Best 7 forex brokers with low commission in 2024

A forex broker with low commission can help lower your trading costs. This guide compares the best forex brokers with low commission and ranks them to help you choose one.
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Updated: Dec 27, 2023
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Trade your favourite markets with our top-rated broker, Plus500.

7.8/10

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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Commission is a fee charged by some brokers for every trade you make. It can quickly add up and eat into your profits. Use this guide to compare the best forex brokers with low commission to help cut your trading costs. 

Best forex brokers with low commission overall for 2024

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  1. Plus500: Best for international CFD trading*
  2. eToro: Best for beginners, copy-trading & demo-account

What are the best forex brokers with low commission?

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If you’re ready to start trading right away you can use any of the forex brokers in the table below. They all have low commissions and some even charge zero fees. Simply click on any of the links to get started in minutes or continue scrolling to learn more.

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1
Min. Deposit
$ 100
Best offer
User Score
10
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads
Start Trading
Payment Methods:
American Express, Apple Pay, Bank Transfer, Credit Card, Debit Card, Discover, Google Pay, Mastercard, PayPal, SEPA, Trustly, Visa, , skrill
Full Regulations:
ASIC, FCA, FSA, MAS, cysec-250-14-regulator, isa-regulator

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2
Min. Deposit
$ 10
Best offer
User Score
9.9
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Start Trading
Payment Methods:
Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer
Full Regulations:
CySEC, FCA

eToro offers real assets only, no CFD products. Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

3
Min. Deposit
$ 0
Best offer
User Score
9.0
Open a free account in minutes
Go global with fee-free foreign exchange
Finance tracking made simple
Start Trading
Payment Methods:
Credit Card, Debit Card
Full Regulations:

Top 7 forex brokers with low commissions, reviewed

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1. Plus500. Best for international CFD trading*

From 0.08%

Fees

$100

Minimum deposit

3,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Can get a free demo account A great mobile platform Well regulated in multiple jurisdictions Wide variety of CFDs to trade Several good risk management tools
No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to CFDs on over 60 forex pairs with leverage up to 30:1. 

Plus500 has something for all types of forex trader, no matter what level of experience. Its zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting. 

For accurate instrument availability, visit plus500.com.

The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% and varies depending on the instrument. Additional fees include overnight funding which is dependent on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

Visit Plus500 Plus500 Review

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. eToro. Best for beginners, copy-trading & demo-account

0% commission

Fees

$100

Minimum deposit

4,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Great for beginners, simple to set up and get started Competitive, industry-leading commissions Popular ‘Copy Portfolios’ function lets you follow top traders Excellent customer service, with live chat support provided Over 2,000 CFDs available to trade for UK & EU users (not US, real assets only)
Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Overview

We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: eToro charges a fee on currency CFD trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.

Highlights

Visit eToro eToro Review

eToro offers real assets only, no CFD products. Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

What is a low commission forex broker?

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It’s an online company that allows you to trade the forex market while paying very small fees. Forex brokers and other types of financial brokers often charge a fee known as a commission for each transaction a trader makes. With the rise of discount brokerage firms, commissions have been decreasing in recent years, while some brokers eliminated them all together. 

How does a low commission forex broker work?

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Forex brokers act as a ‘middleman’ between a trader and the exchange. Traditionally, traders would use a telephone to contact their broker who would place a trade on their behalf. As technology has evolved, online trading platforms have streamlined this process allowing for instant access to financial markets. 

Low commission forex brokers offer trading platforms to their clients. Traders can use these platforms to analyse market information while studying price charts. With the click of a button a user can place a trade that is electronically routed to the exchange and matched with another order. Lots of forex brokers do not charge commissions and make their profits through spreads. 

How should I choose a low commission forex broker?

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When it comes to choosing a forex broker there are a lot of things to consider. Firstly you’ll want to find a broker that is not only reliable, but offers a good selection of currency pairs, and has low fees. Below we’ve included a few features you should consider prior to choosing a low commission forex broker. 

  • Low fees. It goes without saying that when searching for a low commission forex broker you’ll want to check their fee structure before registering an account. Its not just commission you should look at, but spreads too. 
  • Reliability. When trading forex a reliable broker with a reliable platform is key. Forex is a fast moving market so you’ll want to make sure the platform you use is able to withstand lots of activity. You can check customer reviews to learn more. 
  • Range of pairs. Most forex brokers will at least offer the majors and minors. Some will also include exotic pairs and trading exotics can be useful especially when the better known pairs are quiet. 
  • Spreads. Spread is the difference between the buy and sell price of any FX pair and is determined by the broker. To save costs you’ll want to find a broker that has low spreads so your trades won’t cost as much
  • Platforms. Brokers will either have their own custom built platform or will use the services of other platforms. You want to find a platform that you’re comfortable using. The most popular FX platforms with retail traders are MT4 and TradingView. 
  • Technical tools. If you plan on trading forex intraday or for the short term then you’ll most likely be conducting technical analysis. Brokers who have lots of technical tools like indicators can make this process easier for you. 
  • Payment fees. Some forex brokers charge fees for depositing or withdrawing money. These fees can quickly eat into your profits so make sure that you check out the fee schedule prior to registering an account. 
  • Security. The best brokers offer additional security features such as two factor authentication. This gives you a one time passcode each time you log into your account keeping it safe from being compromised.

Should I use a low commission forex broker?

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If you want to trade forex then yes you should use a low commission forex broker. In fact, using a forex broker is the only option you have if you plan to trade currencies .Low commission brokers can drastically reduce your overall trading costs which could improve your profits. 

What are the risks of using a low commission forex broker?

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Forex trading comes with some risks although using a low commission forex broker is generally considered to be safe. You should always remember that you can lose all of your money trading forex. Below we’ve summarised a few of the benefits and risks of using a low commission forex broker.

Benefits

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  • Can start with very little money $10
  • Access to leverage which can magnify your gains
  • Forex trading platforms can be used on mobile and computers
  • You can use a demo account to practice trading without any risk 
  • Forex platforms give technical tools to make analysis easier

Risks

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What are the fees for using a forex broker with low commission?

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When trading forex you will usually encounter three main costs: spreads, commissions, and swaps/rollover. Spread is the difference between the buy and sell price of any currency pair. This is how forex brokers make their money. Spreads are usually variable which means that they fluctuate depending on market volatility at any given time. 

Commission is a fee that forex brokers charge for making each trade or transaction. Not all brokers charge a commission. Commission is usually a percentage of each trade. Swaps or rollovers are only applicable if you hold a forex trade overnight, so for day traders this is something that does not apply.

Register with a low commission forex broker

Methodology: How did we choose the best forex brokers with low commissions?

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Helping people make better financial decisions is at the heart of our mission at Invezz. 

We periodically test more than 63 forex trading platforms to provide our users with clear, accessible guidance on the investing options available. All testing is carried out by our panel of forex experts, analysts, and active traders who sign up to each broker, conduct research, and score each service.

Our tests are designed to find foreign exchange platforms that offer a beginner-friendly, secure trading experience with a low commission. To supplement our practical testing and experience, we research each service to gather any further relevant information. We read online customer reviews, app reviews on the Play Store and App Store, and conduct user surveys to get feedback from real people about what works, and what doesn’t.

Each low commission forex broker is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, deposit & withdrawals, investing options, range of products/markets, research & analysis tools, and the availability of educational & learning resources.

We work closely with individual brokers to ensure all factual information displayed here is accurate. All data is then fact-checked by an independent reviewer. You can learn more about our expert panel and how we test, rate, and review platforms in our review process.

FAQs

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Sources & references
Risk disclaimer
Prash Raval
Financial Writer
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.
James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.