Lowest EUR/USD spread forex brokers in 2023

Popularity of the lowest EURUSD spread forex brokers

Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.

Popularity

IG

12,570

TD Ameritrade

9,337

Oanda

8,643

Forex.com

6,630

eToro

36,191

Interactive Brokers

151,919

Alpaca Trading

21,732

moomoo

3,279

tastytrade

21,004

AMP Futures

3,467

Brokers charge various fees not directly related to trading. The most common among these are deposit/withdrawal fees, the inactivity fee and the account maintenance fee.

Yes, BrokerChooser exclusively recommends legit brokers, overseen by at least one globally acknowledged regulator. We track more than 20,000 brokers and trading platforms that we don't recommend. To be sure that a broker is reputable and reliable, use Scam Broker Shield tool.

Key criteria determining a broker's trustworthiness are: regulation, availability of investor protection, as well as a long and spotless track record. Explore the interactive table below, encompassing this array of vital data.

IG is a CFD and forex broker. It has a well-designed and user-friendly trading platform, many useful educational tools, and great funding and withdrawal options.

On the other hand, IG's trading fees are high for stock CFDs. The product portfolio is limited, as in most countries IG offers only CFD and options trading. Customer support could also be better.

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Note that CFDs are banned in the US. US-based clients can only trade forex on IG.

Recommended for traders of any experience level looking for an easy-to-use trading platform

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68% of retail CFD accounts lose money

TD Ameritrade is one of the biggest stockbrokers in the US with a wide range of asset classes and commission-free stock trading.

Its trading platform - Thinkorswim - is exceptional, account opening is user-friendly, and no minimum deposit is required.

Be aware, though, that TD Ameritrade is only available in a few countries outside the US, and you can only trade on US markets.

TD Ameritrade has been acquired by US peer Charles Schwab. Existing TD clients are being migrated to Charles Schwab, with the process scheduled to be fully completed in 2024. Until then, you can still open a new account at TD, for example if you wish to use the Thinkorswim platform, as it is not yet available for Schwab clients. Read our Charles Schwab review.

Recommended for investors and traders looking for solid research and a well-equipped desktop trading platform

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Oanda is a US broker that offers mainly forex trading, with EU clients also able to trade US stocks.

Oanda offers high-quality and easy-to-use trading platforms, and its research tools are also powerful, with numerous technical indicators and a great API offer. The account opening process is user-friendly and quick. It is a good choice for beginner investors.

On the downside, Oanda has a limited product portfolio, as US clients can trade only forex and CFDs, with stock trading available only to EU customers. It is not listed on a stock exchange and doesn't have a banking background, two factors that could boost its safety qualification. In addition, customer support is only available 24/5.

BrokerChooser gave Oanda a 4.6/5 rating based on analyzing 500+ criteria and testing via opening a live account.

Recommended for forex traders who value a user-friendly platform and great research tools

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78.3% of retail CFD accounts lose money

Forex.com is a global forex and CFD broker, regulated by many financial authorities, including the top-tier FCA in the UK.

Forex.com provides everything you need for forex trading: low forex fees, many currency pairs and lots of technical research tools.

At the same time, it lacks some popular asset classes, such as real stocks or bonds. Stock CFD fees are high, and the desktop trading platform is not user-friendly.

Recommended for forex traders looking for low fees and great research tools

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68% of retail CFD accounts lose money

eToro is an excellent choice for those interested in low-cost stock, CFD, forex and crypto trading on an outstanding mobile app. It offers free stock and ETF trading, easy account opening, and one of the best crypto selections in the industry.

Its biggest appeal is copy trading, where you can track the trades and portfolios of other users, while its trading platforms are also intuitive and easy to use, making it suitable for beginners.

It does disappoint in some areas, however: it has high non-trading fees (for withdrawal and currency conversion), inflexible account plans and an elusive customer service.

Note that eToro USA LLC does not offer CFDs, only real crypto assets are available.

Recommended for traders interested in social trading (i.e. copying other investors’ trades) and zero-commission stock trading

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eToro USA LLC; Investments are subject to market risk, including the possible loss of principal

Interactive Brokers (IBKR) is highly recommended for those seeking a broker with all-round great services at low fees.

It has an unrivaled selection of all asset types from exchanges across the globe, and offers many trading platforms with great functionality and advanced research.

The IBKR Global Trader app is a great way, even for beginners, to start trading stocks, ETFs, options and cryptos. Meanwhile, more experienced users can enjoy the complex capabilities of Trader Workstation at the other end of the spectrum.

Among the broker's drawbacks, account opening is long and tedious, some platforms may be too complex for beginner traders, and customer service can be busy.

In all, IBKR tops our list of brokerages: it is the highest-rated broker at BrokerChooser.

Recommended for traders looking for broad market access and a professional trading environment

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Alpaca Securities LLC is US-based broker providing commission-free API stock trading.

Alpaca Trading provides great API tools for algorithmic trading, zero-commission stock and ETF trading, and great charting tools through a web platform. Users dedicated to learning how to use the API and the programs will find that Alpaca provides a unique service. It is a good choice for beginner investors.

On the other hand, Alpaca Trading relies heavily on its GitHub/Slack/other community forums for user support, as there is only extremely limited customer service. Furthermore, deposit or withdrawal is only possible via bank transfer. Finally, the product selection covers only US stocks, ETFs and crypto.

BrokerChooser gave Alpaca Trading a 4.7/5 rating based on analyzing 500+ criteria and testing via opening a live account.

Recommended for traders interested in algorithmic stock trading

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moomoo, a relative newcomer on the US stockbroker market, provides commission-free US stock, ETF and options trading with no inactivity fees. Its value proposition is backed up by high-quality research and educational tools.

On the downside, some popular asset classes such as bonds or mutual funds are not available at moomoo. Like many similar US brokers, moomoo doesn’t offer convenient deposit/withdrawal methods such as credit/debit cards or electronic wallets.

Recommended for investors and traders looking for zero-commission trading and focusing on us markets.

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tastytrade (formerly known as tastyworks) is a US options and stockbroker. tastytrade is great for options trading, as its trading platform is primarily designed to trade options and trading fees are low. Furthermore, great educational and research materials are on hand to support your learning and your trading efficiency.

tastytrade focuses mainly on options and futures. You can trade US stocks and ETFs as well, but the process a bit complicated compared with other brokers. The trading platform is great for options trading, but can be intimidating for a newbie, especially as there's no demo account. There is no withdrawal fee if you withdraw funds via a linked bank account.

On the downside, bank transfer (wire) withdrawal is expensive, and credit/debit card deposit is not possible.

BrokerChooser gave tastytrade a 4.7/5 rating based on analyzing 500+ criteria and testing the broker's services by opening a live account.

Recommended for options and futures traders focusing on us markets

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AMP Futures is a US-based broker that has more than 60 trading platform for advanced users, particularly futures traders. AMP Futures has low futures fees and there is no inactivity fee. The desktop platform and its research tools are great and meet the needs of experienced traders. There are many high-quality educational materials, including videos and articles. On the negative side, wire withdrawal fees are quite high. The flagship MultiCharts .NET platform is only available as a desktop app with no mobile or web versions. The product portfolio is thin, covering only futures and options on futures. BrokerChooser gave AMP Futures a 4.1/5 rating based on analyzing 500+ criteria and testing via opening a live account.

Recommended for active traders focusing on futures

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Answer a few questions and get a personalized broker list!

• We checked whether the broker is regulated by a trusted regulator,
• Analyzed forex fees with a special emphasis on spreads,
• Checked the number of currency pairs available,
• Opened an account and tested the platform (charting, features, usability) with real money.

BrokerChooser evaluates 9 key areas for all brokers including fees, safety, ease of account opening, education, and trading platforms. We check more than 500 criteria for each broker and finetune our methodology every year based on our own and our users' experiences. We have more than 100 brokers reviewed on our site and our team of analysts examines more than 50,000 data points overall.

How to choose the best low EUR/USD spread forex brokers?

The concept of spreads is crucial in forex trading. The spread is the difference between the best purchase price and the best sell price on the forex market. Spreads are a key factor in how much a forex transaction will cost you as a trader.

Generally speaking, the lower the spread, the better for traders. In reality though, this is a bit more complicated.

Forex brokers make money by either offering a wide(r) spread or by offering narrow(er) spreads and charging a commission on top. Therefore, a narrow spread will not necessarily mean that your trading costs are low. You will always need to check whether commission is charged.

Many brokers advertise themselves as 0 spread brokers, but this can be misleading. While there are indeed many service providers out there whose minimum spread is 0 or close to 0, for the vast majority of the trades they charge higher spreads. The best way to ensure you trade forex at low costs is to check average spreads as those reflect the true costs charged by the broker.

Forex is a complex form of investment. If you are new to it, make sure you understand the basic concepts and you apply risk management measures. You can easily wipe out your trading account with a few bad trades. If you are unsure how forex trading works, take a look at our forex education articles.

Is there a broker with 0 spreads?

At certain brokers the difference between the bid price and the ask price starts from 0 pips for interbank quotes. However, these brokers typically charge a fixed commission per trade defined by the broker.

Make sure you choose a reliable broker that is well regulated. The chance of forex scam among non-regulated 0 spread brokers tends to be high.

Which are the cheapest forex brokers for trading EUR/USD?

Here's a list of the best and forex brokers for trading EUR/USD:

1. IG - First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
2. TD Ameritrade - Superb desktop trading platform. Great customer support.
3. Oanda - Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
4. Forex.com - Excellent selection of currency pairs. Competitive forex spreads. Diverse technical research tools.
5. eToro - Free stock and ETF trading. Seamless account opening. Social trading.
6. Interactive Brokers - Low trading fees and high interest (up to 4.83% for USD) on cash balances. Wide range of products. Many great research tools.
7. Alpaca Trading - Great API trading service. Free stock & ETF trading. Fantastic charting tools.
8. moomoo - Commission-free stock and ETF trading. Fast and easy account opening. Quality analytical tools and excellent education services.
9. tastytrade - Low trading fees. Great educational materials. Good research tools.
10. AMP Futures - Low trading fees. Great platform and research. High-quality education tools.