Fusion Markets is an ASIC regulated forex broker offering the lowest commissions worldwide. View ourcommission comparisonto see how the broker compares to other ECN brokers.
Risk management tools for various trading conditions
The best forex brokers for South African traders are locally regulated with the Financial Services Conduct Authority (FSCA). The broker officially is named HF Markets SA (PTY) Ltd with the Financial Service Provider (FSP) licence number 46632. Key reasons HotForex are recommended is their size and reputation with the broker operating for over a decade with over 2 million forex accounts opened.Data taken from broker website. Accurate as at 02/11/2020South African forex traders should consider the FSCA regulated broker that balances a local presence,they also offer low spreads but have some unique fees such as a withdrawal fee which can make them more expensive form other brokers. That said,MetaTrader 5 and cTrader forex trading platformThe next set of FXTM accounts are ECN broker style with a spread and commission combination. This is the choice of more experienced traders of those using scalping. There are three main sets of accounts with the main two ECN accounts offering leverage up to 2000:1 while the Pro account has up to 200:1. The Pro account is more designed for institutional traders with a highminimum depositof $25k.Data taken from broker website. Accurate as at 02/11/2020FSCA,FBS,FCA,then eToro is the best forex broker for your needs.A range of forex platforms available on mobile,if your primarily looking for social trading ability with an easy to use platform for copy trading.
You can calculate forex brokerage based on current forex crosses, commissions and spreads below for the major base currency and currency pairs. You can also click on the + sign to view the fees that led to the final forex brokerage displayed.
Scalpers require a CFD broker that has fast execution speeds and low fees. Based on these two criteria as explained below Pepperstone was the best broker.
The leading forex broker comparison site,Compare Forex Brokers Pty Ltdis an Authorised Representative of Guildfords Funds Management Pty Ltd Australian Financial Services Licence No. 471379 (A/R No. 001274082). Copyright 2020 and all rights reserved. Trading Forex and CFDs with leverage poses significant risk of loss to your capital.
A range of financial instruments and in some locations financial services such as stockbroking
ForexTime (FXTM) is a global broker best known for thehigh leverageavailable. There are two sets of accounts offered by FXTM. The first is the standard account also known as a non-commission trading account. As the below table highlights, the cent account has maximum fixed leverage between 25:1 and 1000:1. The Standard Account on the other-hand has up to a 200:1 leverage which is the highest of any regulated forex broker.
There are no inactivity fees, funding fees or withdrawal fees. You can view theIC Markets spreadspage for more fee information. The broker offers MetaTrader 4, MetaTrader 5 and cTrader. If you choose cTrader please view their website as some commission rates differ for this unique forex platform. The company is regulated with the Australian Securities and Investment Commission (ASIC) and Cyprus Securities and Exchange Commission (CYSEC). The leverage offered through the ASIC subsidiary is up to 500:1 which combined with low fees is why experienced and automated traders choose IC Markets across the globe.
The average spreads displayed below were published on ECN brokers websites as of December 2020. Its critical to note these are not minimum spreads but average spreads which are the true spread measurement on major currency pairs by a broker. This is how a scalper benchmarks brokers with the spreads shown in pips.
IC Markets has tight spreads followed by Pepperstone and FP Markets. With straight-through processing (STP) ensuring a fast trading experience. While the all ECN low spread brokers dont mark-up spreads, superior liquidity provider access is how IC Markets achieves lower spreads. Below shows their commissions which are based on the base currency selected by the trader. Based on current exchange rates the Australian Dollar (AUD account) is the lowest which at current exchange rates is approx $2.16 USD per lot (per side).
A range of CFDs including Cryptocurrencies such as Bitcoin
Fixed spread brokers are designed for low-risk forex traders looking for transparent fees and advanced features such as guaranteed stop-loss orders. These market maker brokers help traders avoid slippage which is a key factor making CFD trading high risk but increases the fees (spreads) charged by the broker. Below compares thetop fixed spread accounts.
Pepperstone has regulation with ASIC (Australia) and DIFC (Dubai). They also are UK regulated with theFCAwhich means they lowest spread UK forex broker. The broker offers MT4, MT5 and the cTrader forex trading platform with award-winning customer support.
Theforex provideroffers high leverage levels of 1000:1 and the choice of MetaTrader 4 or MetaTrader 5 forex trading platforms. Other key features of Hotforex are low spreads (from 0.1 for EUR/USD), a range of account types and a range of trading tools.
Data taken from broker website. Accurate as at 02/11/2020
FxPro offers fixed spreads on limited forex pairs and floating spreads on the forex trading platforms MT4, MT5 and cTrader. Floating spreads will vary by market conditions and for major currency pairs such as the EUR/USD to AUD/JPY can be 0 spreads at times.
Beginner forex brokers often prefer a standard forex account as its easier to calculate profit/losses of trades and the fees are built into the prices. Key factors about the IG standard account include:
Data taken from broker website. Accurate as at 02/11/2020
The overall rating is based on review by our experts
Those looking for social trading features should consider eToro which is built around its copy trading capability. It has one of the largest communities of traders that can be reviewed and copied. This means that once you select a trader you will automatically make the same trades as that individual.
The commission charge for ECN brokers is set on the base currency chosen. These are based per side (100k traded) and if calculating per round-turn lot the amounts below should be doubled. This was based oncommission ratesfound on forex broker websites offering Raw (ecn accounts) and published in December 2020.
As the graph shows, Fusion Markets is the best broker when it comes to low commissions. They are advertised as the lowest ASIC (Australia) regulated forex broker focusing primarily on the MetaTrader 4 (MT4) forex trading platform. In addition to the low commissions, there are also no fees on deposits or commissions.
IC Markets is the lowest spread forex broker. This is based on the average spreads of theirRaw Spread trading accountwith the account also offering low commissions.
FxPro is ano dealing deskforex broker adopting straight-through technology (STP) to execute trades. In 2019 this lead to no requotes on 99.32% of trades. It also leads to fast execution speeds with most orders filed in 11.06 milliseconds.
As the data above shows, IG has the lowest forex broker spreads in the standard account category. This could be attributed to IG large liquidity pool access as it is the largest retail foreign exchange broker globally. While spreads are the main way IG makes money they do have other charges including forex conversions, overnight fees and inactivity fees. If trading share CFDs there are also commissions to note. Below shows an example of how IG charges a spread that is different from the market value.
An ECN broker account has a spread plus a commission. This way, a forex broker can pass on the pure spread rate of the market and charge a transparent commission rate in addition based on volume. The lowest spread forex broker accounts all use pricing method. While all spreads should be market rates the main difference impacting the actual spread rates are access to liquidity from banks to dark pools.
As the above shows, Avatrade has the lowest fixed spreads of any broker. They dont charge for withdrawals or deposits but have an inactivity fee after a quarter of no activity. This inactivity is $50 per quarter. They offer a range of CFDs, EFTs and currency pairs.
Scalping trading allowed and other automated trading strategies
understand the risks of leverage and CFD trading first.The lowest spreads and overall fees are based on ECN accounts (Raw accounts). IC Markets in December 2020 had the lowest spreads including:eToro has 0% commission stocks allowing traders to buy shares across the world with no commissions charged. Like the best forex brokers,IFSCThe lowest minimum deposit is $0 for opening a trading account with Fusion Markets. Deposits can be made fee-free via Skrill,Australia with his son and Siberian cat. In his spare time,Visa or MasterCard.MetaTrader 4.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.
A number of comparison pages exist on CompareForexBrokers that are country-specific factoring in the relevant regulator. This includesUK BrokersAustralian BrokersandSouth African Brokers. You can also view thereview pageto compare the reviews of each forex broker worldwide.
The commissions charged by IC Markets as analysed above are also competitive including:
Pepperstone has the lowest self-reported execution speeds with most ordered executed by Pepperstone Group Limited of 30 milliseconds. This is the time taken to process an order once its received by the broker. To verify this speed a comparison using broker demo accounts resulted in Pepperstone having the fastest Market Order Execution Speed of any broker.