Best Forex Brokers With Low Commission

Our March 2024 analysis found the best low commission forex brokers are:

  • Fusion Markets - The Lowest Commission Forex Broker
  • Pepperstone - Zero Spreads and Low Commission With MT4
  • FP Markets - Low Commission and Spread For Scalping
  • GO Markets - Low Commission Of Just $3.00 With GO+ Account
  • Eightcap - Low Commission With Automation Trading Platforms
  • AvaTrade - No Commission Standard Account For Day Trading
  • City Index - Low Commission of $2.50 With RAW FX Account
  • IC Markets - 0 Pip Spreads Plus Low FX Commissions
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
82 ASIC, VFSA, FSA-S 0.93 1.08 0.92 0.13 0.21 0.12 $2.25 79ms $0 90+ 10+ 500:1 500:1 Visit Site
98 SCB, ASIC
FCA, CySEC
1.10 1.40 1.20 0.10 0.40 0.20 $3.50 77ms $0 62+ 12+ 30:1 500:1 Visit Site
80 ASIC,CySEC
FSCA,FSA-S,FSC-M
1.1 1.3 1.3 0.10 0.20 0.20 $3.00 225ms $100 70+ 10+ 30:1 500:1 Visit Site
73 ASIC, CYSEC
FSC, FSA, SCA
1.0 1.3 1 0.2 0.5 0.2 $3.50 144ms $0 49+ 14+ 30:1 500:1 Visit Site
75 ASIC, SCB
FCA,CySEC
1.0 1.0 1.2 0.06 0.73 0.27 $3.50 143ms $250 (Raw)
$500 (Standard)
40+ 250+ 500:1 500:1 Visit Site
85 ASIC, FSA-S
CySEC
0.62 0.83 0.77 0.02 0.23 0.17 $3.50 134ms $0 61+ 18+ 30:1 500:1 Visit Site
66 ASIC, MAS, FCA 0.70 1.1 2.2 0.07 0.011 0.8 $2.50 95ms $150 84+ 25+ 30:1 500:1 Visit Site
64 ASIC, FSCA
CBI, KNF, CIRO
ADGM, FSC-BVI
- - - - - - - 160ms $100 55+ 15+ 30:1 400:1 Visit Site
 

Who Are The Best Forex Brokers With The Lowest Commission?

Some brokers charge commissions, often through an ECN-style account with access to top-tier liquidity. These accounts will usually offer low spreads, typically starting as low as 0.0 pips for major forex pairs. The list below contains our picks for the best forex brokers with low commissions in Australia.

1. Fusion Markets The Lowest Commission Forex Broker

Fusion Markets

Forex Panel Score

82

Average Spread

EUR/USD = 0.93
GBP/USD = 1.08
AUD/USD = 0.92

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit

$0

Why We Recommend Fusion Markets

We recommend Fusion Markets because they have low commissions and low spreads. For this reason, Fusion Markets is #1 on our list.

We personally traded forex on Fusion Markets and were impressed by its fast execution speed of just 79 ms for limit orders — league ahead of the industry average of 129.7 ms.

Not to mention the tight spreads for the major currency pairs (like 0.93 for EUR/USD and 1.02 for USD/JPY) which compare well to other brokers on the market.

Pros & Cons

  • Lowest forex commissions
  • Some of the lowest forex spreads
  • No fees for funding or withdrawals
  • Supports both MetaTrader 4 and 5
  • Regulated by ASIC
  • No sign-up bonus
  • Very limited educational resources
  • No Islamic-compliant trading account
  • No cent accounts

Broker Details

lowest commission brokerWith commission costs of just USD $2.25 per side for each lot traded, Fusion Markets has the lowest of commissions of any broker we have reviewed. We signed up for a live trading account (for a $100 minimum deposit) and found the average spreads for their Raw spread account were 0.13 pips for EUR/USD and 0.12 pips for AUD/USD.

Aside from low commissions and low spreads (a rare combination), we thought the 90 Forex pairs on offer when using MT4, MT5 and cTrader were other standout features of Fusion Markets.

TRADING ACCOUNT OPTIONS WITH FUSION MARKETS

When we signed up with Fusion Markets, we could choose between the ‘Classic account’ with no commissions and the Zero account which as the name implies has spreads as low as 0 pips.

We think the Zero account is the best choice with this broker because spread 0 pips spread plus low commission presents so much value. In our testing done by Ross Collins, spreads were 0 pips 100% of the time (outside rollover) for AUD/USD, EUR/USD, GBP/USD, USD/CAD, and USD/JPY currency pairs with USD/CHF being 0 pips 91.30% of the time. This explains why we found that spreads, when we combined all these currency pairs, averaged 0.22 pips, well ahead of any other broker we have tested.

Fusion Markets Account Types

Our EXCLUSIVE CALCULATOR has combined the commission and spread costs to work out the brokerage by the base currency you select and the currency pair traded.

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TRADING PLATFORMS OPTIONS BY FUSION MARKETS

During our live tests on Fusion Markets, we found that the broker offers MT4, MT5 and cTrader trading platforms. MetaTrader 4 is good for beginners as it is user-friendly, offers 30+ technical indicators and is good for social trading since many traders use it. MetaTrader 5 is a more advanced version of MT4, offering more features and more advanced automated trading capabilities, making it suitable for experienced traders.

We personally enjoy using cTrader for our own forex trading as we like diving into analysis and charting tools. When we used the cTrader desktop version, we found it comes with 26 time frames, 4 chart types, 76 indicators, and over ten drawing tools which are all useful tools to find trading opportunities when trading currency pairs.

fusion markets trading platforms

View Fusion Markets ReviewVisit Fusion Markets

Broker Screenshots

2. Pepperstone Zero Spreads and Low Commission With MT4

Pepperstone

Forex Panel Score

98

Average Spread

EUR/USD = 1.12
GBP/USD = 1.69
AUD/USD = 1.22

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit

$0

Why We Recommend Pepperstone

We like Pepperstone as they have no-dealing which allows the broker to offer spreads of 1.12 pips on average for the EUR/USD pair alongside low commissions to reduce trading costs. We also like the choice of 4 trading platforms MT4, MT5, cTrader and TradingView.

During our testing, Pepperstone stayed at the minimum spread of 0 pips 100% of the time outside the rollover period. This 24-hour 0f spread capability makes it one of the most reliable forex brokers in our opinion.

Pros & Cons

  • Works with MT4, MT5, cTrader and Tradingview
  • No minimum deposit
  • Best customer service
  • Low spreads
  • 90-day limit on the demo account
  • Lacks an in-house trading platform
  • Demo account is limited to one month

Broker Details

Pepperstone is a broker that doesn’t engage in dealing desk practices and uses STP trading execution. This results in low spreads since they use interbank prices. We have confirmed this to be the case with Pepperstone, as the spreads for the EUR/USD pair typically average 0.1 pips with their Razor account. To ensure that there are no markups in the spread, they charge a separate commission of $3.50 per standard lot for each side, which is a common practice in the industry.

We signed up for an account with Pepperstone to test out the platform. We didn’t need to provide a minimum deposit but we did need to provide some documentation proof such as a passport and driver’s licence.

Nevertheless the process took us 10 minutes and a personal account manager contacted us the same day. Overall we thought the signup process was painless and we were able to start trading the next day. For this reason, we gave Pepperstone 15/15 for the signup process.

Pepperstone allowed us to choose between 4 trading platforms: MetaTrader 4, MetaTrader 5, cTrader and TradingView. We liked that they give you this variety as each platform suits different trading styles. TradingView for example is a good choice for chart trading since it has 15+ chart types, 400+ built indicators, 110+ smart drawing tools and over 100,000 custom-built indicators from the 50 million-strong TradingView community.

Ross Collins from our team tested the execution speeds Pepperstone offer and found they have 77 ms on limit orders and 100 ms for market orders. Anything under 1 second is very fast so we concluded that Pepperstone would make an excellent broker for scalpers and high-frequency traders looking to benefit from both speed and low cost of trading.

pepperstone account international 1 pips

Broker Screenshots

3. FP Markets Low Commission and Spread For Scalping

FP Markets

Forex Panel Score

80

Average Spread

EUR/USD = 1.1
GBP/USD = 1.3
AUD/USD = 1.3

Trading Platforms

MT4, MT5

Minimum Deposit

$100

Why We Recommend FP Markets

FP Markets offers ECN trading accounts which come with extremely tight spreads (an average of 0.1 pip for EUR/USD) and low commissions of $3.50 round turn. In our opinion, these trading conditions make FP Market the ideal forex broker for scalpers.

In addition to this, its support for popular trading platforms like MT4, MT5, and cTrader makes it an even more desirable choice for experienced traders like us.

Pros & Cons

  • ECN pricing with its RAW account
  • Offers a swap-free Islamic account
  • 0 pips minimum spread for EUR/USD
  • 63 unique forex trading pairs
  • Regulated in Australia, Europe, and the UK
  • The mobile app still needs more work
  • Lacks of 3rd party copy trading functionality
  • cTrader is not available in Australia
  • $100 minimum deposit for the standard account

Broker Details

FP Markets offers a commission-based RAW Spread account that has a $3 per side commission per lot each way. In addition to having commissions below the industry average, our testing found that spreads with this RAW Spread are also very good. Spreads with this account include averages of 0.1 pips for EUR/USD, 0.4 pips for USD/CAD and lastly 0.2 pips for USD/JPY, GBP/USD. With an average 0.22 pips overall for these 5 pairs, the broker makes our top 5 among 40 tested brokers.

After we opened an FP Markets trading account in MetaTrader 4, we were able to get started in their live account within 24 hours. We were impressed with FP Markets’ ability to offer not only 63 forex pairs but also 10,000+ stock shares, 19 indices, 11 cryptocurrencies along with hard and soft commodities which we thought would be good for traders looking to diversify their portfolios.

Trading platforms available with FP Markets include MetaTrader,4 and MetaTrader 5 for all clients and cTrader and TradingView if you are outside Australia and the EU. If you are in Australia, you also have the option for IRESS which is good for DMA shares trading. We like TradingView for its charting and MetaTrader 5 for its automation capability with EAs.

One last thing we like about FP Markets is their positive reviews online. If you check TrustPilot, they have a score of 4.8 from over 5000 reviews with lots of positive comments for Christos in live chat. With such positive feedback we scored them 98/100 for reviews.

FP Markets Account Types

Broker Screenshots

4. GO Markets Low Commission Of Just $3.00 With GO+ Account

GO Markets

Forex Panel Score

73

Average Spread

EUR/USD = 1
GBP/USD = 1.3
AUD/USD = 1

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit

$200

Why We Recommend GO Markets

At AU$3.00 per lot, GO Markets has the lowest commission on this list aside from our #1 pick FP markets. GO Markets uses a no-dealing desk and STP trading model like many low-spread brokers on this list. This is why spreads are low, for example, the average spread for the EUR/USD pair, is just 0.2 with GO Markets GO+ Trading account. Trading is available via MetaTrader 4, MetaTrader 5 and cTrader platforms.

Pros & Cons

  • Offers a wide range of payment options
  • Works with nine different base currencies
  • Regulated by ASIC, CySEC, and FSA
  • Decent variety of cryptocurrency assets
  • Does not have deposit fees
  • Do not offer an Islamic account
  • Slightly limited selection of currency pairs
  • Online support chat is not the best
  • Doesn’t work with cent accounts

Broker Details

We liked GO Markets for their Go Plus+ account that offers the low commission of $2.50 per side on lots, which is among the lowest commissions we have seen when using MT4 and MT5 but the best in the industry when using cTrader.

Go Markets Account Types

GO MARKETS’ LOW COMMISSIONS AND LOW SPREADS ACCOUNT

We signed up for a GO Markets live account, which took no longer than a day after confirming our identity, we signed up with GO Market’s Go Plus+ account and deposited the minimum requirement of $200.

In our spreads testing which involved taking the spreads from brokers’ websites we found spreads on the Go Plus+ account can go as low as 0 pips. We also found they averaged 0.28 pips across our 5 chosen currency pairs, which is way above the industry average of 0.44 pips.

We also thought that GO Markets customer service is excellent and rated them 9/10. We tested their live chat and liked that a human staff member greeted us within 1 minute rather than a chat bot. Their customer service representative appeared to be knowledgeable and was able to answer all our questions with ease.

Broker Screenshots

5. Eightcap Low Commission With Automation Trading Platforms

Eightcap

Forex Panel Score

75

Average Spread

EUR/USD = 1
GBP/USD = 1
AUD/USD = 1.2

Trading Platforms

MT4, MT5, TradingView

Minimum Deposit

$100

Why We Recommend Eightcap

The world is moving towards AI and software automation, and the Eightcap automation features take full advantage of that. Its low commission of AU $3.50 is made even better with its Expert Advisors (EAs) and Capitalise.ai service. These automation tools are useful for trading the 56 Forex pairs and 95 crypto Eightcap offers.

EAs allow for the creation of custom automation bots when using MetaTrader 4 or MetaTrader 5 trading platform. Capitalise.ai is unique in it allows you to create algorithms to automate your trading without using any code. A good automation script ensures you never miss a trading opportunity.

Pros & Cons

  • Has a Good Trustpilot score
  • No deposit or withdrawal fees
  • Allows you to use an Islamic account
  • Supports 95 cryptocurrency assets
  • Provides the best trade automation features
  • Supports only 56 forex trading pairs
  • MT4 & 5 are unsupported in the UK
  • Cryptocurrencies are unavailable in Europe & UK
  • Requires customer service call for an Islamic account

Broker Details

Eightcap offers ECN-style trading with their RAW account which offers commissions of USD $3.50 per side on lots (about the industry average) and incredibly low spreads – such as an average 0.06 pips spread EUR/USD and 0.2 pips on USD/CAD according to our tests.

Our research into the eightcap found they have 800+ financial products to trade, including 56 Forex pairs, 16 indices, 6 metals like gold and silver, shares and an impressive 95 cryptocurrencies. All products are available with their MT4, MT5, WebTrader and TradingView trading platforms.

EIGHTCAP’S RAW ACCOUNT

When we tried opening a demo account in Eightcap, it took us no more than 10 minutes to do it online. As we registered up for the platform, we came across Eightcap’s Raw account and signed up for their TradingView platform.

That’d make it favourable for traders who want to open a RAW trading account and are looking for a broker that has a wide range of financial products, tight spreads (Eightcap offers an average of 0.30 pips on the top 5 most traded majors) and low commissions.

eightcap trading accounts au

Broker Screenshots

6. AvaTrade No Commission Standard Account For Day Trading

AvaTrade

Forex Panel Score

64

Average Spread

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

Trading Platforms

MT4, MT5, AvaTradeGo, AvaOptions

Minimum Deposit

$100

Why We Recommend AvaTrade

AvaTrade is a market maker but what makes them unique is that they allow day trading and scalping and they have fixed spreads. In short, they operate like a no-dealing desk broker rather than a market maker who often places trading restrictions to prevent making losing trades. There are no commissions with AvaTrade so the spread is wider but you can trade using MetaTrader 4 and MetaTrader 5.

AvaTrade doesn’t have a commission but instead offers fixed spreads of 0.9 for the EUR/USD pair meaning they are stable during time of volatility.

Pros & Cons

  • Regulated in 13 different jurisdictions worldwide
  • 4.6-star rating on Trustpilot
  • AvaOptions app for options trading
  • Easy and fast account opening process
  • Commission-free trading
  • High inactivity fees
  • Withdrawals can take up to 3 days
  • A minimum deposit fee of 100 USD

Broker Details

AvaTrade is a market maker so don’t have an ECN-style account, we include them on this list because their wider fixed spreads include their commission cost in the spread. If you trade EUR/USD, their spreads are 0.9 pips.

We particularly took an interest in AvaTrade’s fixed spreads. An account that offers fixed spreads pretty much guarantees that your trades will not be affected by market fluctuations where the spread is changing.

Trading the broker’s 55 Forex pairs, 600+ stocks, 33 indices, 9 energies and more is available with the MT4 and MT5 trading platform or the broker’s AvaTradeGo app. Alternately, you can trade 42 Forex options plus gold and silver with AvaOptions apps.

If you choose one of the AvaTrade apps, you can use AvaProtect. This unique risk management tool buys you the right to cancel your trade and receive your funds back for a certain period after you make your trade.

avatrade trading accounts au uae uk eu

Broker Screenshots

7. City Index Low Commission of $2.50 With RAW FX Account

City Index

Forex Panel Score

66

Average Spread

EUR/USD = 0.7
GBP/USD = 1.1
AUD/USD = 2.2

Trading Platforms

MT4, TradingView, Web Trader

Minimum Deposit

$0

Why We Recommend City Index

City Index offers a commission rate of just $2.50 USD or $3.50 AUD when using their RAW FX Account. We tested the spreads with the RAW FX account and found the USD/EUR currency pair averaged 0.25 pips beating out all brokers except Fushion Markets. With low commission costs and low spreads, City Index will save you on trading costs. with this level of consistency.

Pros & Cons

  • Extremely tight spread
  • Good for scalping
  • No deposit or withdrawal fees
  • Has a feature-rich mobile app
  • Has a minimum deposit of $150
  • Charges a $15 monthly inactivity fee
  • No social/copy trading data
  • No Islamic account

Broker Details

Only available in Australia, City Index’s commission-based RAW FX account has a commission fee of AUD $2.50 per side for each lot and comes with average spreads of 0.07 pips for the EUR/USD forex pair according to our testing.

With 84 forex pairs, 4,500+ stocks and 25+ cryptocurrencies to trade in either of their MT4, TradingView and City Index WebTrader platforms we think you will be satisfied with the range of markets you can trade.

To sign up with City Index, there is a $150 deposit requirement. We signed up for City Index’s RAW FX Account and deposited the minimum on round-turn to be favourable when coupled with their tight spreads.

We tried trading with the GBP/USD forex pair and found that their spread was 0.11 pips, which is 0.41 pips lower than the 0.52 pips industry average from the other forex brokers that we tested.

We also experimented with the broker’s City Index Webtrader platform, and we noticed that the broker offers guaranteed stop-loss orders as well as other risk management features such as Automated Margin Closeout.

We thought that these particular risk management features would be good for traders who want to trade with leverage.

city index account types and products

Broker Screenshots

8. IC Markets 0 Pip Spreads Plus Low FX Commissions

IC Markets

Forex Panel Score

85

Average Spread

EUR/USD = 0.62
GBP/USD = 0.83
AUD/USD = 0.77

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit

$200

Why We Recommend IC Markets

We recommend IC Markets because of the low spreads and zero spreads they offer. Commission costs of AUD and USD 3.50 per lot sideways are in line with the average but where the broker most shines is their low spreads.

With the IC Markets RAW spread account the broker publishes an average 0.2 pips spread for EUR/USD which is the best in the markets and they finished 3rd in our tests with an average spread of 0.32. We also tested how often the broker has zero pips spreads and the answer is 97.83% of the time outside the rollover period.

Pros & Cons

  • Supports 61+ trading pairs
  • Works with MT4, MT5, and cTrader
  • Commission of just AU$3.50
  • Regulated by ASIC and CySEC
  • No investor protection for non-EU retail traders
  • Lacks proper educational material
  • Customer support could be better
  • Limited in-house research data

Broker Details

As a No Dealing Desk broker, IC Markets provides access to 1700+ financial products to trade with competitive commissions (USD/AUD $7 round turn). Along with a choice of MT4, MT5, cTrader and TradigView platforms, we gave IC Markets a rating of 85/100 overall.

With 15 billion USD worth of trades processed each day, IC Markets is one of the largest brokers in the world by trading volume. For this reason, we think this broker is for serious CFD traders.

We tried trading a few of the major pairs and found their average spreads on EUR/USD (0.02 pips) and EUR/JPY (0.3 pips) to be industry-leading. Lows spreads plus low commissions are your main costs when trading Forex, so we feel IC Markets does a good job reducing your trading costs.

One of the reasons spreads are very tight is because they are mostly at zero pips. Ross Collins tested the spreads of IC Markets using MetaTrader 4 and IC Markets had zero pips spreads 100% of the time outside rollover for AUDUSD, EURUSD, GBPUSD, USDCAD and USDJPY currency pairs with USDCHF being the sole exception.

Time In Zero Pip AUDUSD EURUSD GBPUSD USDCAD USDJPY USDCHF
IC Markets 100% 100% 100% 100% 100% 86.96

IC Markets Brief Account Types

Broker Screenshots