Overview
Online brokers charge different trading fees that typically include the broker fee that compensates the broker for facilitating the trade.
Forex brokers who offer commission-free trading or commission-free options will not charge commission fees on trades but will typically have spreads that are marked-up to accommodate a service fee.
Some of the best commission-free forex brokers in the industry offer retail traders access to a wide range of financial markets, with the benefit of tight variable spread, competitive minimum deposit requirements, and a choice between different retail investor accounts.
When traders evaluate forex brokers who offer commission-free options, they must consider the online trading options provided by these brokers, educational tools, economic calendars, desktop and mobile platforms, and the availability of advanced trading tools.
Of all the forex brokers in the industry, the following brokers provide forex traders with some of the best commission-free accounts and options.
AvaTrade
Features
Established in 2006, AvaTrade is one of the most popular STP and Market Maker brokers in the forex trading industry. AvaTrade provides more than 1,250 financial instruments that can be traded.
AvaTrade offers competitive trading conditions that consist of tight fixed spreads, commission-free trading, and fast trade execution speeds. AvaTrade offers one retail investor account and an account suited to professional traders.
In addition to this, AvaTrade has prompt and excellent customer service and a wide range of trading opportunities spread across several financial markets.
Pros and Cons
| PROS | CONS |
| Well-regulated broker | US clients are not accepted |
| Commissions are not charged on trades | |
| Tight fixed spreads | |
| Powerful proprietary trading platforms and third-party trading software | |
| Social trading is supported | |
| Deposit and withdrawal fee is not charged |
Plus500
Min Deposit
USD 100
Regulators
CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA
Trading Platform
WebTrader
Crypto
Yes (Availability subject to regulations)
Total Pairs
70+
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Features
Established in 2008, Plus500 is a well-regulated and popular CFD provider with award-winning proprietary trading platform technology, mobile trading app technology, and more.
As a CFD Provider, Plus500 is well-known for competitive trading conditions that include fixed, tight spreads, commission-free trading, and a wide range of financial markets that can be traded.
The Plus500 mobile app is critically acclaimed amongst CFD and forex traders. Plus500 charges an average minimum deposit requirement that provides traders access to several global financial markets including the foreign exchange market that provides several different currency pairs along with other complex instruments such as stocks, options, and more.
Plus500 allows every kind of trading strategy, forex traders have access to education and demo accounts that can be used for practice trading. The average spreads are decent and advanced traders can benefit from some of the best trading tools offered.
Pros and Cons
| PROS | CONS |
| Powerful trading platforms offered | US clients are not accepted |
| Competitive trading conditions offered | Fixed spreads are not offered |
| Transparent rollover fee and overall trading and non-trading fee schedule | Inactivity fee |
| Perfect for trading CFDs and several other financial instruments | |
| Excellent customer service available 24/7 | |
| Innovative and advanced trading tools provided |
TD Ameritrade
Min Deposit
USD 0
Regulators
SEC, FINRA, CFTC, MAS
Trading Platform
Web Trading Platform, ThinkorSwim
Crypto
Yes
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Features
TD Ameritrade is a reputable and well-regulated Market Maker broker and an exchange, with regulation and authorisation with the Securities and Exchange Commission (SEC) as well as the Financial Industry Regulatory Authority (FINRA) in the United States.
With TD Ameritrade, traders can expect flexible minimum deposit requirements, variable and tight spreads, and commission-free trading through a powerful proprietary trading platform.
In addition, traders can expect access to a wide range of investment products including stocks, futures, mutual funds, options, exchange-traded funds, currency markets, and more.
Pros and Cons
| PROS | CONS |
| Well-regulated by reputable market regulators | Limited countries can register for a retail investor account |
| Member of the Securities Investor Protection Corporation (SIPC) | CFD trading is not offered |
| Competitive trading conditions offered | Restricted leverage ratio from 1:2 |
| A plethora of educational materials provided | Limited funding options |
| Advanced trading tools offered to seasoned traders | |
| There is a wide range of investment products offered |
Interactive Brokers
Min Deposit
USD 0
Regulators
CFTC, NFA, IIROC, FCA, CBI, ASIC, SFC, MNB, CSSF
Trading Platform
Proprietary Platforms
Crypto
Yes
Total Pairs
91
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Features
Interactive Brokers is a multi-regulated US-based Market Maker broker that is well-known for its competitive trading conditions and a plethora of trading opportunities that it offers.
Interactive Brokers offers a choice in retail investor accounts in addition to offering forex and CFD traders commission-free options on some accounts.
Interactive Brokers caters to both beginner traders as well as institutional clients perfectly through advanced, flexible trading solutions.
Pros and Cons
| PROS | CONS |
| Innovative trading platforms offered | Limited funding options |
| Research and analysis are offered | Customer support is slow to respond |
| Well-regulated by several entities | Fixed spreads are not offered |
| Variable spreads and competitive trading conditions | Maximum leverage limits are low |
| Offers a choice between different retail investor account types | |
| Multiple trading tools are offered to all types of traders, even novice traders |
XM
Min Deposit
USD 5
Regulators
FSC, CySEC, ASIC,
Trading Platform
MT4, MT5
Features
Established in 2009, XM is a well-regulated and award-winning forex broker that is globally recognised for offering some of the best trading conditions.
XM has more than 2.5 million registered retail traders from 196 countries worldwide. XM provides tight spreads, fast trade execution, negative balance protection, low minimum deposit requirements, and the option for commission-free trading on some accounts.
Pros and Cons
| PROS | CONS |
| Well-regulated | US clients are not accepted |
| Negative balance protection is applied to retail investor accounts | Fixed spreads are not offered |
| Secure payment methods are offered including credit cards, bank wire, and more | An inactivity fee will apply |
| Fees are not applied on deposits or withdrawals | |
| Personalised customer service offered | |
| Fast and reliable trade execution speeds |
Pepperstone
Min Deposit
USD 0
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Platform
MT4, MT5, cTrader, TradingView
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
Pepperstone is a United Kingdom and Australian-based STP and ECN broker and one of the largest forex brokers in the world. Pepperstone offers a plethora of trading opportunities across several financial markets.
Pepperstone offers innovative and powerful trading technology, low-cost spreads, low latency, and high-speed execution speeds, and some of the best customer support in the industry.
Pepperstone offers a choice in retail trading accounts, each with negative balance protection applied. In addition to this, Pepperstone also offers competitive commission-free trading options on some retail trading accounts.
Pros and Cons
| PROS | CONS |
| Award-winning broker | US clients are not accepted |
| Well-regulated | Fixed spreads are not offered |
| Account funding fees are not charged | |
| Social trading is supported | |
| Traders can use any type of trading strategy across all trading platforms | |
| Decent selection of trading tools and educational materials |
JustForex
Min Deposit
USD 10
Regulators
FSA, CySEC, FSCA, FSC
Trading Platform
MT4, MT5, MT4/5 WebTrader, mobile (iOS & Android)
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
JustForex is a popular Saint Vincent and the Grenadines-based STP and ECN broker that offers social trading opportunities, managed account options, market analysis, and a wide range of educational materials.
JustForex is well-known for offering a range of flexible account types and commission-free options that suit novice traders and more advanced traders.
Pros and Cons
| PROS | CONS |
| MAM accounts are provided | Withdrawal fees are applied |
| Social trading is supported | Offshore regulation |
| Competitive trading conditions are offered | US clients are not accepted |
| Selection of training articles provided on the website |
Markets.com
Min Deposit
USD 100
Regulators
CySEC, FSCA, ASIC, FCA, FSC
Trading Platform
MT4, MT5, Proprietary Platform
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
Established in 2008, Markets.com is a well-regulated STP and Market Maker broker that has offices in several jurisdictions around the world.
Markets.com has won several industry awards for several key areas in its trading solutions including its award-winning trading platform that can be used on web browsers, desktop computers, and mobile trading apps.
Markets.com offers competitive trading conditions which consist of tight spreads, commission-free options on some accounts, and reliable trade execution speed.
Pros and Cons
| PROS | CONS |
| Flexible account funding options provided | US clients are not accepted |
| Advanced trading tools are offered | An inactivity fee is charged |
| Well-regulated by several entities | |
| Commission-free forex trading offered and an average minimum deposit requirement | |
| The spreads that traders can expect are tight and variable | |
| Traders can trade several asset classes in global financial markets |
Tickmill
Min Deposit
USD 100
Regulators
CySEC, FCA, FSA, FSCA
Trading Platform
MT4, MT5, Tickmill Trader
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
Tickmill is a multi-regulated broker that provides retail traders access to over 80 different financial instruments spread across currency pairs, shares, and several others. Tickmill offers traders a choice between flexible trading accounts that feature competitive trading conditions.
Traders have access to flexible solutions, commission-free options, and access to powerful trading software through which trades can be carried out.
Pros and Cons
| PROS | CONS |
| Negative balance protection is applied to retail investor accounts | US clients are not accepted |
| Commission-free trading offered | EU clients have restrictions applied to leverage |
| Client funds are kept in segregated accounts with top tier banks | Fixed spreads are not offered |
| Member of an investor compensation fund | |
| Multi-regulated broker that is trusted by traders from around the world | |
| Traders are given access to VPS and FIX API |
OANDA
Features
OANDA is a well-regulated US-based Market Maker broker that offers traders the use of an award-winning trading platform through which they can trade several financial instruments.
OANDA is known for offering a range of markets, a choice in retail investor accounts, and commission-free options. In addition, traders can also expect tight spreads, transparent fees, and some of the best trade execution speeds in the industry.
Pros and Cons
| PROS | CONS |
| Well-regulated in several regions | Inactivity fees are charged |
| Flexible trading platforms that are user-friendly | Fixed spreads are not offered |
| Traders have a choice between different account types | |
| Traders are given access to trading guides | |
| Low minimum deposit requirement on accounts | |
| Dedicated 24/5 customer support |
FAQ
How much do forex brokers typically charge on commission fees?
Most traders typically offer commission fees from as low as $1.5 (23 ZAR) to $3.5 (54 ZAR) per lot and side.
Why do forex brokers charge commission fees?
Commission fees typically cover the cost for the broker to facilitate the trade.
How much money do I need to start trading forex?
You can start trading forex with low capital, but most brokers recommend that you start with a deposit of $100 (1,500 ZAR) and more.
What are low spread forex brokers and why does this matter?
These brokers offer extremely tight spreads which are perfect for scalpers and active traders who rely on small price movements to make quick profits.
How do I calculate forex trading costs?
You must consider the spread and the round-turn commissions. If you keep positions open overnight, you will need to consider the rollover fee that will apply to that position. To keep your trading costs low, you should focus on trading major currency pairs such as EUR/USD, which has high liquidity and tighter spreads that translate to lower trading costs.
Top 4 Brokers
