6 Best Discount Forex Brokers for 2026
Not all low-cost brokers actually keep costs down once you factor in all of the miscellaneous fees, spreads, commissions, and account requirements. Some of the brokers out there will advertise tight spreads, but hide costs in the commissions, while others will cut costs, and therefore, value, in order to be “cheap.” I looked through our database of brokers who have undergone a 250-point rating system to find ones that match both value and quality at the same time.
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The minimum threshold was having the total cost for a standard EUR/USD of 100,000 to stay below $10 in trading costs, including spreads and commissions. I also put emphasis on brokers being accessible, with opening minimums under $200, and finally, favored those who offered ECN or Raw spreads for traders.
List of Top Discount Forex Brokers
*AvaTrade doesn’t allow CFD trading in Spain; only Futures are available.
Compare All Listed Brokers
| Broker | Score | Fees Score | Min Deposit | Max Leverage | Platforms | Visit Broker |
|---|---|---|---|---|---|---|
Fusion Markets | 4.5 | 4.4 | $0 | 1:500 (VFSC) 1:500 (FSA) · 1:30 (ASIC) | MT4, MT5, cTrader, TradingView, DupliTrade | - |
IC Markets | 4.8 | 5.0 | $0 | 1:30 (ASIC) 1:30 (CySEC) · 1:5000 (FSA) · 1:400 (CMA) · 1:200 (SCB) | MT5, cTrader, MT4, TradingView, Zulutrade | - |
FP Markets | 4.6 | 4.1 | $100 | 1:500 (FSA) 1:500 (FSCM) · 1:500 (Unregulated) · 1:400 (FSCA) · 1:30 (ASIC) · 1:500 (CMA) | MT5, cTrader, IRESS, MT4, Mottai, TradingView | - |
AvaTrade | 4.5 | 4.2 | $100 | 1:400 (FSCA) 1:30 (CBI) · 1:200 (BVI FSC) · 1:30 (ASIC) · 1:400 (ADGM) · 1:25 (JFSA) · 1:30 (ISA) · 1:30 (CySEC) | AvaOptions, AvaSocial, MT5, Proprietary, MT4, DupliTrade, Ava Web Trader, AvaTrade App | - |
Moneta Markets | 4.6 | 4.7 | $50 | 1:500 (FSA) 1:1000 (CMA UAE) · 1:500 (FSCA) · 1:30 (FCA) | MT5, MT4, ProTrader, App Trader, Copytrader App | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Trading derivatives is risky. It isn't suitable for everyone; you could lose substantially more than your initial investment. You don't own or have rights to the underlying assets. Past performance is no indication of future performance and tax laws are subject to change. The information on this website is general in nature and doesn't consider your personal objectives, financial circumstances, or needs. Please read our legal documents and ensure that you fully understand the risks before you make any trading decisions. |
FXCC | 4.2 | 4.4 | $0 | 1:1000 (MISA) 1:30 (CySEC) | MT4, MT5 | Trading in Forex and Contracts for Difference (CFDs), which are leveraged products, is highly speculative and involves substantial risk of loss. It is possible to lose all the initial capital invested. Therefore, Forex and CFDs may not be suitable for all investors. Only invest with money you can afford to lose. So please ensure that you fully understand the risks involved. |
How Did I Select the Best Discount Forex Brokers?
- I only included brokers whose total cost for a full-sized EUR/USD contract (100,000 units), including spreads and commissions, is below $10.
- I looked for brokers with low minimum deposit requirements under $200.
- I preferred brokers that had the liquidity to provide raw spreads starting at 0.0 pips.
- I selected regulated brokers with strong licensing and transparent documentation.
- I gave more credence to brokers with diverse trading software offerings.
- I chose brokers that offer a decent range of tradable instruments, covering multiple markets.
Best Overall
- $0Min Deposit
- 242Tradable Instruments
- LowFees
Why We Picked It
Fusion Markets is an Australian broker that was founded in 2017 and is best known for its low costs and list of platforms offered. Fusion Markets offers more than 250 assets for trading in the forex, commodities, stock, indices, and crypto markets.
Key Features:
- Regulations: VFSC (Vanuatu), ASIC (Australia), and FSA (Seychelles)
- Spreads from: 0.9 pips (Classic account); 0.0 pips (ZERO account)
- Round-turn commission on ZERO account: $4.5
- Deposit/withdrawal fees: $0
- Inactivity fee: $0
- Available platforms: MetaTrader 4, MetaTrader 5, cTrader, TradingView, DupliTrade, Fusion+
- Supporting tools/content: Free VPS hosting, Trading Central
Fusion Markets Standard account has commission-free trading and floating spreads, which start out at 0.0 pips. The spreads are tight across the range of assets offered, with particular standouts like oil with its $0.01 spread, and Bitcoin with a $17 spread.
There are multiple platforms to choose from, including MetaTrader 4, MetaTrader 5, cTrader, TradingView, Fusion+ Copy Trading, and DupliTrade, with DupliTrade and Fusion+ offering copy trading.
Fusion provides free VPS hosting for low-latency trading and automated trading abilities. Fusion also offers trading signals from Trading Central.
Pros and Cons
- Tight spreads
- No non-trading fees
- Free VPS hosting
- Trading Central content
- High swaps
Best Low Spreads
- $0Min Deposit
- 7342Tradable Instruments
- LowFees
Why We Picked It
IC Markets offers maximum value while having ultra-low spreads and trading fees. The broker was founded in Australia and opened in 2007. IC Markets offers more than 7,300 trading instruments in all major asset classes.
Key Features:
- Regulations: CySEC (Cyprus), ASIC (Australia), and FSA (Seychelles)
- Spreads from: 0.8 pips (Standard account); 0.0 pips (Raw account)
- Round-turn commission on ECN account: $6
- Deposit/withdrawal fees: $0
- Inactivity fee: $0
- Available platforms: MetaTrader 4, MetaTrader 5, cTrader, TradingView
- Supporting tools/content: Free VPS hosting, Autochartist, Trading Central
Using a Raw cTrader account for my tests, I found IC Markets offers spreads as low as 0.0 pips, with a $6 per round turn commission per lot. IC Markets also offers MetaTrader 4 and MetaTrader 5 platforms, and TradingView. The spreads in the Standard accounts are low as well, with the average spread being 0.1 pips in the EUR/USD pair during New York trading.
Not only was the spread good, but the execution speed was as well, with trades averaging just under 40 milliseconds, which helps keep any slippage to a minimum. The broker offers a wide range of forex, commodities, indices, metals, bonds, and crypto for trading.
Pros and Cons
- Low spreads
- Platform options
- Fast execution
- No negative balance protection
Best for Professional Traders
- $100Min Deposit
- 10180Tradable Instruments
- MediumFees
Why We Picked It
FP Markets has been around since 2005 and has been known for low spreads for some time. The broker offers MT4, MT5, cTrader, WebTrader, and TradingView for traders to use. Access to spreads as low as 0.0 pips keeps this an excellent choice for those looking to save on costs, something that will be paramount for professionals, as they look to bring the cost of doing business down.
Key Features:
- Regulations: CySEC (Cyprus), ASIC (Australia), FSCA (South Africa), FSA (Seychelles), FSC (Mauritius), CMA (Kenya), St. Vincent and the Grenadines (unregulated)
- Spreads from: 1.0 pips (Standard), 0.0 pips (Raw)
- Round-turn commission on ECN account: $6
- Deposit/withdrawal fees: $0
- Inactivity fee: $0
- Available platforms: MetaTrader 4, MetaTrader 5, cTrader, TradingView, WebTrader
- Supporting tools/content: Free VPS hosting, Autochartist, Trading Central
FP Markets has over 10,000 instruments for trading, making it an excellent choice for professionals, as they have the ability to trade the world. This includes stocks, forex, bonds, crypto, ETFs, metals, and indices. The Raw spread account offers $6 round turn commissions on a standard lot, with spreads being as low as 0.0 pips.
Another one of the major factors for traders to choose this broker is the huge resource section for traders to learn about the markets, read analysis, and more. While the education is good, professionals will like the analysis from pros to get a read of what is going on in the markets.
Pros and Cons
- Great research
- VPS hosting available
- Copy trading
- Social trading
- Over 10,000 markets
- Mobile app is somewhat weak in comparison to others
Best Trading Platform
- $100Min Deposit
- 1472Tradable Instruments
- MediumFees
Why We Picked It
AvaTrade was founded in 2006 and has a wide range of trading platforms, including MetaTrader 4, MetaTrader 5, WebTrader, AvaSocial, AvaOptions, and AvaTradeGO. AvaTrade offers over 1,250 tradable instruments, all with no commissions.
Key Features:
- Regulations: CBI (Ireland), ASIC (Australia), JFSA (Japan), FSCA (South Africa), AGDM (UAE), ISA (Israel), FSC (British Virgin Islands)
- Spreads from: 0.9 pips
- Deposit/withdrawal fees: $0
- Inactivity fee: $50
- Available platforms: Ava WebTrader, MetaTrader 4, MetaTrader 5, DupliTrade, AvaSocial, AvaOptions
- Supporting tools/content: Free VPS hosting, Guardian Angel Plugin
The broker’s proprietary Ava Web Trader is a highly customizable and easily operated platform to navigate the financial markets. It has 80 technical indicators, as well as all of the drawing tools you would expect. There are 3 chart types, and it is easy to jump from one timeframe to another. There are several order types available as well.
I tested AvaTrade with a Standard account, offering commission-free trading and floating spreads, starting at 0.9 pips. The overall spreads on share CFDs were a strong point, as well as the forex markets. The spreads are average on indices, but higher than many others when it comes to crypto.
Pros and Cons
- Choice of trading platforms
- Commission-free
- Free VPS hosting
- Social and copy trading
- Option trading
- High inactivity fee
- Crypto spreads higher than usual
Best ECN Account
- $50Min Deposit
- 1063Tradable Instruments
- LowFees
Why We Picked It
Moneta Markets hails from Dubai and was opened in 2019. It has over 1,000 instruments for trading, including forex, commodities, stocks, indices, crypto, ETFs, and bonds. The Ultra ECN account offers some of the best costs I have seen in the industry.
Key Features:
- Regulations: FSCA (South Africa), CMA (UAE), FSA (Seychelles), St. Lucia (Unregulated)
- Spreads from: 1.2 pips (Standard account), 0.0 pips (ECN account)
- Round-turn commission on ECN account: $6 (Prime), $2 (Ultra)
- Deposit/withdrawal fees: $0
- Inactivity fee: $0
- Available platforms: MetaTrader 4, MetaTrader 5, PRO Trader 2.0
- Supporting tools/content: Free VPS hosting, Alpha Generation Plugin, Trading Central
I used the Moneta Markets Prime ECN account for my testing, which features raw spreads from 0.0 pips and a $6 round turn commission per lot. This allows for high-volume trading with lower costs, and in fact, the account allows for lower trading fees in general, across all asset classes.
The PRO Trader platform offers 105 technical indicators, 59 drawing tools, 16 chart types, and more. The broker offers free VPS hosting to funded accounts that have a balance over $500 and make trades that achieve a notional value of 5 lots per month allowing for super-fast trading, be it manual or algorithmic trading.
Pros and Cons
- Excellent fees on Ultra ECN account
- Professional-grade trading platform
- Large selection of trading instruments
- Free VPS hosting available
- Offshore entity is unregulated
Best for Beginners
- $0Min Deposit
- 1042Tradable Instruments
- LowFees
Why We Picked It
FXCC is based out of Cyprus, and was opened in 2010. It offers over 1000 instruments for trading in forex, indices, commodities, and crypto. The broker has an excellent educational material selection, and offers high-quality research on its site.
Key Features:
- Regulations: CySEC (Cyprus), MISA (Comoros)
- Spreads from: 0.1 pips (ECN XL)
- Deposit/withdrawal fees: $0
- Inactivity fee: $5
- Available platforms: MetaTrader 4
- Supporting tools/content: Free VPS hosting, Daily technical analyses
FXCC has a large selection of educational materials, including e-books geared towards new traders, including all of the pertinent trading concepts and terms. Learning how to develop a sustainable trading plan, practice trading, and develop proper mentality all are touched on, and more. Daily trading signals, that rely on technical analysis, are offered as well.
Platforms include MetaTrader 4 and MetaTrader 5, allowing for beginners to benefit from one of the most intuitive platforms available, and even add Expert Advisors, custom indicators, and all of the other features that make this ecosystem so loved. Also offered is free VPS hosting, allowing algorithmic trading as well.
I tested the ECN XL account which features raw spreads from 0.1 pips, and a minimum deposit of only $100. FXCC generally has low spreads on forex and indices, average spreads on commodities, and higher spreads on cryptocurrencies.
Pros and Cons
- Great educational materials
- Free VPS hosting
- Low minimum deposit
- Limited list of assets
All the Brokers We Tested
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About the Authors
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
Christopher Lewis is an experienced trader and technical analyst specializing on currencies, indices, and commodities. He also has been working as a proprietary trader for institutional accounts. Chris has been an FXEmpire analyst since the site's early days and shares his trading insights on his own blog, The Trader Guy. His sharp, practical understanding of the trading industry means he knows forex and CFD brokers inside-out, so you can trust his guidance on how they work and which one to choose.
Amy leads the prop trading area at FXEmpire, collaborating closely with industry experts to deliver insightful and trustworthy reviews. Her work ensures that readers gain transparent, reliable guidance in navigating the fast-evolving world of proprietary trading firms.
As a Senior Content Editor at FXEmpire, Ola has revised and fact-checked over 200 broker reviews and guides. Her profound understanding of financial markets has been crucial in developing the proprietary rating system.