Compare the best low spread forex brokers

By: Prash Raval

When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or… read more.

Updated: Apr 23, 2022

This page helps you compare some of the best low spread forex brokers around. We explain what low spread brokers are, what to consider before choosing one, and compare the top ones around. 

What are the best low spread forex brokers?

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.

Most Popular

1

Min. Deposit

$10

Promotion

User Score

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

Start Trading more info

Description:

eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, ETF’s, indices and commodities. eToro offers a wide range of currency pairs and other trading instruments. eToro users can connect with, learn from, and copy or get copied by other users.

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.

2

Min. Deposit

$10

Promotion

User Score

9.3

55+ currency pairs available

Trade on a trusted platform

24/7 support via live chats, email or phone call

Start Trading more info

Description:

LonghornFX is a true ECN STP broker dedicated to delivering a superior trading experience to traders no matter their level of experience. Their services are based on transparency, innovation and efficiency, ensuring an unparalleled trading experience for all.

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.

3

Min. Deposit

$10

Promotion

User Score

8.7

Can fund with BTC

64 global companies including Netflix and Amazon

Free deposits and withdrawals

Start Trading more info

Description:

EagleFX is an online digital asset, Forex and CFD broker providing traders across the globe with cutting edge technology to trade the world’s markets. Our focus has been to change the way people trade Digital Assets and Forex. We are driven to provide traders with incredibly low-cost pricing across all Digital assets, FX, stocks, indices, commodities and futures along with industry-leading 24/7 live customer support.

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.

What is a low spread forex broker?

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? 

A pip is a unit of measure used by traders to define the smallest change in value between two currencies. Spread is the difference between the buy and sell price of two currencies and is measured in pips. 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?

Forex brokers act as a ‘middleman’ between a trader and the exchange. However, there are typically two models they use; dealing desk trading and no dealing desk trading. Both types allow for retail traders to participate in the foreign exchange market. Below we’ve briefly explained each. 

• Dealing desk trading. Brokers using this model act as a dealer and take the opposing side of a trader’s trade. This allows them to have wider spreads and the ability to control prices. 
• No dealing-desk trading. Brokers offering low spreads will likely be using a no-dealing desk trading model. This gives traders direct access to the interbank market (where banks trade currencies with each other).

The best low spread forex brokers for beginners and experienced traders

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 the best brokers for both beginners and experienced traders alike. 

The top low spread broker for beginners

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.

The top platform for experienced traders

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.

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

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. 

Low fees

Brokers who offer low spreads often charge fees and commissions as a way to make money. The best brokers not only have low spreads, but their other charges are low too. Checking out a forex brokers terms and conditions is one of the easiest ways to find out how much you will be paying each time you trade.  

Reliable platform

Many traders who opt for a low spread broker do so because they either are day traders or scalpers. When placing multiple trades throughout the day, a reliable platform is of great importance. The best platforms are consistently online, don’t suffer much downtime, or crash frequently. 

Large choice of currency pairs

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 

Almost all online forex brokers have downloadable trading platforms, although not all are equal in what they offer. 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. 

Quick answers to key questions

How much are fees and commissions?

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?

Yes, many online 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 some of the top coins. Other instruments you can usually trade are stocks, indices, and commodities. It’s always a good idea to check what’s on offer before registering.

Will I have to download software?

Not always. Most low spread forex brokers have the facility to trade directly on their websites using a web based platform. However, to get the most out of your brokers functionality, it’s a good idea to download their software, which will often have more advanced features which are especially helpful while conducting technical analysis. 

Can I trade from my phone?

Yes, all the top low spread forex brokers have apps which you can download to your mobile device and start trading. However, 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?

Using a low spread forex broker is a good idea, especially if you use any day trading or scalping strategies. Using a broker is the easiest and most times, only way to trade the forex market. Low spread brokers are an excellent way to lower your costs while making trades in the forex market. 

Forex trading is often fast-paced and requires some experience and a bit of technical knowledge. Before starting, there is a lot to learn and reading online courses is a great place to get ahead. You can check out our forex learn hub where we offer free courses on how to trade FX. 

Still undecided?

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.

Should I trade forex now?

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 news and market analysis

Where can I learn more about forex trading?

Right here on Invezz. You can check out our forex learning hub where we have free online courses on how to trade the currency market. We also have pages on technical and fundamental analysis and many other FX-related educational materials. Click on any of the links below to learn more.