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Home » Our Methodology » Forex Fees » Commission Rates

Forex Commission Testing 2023 Results

For RAW accounts (also known as ECN accounts) the commission rate is the primary brokerage charged. We went to each forex broker’s website, downloaded their product disclosure statement or contacted them directly to find and then compare the commission rates to discover the lowest-cost broker.

Written by Ross Collins

Edited by Justin Grossbard

Fact Checked by David Levy

Edited by Justin Grossbard

Fact Checked by David Levy

Updated: 01/09/2023

What Changed?

Each month we update average spreads data published by the brokers the retail brokers lose %

Fact Checked

We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here.
Compare Forex Brokers Methodology

Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.

Which forex broker has the lowest Commissions?

The commission rate is based on the base currency a trader selects when opening an account. We found the best rate was:

  • Fusion Markets for AUD accounts ($2.25)
    • Honourable mention for Fair Markets at $2.50 AUD
  • Tickmill for USD accounts ($2.00 commission)
    • Honourable mention for Fusion markets at $2.25 USD
  • Fusion Markets GBP accounts (£1.78)
    • Honourable mention for GO Markets (£2.00)
  • GO Markets for EUR accounts (€2.00)
    • Honourable mention for Fusion Markets  (€2.03)

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’. We analysed both standard spreads and raw account spreads of which IC Markets had the lowest but Fusion Market’s lower commission rate led to them having the lowest costs. The Forex calculator below proves this fact.

Calculate Your Trading Costs Below

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1. AUD Account Commission Rates

Below is a summary of our findings of the commission charged per lot, in the base currency (AUD). This base currency is offered by brokers regulated by the Australian Securities & Investments Commission, primarily targeted to Australian traders. It should be noted that due to a weaker Australian Dollar, it offers the lowest overall commission rate of any based currency.

Broker AUD
Fusion Markets $2.25
CMC Markets $2.5
Fair Markets $2.5
Go Markets $3.00
City Index (Web Trader) $3.00
VT Markets $3.00
FIBO Group $3.00
FlowBank $3.25
City Index (MT4) $3.50
Pepperstone $3.50
EightCap $3.50
Axi $3.50
IC Markets $3.50
ThinkMarkets $3.50
Global Prime $3.50
TMGM $3.50
Blueberry Markets $3.50
Admirals $4.00
Blackbull Markets $4.50

As the table above highlights, Fusion Markets’ $2.25 AUD is the lowest commission rate of any broker. The broker also had the lowest spreads in our 2023 spreads testing along with the third lowest published spread in September 2023. This is why overall they have the lowest brokerage globally, especially when an AUD base currency account is selected. While it wasn’t rated the best forex broker in Australia it was shortlisted and is recommended for high-volume traders.

Fusion Markets ReviewVisit 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.

Broker USD
Tickmill $2.00
RoboForex $2.00
FXTM $2.00
Fusion Markets $2.25
London Capital Group $2.25
CMC Markets $2.50
BD Swiss $2.50
AMarkets $2.50
Fair Markets $2.50
Go Markets $2.50
City Index $2.50
VT Markets $3.00
FIBO Group $3.00
Admirals $3.00
Blackbull Markets $3.00
FP Markets $3.00
HF Markets $3.00
Axiory Nano $3.00
MultiBank Group $3.00
Tradersway $3.00
ATC Brokers $3.00
FlowBank $3.25
Pepperstone $3.50
EightCap $3.50
Axi $3.50
IC Markets $3.50
ThinkMarkets $3.50
Dukascopy $3.50
Global Prime $3.50
TMGM $3.50
Blueberry Markets $3.50
FxPro $3.50
LQDFX $3.50
OctaFx $3.50
XM $3.50
HYCM $4.00
Blackwell Global $4.50
IG $6.00

Tickmill and Roboforex both have the lowest US dollar commission rate at USD $2.00. That said they are not the cheapest broker for traders who select the USD as their base currently. This is because both brokers have relatively high spreads and Tickmill had the least stable spreads.

Fusion Markets overall has the lowest brokerage due to a commission rate of USD $2.25, the lowest tested spreads, the 3rd lowest published spreads and the most stable spread in our testing. Since brokerage is a combination of spreads and commissions of The ZERO Account offers the lowest costs of any USD base forex account.

Fusion Markets ReviewVisit 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. While there are fewer brokers offering this base currency compared to the USD, their still is strong competition with a handful of low-cost brokers with Tickmill the best known.

Broker GBP
Fusion Markets £1.78
GO Markets £2.00
VantageFX £2.00
VT Markets £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
FIBO Group £3.00
XTB £3.00
Dukascopy £3.50

Our commission comparison found Tickmill and Roboforex both have the lowest commission rate BUT the latter isn’t regulated by the FCA and only has one tier 3 regulator. Based on this, Tickmill is the winner when it comes to the lowest FCA regulated lowest commission. An honourable mention is Pepperstone which has only a slightly higher rate of £2.25 per side and with the best trading infrastructure was rated the best forex broker in UK.

Tickmill ReviewVisit Tickmill

It should be noted though that Fusion Markets does have lower trading costs overall. While the broker is not FCA-regulated it does have both ASIC (Tier 1) and VFSC (Tier 3) regulation. Their commission rate is only £0.03 higher than Tickmill’s and has lower spreads (which are the most stable). If selecting the cheapest forex broker is your prime goal when opening an ECN account that had a GBP base currency then we recommend Fusion Markets.

Tickmill ReviewVisit Tickmill

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.

Broker EUR
GO Markets €2.00
Tickmill €2.00
Fusion Markets €2.03
CMC Markets €2.50
VT Markets €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
Global Prime €3.10
Axi €3.25
XTB €3.50
Dukascopy €4.00
AMarkets €5.00

GO Markets came out with the lowest commission rate of €2.00 and is recommended as the broker tested better for spreads compared to Tickmill (which has the same commission rate). 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.

Review Of GO MarketsVisit GO Markets

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 forex brokers with the lowest commission analysis which focuses on a broker-by-broker basis.

Broker USD AUD GBP EUR
Fusion Markets 2.25 2.25 1.78 2.03
CMC Markets 2.5 2.5 2.5 2.5
Fair Markets 2.5 2.5 N/A N/A
Go Markets 2.5 3 2 2
VT Markets 3 3 2 2.5
FIBO Group 3 3 3 3
FlowBank 3.25 3.25 2.5 2.5
City Index 2.5 3.5 N/A N/A
Pepperstone 3.5 3.5 2.25 2.6
EightCap 3.5 3.5 2.25 2.75
IC Markets 3.5 3.5 2.5 2.75
Global Prime 3.5 3.5 2.7 3.1
Axi 3.5 3.5 2.25 3.25
ThinkMarkets 3.5 3.5 2.5 N/A
TMGM 3.5 3.5 N/A N/A
Blueberry Markets 3.5 3.5 N/A N/A
Admirals 3 4 2.4 2.6
Blackbull Markets 3 4.5 N/A N/A
Tickmill 2 N/A 2 2
RoboForex 2 N/A N/A N/A
London Capital Group 2.25 N/A N/A N/A
FP Markets 3 N/A 2.25 2.75
HF Markets 3 N/A N/A N/A
MultiBank Group 3 N/A N/A N/A
Tradersway 3 N/A N/A N/A
Axiory Nano 3 N/A N/A N/A
ATC Brokers 3 N/A N/A N/A
FxPro 3.5 N/A N/A N/A
LQDFX 3.5 N/A N/A N/A
OctaFx 3.5 N/A N/A N/A
XM 3.5 N/A N/A N/A
FXTM 4 N/A N/A N/A
HYCM 4 N/A N/A N/A
Blackwell Global 4.5 N/A N/A N/A
Dukascopy 5 N/A 3.5 4
AMarkets 5 N/A N/A 5
BD Swiss 5 N/A N/A N/A
IG 6 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.

Fusion Markets ReviewVisit Fusion Markets

Average Trading Costs for Currency Pair

In our tests, EUR/USD had the lowest trade cost, averaging $10.48 (AUD) across all brokers.

EUR/USD consistently ranks as the world’s most traded pair (often accounting for a quarter of global FX volume), so this result is as we’d expect.
This table shows the trade cost, across all brokers, for the six major currency pairs we tested.

Broker Commission Spread Cost Total Cost
EURUSD $6.63 $3.85 $10.48
USDJPY $6.62 $5.23 $11.85
AUDUSD $6.63 $6.06 $12.69
USDCAD $6.61 $6.65 $13.26
GBPUSD $6.63 $7.96 $14.58
USDCHF $6.62 $11.69 $18.31

 

Commission Rate FAQs

What Factors Influence Commissions?

Factors that can influence the spreads offered by different brokers include

  1. Base currency used: the base currency used for trading affects the commission charged. The table below shows how brokers charge different commissions depending on the base currency.
  2. Size of trade: all brokers charge commissions per lot (100,000).
  3. “Per side” or “round trip”: some brokers quote commissions “per side” (commission is charged once to open the trade, and again to close it), or “round trip” (commission is only charged once per trade).
  4. The trading platform used: some traders charge lower commissions for using their proprietary platforms and higher commissions for using MT4, MT5 or cTrader.

 

What Factors Influence Spreads?

Factors that can influence the spreads offered by different brokers include
1. The currency pair being traded
2. The volume of trades in the currency pair being traded
3. The volatility of the currency pair being traded
4. The time of day the trade is made

Why is it so Important to Trade with Low Costs?

The trading cost is the amount your trade must move before you make a profit. For example, if you go long (buy) 1 lot (100,000) using Fusion Markets, your trade will need to increase by AUD $7.62 before making any profit. This is the cost of the trade and can be compared to spreads in “standard” accounts. The lower the cost of trade, the more profit you can make.

Low trading costs are critical to your success if your trading strategy relies on profits of just a few pips (e.g., scalping), or if you are a high-volume trader.

About the author: Ross Collins

As Chief Technology Researcher at CompareForexBrokers, Ross is in charge of driving technical innovation for the website. Ross uses his deep knowledge of Forex and Information Technology to capture and deliver real-world Forex insights that can help you make better trading decisions. Prior to joining CompareForexBroker, Ross developed trading systems for forex, bonds and options trading.

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