Well, I’ve had my research over spreads (including commissions), here’s image which I’ve posted earlier. Fxview & Tickmill are at the top spot for low spreads.
but you gotta check the brokers for which countries they are accepting as well as their regulatory areas.
I highly recommend sticking with brokers operating in tightly-regulated jurisdictions.
These countries, along with their regulatory agency are:
- US (NFA/CFTC)
- JP (FSA)
- UK (FCA)
- EU (ESMA, and specific EU country’s national securities regulator)
- SG (MAS)
- AU (ASIC)
- CA (IROC)
Make sure to VERIFY their registration on the regulator’s website.
I see a lot of recommendations above where the brokers do not operate in the listed jurisdictions and instead operate offshore
The retail, off-exchange FX market is prone to fraud. This is due to the fact that the global FX market is decentralized and unregulated. Many countries now regulate FX trading activities by requiring forex brokers to be registered and licensed by its regulatory agency. These agencies exist to ensure that the parties involved in a transaction conduct their business in a fair and ethical manner.
Without oversight from a strict regulatory agency, the broker is basically free to run their operation as they see fit.
Brokers are attracted to unregulated jurisdictions because it allows them to open shop with usually just a couple thousand dollars. Also, the rules are looser (or nonexistent).
For example, they don’t need to hold as much money (capital) to operate, client funds don’t need to be segregated from the broker’s operating account, no reporting requirements, and no threat of a fine or other legal consequence if a client complains or if the broker is caught doing something shady.
These rules are a pain for the brokers, but great for you.
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You can try tickmill, IC Markets and Fxview. they provide Low spreads.