See the ranking

The ranking.

Every broker we have funded, traded and withdrawn from, ordered by score. Filter by the kind of broker you are looking for.

50 reviews

01

Pepperstone Group

Razor is the account most active traders should open: spreads from 0.0 pips on majors plus a flat $3.50 per lot per side commission beat Standard's 1.0 pip floor once a trader is placing more than a handful of trades a week. Pepperstone charges nothing for deposits or withdrawals and settled every one of ours within a day.

Best for Active traders who place enough volume that a per lot commission beats a wider all-in spread

Razor spread, EUR/USD
From 0.0 pips
Minimum deposit
$10 via most methods, none via bank transfer
Razor commission
$3.50 per lot per side (margin FX and Spot Gold)
8.4Read review
02

Tradeslide Trading Tech

Darwinex solves the part of copy trading that always felt lopsided: a DARWIN provider earns 15% of the profit their strategy makes for investors, with only 5% going to Darwinex, rather than a copy-trading platform quietly taking a spread markup nobody sees. Investors still pay real money for it, a 20% high-water-mark performance fee plus a 1.2% annual management fee on invested equity, and $569.80 million in third-party capital says enough people accept that price. The FX account underneath is competitively priced on its own; the DARWIN layer on top is where this broker actually earns its reputation.

Best for Verified traders wanting fair pay, and investors wanting audited strategy exposure

FX spread and commission
From 0.0 pips + ~$2.50/lot per side
Minimum deposit (trading account)
$500, then $100 minimum
DARWIN performance fee
20% total (15% provider, 5% Darwinex), high-water mark
8.3Read review
03

Saxo Bank

Saxo is a licensed bank running a trading platform, not a CFD shop dressed up as one, and that shows in execution: an average 0.012-second fill on market orders and a EUR/USD spread that only reached 4.1 pips once, during a US CPI release, before settling back near 0.9 pips in under a minute. Classic needs no minimum deposit at all, which is generous, but Classic pricing is also the worst Saxo offers. Platinum and VIP cut spreads further, and both require deposits or trading volume most retail traders will never reach. Worth it for a trader who wants forex alongside real stocks, bonds and options in one account; expensive overkill for someone who only ever trades currency pairs.

Best for Traders who want forex, shares, bonds and options in one bank-regulated account and can live with Classic pricing

Classic EUR/USD spread
~0.7 to 0.9 pips average
Minimum deposit
None (Classic tier)
Platinum tier threshold
~SGD 300,000 deposit or volume; spreads to 0.6 pips
8.2Read review
04

Interactive Brokers LLC

Interactive Brokers prices spot forex cheaper than almost any dedicated broker on this site, and SIPC, SEC and FINRA oversight backs it with real depth. Trader Workstation demands a learning investment that a forex-only beginner should not underestimate before opening an account here.

Best for Traders who move enough volume for basis-point pricing to matter and can tolerate a steep platform learning curve

Min. deposit
None (standard cash account)
Investor protection
SIPC, up to $500,000 per account
IDEALPRO commission
0.20 bps, $2 min/order (Tier I)
8.1Read review
05

First Prudential Markets

FP Markets holds its own against IC Markets and Pepperstone on the number that matters most, the Raw account's all-in EUR/USD cost, and beats both on platform choice by adding the Iress suite for shares alongside MT4, MT5 and cTrader. It is not the cheapest of the three on every pair, and the AU$100 minimum sits above IC Markets' US$200 only in nominal currency terms. Traders who want raw spreads plus a genuine equities platform have a real reason to pick FP Markets over its two closest rivals.

Best for ECN traders who also want a proper share-trading platform alongside MT4, MT5 or cTrader

Raw account EUR/USD spread (tested)
0.1 to 0.3 pips average
Minimum deposit
AU$100
Max leverage
Up to 500:1 depending on entity and instrument
8.1Read review
06

CMC Markets plc

CMC Markets wins the range argument outright: 330 forex pairs is more than IG lists, and the rebuilt Next Generation platform's charting now holds its own against dedicated platforms rather than trailing them. On price, the standard account's 0.7 pip average EUR/USD spread sits close to IG's, so the real decision is whether the FX Active account's fixed $2.50 per $100,000 commission and 0.0 pip majors beat that once volume justifies switching. FCA regulation and a 37-year, FTSE 250-listed history make this a broker we would trust with a deposit; it is the standard account's spread, not the company, that keeps this out of the raw-spread category.

Best for Traders who want the widest forex pair list on one platform and are willing to compare two pricing tiers to get there

Standard account spread
EUR/USD averaging around 0.7 pips in independent live testing
Minimum deposit
None stated
Forex pairs
330+ on Next Generation, ~175 on MT4/MT5
8.0Read review
07

Tickmill Group

Tickmill's Raw account remains one of the cheapest ways to run volume on MT4 or MT5, at roughly $6 round turn per standard lot plus a spread that regularly touches the low tenths of a pip. It is a better account today for a $500 to $50,000 trader than it was for the trader who used to qualify for the discontinued VIP tier, since that group lost its $1-per-side pricing when Tickmill folded VIP into Raw during 2025.

Best for MT4 and MT5 traders running enough volume to make a fixed per-lot commission cheaper than a wider all-in spread

Raw account spread
From 0.0 pips, averaging close to 0.1 pips on EUR/USD
Minimum deposit (Raw)
$100
Leverage
Up to 1:1000, entity dependent
8.0Read review
08

Global Prime

Global Prime's trade receipts are the real differentiator, not a marketing phrase. Every filled order generated a receipt naming the liquidity provider, latency and slippage, detail most brokers on this list do not hand a retail client. Raw pricing came in at 0.0 pips plus a $3.5 commission per side, in line with the ECN mid-market rather than the cheapest available. The AFCA-backed ASIC entity covers Australian clients properly, but the Vanuatu entity carries no compensation scheme by Global Prime's own disclosure, so a non-Australian client trades the transparency upgrade for a lighter regulatory net.

Best for Traders who want to verify exactly how each order was filled, and who accept Vanuatu-tier oversight outside Australia

Minimum deposit
$0
Raw account pricing
0.0 pips plus $3.5 commission per side
Standard account pricing
Spreads from 0.9 pips, no separate commission
8.0Read review
09

XTB S.A.

XTB removes the two biggest first-account frictions, a deposit hurdle and a platform learning curve, and backs it with FCA and KNF licences. A 2026 KNF fine over CFD investor-protection rules is a real mark against it, not a reason to avoid the broker outright.

Best for New European forex traders who want a low-friction, regulated first account

Standard account spread
From 0.5 pips EUR/USD, no commission
Min. deposit
None (individual accounts)
Max retail leverage
1:30
7.8Read review
10

IG Group

IG earns its reputation on regulation and market range rather than on price. Traders who value eight licences including the FCA and CFTC, plus a huge instrument list, get that for a EUR/USD spread of around 1 pip on average. Traders chasing the lowest possible cost per lot should look at a raw account broker instead.

Best for Traders who want one broker across forex, shares and indices under strong regulation

EUR/USD spread (IG data)
0.6 pips minimum, 0.86 to 1.13 pips average
Minimum deposit
None on bank transfer
GBP/USD spread (IG data)
0.9 pips minimum, 1.84 to 2.38 pips average
7.8Read review
11

AxiCorp

Axi's Pro account charges a $7 round-turn commission on EUR/USD spreads averaging around 0.4 to 0.7 pips, cheaper than its own Standard account once a trader clears a handful of trades a month, and there is no minimum deposit to open either one. Axi Select adds a second reason to stay: a funded account starting at $500 that scales through six stages toward $1 million in allocated capital, with a profit share that improves at higher stages. Regulation runs from ASIC in Australia down to the FSA in St Vincent and the Grenadines depending on the entity, so the protection behind an Axi account is not the same for every trader who opens one.

Best for Active traders who want a low-cost Pro account and a real path into a funded account at the same broker

Pro account spread, EUR/USD
From 0.0 pips, averaging roughly 0.4-0.7 pips
Minimum deposit
$0 for Standard and Pro accounts
Pro account commission
$3.50 per side, $7 round turn per standard lot
7.8Read review
12

Capital Com Group

Capital.com makes the first ten minutes of forex trading easier than any other broker we cover: $20 by card, a clean app, and a genuine TradingView link that carries real pricing rather than a delayed feed. The EUR/USD spread of around 0.6 pips is fair for a beginner-focused broker without being the cheapest on the site, and the overnight funding formula, once you actually read it, is more transparent than most. The single Bahamas licence for most retail clients is the one line a cautious beginner should read before assuming this is FCA-grade oversight.

Best for First-time forex traders who want a low deposit, a simple app and free TradingView charting

EUR/USD spread
Around 0.6 pips in Capital.com's own worked example
Minimum deposit
$20 by card, Apple Pay or similar; $50 by bank wire
Commission
None; revenue comes from the spread
7.7Read review
13

Fusion Markets

Fusion Markets delivers on its central claim: $2.25 per side is genuinely cheaper than the $3.50 most ECN rivals charge, and our own EUR/USD fills stayed close to the advertised near-zero spread through a month of live trading. What buyers give up for that price is tier one oversight; the Australian ASIC licence covers only part of the client base, and most retail accounts sit under Vanuatu or Seychelles paper instead. That trade is reasonable for an experienced trader chasing cost per lot, and a poor fit for anyone whose main requirement is FCA- or ASIC-grade protection on every dollar deposited.

Best for Cost-focused traders who already understand offshore regulatory tiers and want the cheapest commission available

Independent EUR/USD test
Average total cost around 0.09 pips (spread plus commission) in third-party testing
Minimum deposit
None stated on any account
Zero account cost
From 0.0 pips plus $2.25 commission per side ($4.50 round turn)
7.6Read review
14

Eightcap

Eightcap's Raw account, spreads near 0.2 pips on EUR/USD plus a $7 round-turn commission, undercuts its own commission-free Standard account once a trader places more than a handful of trades a week, and the $100 minimum deposit keeps that door open to almost anyone. The TradingView link is real and genuinely useful for charting, but it is not a full execution replacement for MT4, MT5 or TradeLocker, and UK and EU clients get a different platform list than everyone else. Regulation runs from ASIC and the FCA down to the Bahamas SCB depending on which entity signs you up, so the protection behind an Eightcap account depends on where you open it.

Best for TradingView chart traders who want raw spreads and will check which entity holds their account

Raw account spread, EUR/USD
From roughly 0.2 pips
Minimum deposit
$100 (or AUD/EUR/GBP/NZD/CAD/SGD equivalent)
Raw account commission
$3.50 per side, $7 round turn per standard lot
7.6Read review
15

OANDA Corporation

OANDA remains one of the few brokers that will legally take a US retail forex client, and its NFA registration and no dealing desk model held up through a month of live trading with no surprises. The Spread Only account is convenient but averages 1.54 pips on EUR/USD; Core Pricing gets close to zero spread but needs a ten thousand dollar balance to qualify, which most beginners will not have.

Best for US residents who want a regulated forex broker and do not yet have ten thousand dollars to trade with

EUR/USD spread, Spread Only account
1.4 to 1.54 pips average
Minimum deposit
None
Core Pricing spread
From 0.0 pips on select majors, needs $10,000 balance
7.6Read review
16

Trade Nation

Trade Nation's fixed spread genuinely does not move, and on a volatile session that beats a variable-spread broker whose pricing widens exactly when a trade matters most. The no-minimum-deposit entry point suits a beginner testing the format, but a UK trader should confirm they land under the FCA entity for FSCS cover, since the same brand's offshore accounts carry materially higher leverage and none of that protection.

Best for UK-based spread betters who want predictable pricing over the lowest possible spread on a calm day

EUR/USD spread
Fixed at 0.5 pips
Minimum deposit
None; stakes from 10p
Leverage (FCA/ASIC entity)
Up to 30:1 on majors, 20:1 on indices and metals, 10:1 on commodities
7.6Read review
17

StoneX Group

FOREX.com gives US traders a genuine choice between two honestly priced accounts, and StoneX's CFTC and NFA registration is as solid as US forex regulation gets. The RAW account only pays off above a specific volume, so picking the wrong tier quietly overcharges a smaller trader.

Best for US-based traders who want NFA-regulated execution and are willing to pick the account tier that matches their volume

Standard account spread
From 0.8 pips EUR/USD, no commission
Min. deposit
$100
Max US leverage
1:50 on major pairs (NFA rule)
7.4Read review
18

FxPro Group

FxPro earns its platform reputation: MT4, MT5, cTrader and TradingView all connect to the same login without friction, which matters more to a trader who already has a preferred charting tool than a broker that only speaks MetaTrader. The Raw+ pricing is genuinely tight on EUR/USD and gold, but the commission climbs on other pairs, and a trader chasing the single lowest all-in cost should still put FxPro's numbers next to a dedicated ECN broker before assuming four platforms is worth paying extra for.

Best for Traders who value platform choice, especially cTrader or TradingView users, over chasing the single cheapest spread

Standard account spread
From 1.2 pips (MT4), 1.4 pips (MT5), no commission
Minimum deposit
$100 across MT4, MT5 and cTrader accounts
Leverage
Up to 1:500, entity dependent
7.4Read review
19

ActivTrades

ActivTrades earns its safety reputation honestly. Negative balance protection applies to every account by policy, backed by a separate Lloyd's of London insurance layer most competitors do not disclose this clearly. Spread betting profits stay tax-free for UK residents, and forex spreads started from 0.5 pips in our testing, fair though not the tightest we have seen. The account suits a UK trader who wants tax-free profits and a documented safety net without chasing the absolute lowest spread, and it is a poor match for anyone whose only priority is raw cost per lot.

Best for UK traders wanting tax-free profits and documented balance insurance over the lowest spread

Forex CFD spread
From 0.5 pips on major pairs
Minimum deposit
None stated for the spread betting account
Negative balance protection
Applied to all accounts since 2013, plus Lloyd's of London insurance layer
7.4Read review
20

IG US

tastyfx gives US traders a genuine price choice that neither OANDA nor FOREX.com offers in the same form: a commission-free spread account or a near-zero spread account with a flat per-lot fee. Backed by IG since 2021, it clears NFA and CFTC bars comfortably and hands over five platforms without an upsell. It stops short of a strong buy because the Standard tier's 0.8 pip floor is ordinary, and the fine print (a 0.5% conversion charge, a $50,000 gate on the cheapest all-in tier) needs reading before the account gets funded.

Best for US residents who want a choice between commission-free and near-raw pricing on one broker

Standard account spread
From 0.8 pips, commission-free
Minimum deposit
$0 on Standard and Zero+; $50,000 on Prime
Zero+ account
From 0.0 pips plus $5 commission per lot
7.4Read review
21

ThinkMarkets Group

ThinkMarkets runs three account types: Standard and ThinkZero on MT4 or MT5, plus a third tier built around ThinkTrader, its own app with TradingView charting, a Traders' Gym backtester and a Signal Centre feeding up to 50 daily ideas. ThinkZero prices from 0.0 pips plus $3.50 per side, while the ThinkTrader account runs commission-free from around 0.4 pips, a fair trade for a trader who values the tools over the last fraction of a pip. Regulation spans the FCA, ASIC, CySEC, JFSA and FSCA, with a Seychelles entity elsewhere. ThinkTrader earns its place if the analysis tools actually get used, not just installed.

Best for Traders who want TradingView-style charting and built-in analysis tools without leaving their primary trading account

ThinkZero spread, EUR/USD
From 0.0 pips plus $3.50 per side commission
Minimum deposit
$0, Standard account
ThinkTrader account spread
From roughly 0.4 pips, commission-free
7.4Read review
22

LMAX Group

LMAX Global runs a genuine central limit order book rather than a dealing desk, and that shows in fills that did not move against us the way they sometimes do on market maker accounts. It is not built for a casual trader: the site states its information is directed at professional clients, typical minimum deposits run from ten thousand dollars upward, and the commission structure only starts to make sense at volume most beginners will never reach.

Best for Professional or high volume traders who want exchange-style execution over a dealing desk model

EUR/USD spread (independent data)
From 0.2 pips peak hours, average near 0.5 to 1 pip
Typical minimum deposit
From $10,000, entity and account dependent
Retail leverage
Up to 1:30
7.3Read review
23

GO Markets

GO Markets has held its ASIC licence, AFSL 254963, since 2006, a rare run of continuous regulation in a segment where offshore rebrands are common. GO Plus+ backs that history with a competitive raw-spread account: EUR/USD around 0.38 pips against a $5 round turn commission, landing close to $8.80 all-in, on par with better-known Australian ECN rivals rather than clearly cheaper. GO Markets sets no hard minimum deposit but recommends AU$200 for workable margin, and Australian clients get a wider platform choice, including cTrader and TradingView, than European or offshore clients limited to MT4 and MT5. It earns its place on cost and longevity, not by undercutting the market outright.

Best for Traders who value a two-decade unbroken ASIC track record as much as shaving the last fraction of a pip off spreads

GO Plus+ spread and commission, EUR/USD
Around 0.38 pips, $5 round turn per lot
Minimum deposit
No hard minimum; AU$200 recommended
Leverage, ASIC/CySEC retail
1:30 on FX majors, 1:20 on minors
7.3Read review
24

Vantage Markets

Vantage's Raw ECN account is genuinely cheap to open and competitive to trade, with EUR/USD averaging close to 0.13 pips plus a $3-per-side commission in our test. The catch sits in the entity structure: ASIC and FCA clients get strong oversight, but most international sign-ups land under the Vanuatu-registered entity, which offers none of that scrutiny, so the $50 minimum deposit buys a different broker depending on where the account is opened.

Best for Cost-conscious ECN traders based in Australia or the UK who land under Vantage's strongest regulatory entities

Raw ECN spread
From 0.0 pips, averaging around 0.13 pips on EUR/USD
Minimum deposit (Raw ECN)
$50 (or 400 HKD / 5,000 JPY equivalent)
Leverage
Up to 1:500, entity dependent
7.2Read review
25

eToro Group

CopyTrader genuinely lowers the bar to entry, and a $50 minimum deposit backs that up. But a EUR/USD spread of roughly 1 pip and a flat $5 withdrawal fee are real costs that a copied trader pays on top of whatever the copied trader is already paying, and over months that gap is large enough to matter.

Best for Newcomers who want to learn from watching other traders rather than build a strategy alone

EUR/USD spread (industry data)
From 1.0 pip, no commission
Minimum first deposit
$50
Withdrawal fee
$5 flat on USD accounts
7.1Read review
26

Dukascopy Bank

Dukascopy's SWFX marketplace is genuinely institutional-grade, and being regulated as an actual Swiss bank under FINMA carries weight that a standard CFD broker licence does not. JForex takes real time to learn next to a MetaTrader interface most traders already know, and the commission structure rewards size: a small account pays more per lot than a trader with a six-figure balance, which makes Dukascopy a better fit for a trader planning to grow into that discount than one testing the water at $100.

Best for Traders who want genuine Swiss bank custody and are willing to learn JForex rather than default to MetaTrader

Spread (EUR/USD)
From 0.1 pips on SWFX during liquid sessions
Minimum deposit (live account)
$100
Leverage
Up to 1:200, jurisdiction dependent
7.1Read review
27

XM Group (Trading Point)

XM makes opening and funding an account trivially easy, and a $5 minimum with a genuine $30 no-deposit bonus is unusual generosity for a broker regulated by four Tier-1 bodies. The catch sits in the account list: the Zero account, the only one priced close to a raw-spread ECN broker at $3.50 per lot per side, is restricted to XM's CySEC entity and unavailable to most clients outside the EU. Everyone else gets Ultra Low, at roughly 0.6 to 1.1 pips on EUR/USD with no commission, a fair beginner price but not an ECN one.

Best for Beginners who want a very low entry cost and are not chasing raw-spread pricing

Ultra Low EUR/USD spread (tested)
0.6 to 1.1 pips, no commission
Minimum deposit
$5
Max leverage
30:1 in the EU; up to 1000:1 at XM Global
6.9Read review
28

Spreadex Ltd

Spreadex is a genuine, long-running FCA firm with tax-free UK spread betting and a EUR/USD spread that undercuts several bigger names. It suits a UK-based trader who wants that tax treatment and does not need dozens of platform choices. It does not suit anyone comparing index CFD pricing line by line, because several of Spreadex's index spreads sit at or above the market average.

Best for UK residents who want tax-free spread betting on forex without a large deposit

EUR/USD spread
From 0.6 points
Minimum deposit
None stated
GBP/USD spread
From 0.9 points
6.9Read review
29

FXCM Group

FXCM is not the cheapest name on our list. Standard spreads average 0.74 pips on EUR/USD with no commission, above what several ECN rivals charge for less hassle. Active Trader brings that near $7 all-in per lot, competitive but not class-leading, and needs $25,000 in equity to unlock. What still earns FXCM its keep is Trading Station: unlimited demo time, 100+ built-in indicators and real backtesting in one platform. That suits a trader building and testing a strategy, and it is a weak match for anyone shopping purely on spread.

Best for Traders who want to build and backtest strategies inside one platform rather than shop purely on spread

Standard account EUR/USD spread
Average 0.74 pips, no commission
Minimum deposit
$50 (Standard account)
Active Trader account
From 0.2 pips plus $5/lot per side ($50 per $1m notional), $25,000 equity required
6.9Read review
30

HF Markets Group

HFM's Zero account does what it promises outside Europe: raw spreads from 0.0 pips, a commission we found closer to $6 per lot than the advertised $3, and leverage up to 1:2000 no FCA- or ESMA-regulated broker on this site can legally offer. The five-entity structure spans the FCA, CySEC, FSCA, Seychelles FSA and Dubai's DFSA, but a European resident lands under the strictest of those, not the loosest, so the leverage headline is not available to everyone reading this. HFcopy works, but its performance fees varied noticeably between the providers we followed.

Best for Traders outside the EU and UK who want high leverage and low-cost raw spreads under real, if mixed-tier, regulation

Zero account spread
From 0.0 pips
Minimum deposit
$0 on Zero account (some regions show $25 minimum)
Maximum leverage
Up to 1:2000 for eligible non-EU/UK clients
6.9Read review
31

NinjaTrader Group

NinjaTrader does not sell spot forex, and a trader arriving expecting a retail FX account will not find one. What it sells instead is nine CME currency futures contracts, from full-size 6E Euro FX down to micro M6E, cleared through the same NFA-regulated account as its stock index and single-stock futures. That works well for a futures trader who wants FX exposure without a second broker, and the free license plan with $50 micro day margins keeps the entry cost low. It is a poor fit for anyone who actually wanted 24 hour spot forex quotes, a demo built around currency pairs, or leverage anywhere near what a retail forex account offers.

Best for US futures traders who want currency exposure inside the same NFA-regulated account, not spot forex traders

M6E (Micro EUR/USD) day margin
$50, initial margin near $231
Minimum deposit
$0 stated minimum; live trading needs the margin for the contract traded
6E (Euro FX) day margin
$500, initial margin near $2,640
6.9Read review
32

Plus500 Ltd

Plus500 is the easiest CFD account on this list to open and fund, and the zero-commission, no-MetaTrader model removes almost every decision a first account has to make. That simplicity has a price: our EUR/USD spread sat between 1.0 and 1.4 pips depending on the hour, roughly double what a raw-spread ECN account charges, and the $10 monthly inactivity fee after three quiet months is easy to forget until it lands. Fine for a first account kept small and active; not for anyone who wants an Expert Advisor or a custom indicator.

Best for First-time CFD traders who want one simple app and no platform decisions to make

EUR/USD spread (tested)
1.0 to 1.4 pips
Minimum deposit
$100
Max leverage advertised
Up to 1:300 on forex CFDs
6.8Read review
33

Ava Trade

AvaTrade is built for a trader who wants predictable costs and a safety net, not the lowest possible spread. AvaProtect genuinely refunds a losing trade for a stated premium, and the education centre and multiple regulator licences make the account feel supervised. None of that changes the fact that a 0.9 pip EUR/USD spread is expensive next to a raw account, and traders who plan to hold no positions overnight and want the tightest fill available should look elsewhere.

Best for New traders who want a fixed-cost account, a loss-insurance option and structured education in one place

EUR/USD spread
From 0.9 pips, fixed
Minimum deposit
$100
Account type
Fixed spread only, no raw/ECN option
6.8Read review
34

TradeMax Global Markets

TMGM's Edge account opens from $100 and charges roughly 0.20 pips on EUR/USD plus a $7 round turn commission, a fair raw spread price and one backed by a genuine ASIC licence through Trademax Australia Limited. It is not, however, the cheaper alternative its marketing implies: IC Markets' Raw account routinely prices EUR/USD closer to 0.1 pips for the same $7 commission, so a trader moving from IC Markets or Pepperstone to TMGM for cost reasons alone will not see a clear saving. Where TMGM earns its place is as a second ASIC-regulated ECN option running the same MT4 and MT5 platforms traders already know, useful for spreading exposure across brokers rather than switching to save money.

Best for ECN traders who want a second ASIC-regulated broker on familiar MT4/MT5 terms rather than the single cheapest spread

Edge spread and commission, EUR/USD
Around 0.20 pips, $7 round turn per lot
Minimum deposit, Edge and Classic
$100
Leverage, ASIC entity
Up to 1:30
6.8Read review
35

Libertex Group

Libertex's pitch holds up on the point that matters most to a beginner: a fixed commission is easier to check against a statement than a spread that moves with liquidity. Our test trades confirmed the commission line stayed consistent. What undercuts the simplicity is everything around it: overnight fees, a 0.3% conversion charge on the Libertex platform, and a 10 EUR monthly inactivity fee after 180 quiet days, none of them visible on the front page. It suits someone opening small, trading short-term and reading the fee page first, and it is weaker for anyone planning to hold positions or leave the account dormant.

Best for Beginners making short-term trades who read the fees page and do not plan to leave the account dormant

Minimum deposit
$10 (varies by region, up to €100 in some markets)
Leverage
Up to 1:500 outside the EU/UK; 1:30 on majors under CySEC/EU rules
Pricing model
Zero spread, flat disclosed commission per trade
6.8Read review
36

ForexTime

FXTM's Advantage account still delivers what it advertises: a spread from 0.0 pips and a $7 round-turn commission that competes with the raw spread specialists it is priced against. What changed is the surrounding business. FXTM Invest closed in 2024, the UK entity shut down in 2026, and the Advantage account's own deposit floor has risen from the $200 widely quoted to $500 on FXTM's current page, so a trader comparing today's FXTM to reviews even a year old is looking at a narrower, pricier entry point than those reviews describe.

Best for Traders outside the UK who want raw MT4/MT5 pricing and can meet the higher deposit floor

Forex spread (Advantage)
From 0.0 pips
Minimum deposit (Advantage)
$500 (or currency/local equivalent) per FXTM's current account page
Leverage (Advantage)
Up to 1:3000, floating
6.7Read review
37

Trading.com Markets

Trading.com Markets Inc. is a CFTC-regulated, NFA member broker (ID 0516820) that launched in 2022 and sells one account, T1, with a $50 minimum and no commission. Our test measured a EUR/USD spread averaging 1.2 pips, cheaper than OANDA's 1.4-1.54 pips but wider than Forex.com and tastyfx's own roughly 0.8 pip Standard tiers. MT5 runs cleanly with full MetaQuotes support, and the site offers no futures or options. As a young, single-account broker, Trading.com is a workable MT5 entry point, not yet a reason to leave a longer-established competitor.

Best for US-based MT5 traders who want a low deposit minimum and are comfortable with a newer, single-account broker

EUR/USD spread
Averages 1.2 pips, no commission
Minimum deposit
$50, T1 account
Max leverage
1:50 on major pairs, the US NFA cap
6.7Read review
38

Swissquote Bank

Swissquote is a Swiss bank first and a forex broker second, and the pricing reflects that order: Standard spreads open at 1.7 pips on EUR/USD with no commission, more than a full pip above what a dedicated ECN broker charges, and reaching the 1.1 pip Prime tier takes a $50,000 deposit. The FINMA banking licence and CHF 100,000 deposit protection are real advantages for anyone who wants their trading cash sitting inside an actual bank, but a trader who only cares about cost has cheaper places to go.

Best for Traders who want forex money held inside a regulated Swiss bank and will pay a wider spread for that

Standard spread, EUR/USD
From 1.7 pips, no commission
Standard minimum deposit
$1,000
Premium minimum deposit
$10,000
6.7Read review
39

RoboForex

RoboForex's ECN account does what it advertises: spreads floated from 0 pips in our testing, commission scaled by volume, and the $10 minimum is genuinely one of the lowest we have tested for ECN-grade pricing. CopyFX held up too, with over 2,000 visible strategies and full investor control over stop-loss and subscription terms. The problem sits with the regulatory picture: the core brand operates under Belize's FSC, a licence with none of the compensation-fund obligations FCA or ASIC carry, softened only by a Financial Commission membership offering up to 20,000 euros per verified claim. That is a real, quantified safety net, just a much smaller one than the marketing tone suggests.

Best for Cost-focused traders comfortable with offshore regulation who want cheap ECN pricing and access to CopyFX

ECN account spread
Floating from 0 points, volume-scaled commission
Minimum deposit
$10
Leverage
Up to 1:2000 (Prime capped at 1:300, ECN at 1:500)
6.5Read review
40

The NAGA Group

NAGA's social feed is the real product here, and Autocopy works mechanically: a copied trade opens within seconds of the trader being followed placing it. The cost is a 5% performance fee on profit above 10 euros per closed copied trade, stacked on top of a EUR/USD spread that starts around 1.0 pip rather than the 0.2 pips NAGA quotes for its cheapest instruments. A trader who values the community and is comfortable losing a slice of every winning copy to fees will get what NAGA promises. A trader who only wants the tightest possible cost per trade should treat Autocopy as a separate, priced product rather than a free feature bolted onto a broker account.

Best for Traders who want to auto-copy other members' positions and accept a fee on profitable copies

EUR/USD spread
From 0.2 pips on select instruments, closer to 1.0 pip on standard forex pairs
Minimum deposit
$50
Autocopy performance fee
5% of profit above 10 EUR per closed copied trade
6.5Read review
41

Ultima Markets

Ultima Markets launched in 2016 and runs three tiers: Standard from $50, near 1 pip, no commission; ECN from $500, 0 pips plus $5 commission; Pro ECN from a steep $20,000, the same raw spread plus $3 commission. That top tier competes with the cheapest ECN pricing we track anywhere on this site, but it sits out of reach for most retail traders. Regulation splits: a real FCA licence covers UK clients, while the entity most others use answers to Mauritius's FSC, a tier-2 regulator with lighter enforcement power than the FCA or ASIC. No deposit or withdrawal fees round out a broker that is cheap at the top and unproven everywhere else.

Best for Well-funded traders who can meet the $20,000 Pro ECN minimum and accept Mauritius-level regulation outside the UK

Deposit/withdrawal fees
None charged by Ultima Markets
Leverage
Up to 1:2000 for non-EU clients; 1:30 under FCA rules
Standard account
$50 minimum, from 1 pip, no commission
6.4Read review
42

Trading 212

Trading 212's CFD account opens with $10 and no commission on any trade, which makes it one of the cheapest ways to place a first forex trade. The catch is the spread itself: EUR/USD averages around 1.3 to 1.4 pips in independent testing, wider than a dedicated forex broker's raw account, and forex leverage caps out at 1:30 for majors under the same retail rules that apply everywhere it operates. There is no MT4 or MT5, only the in-house app, so a trader who outgrows simple charting will hit a ceiling fast. As a way to try forex alongside a stock portfolio already sitting in the Invest account, it works. As a serious forex account, it is a side feature.

Best for Existing Trading 212 Invest users who want to try small forex positions without opening a second broker

EUR/USD spread
Around 1.3 to 1.4 pips average, no commission
CFD minimum deposit
$10 / €10
Forex major pair leverage
Up to 1:30
6.2Read review
43

PU Prime

PU Social's real strength is its entry price: a copier can follow a strategy provider from a $50 balance with no subscription or management fee, across a claimed 32,000 providers. The trading side prices fairly too, with Prime spreads from 0.0 pips against a $3.50 per side commission. What holds the package back is the licence underneath it: PU Prime's regulation page names only Seychelles, South Africa, Mauritius and the UAE, none of them a tier one regulator, and independent forums carry a steady run of withdrawal complaints worth reading before depositing more than a trader can afford to have delayed.

Best for Traders who want a low-cost entry into copy trading and accept offshore-only regulation in exchange

Standard spread, EUR/USD
From 1.3 pips, no commission
Minimum deposit, Standard
$50
Minimum deposit, Cent
$20
6.2Read review
44

Octa Markets

Octa's $25 minimum deposit and commission-free structure genuinely lower the bar for a first small account, and Octa Copy is simple enough that a beginner can start following a Master Trader within minutes of funding. What the marketing does not mention is that CySEC suspended the voting rights of Octa's majority shareholder in 2025 over governance concerns, and several national regulators, including Indonesia's Bappebti and India's RBI, have warned against the brand. A small-account trader can use Octa cheaply, but should not treat it as equivalent to a broker with a clean regulatory record.

Best for Small-balance traders in Asia testing copy trading who accept offshore-entity regulatory risk for a low deposit

Spread (floating)
From 0.6 pips, no commission
Minimum deposit
$25
Leverage
Up to 1:1000, entity dependent
6.1Read review
45

FBS Markets

FBS now sells a single live account, a Standard tier open from $5 with a spread quoted from 0.7 pips and no separate commission, replacing the old five-tier menu of Cent, Micro, ECN and Zero Spread accounts. Leverage runs up to 1:3000 for clients on the Belize entity, where most sign-ups outside the EU and Australia land, carrying only IFSC oversight rather than a CySEC or ASIC licence. Deposits and withdrawals were free and on time in our test. The cost is regulatory: Ukraine, Malaysia and Brazil have each warned against unauthorised FBS activity.

Best for Traders who want a cheap, no-frills entry and accept a Belize-regulated account with high leverage

EUR/USD spread
From 0.7 pips, no commission
Minimum deposit
$5, Standard account
Leverage
Up to 1:3000 on the Belize entity; 1:30 under ASIC
6.1Read review
46

LiteFinance Global

LiteFinance's ECN account opens from $50, not the $10 figure that only applies to its Cent account, quoting spreads from 0.0 to 0.2 points with a commission that sources put anywhere from a few cents to roughly $0.50 a lot, a gap worth confirming before funding a live account. Social Trading is a genuine built-in feature, letting an investor copy a trader for a share of profitable trades rather than through a bolted-on app. The regulatory picture needs care: only the Mauritius FSC and European CySEC entities hold an actual licence, while LiteFinance Global LLC in St. Vincent and the Grenadines, the entity most offshore clients sign with, is not regulated at all.

Best for Cost-conscious traders willing to open with the Mauritius or CySEC entity instead of the unregulated one

ECN spread, majors
From 0.0 to 0.2 points in active sessions
Minimum deposit, Cent account
$10
Leverage
Up to 1:1000 on forex, 1:50 on crypto
6.0Read review
47

AMarkets

AMarkets executes ECN trades competitively and its Financial Commission membership offers a real, if capped, dispute path that many offshore brokers skip entirely. It does not replace a Tier 1 licence, and the euro20,000 compensation ceiling is small next to what a serious account can lose.

Best for Traders who accept offshore regulation for high leverage and cheap ECN pricing

ECN spread
From 0 pips + $2/lot commission
Min. deposit
$100 (from $10 in some regions)
Max leverage
1:3000
5.9Read review
48

Finalto

Markets.com's platform is genuinely built for a first account: a clutter-free interface, MT4 and MT5 as fallbacks, and an Education Centre stocked with guides and Trading Central signals a beginner can actually use. The $100 minimum deposit and EUR/USD spreads averaging around 1.2 pips are ordinary rather than cheap. What changes our verdict is regulation: Markets.com's own support pages state that its UK and Australian entities no longer offer services to retail clients under the Markets.com brand, leaving a CySEC licence as the cover most beginners now sign under, real but lighter than the FCA protection this brand used to advertise.

Best for Beginners in a CySEC-covered region who want strong education and a simple platform over the tightest spread

EUR/USD spread
From 0.6 pips, averaging around 1.2 pips
Minimum deposit
$100
Commission
None; cost is built into the spread
5.8Read review
49

Alpari

Alpari's execution and platform choice are fine for a small offshore account, but the Comoros MISA licence replaced the FCA and CySEC registrations that once backed the name, and that gap in protection is the whole story now.

Best for Traders who already accept offshore risk and want cheap ECN pricing on MT4 or MT5

ECN spread
From 0.0 pips + $2.5/lot
Min. deposit, Micro
$30
Max leverage
1:3000 (ECN, Pro ECN)
5.6Read review
50

InstaForex

InstaForex has operated continuously since 2007, a longer run than most brokers on this site, and a $1 minimum opens its Standard or Cent account. That longevity does not carry through to pricing: Standard quotes a fixed EUR/USD spread near 3.0 pips, several times a raw-spread ECN broker's charge, and the cheaper Pro and Zero tiers require a $100 deposit instead. Regulation splits between a CySEC entity, fined 130,000 euros in 2018, and a BVI-licensed entity most international clients sign up through, with meaningfully less recourse than a CySEC or FCA dispute process. Heavy bonus and contest marketing, plus recurring withdrawal complaints, add friction a broker this old should have fixed.

Best for Traders drawn to a long track record and a $1 entry point who accept BVI-level regulation and a wide spread

Standard EUR/USD spread
Fixed, around 3.0 pips, no commission
Minimum deposit
$1, Standard and Cent accounts; $100 for Pro, Zero and Raw
Leverage
Up to 1:1000 standard; XAccounts advertise up to 1:5000
5.4Read review