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Compare the best scalping forex brokers in 2023

Q: What is the best broker for scalping forex?

Further above on our page we’ve provided links to some of the best rated forex scalping brokers. Our experts have found brokers suitable for all levels of experience so you’ll be sure to find one that matches your needs.

Q: When is the best time to trade forex?

Ideally, you’ll want to be trading when the market is most liquid. Especially if you are using a scalping strategy. The most liquid time is during the London and New York trading sessions.

Q: Is it better to have low fees or spread for scalping?

For forex scalpers who are making lots of trades throughout the day and aiming for small profits on each one, it’s best to use a low spread broker. Spread can quickly eat into any profits for scalpers, so it’s key they are as low as they can be.

Q: Will I make a lot of money forex scalping?

It’s difficult to say, although it is very possible to make a lot of money. However, you need to keep in mind that forex can be difficult so it’s always a good idea to learn as much as you can, which you can do on our dedicated forex hub.

Q: How quickly can I withdraw profits?

This will depend on your broker so it’s best to check with them once you’ve registered. Although as long as your account is verified, the average time is between 1 – 3 days depending on the method you’re using.

This guide picks out the best forex brokers for scalping. These brokers all allow scalping and are ideal for an active, fast-paced trading strategy.

By: &

Updated: Jan 23, 2023

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This beginner friendly guide helps you choose the best scalping forex broker. We explain what scalping is, what to look out for when choosing a broker, and compare the top platforms available.

Best scalping forex brokers overall for 2023

eToro: Best for beginners, copy-trading & demo-account
OANDA: Best for trading with live market data
Capitality: Best for trading like a pro

What are the best scalping forex brokers?

If you want to start scalping forex straight away then the table below has some of the best rated brokers around. Offering low fees and spreads, these expertly selected brokers are an excellent choice for anyone looking to scalp currencies. Simply click the links to get started in minutes.

Top 6 scalping forex brokers, reviewed

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

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1500

No. assets

$10

Minimum deposit

Forex

Platform type

Pros & Cons

Popular ‘Copytrader’ function so users can follow top traders Mobile platform has great functionality Minimum first time deposit of $200 Expedient customer service, with live chat support provided Over 2,000 CFDs available to trade

Does not provide the MetaTrader platform High spreads on some assets Comparatively high fees for withdrawals and account inactivity

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.

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2. Oanda. Best for trading with live market data

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1500

No. assets

$10

Minimum deposit

Forex

Platform type

Pros & Cons

Regulated forex broker in multiple Tier 1 jurisdictions 70+ forex pairs available to trade Offers individual and corporate services

Limited service to US and UK-based clients

Overview

We love Oanda because its user-friendly trading platform has been built for reliability and speed. Oanda is a CFD broker where you can trade over 70 forex markets, including majors and minors. The platform is suitable for all levels of experience, has powerful analysis tools and a wide selection of educational videos.

Oanda is an award-winning broker and integrates with both the Metatrader4 and TradingView platforms. That’s in addition to its fully customisable proprietary mobile and desktop app. Oanda has been operating for over 25 years and holds regulatory licences in the UK, Europe, Asia, and Australia.

The fees: Oanda does not charge any commissions on trading. It makes it money from the Bid/Ask spread which starts at 0.7 pips. Swap charges are applied for keeping positions open overnight and vary depending on size. There is also an admin fee for swap charges starting at 1%. A £10 fee is applied to accounts inactive for 12 months.

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3. Capitality. Best for trading like a pro

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...

No. assets

...

Minimum deposit

Forex

Platform type

Pros & Cons

Trade 2000+ CFDs in six markets Access institutional quality web trading platform Comprehensive market knowledge and education section

Unregulated offshore broker registered in St. Vincent and the Grenadines Relatively high initial deposit required

Overview

We love Capitality because it gives regular investors the means to trade with pro data and tools. Capitality offers 2100+ financial instruments, including 80 currency pairs.

The Capitality web trading terminal gives you access to live market data, real time quotes, and super-fast trade execution, all without needing to download anything. There’s also a free economic calendar that lets you know when the big financial events happen so you can plan your trades accordingly.

The fees: Capitality charges its fees through the spread. Spreads start from 0.1 pips for major forex pairs but can be significantly higher for minor and exotic pairs.

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What is a scalping forex broker?

A forex broker is an online company that allows you to trade the foreign exchange market. A scalping forex broker is a trading platform that lets you implement a trading strategy known as scalping. The best scalping forex brokers tend to have small spreads and lots of technical tools to help traders profit.

What is scalping?

It’s a short term trading strategy that involves buying and selling a currency pair with the aim of making a small profit. Traders who use a scalping method take many trades throughout a day and keep them open for a very short period of time. The overall goal for scalping is to accumulate a large number of small wins to profit from the forex market.

How do scalping FX brokers work?

Scalping forex brokers act as a ‘middleman’ between a trader and the exchange. However, there are typically two ways in which they work: dealing desk trading and no dealing desk trading. Both ways give traders the opportunity to participate in the forex market, although they have slightly different models. Below we’ve briefly explained each one.

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.

What should I look for in a scalping trading platform?

When searching for a scalping trading platform there’s a few key features to look out for. Below we’ve summarised some of the most important factors to consider while choosing a broker.

Low spread

As scalpers take lots of trades throughout the day with the aim of making a very small profit on each one, spread is one of the most important things to consider. Spread is the difference between the buy and sell price of a currency and if it’s too high, it can eat into your profits very quickly. Choosing a low spread broker is vital for forex scalpers.

Reliable platform

The best platforms are reliable, don’t suffer much downtime, or crash often. Reliability is key, especially for scalpers who may have multiple trades open at any one time. If a platform goes down or crashes at the wrong time, it could prove to be very costly. Reading customer reviews prior to signing up with a broker is a great way to understand how reliable a platform is.

Large choice of currency pairs

Having the option to trade a broad range of currencies can make a big difference for a trader scalping the forex market. Scalpers are highly active traders looking for small moves. Sometimes a specific pair may not be moving much, so having the choice to look at another is a good option for forex scalpers.

Range of technical indicators

Lots of traders who partake in forex scalping use technical analysis to determine when and how to trade. Finding a broker that offers a broad range of technical indicators can be beneficial to a trader wanting to improve their scalping. You can learn more about technical analysis on our forex courses page.

Quick answers to key questions

Do I have to download any software in order to trade?

Not always as most brokers have the facility to trade directly on their websites. However, forex scalpers are very active so it would be a good idea to download your broker’s trading platform where you can read charts and conduct technical analysis more easily. Some of the most popular platforms traders use are MT4 and Trading View.

Can I trade from my mobile device?

Yes, almost all forex brokers offer a downloadable app that you can use to trade from. For anyone trading forex using a scalping strategy, apps can be a great way to monitor your trades while on the go. Most trading platforms such as MT4 offer mobile apps that include some of the functions of their desktop apps.

Will I get a bonus for joining a forex scalping broker?

It will depend on the broker, although most brokers do usually offer some kind of bonus for new users. When registering with a broker and taking a bonus, it’s important to check the terms and conditions as many will have certain requirements such as turning over funds before being able to withdraw.

Can I trade other instruments with a scalping broker?

Most often you can, as almost all brokers have other asset classes available to trade. Some of these include commodities, crypto, and indices. Finding a broker that offers other financial instruments is a good idea because you can more easily spread your money around and diversify your trading portfolio.

Should I use a scalping broker to trade forex?

If scalping is part of your trading strategy, then you must use a broker that allows it. Some brokers don’t, while on others the commission or spread is too high to make it a viable option. Low fees and fast execution speeds are vital and scalping requires a significant amount of expertise to get right.

Still undecided?

If you’re still not sure about joining a scalping forex broker, then we’ve provided a few pros and cons below to help you make up your mind.

Pros

Scalping forex brokers allow you to make multiple trades throughout a day and collect small profits which soon add up.
Most brokers offer leverage which means small profits can be magnified into large money gains.
The best scalping brokers have simple to use technical tools making analysis easier.
Top brokers offer mobile apps which you can use to check on your trades while not at your desk.
Many platforms also have other asset classes available to trade so you can spread your money around.

Cons

Scalping forex is hard and fast paced and there’s no guarantee that you will make money.
Before you start scalping, a lot of technical knowledge will be required.
It can take a long time to learn how to trade successfully.

Should I trade forex now?

If you have never traded before, then it’s best to start with a simpler strategy than scalping. The first thing to do is choose a broker and create an account, and you should consider finding one with a free demo account. That way you can practice different trading strategies before deciding which one works best for you.

Where can I learn more about forex trading?

The first thing you should do is start following the latest forex news. That gives you an insight into the events and economic developments that affect currency prices, while you can read through the latest market analysis to follow how experts understand those events. You may also want to try taking a forex trading course to get to grips with the basics of technical analysis and discover the nuances of how currencies interact.

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FAQs

What is the best broker for scalping forex?

When is the best time to trade forex?

Is it better to have low fees or spread for scalping?

Will I make a lot of money forex scalping?

How quickly can I withdraw profits?

Sources & references

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1. Compare the best scalping forex brokers in 2023
2. Best scalping forex brokers overall for 2023
3. What are the best scalping forex brokers?
4. Top 6 scalping forex brokers, reviewed
5. What is a scalping forex broker?
6. What should I look for in a scalping trading platform?
7. Quick answers to key questions
8. Should I use a scalping broker to trade forex?
9. FAQs