Low commission fees along with tight spreads will help you save on forex trading costs. Our team of experts, look at the best forex brokers with ECN pricing accounts and their key features like forex trading platform, CFDs and currency pairs.
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Below are Compare Forex Brokers best brokers to save with low commissions
Fusion Markets is a top CFD and forex broker that charges low commission fees and offers tight spreads. The online broker is overseen by two regulators, The Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).
When signing up to Fusion Markets, you can choose between two trading accounts that offer different forex spreads and commission fees. If you are a beginner trader, Fusion Markets Classic Account provides a simple pricing structure with no commission spreads. If you are an experienced trader looking to execute scalping, day trading or Expert Advisor strategies, the broker’s ZERO Account will give you an institutional-grade trading environment with low spreads and trading costs.
The ZERO Account is one of the best commission-free, ECN account types for forex trading. While most forex brokers (FxPro, Forex.com, etc.) charge between $7-8 round trip per 100k traded, with Fusion Markets you pay significantly lower commission fees of AUD $4.50 round trip per 100k traded, or:
As well as ultra-competitive trading costs, Fusion Markets offers some of the lowest spreads available to retail investor accounts.
As shown in the table below, Fusion Markets commission ZERO spreads are tighter than other top forex and CFD brokers. With the lowest spreads and commission fees, as a Fusion Markets customer, you will face much smaller trading fees than other online brokers.
For instance, if you want to trade to the EUR/USD forex pair, Fusion Markets offers average spreads of 0.09 pips, while XTB and FXTM offer 0.30 pips. Similarly, forex traders can access spreads as tight as 0.24 pips for the USD/CAD currency pair with Fusion Markets, or 0.60 pips at XTB and FXTM.
Data taken from broker website. Accurate as at 04/06/2021
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Both classic and ZERO accounts gain access to the world’s most popular trading platform, MetaTrader 4 (MT4). Although many MT4 users focus on forex trading, you can trade CFDs derived from various asset classes such as indices, precious metals, energies and cryptocurrencies.
To help develop trading strategies that maximise profits while managing the high risk of trading, MT4 provides extensive trading tools.
Key features and trading tools include:
The broker offers 24/5 customer service via live chat, phone and email. Fusion Markets customer support team is efficient and provides relevant answers to questions ranging from MT4 queries to how to open an account.
When setting up your trading account, no initial minimum deposit is required and you can choose from six different base currencies:
When depositing and withdrawing funds, most payment methods are fee-free. You can transfer money using Neteller, Skrill, credit card, debit card and bank transfer with no charge, but international bank transfers incur an AUD $20 withdrawal fee.
When compared to other top forex brokers, Fusion Markets ZERO account type offers the lowest spreads and commission fees, and therefore the lowest trading costs overall. Similar to an ECN account, you can trade average spreads of 0.09 pips while paying low commission fees of $2.25 per side. As well as the ZERO account, the broker offers a Classic account with no commission fees, with both account types gaining access to the ever-popular trading platform, MetaTrader 4.
View Fusion Markets Review >>Visit Fusion Markets >>
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.
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.
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.
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:
When depositing or withdrawing funds from your trading account, GO Markets provides a range of fee-free payment methods.
If you are based in Europe and register with the CySEC regulated subsidiary, you can select one of three base currencies:
European traders can deposit and withdraw funds with no fees using the following payment methods:
As with account base currencies and payment methods, the initial minimum deposit you are required to make varies between regulatory jurisdictions:
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 >>
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.
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:
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 MT4:
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:
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.
The online broker holds brokerage services licenses in seven major financial hubs around the world:
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 >>
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.
If your account base currency is not the Australian Dollar, when using MetaTrader 4 or 5 you can pay commission fees that equate to:
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.
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.
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.
Low spreads and minimal account management fees mean you will face low trading costs overall as an IC Markets customer.
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.
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:
Note* Commission rates are only applied to the ECN account; all other account types have no base commission.
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 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.
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 >>
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.
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.
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:
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 >>
On average, the standard commission charged by your forex broker is around $3.50 per side. Pepperstone is considered a low-cost forex broker which charges $3.50 per $100,000 units traded. On the other side of the spectrum, Forex.com and FxPro charge higher rates of $5.0 for each lot respectively $4.5 per side.
Take a look at our unbiased Pepperstone Review to check other features offered by this broker.
Based on our independent review, IC Markets is the best lowest spread forex broker. At IC Markets spreads start from 0.0 pips, while the average EUR/USD spread is 0.1 pips, the tightest spread globally. IC Markets offer the following average spreads on the most popular currency pairs:
The best forex brokers for scalping and other forms of short-term trading operations are Pepperstone, IC Markets, Fusion Markets, FXTM and ThinkMarkets. Scalping is a trading strategy that aims to profit from small changes in the exchange rate. With scalping, buying and selling are done multiple times within a trading day.
Fusion Markets offers the lowest commission fees when compared to other top forex brokers. Two account types are available, the standard account offers commission-free trading, while its ZERO account is like an ECN account type. The broker’s ZERO account type offers tight spreads as low as 0.0 pips while charging ultra-competitive commission fees of $2.25 per side, or $4.50 round turn.
The broker offers MetaTrader 4 that provides advanced trading tools. You can fully automate trading using Expert Advisors, manage risk using order types, and conduct sophisticated technical analysis with the inbuilt charting package.
If you want to test out MetaTrader 4, or can’t decide which account type to sign up to, Fusion Markets offers an MT4 demo account where you can practise trading forex in a risk-free environment.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.