Best forex broker with low commission in 2022

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.
By: Prash Raval
Prash Raval
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he… read more.
Updated: May 31, 2022

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. 

What are the best forex brokers with low commission?

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.

1
Min. Deposit
$10
Promotion
User Score
10
Leverage
500:1
New accounts
Spreads
0.8
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Payment Methods
Bitcoin, Credit Card, Debit Card, Visa
Full regulations list:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
2
Min. Deposit
$10
Promotion
User Score
9.3
Leverage
30:1
New accounts
Spreads
1
PIPs
Regulations
CySEC, FCA
Forex Pairs
No Fee
Start Trading
Pros:
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
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
3
Min. Deposit
$10
Promotion
User Score
8.7
Leverage
500:1
New accounts
Spreads
0.7
PIPs
Regulations
Forex Pairs
55+
No Fee
Start Trading
Pros:
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Payment Methods
Bitcoin, Credit Card, Debit Card, Wire Transfer
Full regulations list:
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.
4
Min. Deposit
-
Promotion
User Score
8.5
Leverage
:1
New accounts
Spreads
PIPs
Regulations
CFTC, FCA, IIROC
Forex Pairs
No Fee
Start Trading
Pros:
Take a position on major global indices, including US Wall St 30 and France 40
Low spreads and accurate pricing reflecting the underlying market
Comprehensive analysis and new for better decision making
Payment Methods
Bank Wire, Check, Credit Card
Full regulations list:
CFTC, FCA, IIROC, MAS, NFA
Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest.
5
Min. Deposit
-
Promotion
User Score
7.9
Leverage
:1
New accounts
Spreads
PIPs
Regulations
Forex Pairs
No Fee
Start Trading
Pros:
Forex Demo Account
Trading accounts in EUR, USD, PLN, CZK, GBP
MT4 and MT5 platforms
Payment Methods
BPAY, Bank Wire, Bitcoin, Boleto, CartaSi, Carte Bleue, China UnionPay, Credit Card, Dankort
Debit Card, Giropay, Ideal, MoneyGram, POLi, Paxum, PayCo, Przelewy24, Sofort, Trustly, Western Union, ePay bg, ePayments Transfer, neteller, postepay, skrill
Full regulations list:

Top forex brokers with low commissions

1. eToro: Best overall

eToro is one of the top forex brokers around and is trusted by millions of users across the globe. It doesn’t just focus on forex and offers a lot of other asset classes like stocks, crypto, commodities, and indices among others. When it comes to commission fees, eToro ranks highly as it doesn’t charge any. 

While it doesn’t charge a commission it makes money through spreads. Its spreads are variable although generally are low compared to other brokers. eToro has 49 FX pairs available including the majors, minors, and some exotics. Its custom built trading platform also doubles as a social trading network with copy tools, making it a great choice for newbies and knowledgeable users.

Sign up with eToro >
68% 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

Pros

  • Zero commissions
  • Social trading network with copy trading tools
  • Good choice of FX pairs
  • Other assets available like stocks, crypto, and commodities

Cons

2. Alvexo: Best for forex signals

Traders wanting someone else to do the hard work for them and use forex signals will find Alvexo is the most suitable broker. Like most other brokers on our list, it doesn’t just stop at forex and includes other assets like stocks, crypto, and ETFs. Trading on Alvexo does come at a cost as it charges a small commission for each transaction. 

Its commission structure is not set in stone and varies depending on the forex pair you’re trading, or account type you’ve chosen- for example you could expect to pay $13 per lot while trading EURUSD, which equates to around 1.3%, although this is zero for certain account types. Alvexo offers trading signals for free to all of its users which are sent directly to its platform or mobile app.

Sign up with Alvexo >

Pros

  • Free forex signals to all users
  • Range of asset to trade
  • Low commissions
  • Tight spreads

Cons

3. Pacific Union: Best for bonuses

Not all low commission forex brokers offer bonuses however some do and the best one to go with is Pacific Union. It often runs promotions ranging from no deposit bonuses to deposit matches. It’s no deposit versions give you anywhere between $20 – $50 for free to trade forex with, while its deposit match bonuses double or triple your initial deposit. 

It lets you trade a range of forex pairs with all of the majors and minors included as well as a few exotics. Depending on the account type you choose will determine how much commission you need to pay. Its most popular standard and cent accounts are commission free, while its prime and Islamic account charge just $3.5 per lot per side.

Sign up with Pacific Union >

Pros

  • No deposit bonuses often available
  • Deposit match bonus could double or triple your initial deposit
  • Mobile app to trade on the go
  • Zero commission if you select standard or cent account types

Cons

4. Skilling: Best for mobile

Skilling is a top choice for users wanting to use a mobile device for trading forex. It has three mobile apps alongside its web and desktop based offerings. First up is Skilling trader which is its custom built platform that can be downloaded onto your smartphone or tablet. Next are  Skilling cTrader and Skilling MetaTrader4, both of which are popular trading platforms. 

Traders who register with Skilling have a choice of accounts depending on their requirements. It offers two main types: standard and premium. Its standard account is its most popular and has zero commissions for FX, while its premium account is aimed towards those with larger sums of money and does charge a small trading commission.

Sign up with Skilling >

Pros

  • Choice of mobile apps
  • Popular MetaTrader 4 and cTrader platforms available
  • Zero commission on standard account
  • Lots of forex pairs available

Cons

5. Capital.com: Best for beginners

New traders who are still learning the ropes should consider using Capital.com for their forex trading activity. It’s one of the biggest and best known brokers around and has a substantial educational area where novice users can fine tune their skills. Its ‘Investmate’ app can be accessed on the web or mobile device and is packed with a range of educational content. 

Included in Investmate are over 30 courses and small bitesize lessons aimed at financial trading. Its guided courses make it easy to learn more about the forex market and how to trade it. When you’re ready to start trading FX on Capital.com you’ll find your costs are very low as it charges zero commission, zero payment fees, and has low spreads.

Sign up with Capital.com >

Pros

  • Zero commission
  • Custom built educational app
  • No payment fees for deposits or withdrawals
  • Lots of currency pairs to choose from

Cons

What is a low commission forex broker?

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?

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?

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?

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?

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

  • 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

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

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 (like some on our list above or some mentioned in our page about best forex brokers for beginners). 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.

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

We followed a strict process when evaluating each broker on this page. Every forex broker listed in this guide was tested by our experts. We considered a number of different factors during testing which included: registering an account, depositing funds, making a trade, and withdrawing money. 

When comparing each broker we used online research and reviews in addition to our own research. You are able to find an in depth review for each broker we have included in this comparison guide. Our rankings and reviews are not influenced by any broker however we may at times receive an affiliate commission if you click on a link and register an account. 

To learn more about our rankings and reviews, you can visit our full review process.

FAQs

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Fact-checking & references

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Prash Raval
Financial Writer
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or teaching his son how to kick a… read more.