What Forex Broker Has The Lowest Commission?
A commission rate only means something next to the base currency it is quoted in, so I compare rates within a single currency at a time rather than mixing them, and your own shortlist deserves the same discipline. Commission rates are based on the base currency the trader selects with the lowest rates as follows:
- AUD Base Currency = DNA Markets & Fusion Markets
- USD Base Currency = RoboForex
- GBP Base Currency = Go Markets, VT Markets, Vantage FX
- EUR Base Currency = Go Markets
The forex broker accounts we compared:
- are regulated and have a strong reputation in at least one region
- have “RAW/ECN” accounts that charge fixed commissions and spreads as low as zero
- represent a mix of No-dealing Desk (NDD) brokers and market makers
- support MT4, as we wanted to use freely available indicators and scripts for testing
The overall cheapest forex broker (lowest fees) is Fusion Markets overall. This is because the main two components of trading costs are the ‘spread’ and the ‘commission’. In Ross Collins’s spread tests, IC Markets had the lowest standard-account average at 1.03 pips, while Fusion Markets had the lowest RAW average at 0.22 pips. Fusion Markets also charges a commission of US$2.25 per side (A$2.25), among the lowest in our comparison tables.
For a stored-fee comparison, our Broker Fee Comparison Calculator scales the spread and commission figures in its dataset for a selected currency pair, account currency, and trade size, and ranks the stored totals. Those figures are a historical snapshot, so I would confirm the broker’s current entity, platform, and quote basis before acting on a result.
1. AUD Account Commission Rates
The forex brokers below onboard Australian traders and are regulated by the Australian Securities & Investments Commission. Most Australian traders prefer to trade with the AUD as their base currency helping save on currency conversion fees.
| Commission Rate | AUD |
|---|---|
| DNA Markets | $2.25 |
| Fusion Markets | $2.25 |
| CMC Markets | $2.50 |
| Fair Markets | $2.50 |
| Go Markets | $3.00 |
| VT Markets | $3.00 |
| Vantage FX | $3.00 |
| FIBO Group | $3.00 |
| FlowBank | $3.25 |
| Pepperstone | $3.50 |
| EightCap | $3.50 |
| Axi | $3.50 |
| ThinkMarkets | $3.50 |
| Global Prime | $3.50 |
| StoneX Trading | $3.50 |
| Blueberry Markets | $3.50 |
| TMGM | $3.50 |
| Admirals | $4.00 |
| FXCM | $4.00 |
| IC Markets | $4.50 |
| Blackbull Markets | $4.50 |
Some of the abbreviations on this page are expanded to the regulator's full name: a broker regulated by ASIC is regulated by the Australian Securities and Investments Commission.
Both DNA Markets and Fusion Markets have the lowest AUD base currency commission rate of $2.25. This is also the lowest rate globally with a weak Australian Dollar making the effective rate lower than and USD, EUR or GBP commission rate. While neither broker was our top-rated pick overall, both were shortlisted and should make the shortlist of any Australian trader comparing CFD brokers.
Fusion Markets Review Visit Fusion Markets
2. USD Account Commission Rates
The most popular base currency is the US Dollar so it’s a good benchmark to compare forex broker ECN account commission rates. I find that benchmark useful because it holds every rate to the same basis, though you still want to check whether each broker quotes per side or round turn before treating the ranking as settled.
| Commission Rate | USD |
|---|---|
| RoboForex | $2.00 |
| Fusion Markets | $2.25 |
| London Capital Group | $2.25 |
| CMC Markets | $2.50 |
| Fair Markets | $2.50 |
| Go Markets | $2.50 |
| StoneX Trading | $2.50 |
| DNA Markets | $3.00 |
| VT Markets | $3.00 |
| Vantage FX | $3.00 |
| FIBO Group | $3.00 |
| Tickmill | $3.00 |
| Admirals | $3.00 |
| Blackbull Markets | $3.00 |
| FP Markets | $3.00 |
| ATC Brokers | $3.00 |
| HF Markets | $3.00 |
| MultiBank Group | $3.00 |
| Tradersway | $3.00 |
| FlowBank | $3.25 |
| Pepperstone | $3.50 |
| EightCap | $3.50 |
| Axi | $3.50 |
| IC Markets | $3.50 |
| ThinkMarkets | $3.50 |
| Global Prime | $3.50 |
| Blueberry Markets | $3.50 |
| TMGM | $3.50 |
| FxPro | $3.50 |
| Exness | $3.50 |
| LQDFX | $3.50 |
| OctaFx | $3.50 |
| XM | $3.50 |
| FXCM | $4.00 |
| XTB | $4.00 |
| FXTM | $4.00 |
| HYCM | $4.00 |
| Blackwell Global | $4.50 |
| Dukascopy | $5.00 |
| AMarkets | $5.00 |
| BD Swiss | $5.00 |
| Axiory Nano | $6.00 |
| IG | $6.00 |
Roboforex has the lowest US dollar commission rate at USD $2.00.
Fusion Markets Review Visit Fusion Markets
3. GBP Account Commission Rates
British residents often select the pound with most brokers offering GBP base currency accounts being regulated by The Financial Conduct Authority. I treat the GBP table as its own comparison, because setting a pound rate against a dollar rate compares two different bills, and the per side or round turn basis still needs checking before weighing one broker against another.
| Commission Rate | GBP |
|---|---|
| Go Markets | £2.00 |
| VT Markets | £2.00 |
| Vantage FX | £2.00 |
| Tickmill | £2.00 |
| Pepperstone | £2.25 |
| EightCap | £2.25 |
| Axi | £2.25 |
| FP Markets | £2.25 |
| Admirals | £2.40 |
| CMC Markets | £2.50 |
| FlowBank | £2.50 |
| IC Markets | £2.50 |
| ThinkMarkets | £2.50 |
| Global Prime | £2.70 |
| XTB | £3.00 |
| FIBO Group | £3.00 |
| Dukascopy | £3.50 |
Our commission comparison found a three-way tie between Go Markets, VT Markets and Vantage Fx. Of the four, Go Markets has the lowest average spreads on their RAW account so they are considered the best forex broker in the UK.
Open a demo account Visit GO Markets
4. EUR Account Commission Rates
The Euro is the second most traded currency and a popular choice as a base currency in regions such as Germany, Italy and Cyprus. Most brokers that offers EUR base currency trading accounts (but not all) are regulated by the Cyprus Securities and Exchange Commission. I keep this comparison inside EUR, because a euro rate and a dollar rate do not measure the same thing, and the entity behind the account can change the figure you are charged.
| Commission Rate | EUR |
|---|---|
| Go Markets | € 2.00 |
| Tickmill | € 2.50 |
| CMC Markets | € 2.50 |
| VT Markets | € 2.50 |
| Vantage FX | € 2.50 |
| FlowBank | € 2.50 |
| Pepperstone | € 2.60 |
| Admirals | € 2.60 |
| EightCap | € 2.75 |
| IC Markets | € 2.75 |
| FP Markets | € 2.75 |
| FIBO Group | € 3.00 |
| ThinkMarkets | € 3.00 |
| Global Prime | € 3.10 |
| Axi | € 3.25 |
| XTB | € 3.50 |
| Dukascopy | € 4.00 |
| AMarkets | € 5.00 |
GO Markets has the lowest EUR commission rate, at €2.00 per side. GO Markets Ltd is regulated by the CySEC (in Cyprus) and is the recommended low-cost broker for traders looking to open a trading account with the Euro base currency.
GO Markets Review Visit GO Markets
What are the overall commission rates?
Below shows all the commission rates of all the most popular forex brokers worldwide. It should be noted that on some rare occasions, a broker’s rate will be different depending on their regulated entity. We addressed this in the Lowest Commission Brokers analysis which focuses on a broker-by-broker basis. I would verify the entity behind the rate before relying on a headline number for your account.
| Commission Rate | USD | AUD | GBP | EUR |
|---|---|---|---|---|
| Fusion Markets | $2.25 | $2.25 | N/A | N/A |
| CMC Markets | $2.50 | $2.50 | £2.50 | € 2.50 |
| Fair Markets | $2.50 | $2.50 | N/A | N/A |
| Go Markets | $2.50 | $3.00 | £2.00 | € 2.00 |
| DNA Markets | $3.00 | $2.25 | N/A | N/A |
| VT Markets | $3.00 | $3.00 | £2.00 | € 2.50 |
| Vantage FX | $3.00 | $3.00 | £2.00 | € 2.50 |
| FIBO Group | $3.00 | $3.00 | £3.00 | € 3.00 |
| FlowBank | $3.25 | $3.25 | £2.50 | € 2.50 |
| Pepperstone | $3.50 | $3.50 | £2.25 | € 2.60 |
| EightCap | $3.50 | $3.50 | £2.25 | € 2.75 |
| Axi | $3.50 | $3.50 | £2.25 | € 3.25 |
| IC Markets | $3.50 | $4.50 | £2.50 | € 2.75 |
| ThinkMarkets | $3.50 | $3.50 | £2.50 | € 3.00 |
| Global Prime | $3.50 | $3.50 | £2.70 | € 3.10 |
| StoneX Trading | $2.50 | $3.50 | N/A | N/A |
| Blueberry Markets | $3.50 | $3.50 | N/A | N/A |
| TMGM | $3.50 | $3.50 | N/A | N/A |
| Admirals | $3.00 | $4.00 | £2.40 | € 2.60 |
| FXCM | $4.00 | $4.00 | N/A | N/A |
| Blackbull Markets | $3.00 | $4.50 | N/A | N/A |
| Tickmill | $2.00 | N/A | £2.00 | € 2.00 |
| FP Markets | $3.00 | N/A | £2.25 | € 2.75 |
| XTB | $4.00 | N/A | £3 | € 3.50 |
| Dukascopy | $5.00 | N/A | £3.50 | € 4.00 |
| AMarkets | $5.00 | N/A | N/A | € 5.00 |
| RoboForex | $2.00 | N/A | N/A | N/A |
| London Capital Group | $2.25 | N/A | N/A | N/A |
| ATC Brokers | $3.00 | N/A | N/A | N/A |
| HF Markets | $3.00 | N/A | N/A | N/A |
| MultiBank Group | $3.00 | N/A | N/A | N/A |
| Tradersway | $3.00 | N/A | N/A | N/A |
| FxPro | $3.50 | N/A | N/A | N/A |
| Exness | $3.50 | N/A | N/A | N/A |
| LQDFX | $3.50 | N/A | N/A | N/A |
| OctaFx | $3.50 | N/A | N/A | N/A |
| XM | $3.50 | N/A | N/A | N/A |
| FXTM | $4.00 | N/A | N/A | N/A |
| HYCM | $4.00 | N/A | N/A | N/A |
| Blackwell Global | $4.50 | N/A | N/A | N/A |
| BD Swiss | $5.00 | N/A | N/A | N/A |
| Axiory Nano | $6.00 | N/A | N/A | N/A |
| IG | $6.00 | N/A | N/A | N/A |
Overall, as explained in the previous sections Fusion Markets is the cheapest forex broker. The broker offers MetaTrader 4 and 5, 90+ forex currency pairs and other CFDs such as crypto and shares. They are regulated by ASIC (Australia) and the VFSC (Vanuatu). I personally know Phil Horner, founder and CEO of Fusion Markets, from his time at Pepperstone. He has achieved the lowest trading costs by having a small operation, only offering MetaTrader, and forging great relationships with core liquidity pools and major banks. We recommend Fusion Markets for any trader focusing primarily on costs, especially for high-volume and high-frequency traders using EAs or other scalping tools.
FAQs
What Factors Influence Commissions?
What Factors Influence Spreads?
Why is it so Important to Trade with Low Costs?
About the author
Justin Grossbard is the Co-Founder and CEO of CompareForexBrokers, which he established with Noam Korbl in 2014. He has over 20 years of professional experience in online marketing and holds a Master's in Marketing from Monash University.
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