Compare the 4 best low spread forex brokers in 2024

Low spread forex brokers offer a way to cut costs when trading currencies. This guide compares the best low spread forex brokers for 2024.
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Updated: Dec 27, 2023
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Interactive Brokers (U.K.) Limited is authorised and regulated by the Financial Conduct Authority. FCA Register Entry Number 208159. Products are only covered by the UK FSCS in limited circumstances.
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This page helps you compare some of the best low and zero spread forex brokers around. We explain what low spread brokers are, what to consider before choosing one, and compare the top ones around. 

Best low spread forex brokers overall for 2024

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  1. eToro: Best for beginners, copy-trading & demo-account
  2. Plus500: Best for international CFD trading*
  3. Interactive Brokers: Best online broker for range of markets

What are the best low spread forex brokers?

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If you’re already familiar with low spread forex brokers then check out the table below. Our experts have selected the best brokers with the lowest spreads and you can sign up in just minutes. Alternatively, continue scrolling to learn more.

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1
$ 10
Best offer
10
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
:
Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer
:
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.

2
$ 100
Best offer
9.9
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads
:
American Express, Apple Pay, Bank Transfer, Credit Card, Debit Card, Discover, Google Pay, Mastercard, PayPal, SEPA, Trustly, Visa, , skrill
:
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.

3
$ 0
Best offer
9.7
Access to a wide range of currency pairs, allowing traders to engage in the forex market with flexibility and diversity.
Competitive pricing in the forex market, ensuring cost-effective transactions and maximizing potential returns.
Offers advanced trading which empowers users to make informed decisions and execute precise trades.
:
ACH, Bank Wire, Check
:
CFTC, FCA, FINRA, IIROC, NFA, NYSE, SIPC
Interactive Brokers (U.K.) Limited is authorised and regulated by the Financial Conduct Authority. FCA Register Entry Number 208159. Products are only covered by the UK FSCS in limited circumstances.

Top 4 best low spread fx brokers, reviewed

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

0% commission

Fees

$50

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.

2. 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.

3. Interactive Brokers. Best online broker for range of markets

Commission-free for US exchange-listed stocks

Fees

...

Minimum deposit

10,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Regulated by several financial authorities Free stock and ETF trading for US traders Earn interest on cash balance Free demo trading account available
The desktop trading platform is complex to navigate Customer service not available 24/7 Credit/debit card payment not available

Overview

We love Interactive Brokers because it has one of the widest selections of tradable assets we’ve ever seen. IBKR is one of the best-known and longest-running brokers in the world and when you create an account you’ll have access to tens of thousands of stocks, ETFs, funds, indices, currencies, bonds, and cryptocurrencies. 

Besides lots of markets, Interactive Brokers also offers a good range of additional tools and features including risk management tools, cutting-edge portfolio management services, and the ability to automate your trading system through ready-made or custom-built algorithms. 

The fees: Charges vary depending on the asset you’re trading. Stocks and ETFs are commission-free, as are most funds. Options fees range from $0.15 to $0.65 per option contract. Cryptocurrency fees range between 0.12% to 0.18% of the trade value. Forex trades have commissions which can be as low as a fraction of a pip. 

Highlights

Visit Interactive Brokers Interactive Brokers Review
Interactive Brokers (U.K.) Limited is authorised and regulated by the Financial Conduct Authority. FCA Register Entry Number 208159. Products are only covered by the UK FSCS in limited circumstances.

What is a low spread forex broker?

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It’s a company that allows you to trade the forex market while offering low spreads. The difference between the buy and sell price is known as the spread. Forex brokers who offer low spreads usually charge a fee or commission to make profit for themselves. Low spread brokers are generally suited to day traders who enter and exit the market frequently. 

What is low spread? 

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The spread is the difference between the buy and sell price of two currencies, and is measured in pips. A pip is a unit of measure used by traders to define the smallest change in value between two currencies. Low spread forex brokers offer trading accounts that have a very small difference between the buy and sell price. 

How do low spread FX brokers work?

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Most brokers work in a similar way and act as a ‘middleman’ between a trader and the exchange. However, there are typically two ways in which they usually operate; dealing desk trading and no dealing desk trading. Both types let traders participate in the forex market, although they differ slightly in their models. Below we have briefly explained each. 

  • Dealing desk trading. This is when a broker acts as a dealer and takes the opposing side of a trade. Brokers working in this way usually have bigger spreads and are able to control prices.  
  • No dealing-desk trading. Using this type of broker gives traders direct access to the interbank market (where banks trade currencies with each other). This is the preferred method for most brokers and traders. Forex brokers using this model act as a ‘middleman’ to facilitate trades.

For a low spread or zero pip broker to make money, they will likely have to charge fees or commissions. Although there are other ways in which they make money which you can learn about below. 

  1. Rebates. If a broker is offering traders no spreads, they may earn a rebate on your position to make money for themselves. They do this by routing your order to a third-party market-maker who will pay them a commission. 
  2. Act as a dealer. As we’ve mentioned in the section above, brokers can operate as dealers. This means that they take the opposite side to your trade to manage their risk. Brokers also know that most retail traders lose money, so by using this method they are able to generate profits while offering zero pip spreads. 
  3. Charge a fee. The most common way for 0 pip brokers to earn money from traders is by charging a fee or commission. This is added as a separate charge when a trader opens and closes a position. 

The best low spread forex brokers for beginners and experienced traders

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There are lots of low spread forex brokers around and choosing the right one for your needs can be a difficult task. That’s why we’ve selected both the top forex brokers with zero or low spreads for experienced and beginner traders alike. 

The top low spread broker for beginners

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For newer traders an easy to use platform is a key requirement. Beginners will also want low fees and a broker who has a range of educational material. Click the button below to register with our top low spread broker for beginners.

1
$ 10
Best offer
10
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
:
Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer
:
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.

The top 0 pip broker for experienced traders

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Traders with more experience will have a longer list of requirements. A wide range of currency pairs, technical tools and low fees will be top of that list. The broker below offers all of that and is our top recommended low spread forex platform for experienced traders.

1
$ 100
Best offer
9.9
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads
:
American Express, Apple Pay, Bank Transfer, Credit Card, Debit Card, Discover, Google Pay, Mastercard, PayPal, SEPA, Trustly, Visa, , skrill
:
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.

What should I look for in a low spread trading platform?

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There are a number of features that you’ll want to look for when choosing a low spread trading platform and in the section below we’ve highlighted some of the most important ones. 

Reliable platform

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For all traders, reliability is key. The best forex apps are consistently online, don’t suffer much downtime, or crash frequently. A safe, secure, and most importantly reliable platform can save traders lots of time and money. One of the best ways to learn if a broker is reliable is by reading customer reviews. 

Low fees

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If you’re planning on using a zero pip forex broker, you’ll most likely be subjected to trading fees and commissions on every transaction. Ideally, they’d also be low spread brokers, though checking a brokers trading terms and conditions is the best way to find out their fee and commission structure. 

Large choice of currency pairs

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Most traders opting for a 0 pip forex broker will likely be day traders or scalpers. Finding a broker with a large choice of currency pairs to trade is helpful as you’re able to spread your money across a range of pairs. Most brokers will offer the major pairs, but if you’re interested in trading the exotics, then make sure to check before joining that the broker offers them. 

Technical tools 

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The best platforms have a broad range of technical tools which can be easily overlaid onto price charts. Technical analysis is a popular trading method and for many traders, the use of indicators and other tools is an important aspect of trading. Before joining a zero pip broker it’s a good idea to check what tools they offer. Most brokers offer this service for free. 

Regulation

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Choosing a regulated broker is important because it protects your money incase anything happens. All regions and countries will have their own regulation so its important to check what applies to you. In the United Kingdom, picking a broker who is FCA regulated is important. 

Quick answers to key questions

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How much are fees and commissions?

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That will depend on the broker’s terms and conditions so it’s worthwhile checking the fee schedule prior to joining. It’s highly likely that a low spread broker will have other charges that you’ll need to take into account. 

Do low spread brokers offer other markets?

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Yes, many online low commission forex brokers also allow you to trade other financial assets. With the rise in cryptocurrencies in recent years, lots of brokers have started to include top coins like Bitcoin or Ethereum. Other instruments you can usually trade are stocks, commodities, and ETFs. It’s always a good idea to check what’s on offer before registering.

Do I have to download any software to use a 0 pip broker?

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Not always, although most brokers have specialised trading software available for all of their users. The most common among retail forex traders are MT4 and Tradingview. If you decide you don’t want to download anything, then all brokers offer an option to place trades directly from their websites. 

Can I trade from my phone?

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Yes, all the top low spread forex brokers have apps which you can download to your mobile device. However, forex mobile trading apps will likely have less features than desktop platforms. Using a mobile trading app is a great way to keep on track of your open trades while you’re out and about. 

Should I use a low spread broker to trade forex?

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Using a broker is the easiest and most times only way to trade the forex market. Using a 0 pip broker is a good idea, especially for anyone who uses day trading or scalping strategies. Zero pip brokers may not always offer no spreads, however on average their spreads will be zero, or close to zero. 

Still undecided?

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This page has already covered a lot of information, but if you are still undecided about joining a low spread forex broker, check out the pros and cons below.

Pros

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  • Zero pip brokers have no spread between the buy and sell price meaning your costs of trading will be lower. 
  • Brokers who offer low spreads are ideal for day traders or scalpers who make many trades throughout the day. 
  • Most 0 pip forex brokers offer leverage, meaning you can profit from very small moves in the market. 
  • It is possible to use a mobile device when trading forex so you’re able to keep track of your positions while on the go. 
  • The top brokers all offer a broad range of technical tools making market analysis a much easier process. 
  • Some 0 pip brokers offer forex trading signals or copy trading functions so you’re able to use the expertise of an experienced trader while learning.

Cons

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Should I trade forex now?

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If you think you have the knowledge required, then yes it could be a good time to start trading now. The first thing you will need to do is register with a low spread broker which you can do by clicking on the links further up the page. It’s also a good idea to stay on top of the latest forex news and analysis.

Latest forex news

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The NZD/USD pair will be the forex pair to watch this week as the Reserve Bank of New Zealand (RBNZ) delivers its first interest rate decision on Wednesday. The pair traded at 0.6197 on Friday, 2.65% above its lowest point this year.  RBNZ decision and US PCE data The NZD to USD pair continued
The USD/INR exchange rate has remained in a consolidation phase in the past few months as investors watch the actions of the Federal Reserve and the Reserve Bank of India (RBI). The pair was trading at 82.88 on Friday, about 0.80% from its highest point in 2023. Fed and RBI rate decisions The USD/IN
US dollar chart and technical analysis The US dollar index dropped 0.9% since Monday and the price dropped below a key support of 104.00 and closed below this level. Currently, the price is making a retracement before dropping further. The market structure is also bearish and the price will possibly
Choose a low spread broker

Methodology: How we choose the best 0-pip and low spread forex brokers

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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 at a low price. 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 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.