Best Forex Brokers With Low Commission

FP Markets Has The Best ECN Pricing With Low Commissions

FP Markets is one of Australia’s best brokers specialising in forex and CFDs. Choosing FP Markets means you get access to ECN pricing which means some of the tightest spreads on the market.

In addition to tight spreads, other compelling reasons to consider FP Markets include:

• Large range of CFD markets: forex, shares, metals, commodities, indices, and cryptocurrencies.
• ECN pricing ‘Raw’ account for low spreads
• Choice of trading platforms: MT4 and MT5 for CFD trading
• Regulation with Tier 1 oversites: FP is regulated in Australia and Europe

MT4 And MT5 Account Spreads And Commissions

FP Markets offers a choice of 2 trading accounts, this is the Standard account and the Raw Spread accounts. FP Markets strength lies in the spreads for the RAW account which are some of the best in the market. On the other hand, other brokers offer superior standard account spreads for this reason we review and recommend the RAW spread account.

FP Markets RAW Spread Account

FP Markets RAW account is an electronic communication network (ECN) pricing account that uses Straight-through processing (STP) to connect you to liquidity providers. Removing the ‘middle man’ or ‘dealing desk’ means you can get the tightest possible spreads, which will help you save on trading costs.

Spreads for the RAW account start from 0 pips for the EUR/USD currency pair. Like all ECN pricing accounts. you will need to pay a commission to open your position and to close your position. The table below shows commissions for forex and metals to open your position. Round-turn is double.

This account can use either MetaTrader 4 or MetaTrader 5

Voted Best Forex Broker At The FX Australia Forex Awards And Global Forex Awards

Following 15 years in the forex broking industry, FP Markets won best forex broker of the year in 2020. The award was given for “their selection of trading platforms, top-tier liquidity, competitive trading conditions, and exceptional customer service”. FP Markets have also won best global value forex broker for the second year in a row at the Global Forex Awards.

View FP Markets Review >>Visit FP Markets >>

Pepperstone – Low-Cost MetaTrader 4 Forex Broker

Pepperstone is a no dealing desk, STP broker that offers tight spreads, low commission costs, and excellent trading platforms. When signing up to Pepperstone, you can choose between two trading accounts, with neither requiring a specific minimum deposit to start trading.

1. Standard Account: Minimum spreads from 0.6 pip with no commission fees, as Pepperstone’s includes compensation for its brokerage services by widening the bid-ask price (spread).
2. Razor Account: Similar to an ECN account, you can trade low spreads of 0.0 pips while paying low commission fees.

The broker offers the world’s three most popular trading platforms – MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader. Razor Account holders pay different commission fees on each platform:

• MT4 Razor Commission Fees: USD 3.76, AUD 3.50, EUR 2.61, GBP 2.29, CHF 3.30, JPY 303, NZD 4.75, SGD 4.55, HKD 28.17, CAD 3.5 (per side, per 100k traded)
• MT5 Razor Commission Fees: Except for the US dollar, commission fees are the same as MT4. If the base currency of the order is in USD, you will pay $3.50 instead.
• cTrader Razor Commission Fees: 0.0035% of the base currency being traded. E.g. if you open a trade for 100,000 of EUR/USD, you will pay €3.50 per side, per 100k traded.

MT4 Trading Conditions

As a Pepperstone client, you gain access to excellent trading conditions with low fees, fast execution speeds and ultra-tight spreads. As a no dealing desk (NDD) broker, Pepperstone uses multiple liquidity sources to determine prices and fill orders, meaning you can trade institutional grade spreads from a retail investor account.

The following features ensure Pepperstone provides you with a seamless trading experience when using the MT4 broker:

• Tight spreads from 0.0 pips and low commission fees.
• Fast trade execution speeds averaging 30 ms and minimal slippage, thanks to the broker’s Equinix servers in the New York data centre.
• Access to a diverse range of CFDs – foreign exchange markets plus indices, commodities and cryptocurrencies.
• A wide range of educational tools, including an 11-part MetaTrader 4 course.

MT4 Trading Tools

Although MetaQuotes released MT4 back in 2005, it is still the most widely used forex trading platform worldwide. Regardless of your level of trading experience, the platform provides suitable trading tools. Beginner forex traders can benefit from the large CFD trading you gain access to, while seasoned pros can develop algorithmic strategies that include a range of complex instruments and features.

Expert Advisors (EAs) allow you to fully automate trading using algorithms that you either write yourself using the MT4 programming language (MQL4) or download from the MetaTrader MarketPlace online.

Other MT4 trading tools and features include:

• In-built charting tools to help you with advanced technical and fundamental analysis, as well as AutoChartist to automate analysis.
• Risk management tools with flexible pending orders.
• Pepperstone’s Smart Trading Tools provides 28 free add-on EAs and technical indicators.
• Backtesting capabilities to test and optimise Expert Advisors against historical data.
• Access to a huge trading community and marketplace to share ideas, analysis and trading tools.
• MT4 is available as a web trader or desktop platform, as well as mobile apps for Apple and Android devices.
• Demo accounts to practise trading.

VIP Trading Accounts

If you are a high volume trader that is looking for a way to reduce your trading costs, the broker offers a VIP account where can earn cash rebates.  On top of discounted pricing, High-volume forex traders receive various premium perks such as invites to VIP events, priority customer support, and expert analysis and resources from Pepperstone’s in-house analysts.

To qualify for the Active Trader program, you are required to trade at least USD 15m worth of forex, commodities or CFDs per month. After you gain VIP status, you can greatly reduce your trading costs through the broker’s tiered rebate system. For example, if you trade 200-500 fx lots a month, you receive a 15% discount per lot and up to $500 in rebates.

Pepperstone Regulators

The online broker holds brokerage services licenses in seven major financial hubs around the world:

1. Australia: The Australian Securities and Investments Commission (ASIC).
2. The United Kingdom: The Financial Conduct Authority (FCA).
3. Germany or Austria: Federal Financial Supervisory Authority (BaFin).
4. Rest of Europe: Cyprus Securities and Exchange Commission (CySEC).
5. Kenya: Capital Markets Authority (CMA)
6. UAE: The Dubai Financial Services Authority (DFSA).
7. Global: The Securities Commission of the Bahamas (SCB).

Pepperstone – Summary

If you are looking for a MetaTrader 4 broker with tight spreads and low commission fees, Pepperstone is a top choice. Razor Accounts provide you access to forex spreads as low as 0.0 pips on the MT4 platform, along with various trading tools to help you with analysis, automation and order management.

View Pepperstone Review >>Visit Pepperstone >>

GO Markets – Low Commission Fees And Wide Range Of Base Currencies

GO Markets is a globally regulated CFD and forex broker that provides a range of base currencies to choose from, as well as fee-free payment methods.

The broker offers two options for retail investor accounts. If you want to trade commission-free spreads, a Standard Account is available with forex spreads from 1.0 pip.

Alternatively, you can sign up for the GO Plus Account if you are looking for an ECN-type trading experience. Minimum spreads are as low as 0.0 pips and commission fees equate to AUD $6 round turn.

Trust And Safety

In terms of financial regulation, GO Markets holds financial services licenses issued by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (FSA).

The investor protections, maximum leverage and account management features you receive depend on the subsidiary you sign up to.

Account Management

The base currencies and payment methods available differ between the ASIC, CySEC and FSA regulated subsidiaries. While various e-wallet options can be used to deposit and withdraw funds, PayPal is not available with any GO Markets subsidiaries.

GO Markets charges no fees for all deposit and withdrawal methods, yet international bank transfers may incur third-party fees.

GO Markets In Australia And Seychelles

If you set up an account with the broker’s FSA or ASIC regulated branch in Australia, you can choose between nine different base currencies:

• AUD – Australian Dollar
• USD – US Dollar
• EUR – Euro
• GBP – Great British Pound
• NZD – New Zealand Dollar
• CAD – Canadian Dollar
• SGD – Singapore Dollar
• CHF – Swiss Franc
• HKD – Hong Kong Dollar

When depositing or withdrawing funds from your trading account, GO Markets provides a range of fee-free payment methods.

• Credit Card – Mastercard and Visa
• Poli
• Skrill
• Neteller
• Bank Transfer
• BPAY
• Fasapay

GO Markets In Europe

If you are based in Europe and register with the CySEC regulated subsidiary, you can select one of three base currencies:

• EUR – Euro
• USD – US Dollar
• PLN – Polish Zloty

European traders can deposit and withdraw funds with no fees using the following payment methods:

• Dotpay
• Skrill
• Neteller
• Wire Transfer
• Powercash21
• Checkout.com

Minimum Deposits

As with account base currencies and payment methods, the initial minimum deposit you are required to make varies between regulatory jurisdictions:

• GO Markets (ASIC) requires a $200 minimum deposit for both GO Plus and Standard accounts.
• GO Markets (FSA) enforces a minimum deposit of $200 for Standard Accounts and $500 for GO Plus Accounts.
• GO Markets (CySEC) requires an initial deposit of €100 for Standard Accounts and €250 for GO Plus Accounts.

GO Markets – Summary

When setting up your trading account with GO Markets, you can choose from a wide range of base currencies and payment methods. Additionally, the broker offers fee-free funding methods, including credit card, bank transfer and e-wallet options.

View Go Markest Review >>Visit GO Markets >>

FXTM – Competitive Trading Costs for Active Traders

FXTM is a leading specialist in online trading with competitive trading costs. FXTM is the home of over 3 million traders from over 180 countries with 10 global offices. Aside from the low trading costs that accommodate the needs of scalpers and day traders, active traders can profit from a selection of 6 different accounts, super-fast order speed, popular trading platforms and over 250 financial instruments.

FXTM clients can choose from 3 commission-free accounts and 3 ECN account types with floating commissions:

• Standard account – Combines minimum deposit of USD 100, 3 account base currencies (USD, EUR and GBP), floating spreads from 1.3 pips, 78 trading instruments (59 FX pairs, 5 metal pairs and 14 CFDs) and no commissions
• Cent account – Combines minimum deposit of USD 10, 3 account base currencies (USD, EUR and GBP), floating spreads from 1.5 pips, 27 trading instruments (25 FX majors and minor pairs and 2 metal pairs) and no commissions
• Stock CFDs account – A dedicated account for shares dealings, which combines minimum deposit of USD 100, 3 account base currencies (USD, EUR and GBP), 160 shares (160 EU stocks) and no commissions
• ECN Zero account – Combines minimum deposit of USD 200, 3 account base currencies (USD, EUR and GBP), spreads from 1.5 pips, MT4 platform with 65 tradable instruments, MT5 platform only covers 35 financial instruments and no commissions
• ECN account – Combines minimum deposit of USD 500, 3 account base currencies (USD, EUR and GBP), spreads from 0.1 pips, MT4 platform covers 65 financial instruments (48 FX pairs, 3 spot metals and 14 CFDs) and low commissions of $2 per standard lot
• FXTM Pro account – Combines minimum deposit of USD 25,000, 3 account base currencies (USD, EUR and GBP), spreads from as low as 0.0 pips, MT4 + MT5 platforms, 45 financial markets (43 FX pairs and 2 spot metals) and no commissions

Note* Commission rates are only applied to the ECN account; all other account types have no base commission.

FXTM ECN Trading Conditions

Active traders could benefit from exploring ECN pricing with low spreads, deep pools of liquidity and faster execution. The No Dealing Desk (NDD) execution model ensures orders are matched automatically with FXTM’s liquidity providers without the need for a middleman.

Additionally, the ECN environment ensures a market execution model with total anonymity. The low bid and ask spreads and fast order executions are the perfect environment for scalping trading strategies.

More, the ECN account supports FXTM Invest a copy trading platform that allows both investors and strategy managers to earn passive income. Traders can start with as little as USD 100, filter out the best strategies based on their personal risk appetite and track the top-performing strategies 24/5.

FXTM Floating Commission Terms

FXTM offers some of the lowest fixed commission in the FX space. Active traders will only have to pay $2 per 100,000 units traded or a $4 round-turn commission rate. FXTM clients need to be aware that commission is charged on the number of units traded in the base currency.

For example, if your account is USD denominated and you wish to trade 1 standard lot EUR/USD, the commission calculation will be EUR 4.00 x 1.1855 (EUR/USD exchange rate) = USD 4.74.

Additionally, FXTM offers more flexibility for high-volume traders. Active traders can qualify for lower commission rates if they generate high turnover. The commission on the ECN MT4 account is broken into 4 different brackets based on the trading volume and account equity.

FXTM – Summary

Overall, FXTM offers competitive commissions of only $4 per standard lot and low spreads, starting from 0.1 pips with true ECN trading conditions. This in combination with the flexible commission terms catered for active traders helps to cut the trading costs significantly.

View FXTM Review >>Visit FXTM >>

AvaTrade Offers Great Fixed Spread

AvaTrade is different from most other brokers as they offer fixed spreads, rather than variable spreads. Fixed spreads are a good choice for new traders since the spread does not fluctuate when market conditions are volatile or liquidity is low. The spreads predictability is also good for trade planning since you are unlikely to have unexpected surprises.

While this page looks at the best low commission brokers, the benefits of fixed spreads (which have no commissions) mean they should at least be considered as an option. Even though fixed spreads are wider than ECN pricing accounts, having full price transparency and stability can be turned into an advantage regardless if you are a day trader, swing trader or scalper.

The table below compares brokers that offer fixed spreads, there are no many as fixed spread brokers are not that common. AvaTrade’s spreads compare well with other fixed spread brokers.

Fixed Spreads	EUR/USD AUD/USD EUR/GBP EUR/JPY GBP/USD AUD/JPY USD/JPY USD/CAD USD/SGD	EUR/USD AUD/USD EUR/GBP EUR/JPY GBP/USD AUD/JPY USD/JPY USD/CAD USD/SGD	EUR/USD AUD/USD EUR/GBP EUR/JPY GBP/USD AUD/JPY USD/JPY USD/CAD USD/SGD	EUR/USD AUD/USD EUR/GBP EUR/JPY GBP/USD AUD/JPY USD/JPY USD/CAD USD/SGD	EUR/USD AUD/USD EUR/GBP EUR/JPY GBP/USD AUD/JPY USD/JPY USD/CAD USD/SGD
	0.90	1.10	1.50	1.80	1.50
	0.70	1.20	1.50	1.80	1.30
	1.79	2.43	1.97	2.31	2.09
	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
	3.00	4.00	4.00	6.00	4.00

Data taken from broker website. Accurate as at 01/07/2022

AvaTrade Products

Fixed spreads are not just limited to currency pairs, AvaTrade allows you to trade some 1250+ financial products and like with forex, there are no commissions:

• 55 Forex currency pairs plus 44 fx options
• 625 Shares
• 30 Commodities
• 33 Indices
• 59 ETFs
• 2 Bonds
• 15 cryptocurrencies, 1 cryptocurrency cross pair, 1 crypto index

Risk Management Tools

In addition to the standard risk management tools, you can find with all brokers like stop-loss orders, AvaTrade has been offering their unique AvaProtect product since mid 2020.

AvaProtect is a way to insure your position for up to two days for a small cost. Should your trade position go against you this time and you incur a loss, AvaTrade will reimburse you for your loss minus your insurance fee.

AvaProtect is available with WebTrader and AvaTradeGo and is available with forex, gold, and silver derivatives.

WorldWide Regulation

If you are in Australia, Europe, South Africa, the middle east and even Japan, AvaTrade can legally offer their financial services thanks to appropriate regulation in all these countries. Being multi-regulated enhances AvaTrade’s standing as a broker that is safe and trustworthy.

• Ireland – AVA Trade EU Ltd, Regulated by Central Bank of Ireland for all European clients
• Australia – Ava Capital Markets Australia Pty Ltd, Regulated by Australian Securities Investment Commission (ASIC) for Australian Clients
• South Africa – Ava Capital Markets Pty, Regulated by Financial Section Conduct Authority(FSCA) for all South African clients
• Japan – Ava Trade Japan K.K, Regulated by Finance Services Agency (FSI) for Japanese clients
• Abu Dhabi – AVA Trade Middle East Ltd, Regulated by Abu Dhabi Global Markets Authorities Financial Services Regulatory Authority (ADGMA) for UAE clients
• British Virgin Islands – AVA Trade Ltd, Regulated by British Virgin Islands Finance Services Commission (BVI FSC) for clients not listed above for countries AvaTrade will accept

Summary Of AvaTrade

Don’t be too quick to rule out AvaTrade as a suitable broker just because they don’t have ECN pricing or commissions. Being a broker with fixed spreads does have some advantages over variable spreads especially if you are new to trading or a scalper.

View AvaTrade Review >>Visit AvaTrade >>

IG Markets – Good Risk Management Tools For Forex Trading

IG Markets is a tier-1 regulated broker that offers features of both a market maker and direct market access (DMA) broker.

Although many market maker brokers offer fixed spreads, IG Markets allows you to trade floating spreads that vary with market conditions.  To help you protect yourself against unfavourable price movements, IG Markets provides you with a range of both free and paid risk management tools.

Premium Order Types

To manage the high risk of CFD and forex trading, both basic and premium are available to all IG Markets clients. You can place basic orders like stop losses, take profits and trailing stops free of charge, while premium orders such as guaranteed stop-loss orders (GSLOs) involve a small fee.

Forex traders frequently use standard stop losses as a risk management tool, as you can limit potential losses if markets move against you. Yet one issue with free order types is the potential for slippage. To avoid this, you can pay a fee to place GSLOs that guarantees no slippage will occur, making it easier for you to forecast gains and losses with more certainty.

Limited Risk Account Type

If you want to attach GSLOs to every trade you make, the broker offers the option of a limited risk account type. This account type ensures that you cannot lose more than the deposit required to enter the trade, with every position opened with a GSLO attached.

As well as premium order types and limited risk accounts, the following IG Markets features can help you reduce the high risk of trading:

• Price Alerts: Text and email alerts plus desktop and mobile pop-up notifications to inform you of market price changes.
• Balance Snapshot: Real-time account balance and trading history information.
• Top-tier Regulators: Overseen by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia and Federal Financial Supervisory Authority (BaFin) in Germany, as well as being a public company listed on the London Stock Exchange and part of the FTSE250.

IG Markets – Summary

IG Markets is a great option if you are looking for a broker that offers a strong selection of risk management tools, such as guaranteed stop-loss orders and the choice of a limited risk account type.

View IG Markets Review >>Visit IG Markets >>

IC Markets – Low Spread Forex Broker

IC Markets is no dealing desk broker that provides access to a diverse selection of financial markets with competitive pricing. Two account types are available, a no commission, standard account, as well as an ECN-style commission account type.

• Standard Account: Commission-free forex trading with spreads as low as 1.0 pip.
• Raw Account: A flat rate commission fee of AUD $7 round turn for MetaTrader platforms and $6 on cTrader, with minimum spreads of 0.0 pips.

If your account base currency is not the Australian Dollar, when using MetaTrader 4 or 5 you can pay commission fees that equate to:

• USD = 7.00
• EUR = 5.50
• GBP = 5.00
• SGD = 9.00
• JPY = 700.00
• CHF = 6.60
• NZD = 9.00
• HKD = 54.25

In terms of trading platform options, Standard Account holders can choose either MetaTrader 4 or MetaTrader 5, while Raw Accounts also gain the additional option of cTrader. Each trading platform provides extensive inbuilt trading tools, including features to automate trading and advanced charting tools.

CFD And Forex Markets

You can develop trading strategies that include six different asset classes. Commission fee structures and maximum leverage limits vary between the financial markets you are trading. For major forex pairs, you can use very high leverage of 500:1 under FSA regulation.

• Forex: 60 different currency pairs, spreads as low as 0.0 pips.
• Indices: 23 global indices with no commission fees.
• Commodities: 19 energy, metals and agriculture CFDs.
• Shares: 100+ share from major stock exchanges like the ASX, NASDAQ and NYSE.
• Bonds: 6 Japanese, European, UK and US bonds with no commission fees.
• Cryptocurrencies: 10 major cryptos including Bitcoin.

Trading Conditions

Similar to an ECN broker, IC Markets offers excellent trading conditions with institutional grade spreads and fast order execution. As a no dealing desk broker, IC Markets uses 25 different liquidity providers to ensure traders are getting the best spreads possible. To complement the broker’s tight spreads, fast servers in New York and London ensure ultra-fast order execution speeds averaging 40 ms.

Trading Account Fees

Low spreads and minimal account management fees mean you will face low trading costs overall as an IC Markets customer.

• No Inactivity Fees: You pay no inactivity fees, you can stop trading for any length of time and incur no penalties.
• No Deposit or Withdrawal Fees: You can fund your trading account fee-free.
• No Administration Account Fees: Unlike other top brokers, you will not be subject to annual admin fees.

As an IC Markets forex trader, you gain access to excellent trading conditions with low spreads and fees. Forex spreads start from 0.0 pips, and you will incur no deposit, withdrawal or inactivity fees.