Here, we’ve compiled a list of the finest brokers for low spreads and great trading conditions.
Forex trading has grown significantly in recent years, resulting in increased competition between brokers, who are now offering lower spreads and more competitive trading conditions in order to attract new consumers.
Here, we’ve compiled a list of the finest brokers for low spreads and great trading conditions.
1. IFX Brokers
Overview
IFX Brokers is a South African-based online trading broker that offers cutting-edge technology to its customers.
As a result of using IFX Brokers, traders will be able to trade with commission-free trading across the majority of account options, with expenses starting at $6 USD and spreads ranging from 0.5 to 1.6 pips, according to the business.
Pros
• High leverage available
• MetaTrader 4 is supported.
• Resources for learning are available
Features
• Regulation: FSA
• Minimum deposit from ZAR100
• Average spread from 0.5 pips
• Maximum Leverage: 1:500
• Customer Support: 24/5
2. Forex.com
Overview
FOREX.com offers a five-tiered Active Trader program for traders who conduct a significant amount of trading.
It is possible to get spreads on the EUR/USD pair down to 0.84 pips as low as levels five and six at certain times of day. According to the most recent statistics provided by the broker, the normal spread for MetaTrader customers on the EUR/USD was 1.3 pips on average.
Pros
• Low Forex Fees
• High number of currency pairs
• Well-regulated
Cons
• Limited asset portfolio
• High stock CFD fees
Features
• Regulation: FCA, CIMA
• Minimum deposit from $50
• Average spread from 1 pips
• Commissions on the commission account only
• Maximum leverage: variable dependent on instrument traded
• 20% Welcome Bonus
• Customer Support: 24/5
3. FXCM
Overview
The spreads on currency pairs and CFDs offered by FXCM are competitive. Because of the large number of deals that active traders execute, spreads for them can be drastically lowered.
For example, on FXCM, some of the most popular currency pairings traded are the EUR/USD (euro to dollar) and the GBP/USD (pound to dollar), both of which have moderate spreads of only 1.3 pip.
Pros
• Excellent trading platforms
• Low minimum deposit
• High maximum leverage
Cons
• Limited product portfolio in terms of asset classes
Features
• Regulation: FCA, ASIC, ACPR, FSP
• Minimum deposit from $50
• Average spread from 1.3 pips
• Commissions from £4 per standard round-turn lot (£2 per side)
• Maximum Leverage: 1:400
• $20 Welcome Bonus
• Customer Support: 24/5
4. Plus500
Overview
With Plus500, you may trade on a wide range of financial markets with low spreads and no commissions, making it a unique trading platform.
Plus500 is regarded as an advanced broker since it offers a large array of trading features while being compliant with regulatory requirements and providing good client service.
Pros
• Wide range of market instruments
• Competitive pricing
• Well regulated
Cons
• Relatively limited research tools
Features
• Regulation: FCA, ASIC
• Minimum deposit from $100
• Average spread from 0.5 pips
• Commissions from $3
• Maximum Leverage: 1:30
• Deposit Bonus
• Customer Support: 24/5
5. City Index
Overview
Traders can take advantage of tight spreads starting at just 0.5 points on popular currency pairings when trading with the City Index platform.
The broker wants to be the market leader in terms of service, based on fair and transparent pricing, as well as comprehensive client support and consultation.
Pros
• Low trading fees
• No fees for deposit and withdrawal
• Comprehensive research tools
Cons
• Limited product portfolio
Features
• Regulation: FCA, ASIC
• Minimum deposit from $100
• Average spread from 1.5 pips
• Commissions from $3
• Maximum Leverage: 1:200
• Deposit Bonus
• Customer Support: 24/6
