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Lowest spread forex brokers in 2023

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.

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Best low spread forex brokers in 2023
Comparison of the best lowest spread forex brokers in 2023

Best low spread forex brokers in 2023
Broker FX commission per lot Currency pairs Minimum deposit Credit/debit card deposit
IG No commission is charged 205 $0 Yes
Oanda No commission is charged 70 $0 Yes
TD Ameritrade No commission is charged 140 $0 No
Forex.com No commission is charged 91 $100 Yes
Interactive Brokers Trade value less than $1 billion: 0.2 bps * trade value; min. $2 105 $0 No

Best low spread forex brokers in 2023
Spreads and forex trading fees

How much you pay in fees for a trade is a crucial broker selection criteria. Finding the cheapest forex brokers and the lowest cost forex trading platforms hinges on a thorough analysis of trading fees. We collected the most important forex spreads in the table below.

Spreads at the best forex brokers in March 2023
IG Oanda TD Ameritrade Forex.com Interactive Brokers
EURUSD spread 0.6 0.9 1.3 1.3 0.1
AUDUSD spread 0.6 1.4 1.6 1.3 0.1
GBPUSD spread 1.5 1.2 1.5 1.1 0.3
EURCHF spread 3.0 1.5 2.5 2.8 0.4
EURGBP spread 1.5 1.2 2.0 1.6 0.2

We collect spreads regularly, please check the tooltip for the date of the data collection.

Best low spread forex brokers in 2023
Non trading fees at the top low spread forex brokers

Non trading fees include charges not directly related to trading. The most common among these are deposit/withdrawal fees, the inactivity fee and the account maintenance fee.

Non trading fees
IG Oanda TD Ameritrade Forex.com Interactive Brokers
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $0

Best low spread forex brokers in 2023
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Best low spread forex brokers in 2023
How to choose the best low spread forex brokers

Many brokers advertise themselves as 0 spread brokers, however, 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, because those reflect the true costs charged by the broker.

An excellent overall service level is required to make it to the BrokerChooser list of best brokers in any category. Low trading and non-trading fees were the key selection criteria when compiling the top list of the cheapest forex brokers. In addition, a wide range of currency pairs also weighed heavily in our methodology.

The global currency market is huge and highly liquid, meaning that there is a high number of buyers and sellers at all times. If you are a beginner, be careful with forex trading as forex products are complex and risky, therefore not suitable for everyone. You can easily lose all your invested money. If you are unsure how forex trading works, take a look at our forex education articles.

And now, let's see the cheapest forex trading platforms in 2023 one by one, starting with the winner, IG.

IG Logo

#1 Best lowest spread forex brokers in 2022
IG

IG, established in the UK in 1974, is one of the biggest CFD brokers in the world. It is regulated by several bodies globally, including top-tier regulators like the UK's Financial Conduct Authority (FCA) and Germany's Federal Financial Supervisory Authority (BaFin). IG Group is listed on the London Stock Exchange.

IG is considered safe because it is listed on a stock exchange, discloses its financials and is overseen by top-tier regulators.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are not provided for US clients. Forex trading involves risk. Losses can exceed deposits.

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

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76% of retail CFD accounts lose money

IG snapshot
Minimum deposit$0
Mobile app score 5.0 stars
Inactivity feeYes
Currency pairs205
EUR/USD spread0.6
Deposit methodsBank transfer, Credit/debit cards, PayPal
Withdrawal methodsBank transfer, Credit/debit cards
Withdrawal fee$0
Read reviewFor a detailed analysis of IG services, check out our review for 2023
Oanda Logo

#2 Best lowest spread forex brokers in 2022
Oanda

Oanda is a US-based forex broker founded in 1996. It is a private company and therefore not listed on any stock exchange.

Oanda operates via several entities worldwide and is regulated by top-tier authorities, such as the US Commodity Trading Futures Commission, the National Futures Association (CFTC) and the UK's Financial Conduct Authority (FCA).
 

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

The services offered by Oanda's various entities differ slightly. In this review, we mainly focus on the UK one.

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

Oanda snapshot
Minimum deposit$0
Mobile app score 5.0 stars
Inactivity feeYes
Currency pairs70
EUR/USD spread0.9
Deposit methodsBank transfer, Credit/debit cards, PayPal, Skrill, Neteller
Withdrawal methodsBank transfer, Credit/debit cards, PayPal, Skrill, Neteller
Withdrawal fee$0
Read reviewFor a detailed analysis of Oanda services, check out our review for 2023
TD Ameritrade Logo

#3 Best lowest spread forex brokers in 2022
TD Ameritrade

If you are an experienced trader looking for solid research and a well-equipped desktop trading platform, we definitely recommend TD Ameritrade.

Founded in 1975, TD is one of the biggest US-based stockbrokers and is regulated by top-tier authorities like the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Commodity Futures Trading Commission (CFTC).

This online broker is considered safe as it has a long track record, is listed on a stock exchange, has a banking background, discloses its financials and is overseen by top-tier regulators.

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

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TD Ameritrade snapshot
Minimum deposit$0
Mobile app score 4.8 stars
Inactivity feeNo
Currency pairs140
EUR/USD spread1.3
Deposit methodsBank transfer
Withdrawal methodsBank transfer
Withdrawal fee$0
Read reviewFor a detailed analysis of TD Ameritrade services, check out our review for 2023
Forex.com Logo

#4 Best lowest spread forex brokers in 2022
Forex.com

Forex.com is a global FX and CFD broker established in 2001. Forex.com is a brand of StoneX Financial Ltd, whose parent company StoneX Group Inc is listed on the NASDAQ Stock Exchange (NASDAQ:SNEX). The company is regulated by several financial authorities, including the top-tier Financial Conduct Authority (FCA) in the UK, the US Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). The group is also regulated by the Securities and Futures Commission of Hong Kong (SFC).

Forex.com is considered safe because it has a long track record, it is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Aslo, please note that CFDs are not available in the US – The products and services available to you at FOREX.com will depend on your location, and on which of its regulated entities holds your account.

 

 

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

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73% of retail CFD accounts lose money

Forex.com snapshot
Minimum deposit$100
Mobile app score 4.3 stars
Inactivity feeYes
Currency pairs91
EUR/USD spread1.3
Deposit methodsBank transfer, Credit/debit cards, Skrill, Neteller
Withdrawal methodsBank transfer, Credit/debit cards, Skrill, Neteller
Withdrawal fee$0
Read reviewFor a detailed analysis of Forex.com services, check out our review for 2023
Interactive Brokers Logo

#5 Best lowest spread forex brokers in 2022
Interactive Brokers

Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1977. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

Given that the broker has licenses from multiple top-tier regulators, has a long track record and publicly disclosed financials while being listed on a stock exchange; it all points towards IB being a safe service provider.

Interactive Brokers recently launched a new app for global stock trading:. GlobalTrader is a simple platform where you can trade stocks and ETFs. If you are looking to trade only those two assets, GlobalTrader is the solution for you, since you will not get distracted with the other unnecessary information about other asset classes. In addition, you will have a more convenient time navigating through its simple user interface. It is also easier and quicker to create a GlobalTrader account than to create an Interactive Brokers account.  Read our review of IBKR GlobalTrader

In addition, Interactive Brokers also has an app you can use for ESG investing: read our review of IMPACT by Interactive Brokers.

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

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Interactive Brokers snapshot
Minimum deposit$0
Mobile app score 3.5 stars
Inactivity feeNo
Currency pairs105
EUR/USD spread0.1
Deposit methodsBank transfer
Withdrawal methodsBank transfer
Withdrawal fee$0
Read reviewFor a detailed analysis of Interactive Brokers services, check out our review for 2023

Best low spread forex brokers in 2023
FAQ

Is there a broker with 0 spreads?

There are some brokers where the difference between bid and ask prices start from 0 pips for the interbank quotes. However, these brokers typically charge a fixed commission per trade defined by the broker.

At brokers offering zero spread usually there are ECN or STP accounts. Make sure you go with a reliable broker that is well regulated. The chance of forex scam among non-regulated 0 spread brokers tends to be high.

What is the cheapest forex broker?

List of the best and cheapest forex brokers:

  1. IG - First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
  2. Oanda - Great trading platforms. Outstanding research tools. Fast and user-friendly account opening.
  3. TD Ameritrade - Low trading fees (free stock and ETF trading). Superb desktop trading platform. Great customer support.
  4. Forex.com - Low forex fees. Great variety of currency pairs. Diverse technical research tools.
  5. Interactive Brokers - Low trading fees. Wide range of products. Many great research tools.

Author of this article

Krisztián Gátonyi

Author of this article

Krisztián has 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. He received his MSc degree in International Business from the University of Middlesex. He is interested also in real estate and dividend growth investing. His purpose is to help people find the best investment provider.

Krisztián Gátonyi

Senior Broker Expert

Krisztián has 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. He received his MSc degree in International Business from the University of Middlesex. He is interested also in real estate and dividend growth investing. His purpose is to help people find the best investment provider.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Visit IG
76% of retail CFD accounts lose money
Visit Oanda
78.3% of retail CFD accounts lose money
Visit Forex.com
73% of retail CFD accounts lose money

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