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Best Fixed Spread Brokers of 2024

BrokerNotes.co

Written by BrokerNotes.co
Edited by Jeff Anberg
Fact-checked by Steven Hatzakis, Joey Shadeck

August 09, 2024

Choosing the right forex broker is crucial, especially when it comes to managing your trading costs. One of the key considerations is whether to opt for fixed or variable spreads. Fixed spread accounts offer a level of consistency and predictability that can be invaluable, particularly in volatile market conditions. However, not all fixed spread brokers are created equal.

In this guide, we’ll walk you through everything you need to know about fixed spreads, how they compare to variable spreads, and what to look for in a broker offering fixed spreads. Whether you're a scalper, day trader, or just someone looking for cost stability, we'll help you determine if a fixed spread account is the right fit for your trading strategy and which broker to choose if it is.

Best Forex Brokers for Fixed Spreads

Here are the best forex brokers for fixed spreads.

  • AvaTrade - 8.7/10 Overall
  • FxPro - 8.1/10 Overall
  • Markets.com - 8.1/10 Overall
  • HYCM (Henyep Capital Markets) - 7.9/10 Overall
  • DooPrime - 7.8/10 Overall
  • Trade Nation - 7.6/10 Overall
  • Spreadex - 7.2/10 Overall
  • easyMarkets - 7.3/10 Overall
  • IronFX - 7.2/10 Overall
AvaTrade
star 8.7/10 Overall
Minimum Deposit$100
Tier-1 Licenses4
Tradeable Symbols (Total)1260

AvaTrade is a well-rounded, highly trusted broker that offers excellent educational resources for beginners and great tools for copy trading. AvaTrade's commissions and market research are about average, and traders gain access to AvaTrade's proprietary platforms and the full MetaTrader suite. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
FxPro
star 8.1/10 Overall
Minimum Deposit$100
Tier-1 Licenses2
Tradeable Symbols (Total)2249

FxPro is a trusted brand that delivers access to a wide range of trading platforms, including cTrader, the full MetaTrader platform suite, and its proprietary FxPro Edge and BnkPro apps. Algorithmic traders will appreciate FxPro's execution methods and pricing options, but spreads and overall costs at FxPro are higher than average. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Markets.com
star 8.1/10 Overall
Minimum Deposit$100
Tier-1 Licenses3
Tradeable Symbols (Total)2179

Markets.com may be an expensive option, but its trading platforms are easy to use, and traders gain access to a wide range of forex and CFD symbols. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
HYCM (Henyep Capital Markets)
star 7.9/10 Overall
Minimum Deposit$20
Tier-1 Licenses2
Tradeable Symbols (Total)1199

HYCM is a trusted broker with multiple Tier-1 regulatory licenses and a long history of offering shares, forex, and CFDs. HYCM offers the HYCM Trader app, the full MetaTrader suite, and third-party tools like Trading Central. HYCM delivers competitive pricing on its Raw account, but its research and educational resources have room to improve. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
DooPrime
star 7.8/10 Overall
Minimum Deposit$100
Tier-1 Licenses4
Tradeable Symbols (Total)10000

DooPrime offers both MT4 and MT5, along with several copy trading platforms and its proprietary In Trade platform. Founded in 2015, DooPrime is regulated in multiple Tier-1 jurisdictions. DooPrime also provides nearly 10,000 tradeable symbols, but we were unable to obtain average spread data. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Trade Nation
star 7.6/10 Overall
Minimum Deposit$0
Tier-1 Licenses2
Tradeable Symbols (Total)1000

Trade Nation is a trusted broker that offers an innovative, easy-to-use proprietary trading platform suite alongside MetaTrader 4. Trading signals powered by Acuity are also available within Trade Nation's Signal Centre. That being said, a lack of advanced trading features may leave experienced traders wanting more. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Spreadex
star 7.2/10 Overall
Minimum Deposit$0
Tier-1 Licenses1
Tradeable Symbols (Total)10000

Spreadex offers its proprietary Spreadex Trading platform as well as a growing selection of markets, but does not offer MetaTrader or cTrader. Spreadex can't compete with the best forex brokers in certain key categories, such as education and research, and its lack of additional Tier-1 regulatory licenses weighs down its overall Trust Score rating. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
easyMarkets
star 7.3/10 Overall
Minimum Deposit$50
Tier-1 Licenses2
Tradeable Symbols (Total)230

easyMarkets is a trusted broker that holds multiple regulatory licenses and provides an easy-to-use trading platform with a variety of trading and risk-management tools. Traders also gain access to MetaTrader 4, but it’s worth noting that easyMarkets' pricing is higher than average. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
IronFX
star 7.2/10 Overall
Minimum Deposit$50
Tier-1 Licenses3
Tradeable Symbols (Total)340

IronFX is a trusted broker licensed in multiple regulatory jurisdictions. Traders at IronFX gain access to MetaTrader 4 and the broker's proprietary TradeCopier platform for social copy trading. Beginner forex traders will find decent educational content, but spreads at IronFX are higher than the industry average. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What are fixed spreads in forex?

Fixed spreads in forex refer to the constant difference between the bid and ask price for a currency pair, regardless of market conditions. Unlike variable spreads, which can widen or narrow based on market volatility, fixed spreads remain consistent. This consistency offers a predictable trading environment, especially during periods of high volatility.

In our experience, understanding spreads is foundational to forex trading. When you trade with fixed spreads, you know upfront what your transaction cost will be. This can be particularly useful for traders who prefer to avoid surprises, like sudden spikes in spreads that can happen with variable spread accounts during major economic announcements.

price_checkOther spread options:

If you’re looking for even lower transaction costs and don’t mind the potential volatility, consider exploring zero spread accounts. While fixed spreads offer stability, zero spreads can be ideal if you’re focused on minimizing costs and can handle variable conditions. Check out our guide on the best brokers for zero spread accounts to see if it suits your strategy.

Why Saxo is our top pick for a fixed spread broker

Saxo stands out as a premier choice for traders seeking fixed spreads, offering stability and a robust trading environment. With its competitive fixed spreads available particularly in VIP and Platinum accounts, Saxo provides a predictable trading experience that is crucial for managing costs, especially during volatile market conditions. The broker’s proprietary platforms, SaxoTraderGO and SaxoTraderPRO, further enhance this experience with advanced tools, seamless functionality, and a broad range of tradeable instruments, making them ideal for both professional and active traders.

However, there are a couple of notable drawbacks. Saxo does not support MetaTrader 4 or MetaTrader 5, which could be a significant disadvantage for traders accustomed to these popular platforms. Additionally, while Saxo offers discounted rates for its VIP and Platinum account holders, these benefits come with a high barrier to entry. The steep minimum deposit required to access these advanced tiers may be out of reach for many traders, potentially limiting their ability to take full advantage of Saxo’s premium offerings. For more details on their offering, check out our review of Saxo. If access to MT4 or MT5 is a must, read about our alternatives to Saxo or the review of AvaTrade, the runner-up for this category.

Advantages and disadvantages of fixed spreads

One of the main advantages of fixed spreads is the stability they offer. No matter what's happening in the market, your trading costs remain the same. This is especially beneficial during times of low liquidity, like holidays, or during volatile major news events, when variable spreads can skyrocket. Fixed spreads can also simplify your trading calculations, making it easier to manage risk.

However, there are some downsides. Fixed spread accounts often come with slightly higher spreads compared to the average of variable spreads. Additionally, brokers offering fixed spreads may impose restrictions during extreme market conditions, such as widening the spread temporarily or limiting order placements. It’s crucial to weigh these pros and cons against your trading style.

How do fixed spreads compare to variable spreads?

The main difference between fixed and variable spreads lies in their predictability. Variable spreads fluctuate depending on market conditions. In periods of low volatility, variable spreads can be narrower than fixed spreads, reducing trading costs. However, during high volatility, variable spreads can widen significantly, potentially leading to higher costs than fixed spreads.

In contrast, fixed spreads provide certainty. You know exactly what you’re paying each time you trade, which can be reassuring. From our perspective, the choice between fixed and variable spreads depends largely on your trading strategy and risk tolerance. If you thrive on stability, fixed spreads might be the way to go.

What to look for in a forex broker offering fixed spreads

When choosing a forex broker that offers fixed spreads, there are several key factors to consider. First, check the broker's reputation and regulatory status. A trustworthy broker should be regulated by a well-known financial authority. Also, examine the spreads they offer on the currency pairs you trade most frequently. Some brokers may advertise low fixed spreads but only offer them on less popular pairs.

Additionally, pay attention to the broker’s trading platform and customer service. A reliable platform with fast execution speeds is crucial, especially if you trade during volatile times, and it is essential to have a responsive broker should any issues arise. Finally, watch out for any extra fees, such as commissions or withdrawal charges, as these can affect your overall trading costs.

What are the different types of fixed spread traders?

There are several types of traders who might prefer fixed spreads.

Scalpers, for example, benefit from the predictability of fixed spreads since they execute many trades in a short period. Knowing the spread cost in advance allows them to calculate their potential profit or loss more accurately.

Day traders, who open and close positions within a single day, also favor fixed spreads for similar reasons. Swing traders, on the other hand, might lean towards variable spreads, but some still choose fixed spreads to avoid unexpected costs during market swings.

In our view, if your trading style involves frequent or high-volume trades, fixed spreads can offer the cost stability you need to execute your strategy effectively.

Are fixed spread accounts ideal for your trading strategy?

Whether a fixed spread account is right for you depends on your trading style and risk appetite. If you prioritize consistency in your trading costs and want to avoid the unpredictability of variable spreads, then a fixed spread account could be a good fit. This is especially true if you trade during volatile times when variable spreads can widen unexpectedly.

However, if you’re more of a swing trader or trade during periods of low volatility, you might find that the slightly higher spreads of fixed accounts don’t justify the cost. The key is to evaluate your trading habits and choose an account type that aligns with your financial goals.

BrokerNotes.co 2024 Overall Rankings

To recap, here are our top forex brokers for 2024, sorted by Overall ranking.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
IG logoIG
9.9 £250.00 0.98 info 99 19537 IG Review
Interactive Brokers logoInteractive Brokers
9.9 $0 0.63 info 99 8500 Interactive Brokers Review
Saxo logoSaxo
9.7 $0 1.1 info 99 70000 Saxo Review
CMC Markets logoCMC Markets
9.6 $0 0.61 info 99 11925 CMC Markets Review
FOREX.com logoFOREX.com
9.4 $100 1.4 info 99 5500 FOREX.com Review
Charles Schwab logoCharles Schwab
9.3 $0 1.25 info 99 40000 Charles Schwab Review
City Index logoCity Index
9.3 £100.00 1.4 info 99 13500 City Index Review
XTB logoXTB
9.1 $0 info 1.00 info 96 6200 XTB Group Review
eToro logoeToro
8.8 $50-$10,000 1 info 93 5461 eToro Review
Capital.com logoCapital.com
8.7 $20 info 0.67 info 87 3007 Capital.com Review
Swissquote logoSwissquote
8.8 $1000 N/A info 99 472 Swissquote Review
AvaTrade logoAvaTrade
8.7 $100 0.93 info 94 1260 AvaTrade Review
Plus500 logoPlus500
8.6 €100 1.5 info 99 5500 info Plus500 Review
FXCM logoFXCM
8.5 Starts from $50 0.78 info 95 440 FXCM Review
OANDA logoOANDA
8.5 $0 1.61 info 93 3928 info OANDA Review
Pepperstone logoPepperstone
8.4 $0 1.10 info 95 1726 Pepperstone Review
XM Group logoXM Group
8.4 $5 1.6 info 88 1394 XM Group Review
Admirals logoAdmirals
8.5 $100 0.8 info 93 8702 Admiral Markets Review
FP Markets logoFP Markets
8.3 $100 AUD 1.1 info 87 10000 FP Markets Review
Tickmill logoTickmill
8.1 $100 0.51 info 86 725 Tickmill Review
IC Markets logoIC Markets
8.1 $200 0.62 info 84 3583 IC Markets Review
FxPro logoFxPro
8.1 $100 1.51 info 90 2249 FxPro Review
Markets.com logoMarkets.com
8.1 $100 1.9 info 93 2179 Markets.com Review
FinecoBank logoFinecoBank
8.0 $0 N/A info 94 9770 Fineco Bank Review
BlackBull Markets logoBlackBull Markets
8.0 $0 0.76 info 78 26000 BlackBull Markets Review
Vantage logoVantage
8.0 $50 1.30 info 90 1000 Vantage Review
ThinkMarkets logoThinkMarkets
7.8 $0 info 1.1 info 92 4000 ThinkMarkets Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets)
7.9 $20 1.2 info 86 1199 HYCM Review
HFM logoHFM
7.9 $0 1.2 info 86 500 HFM Review
DooPrime logoDooPrime
7.8 $100 N/A info 83 10000 DooPrime Review
Questrade logoQuestrade
$250 N/A 86 641
ActivTrades logoActivTrades
7.7 0 0.98 info 81 1267
Trading 212 logoTrading 212
7.7 €10 1.9 info 79 8025 Trading 212 Review
BDSwiss logoBDSwiss
7.7 $10-$5000 info 1.6 info 76 1081 BDSwiss Review
Trade Nation logoTrade Nation
7.6 $0 0.6 85 1000 Trade Nation Review
TMGM logoTMGM
7.6 $100 N/A info 83 12000 TMGM Review
Eightcap logoEightcap
7.5 $100 1.0 info 85 736 Eightcap Review
Moneta Markets logoMoneta Markets
7.5 $50 1.38 info 72 1016 Moneta Markets Review
Spreadex logoSpreadex
7.2 $0 0.81 info 71 10000 Spreadex Review
Exness logoExness
7.0 $10 info N/A 81 227 Exness Review
ACY Securities logoACY Securities
7.4 $50 1.2 info 75 2200 ACY Securities Review
easyMarkets logoeasyMarkets
7.3 $50 0.8 info 80 230 easyMarkets Review
RoboForex logoRoboForex
7.3 $100 1.3 info 73 8400 Roboforex (RoboMarkets) Review
VT Markets logoVT Markets
7.3 $100 1.2 info 70 1000 VT Markets Review
Octa logoOcta
7.2 $25 0.9 info 70 277 OctaFX Review
IronFX logoIronFX
7.2 $50 1.2 83 340 IronFX Review
IFC Markets logoIFC Markets
7.2 $1 1.44 info 67 630 IFC Markets Review
Trade360 logoTrade360
7.2 $250 N/A info 76 1062 Trade360 Review
Axi logoAxi
7.1 $0 N/A info 81 175 Axitrader Review
TeleTrade logoTeleTrade
7.1 $100 N/A 71 500 Teletrade Review
iFOREX logoiFOREX
7.0 $100 N/A 75 750 iFOREX Review
FXOpen logoFXOpen
7 $100 N/A info 76 87 FXOpen Review
Xtrade logoXtrade
6.5 $250 N/A info 74 482 Xtrade Review
FXPrimus logoFXPrimus
7.0 $100 N/A info 71 140 FXPrimus Review
Forex4you logoForex4you
6.9 $0 N/A info 61 150 Forex4you Review
GBE brokers logoGBE brokers
6.8 $500 N/A info 71 500 GBE Brokers Review
Alpari logoAlpari
6.8 $20 N/A info 68 105 Alpari Review
MultiBank logoMultiBank
7.5 $50 N/A 84 1042 MultiBank Review
TopFX logoTopFX
6.7 Depends on payment method 1.03 info 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club)
6.7 $10 N/A info 73 300 Libertex Review
LegacyFX logoLegacyFX
6.7 $500 N/A 67 425 LegacyFX Review
FXGT.com logoFXGT.com
6.6 $5 N/A 69 117 FXGT Review
ATFX logoATFX
6.5 $500 N/A info 85 150 ATFX Review

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At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.

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About the Editorial Team

BrokerNotes.co
BrokerNotes.co

BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.

Jeff Anberg
Jeff Anberg

Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

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