7 Best Zero Spread Forex Brokers of September 2024

This feature monitors social trends and is particularly valuable for day trading, offering you real-time insights into where AvaTrade clients are buying/selling and helping generate new trading ideas. In our research, there are only a few brokers that truly average close-to-zero-pip spreads on the EUR/USD, but you still must pay a per-trade commission, thus the effective spreads average out to be higher. Any broker claiming to offer zero pips with no commissions should be considered carefully, as it could turn out to be either a potential forex scam or offer questionable execution practices. That’s why it’s always important to only use trusted, highly regulated brokers. Another advantage of Interactive Brokers is their low spreads, which start at 0.2 pips for major currency pairs.

Best Low Spread Forex Brokers Ranked by Trustpilot Score

Our analyst, Ross Collins, tested how frequently TMGM offered its Poloniex Crypto Exchange spreads at zero pips on the majors using the MetaTrader 4 platform. Ross found that TMGM’s advertised 0.0 pips was available 97.53% of the time on the forex majors. Zero-pip spreads significantly enhance trading efficiency, reducing the cost of trade execution and potentially increasing profitability. Even when zero spreads aren’t available, FP Markets offers tight RAW spreads, averaging just 0.1 pips on EUR/USD, beating the industry average of 0.22 pips.

Plus500 is not a direct forex brokers, but offers CFD and futures for forex traders. IC Markets is an excellent forex broker for scalping, and provides zero spreads (plus commission) via its Raw Spread Account. IC Markets is used by a significant number of algorithmic traders and provides access to third-party trading platforms like cTrader and MetaTrader. These platforms allow you to run automated high-frequency trading programs such as scalping-based strategies and can even place orders in between the spread. My MT4 vs MT5 guide can help you make an informed choice (I’ve been using MetaTrader since 2005).

If the broker is not properly overseen by a financial regulator, your funds could be at risk, and your trades may be executed without any best practices. Here are some key points to take into consideration when choosing the lowest-spread broker to trade with. That makes OANDA the best online broker to start trading and gain trading experience. The app also has a range of helpful tools to assist in generating trading ideas, like those provided by Trading Central, which we think is helpful if you day trade.

What is the best type of account for the lowest spreads?

Check out our guides on Best CySEC-regulated forex brokers and Best FCA-regulated forex brokers. For instance, traders opening accounts with FCA-regulated brokers qualify for the Financial Services Compensation Scheme (FSCS), which covers up to 85,000 GBP in case of broker insolvency. On the other hand, the Cyprus Securities and Exchange Commission (CySEC) ensures that brokers are part of the Investor Compensation Fund, which covers up to 20,000 EUR in case of insolvency. I confirmed that entities of New York-based OANDA are authorized by top-tier CFTC and NFA. OANDA US clients can trade a broad range of currency pairs and a selection of the most popular cryptocurrencies. I found the MT4 offering to be of particular interest as IC Markets also provides Trading Central and Autochartist plugins for it.

Our tests revealed that the average spread for a RAW account from ECN brokers is around 0.49 pips on EUR/USD, which is relatively low. This can reduce your trading costs, especially if you’re trading frequently or in large volumes. The low spreads on the Best MT4 Brokers depend on the broker you are trading with, as MetaTrader 4 doesn’t set the spreads itself.

Lowest Spread Forex Brokers in Canada

However, you can see FX Empire’s carefully selected list of the best forex brokers with high leverage. These include the ability to trade any of the broker’s 1,700+ tradable instruments, access to 80+ inbuilt technical analysis indicators and drawing tools, as well as automated trading functionality. With five different trading accounts and platforms, including a commission-free and demo trading account, and a low minimum deposit of just $10, RoboForex is a good option to consider for beginner traders.

1. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years.
2. For example, traders who open an account with an FCA-regulated broker also qualify for the Financial Services Compensation Scheme (FSCS), which covers up to 85,000 GBP in case of broker insolvency.
3. Many forex brokers now offer zero spread trading accounts as an extra enticement.
4. This means that the difference between the bid and ask price of a currency pair is zero, and traders can open and close trades at the market price without paying any spread.

A zero spread account is a type of trading account offered by some forex brokers that allows traders to trade with zero spreads. This means that the difference between the bid and ask price of a currency pair is zero, and traders can open and close trades at the market price without paying any spread. With its Raw account option and unique execution method, Tickmill provides some of the lowest effective average spreads in the industry with flexible trading policies. From low trading costs to high leverages, Tickmill provides highly competitive trading conditions for high-frequency, high-volume traders and scalpers. Tickmill allows all trading strategies, including algorithmic, automated and social trading. If you’re a forex trader seeking a cost-effective, transparent and seamless trading experience, you should consider zero-spread forex brokers.

The broker may also be operating a dealing desk to attempt to make money when you trade, by being on the opposite side of each trade. CMC Markets has long been a leader within our Commissions & Fees category and delivers some of the lowest average spreads in the industry. When selecting the best zero-spread forex broker, consider the following factors to make an informed forex broker listing decision.

Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Utilizing leverage provides you with the ability to control a larger position with a smaller deposit, presenting an opportunity to amplify both profits and losses.

Steven holds a Series III license in the US as a Commodity Trading Advisor (CTA). CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Providing some of the lowest spreads in the industry, eToro offers an ideal setting for those who want to maximize their profits while minimizing their losses. The spread is the difference between the bid and ask price of a currency pair or other asset, and it’s important to understand how brokers calculate this cost before choosing which one to use. FOREX.com allows trading in over 80 currency pairs, indices, over 220 shares, commodities and cryptocurrencies. Cost of trading with a commission account is a low variable forex spread plus a flat $5 commission per standard lot chargeable at the time the trade is executed. There is much that traders must be familiar with before they decide to partake in forex trading, and the spread might be among the most crucial aspects of the forex market in general.