8 Lowest Commission Forex Brokers [2024 Updated] (2024)

Written byJustin Grossbard

Edited byDavid Levy

Fact Checked byRobert Payne

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.

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.

With 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.

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.

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.

Our exclusive calculator has combined the commission and spread costs to work out the brokerage by the base currency the trader selected and the currency pair traded. These costs vary but Fusion Markets in almost all scenarios has the lowest trading costs. This is why Fusion Markets is considered the forex broker with the lowest brokerage.

Fusion Markets offers trading platform extensions including Myfxbook which is a social trading program that has one of the largest online trader communities. Individuals can follow and copy traders using Myfxbook with the software hand-picking the best-run systems to follow. Duplitrade is also available on MetaTrader 4 only and has similar functionality allowing individuals to copy other successful traders.

Our Verdict On The Fusion Market ZERO account

Our February 2024 found the Fusion Markets ZERO account had the lowest commission rates ($2.25 per side) and lowest brokerage of any forex broker factoring in spreads and commissions. The broker offers the two most popular trading platforms, no fees on deposits or withdrawals and adequate customer support. If you are looking for the lowest brokerage possible and are happy with the minimum $500 deposit requirement then Fusion Markets is the best forex broker for your needs.

View Fusion Markets ReviewVisit Fusion Markets

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.

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.

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.

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.

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’ 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.

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.

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.

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.

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.

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.

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.

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.