We all know by now that forex trading is not that easy. To be consistent, you will need sheer determination and hardwork. However, there are many other factors too that lead to a downfall. One of those is HEFTY COSTS charged by a broker.
Many new traders as well as experienced ones are contributing a major chunk of their returns to the brokers be it in terms of commissions, and/or marked up spreads.
So for that matter, I have done my bit to save your time and effort from choosing such expensive brokers. Here are some budget-friendly brokers which you can opt for.
I am sure there are many other feasible options out there too, so perhaps some of you could recommend. Always welcome to add your pov.
Side notes:
Here are the links for your references:
AAAFX - https://aaafx-international.com/
ADMIRAL MARKETS - https://admiralmarkets.com/
BDSWISS - https://eu.bdswiss.com/
ERRANTE - https://errante.com/
FUSION MARKETS - https://fusionmarkets.com/
FXTM - https://www.forextime.com/
FXVIEW - https://fxview.com/
HYCM - https://www.hycm.com/
JUST2TRADE - https://just2trade.online/
TICKMILL - https://www.tickmill.com/
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Good list! I see some really good options here. I do have one to recommend adding!
CedarFX - no commission, spreads from 0.5 pips, $10 minimum deposit, and no fees for depositing or withdrawing.
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I’ve been looking for a broker to trade with and have shortlisted ICM and FP Markets. They both offer a lower opening balance of $200 AUD in ICM and $100 AUD in FP Markets.
Which of the two brokers should a beginner like me prefer? Has anyone experienced their customer support? Are they reliable?
Seems like the mentioned brokers here are solely focused on regulated ones.
You should take into account the average spread of the 10/20 most traded pairs during the day, because average spread is even more important than commission.
The total cost of what you pay is spread+(comission/10)
In my opinion, FP Markets is the lowest-cost broker I have come across till date. Their opening balance is $100 AUD and the commission cost is $3 per lot, which is lower when compared to most ECN brokers.
Since you are a beginner, I think you should start small, preferably with a micro account. Among the brokers you have shortlisted, both are good options, but their minimum deposit and commissions are a little higher. You can also give fxview a try for low cost trading conditions. Minimum deposit with them is just $5 and commissions are $2 RT only.
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For low-cost brokers I suggest trading with ICM or FP Markets. ICM has a minimum opening balance of $200 AUD with a commission cost of $8 per lot, and FP Markets has a minimum opening balance of $100 AUD with a $6 per round lot commission cost.
AximTrade seem to be a decent low cost broker for me. They are ECN broker so spread is pretty good, almost their commission cost is $3 which i find quite competitive compares to other brokers. They are regulated by ASIC so that a reliable regulation.
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In my opinion, any broker who is backed by strong regulatory bodies and offers low cost trading conditions along with quick withdrawals is good to go.
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In my opinion, ICM, Global Prime, and FP Markets are some of the brokers I have come across that are low-cost. The minimum opening balance is $200 for ICM & Global Prime and for FP Markets it is $100 AUD.
Even the commission costs are lower when compared to other ECN brokers because it is $7 per round turn lot in Global Prime, $8 in ICM and $6 in FP Markets.
In my opinion, brokers such as Global Prime, Skilling, and FP Markets are the lowest cost brokers I have come across when compared to other brokers.
Global Prime and Skilling have a minimum opening balance of $200 with a $7 commission cost in skilling and $8 in global prime. FP Markets have a $100 opening balance with a $6 commission cost per turn lot.
Surprised to see that there are even such low cost commissions for trading, good job compiling them OP! Are they all regulated? I know some of them are well recognized.
Thanks and yes, this is a list of all regulated brokers.
Turnkeyforex can be a good addition to the list, $10 is the opening balance and commissions per side are a dollar per lot.
I can suggest a few low-cost brokers I came across, such as Skilling, Global Prime and FP Markets. The minimum opening balance in both skilling and GP is $200 with a $7 commission cost per round lot.
And FP Markets’ opening balance is $100 with a $6 commission cost per round lot, which is why I currently trade with them using their raw ECN account for scalping.
First of all kudos for making this thread. This is helpful for all rookie members here who are in search of low cost brokers. I was also one of them, confused about which broker to choose who can help me save, came across fxview & they’re very low on cost even after being regulated. most regulated brokers are expensive.
This thread made me think, am I trading with the right broker or not?
Ohh what happened? Any problems with your current broker?
