much greater precision. More, scalpers can break large orders into smaller orders by using the flexible trade size orders offered by ThinkMarkets.
STP Model + 1,200 CFDs + Flexible Trade Size = ThinkTrader
Summary Of Why ThinkMarkets Is Best For Scalping With Low Commission
Overall, ThinkMarkets has the best scalping trading platform with low commissions. With ThinkMarkets, scalpers can save money on trading commissions, enjoy “razor-sharp spreads” from 0.0 pips, maximum leverage up to 500:1 (FSA and FSCA only) and trading infrastructure tailored for short-term trading. Click the button below to create your risk-free demo account.
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*Your capital is at risk ‘71.89% of retail CFD accounts lose money’
NinjaTrader offers US forex traders a powerful suite of award-winning charting software solutions and trading tools. Supporting all types of trading strategies including scalping, NinjaTrader state-of-the-art technology is designed to satisfy the unique needs of scalpers. As an award-winning forex trading platform, NinjaTrader has the recognition of the Forex community.
Advantages Of NinjaTrader
NinjaTrader interface helps scalpers visualize the world’s leading markets without any interruptions. Additionally, the advanced technical analysis tools, fast order types, simulation and backtesting offers scalpers the best trading conditions for success. Tools like the Quantum Tick Speedometer can help scalpers make fast informed decisions through an optimized tick chart.
Traders can buy and sell currencies directly from the DOM window or right from the chart. And, with the advanced trade management solution, scalpers can better deal with fast-moving markets.
Last but not least, the NinjaTrader automated solution offers either point-and-click strategy developing (for non-programmers) or multi-paradigm programming language C-sharp for advanced programmers.
Disadvantages Of NinjaTrader
Some key cons of the US-based trading platform are the steep learning curve, limited supported forex brokers, and the software package coming at a high fee. However, there are daily live training sessions where you can learn more about the trading platform or industry-leading support where you can connect with NinjaTrader experts and ask more questions.
There are only 8 NinjaTrader supported brokers with the biggest name including Interactive Brokers, TD Ameritrade, City Index and Forex.com. Traders can acquire a NinjaTrader lifetime license for USD 1,099 or annually lease the platform for USD 720.
Forex.com’s NinjaTrader Has Good Technical Analysis For Scalpers
Forex.com is one of the best scalping forex brokers offering NinjaTrader based on:
1)Active Trader Program
The active trader program is the ideal solution for scalping, as it comes with an additional lower trading cost. For scalping, you can’t afford high trading costs as this will eat from your small profits. With Forex.com, as a high-volume trader, you can reduce your trading costs up to USD 9 per every 10 standard lots traded.
The minimum rebates you can earn is USD 2 per million traded with the condition to generate a minimum of USD 25 million in trading volume. This translates into an average saving of 4% of your total trading cost. Forex.com’s active trader program has 5 different benefit levels (see figure below).
For example, if your monthly volume is USD 150 million, your monthly trading rebates is USD 450 (150 x $3). Compared to other forex brokers, Forex.com has the most attractive cash rebates program. Pepperstone only offers up to 15% in cash rebates, while most other brokers don’t give such compensations.
2)STP Pro Account
The Straight Through Processing STP pricing model was designed for providing a specialized solution for scalpers. STP trading technology is able to match orders instantly to selected liquidity providers. Forex.com sources its bid and asks prices from tier-1 LP and banks.
Note* Traders need to be aware that the STP Pro Account doesn’t support the active trader program.
Additionally, Forex.com allows orders to be placed within the bid-ask spread, giving the scalper the ability to gain the bid/ask difference. On the downside, you need to afford to scalp the market with a minimum position size of 100,000 units or USD 10/pip.
Besides the no spread mark-up feature, you can earn up to 65% in discounted commission if you’re scalping the forex market in big size. The commission reduction is based on the monthly trading volume and it’s structured into 6 different brackets (see figure below).
Active Trader Program + Rebates + 80 FX Pairs = Forex.com NinjaTrader
Summary Of Why Forex.com Is The Best NinjaTrader Broker
Overall, Forex.com is one of the best forex brokers for scalping the market with attractive cash rebates and reduced trading costs. The commission account is very accessible with a minimum deposit of USD 1,000 but for the STP Pro account, the recommended balance is USD 25,000. Scalpers who participate in the active trader program can get reimbursement of all deposits and withdrawal fees for wire transfers.
Scalping represents a short period trading style that puts emphasis on making profits from small market moves, with positions, in most cases, being held active for less than one minute.
Scalpers usually strive to achieve as many small profits as possible and to preserve them. This short-term trading style reduces a trader’s risk exposure, as the probability to encounter an adverse event is smaller. We should also note that small price movements occur more frequently compared to more prolonged moves.
Based on total trading costs, order execution speed, platform robustness, liquidity and price improvement Pepperstone, IC Markets followed by FXCM offer the best conditions for scalping. The ability to offer tight spreads is the most important factor to consider when using scalping strategies and choosing a forex broker.
Based on our independent review, the best trading platform for scalping is MetaTrader 4, cTrader is best for automated scalping strategies, TradingView is best for web traders, and FXTM for scalping with high leverage.
Compare Forex Brokers has the Trading Companies section that compares the leading regulated players and broker reviews. We also have a review of the best micro currency trading platforms. The information came from the top 10 forex brokers in the world and other third-party sources, including demo account information. Use our free tools to find the right broker to suit your needs from high leverage to low ECN broker spreads.
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Ask an Expert
Is scalping harder than day trading?
Scalping and day trading are two different styles of trading…both are hard in their own right, the key is how committed you are to being the best trader you can be.
How long does scalping last?
As short as you like