Lowest spread forex brokers in 2024

Written by
Krisztián G.
Fact checked by
Tamás D.
Updated
Jan 2024
Dive into our toplist of regulated and trusted brokers that we tested with real money. Every broker is available in the United States.

Find below the strengths of the lowest spread forex brokers available in the United States, updated for 2024:

  1. IG - Lowest spread forex broker in 2024. 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. Forex.com - Low forex fees. Great variety of currency pairs. Diverse technical research tools.
  4. eToro - Free stock and ETF trading. Seamless account opening. Social trading.
  5. Interactive Brokers - Low trading fees and high interest on cash balances. Wide range of products. Many great research tools.
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Comparison of the lowest spread forex brokers in 2024

Broker
FX commission per lot
Minimum deposit
IG
No commission is charged
$0
Oanda
No commission is charged
$0
Forex.com
No commission is charged
$100
eToro
No commission is charged
$10
Interactive Brokers
Trade value less than $1 billion: 0.2 bps * trade value; min. $2
$0
Lowest spread forex brokers in 2024

Popularity of the lowest spread forex brokers

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

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.

Broker
EURUSD spread
AUDUSD spread
IG
0.6
0.9
Oanda
1.0
1.2
Forex.com
1.2
1.4
eToro
1.0
1.0
Interactive Brokers
0.2
0.3
Spreads at the best forex brokers in January 2024
We collect spreads regularly, please check the tooltip for the date of the data collection.

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.

Broker
Withdrawal fee
Inactivity fee
IG
$0
Oanda
$0
Forex.com
$0
eToro
$5
Interactive Brokers
$0
Non-trading fees at the best forex brokers in January 2024

Can I trust these lowest spread forex brokers?

Yes, BrokerChooser exclusively recommends legit brokers, overseen by at least one globally acknowledged regulator. We track more than 30,000 brokers and trading platforms that we don't recommend. To make sure that a broker is reputable and reliable, use our 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.

Broker
Top-tier regulators
Trusted broker
IG
FCA in the UK, BaFin in Germany, and ASIC in Australia
Oanda
FCA in the UK, CIRO in Canada, and ASIC in Australia
Forex.com
CFTC in the US, FCA in the UK, and ASIC in Australia
eToro
FCA in the UK, SEC in the US, and ASIC in Australia
Interactive Brokers
FCA in the UK, SEC in the US, and ASIC in Australia
Trust metrics for the lowest spread forex brokers in 2024
We label a broker as trusted if it has reliable regulation.

What is a 0 spread forex account?

A zero spread account is a type of trading account offered by some forex brokers that offers spreads set at a constant zero level for specific currency pairs. Spreads are the difference between the bid (sell) and ask (buy) prices of a currency pair and represent the cost of entering a trade.

In a traditional trading account, spreads can vary depending on market conditions, liquidity, and the broker's pricing model. They are rarely 0, especially if the broker does not charge commission. Why is that? Simple: spreads are how forex brokers make money.

At the same time, zero spread accounts aim to provide traders with a fixed, consistent spread of zero pips for certain currency pairs. Here are some important points to consider:

  • While zero spread accounts offer the advantage of no spread cost, brokers might compensate for this by charging a commission per trade. The commission charged could vary depending on the broker and the account type.
  • Zero spread accounts are usually available for major currency pairs that have high liquidity. Very few brokers - if any - offer zero spreads for all currency pairs due to market conditions and liquidity constraints.
  • Zero spread accounts often use market execution, meaning that trades are executed at the current market price. This can lead to slippage during volatile market conditions.
  • A zero spread account is not always your best option to keep your trading costs low. You should carefully compare the total trading costs of a zero spread account (including commissions) with those of a traditional account (including variable spreads) to determine which is more cost-effective for your trading style and frequency.
  • Be aware that certain promises of zero spread accounts are mere marketing gimmicks and there may be hidden costs.

As you can see, zero spread accounts are no magic wand. Always check the pricing structure and the actual spreads/commissions that a broker charges for a complete picture. Also keep in mind that spreads change in tandem with market conditions and developments.

If you don't want to fall prey to false promises of zero spreads and other types of forex scams, do your research.

And now, let's see the top low-spread forex brokers in detail one by one, starting with the winner, IG.

IG Logo

IG

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

Visit broker
69% of retail CFD accounts lose money

IG snapshot
Minimum deposit $0
Mobile app score 5.0 stars
Inactivity fee Yes
Currency pairs 98
EUR/USD spread 0.6
Deposit methods Bank transfer, Credit/debit cards, PayPal
Withdrawal methods Bank transfer, Credit/debit cards
Withdrawal fee $0
Read review For a detailed analysis of IG services, check out our review for 2024

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

Visit broker
78.3% of retail CFD accounts lose money

Oanda snapshot
Minimum deposit $0
Mobile app score 4.9 stars
Inactivity fee Yes
Currency pairs 68
EUR/USD spread 1.0
Deposit methods Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller
Withdrawal methods Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller
Withdrawal fee $0
Read review For a detailed analysis of Oanda services, check out our review for 2024

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

Visit broker
68% of retail CFD accounts lose money

Forex.com snapshot
Minimum deposit $100
Mobile app score 4.5 stars
Inactivity fee Yes
Currency pairs 84
EUR/USD spread 1.2
Deposit methods Bank transfer, Credit/debit cards, Skrill, Neteller
Withdrawal methods Bank transfer, Credit/debit cards, Skrill, Neteller
Withdrawal fee $0
Read review For a detailed analysis of Forex.com services, check out our review for 2024

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

eToro snapshot
Minimum deposit $10
Mobile app score 4.9 stars
Inactivity fee Yes
Currency pairs 52
EUR/USD spread 1.0
Deposit methods Bank transfer, Credit/debit cards, eToro Money, Neteller, Skrill, Trustly, iDEAL, Przelewy 24, RapidTransfer, Klarna, Giropay
Withdrawal methods Bank transfer, Credit/debit cards, eToro Money, Neteller, Skrill, Trustly, iDEAL, Przelewy 24, RapidTransfer, Klarna, Giropay
Withdrawal fee $5
Read review For a detailed analysis of eToro services, check out our review for 2024

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 4.3 stars
Inactivity fee No
Currency pairs 100
EUR/USD spread 0.2
Deposit methods Bank transfer
Withdrawal methods Bank transfer
Withdrawal fee $0
Read review For a detailed analysis of Interactive Brokers services, check out our review for 2024

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How did BrokerChooser pick the best and cheapest forex brokers?

  • We checked whether the broker is regulated by a trusted regulator,
  • Analyzed forex fees,
  • Checked the number of currency pairs available,
  • Opened an account and tested the platform (charting, features, usability) with real money.
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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 certain currency pairs. However, these brokers typically charge a fixed commission per trade.

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.

How to choose the lowest 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.

Here are some key aspects you should always consider when looking for a low-spread forex broker.

Make sure the broker is legit and well regulated. We advise you go for brokers that are overseen by a reputable regulator, such as the SEC/FINRA in the US, the FCA in the UK, ASIC in Australia or BaFin in GErmany. Never ever open an account at an unregulated broker and be aware of brokers regulated only by authorities in tax havens.

Check the pricing structure that a broker applies: some brokers charge only spreads, others charge spreads and commissions. At the latter, spreads tend to be lower but your final trading costs may end up higher. Make sure other fees (such as deposit/withdrawal or account management) are low at the broker you choose. These charges can also add up.

What is the difference between fixed and variable spreads?

Fixed and variable spreads are two different pricing models that forex brokers use to quote the difference between the bid and ask prices of currency pairs. They both come with specific features and risks.

A fixed spread, where the difference between the bid and ask prices for a particular currency pair remains constant regardless of market conditions, offers predictability and are often favored by beginners, as their costs do not hinge on market conditions. On the other hand, if you trade with fixed spreads, your overall costs may be potentially higher, as fixed spreads tend to be slightly wider than variable spreads during times of low volatility. In addition, fixed spreads might not reflect the true market conditions.

Variable spreads, where the difference between the bid and ask prices fluctuates based on market conditions, can become narrower when there is ample liquidity in the market and may widen at times of low liquidity or significant developments. Variable spreads can be narrower than fixed spreads during times of high liquidity. On the other hand, traders using variabble spreads may not know the exact spread cost when entering a trade and variable spreads can widen significantly during volatile market events.

Which spread is best in forex?

The best spread in forex trading depends on your trading style, strategy, and individual preferences. Different trading styles and strategies have different requirements when it comes to spreads.

In scalping, very low spreads are generally preferred as they can have a significant impact on overall profitability. Day traders might still benefit from relatively low spreads but might also tolerate slightly wider spreads compared to scalpers. Swing traders can work with slightly wider spreads as long as they have a strong trading edge while position traders are less concerned with spreads, as their focus is on larger price movements.

Major currency pairs like EUR/USD and USD/JPY typically have lower spreads due to their high liquidity. Exotic or less commonly traded pairs might have wider spreads. Remember that highly volatility can lead to wider spreads, especially during economic announcements or geopolitical events. Traders who expect to trade during volatile periods might need to consider this when choosing a spread.

While narrow spreads are favorable, take into account other trading costs, such as commissions, swap rates (rollover/overnight fees), and potential slippage. These factors contribute to the overall cost of a trade.

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. Forex.com - Low forex fees. Great variety of currency pairs. Diverse technical research tools.
  4. eToro - Free stock and ETF trading. Seamless account opening. Social trading.
  5. Interactive Brokers - Low trading fees and high interest on cash balances. Wide range of products. Many great research tools.
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Engage with our growing community of traders and investors like you to find your answers.
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Author of this article

Krisztián Gátonyi

Method-Man | Forex • Market Analysis • Stock Market

I have 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. I'm actively involved in reviewing the 100+ brokers listed on our site. I personally open accounts with real money, execute trades, test customer services. I hold an MSc in International Business from the University of Middlesex. My 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.

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