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Best Zero Spread Forex Brokers

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

October 10, 2023

Zero-spread forex trading. Sounds like a great deal, right?

Let's be clear; zero-spread forex trading does not mean zero-cost forex trading. The same goes for low spreads - just because a broker claims low average spreads (or even a zero spread), it doesn't mean that you can count on your trading costs being lower.

Given this harsh truth, it's best to be wary when you find yourself staring at an ad for zero-spread accounts. And remember that some zero spread offerings are really just marketing gimmicks designed to lure in inexperienced traders. At BrokerNotes we like to remind traders of all experience levels to always read the fine print.

All that being said, the team at BrokerNotes dove deep into the world of zero-spread forex brokers – conducting our own rigorous research on the subject – to create this guide designed to help traders familiarize themselves with the realities of zero-spread accounts.

Below, we explain the benefits (and drawbacks) of zero-and-low-spread accounts, why your effective spread is ultimately what matters in the end, and to help you pick the best zero-spread (or low-spread) forex broker.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% 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.

Lowest Spread Brokers

When it comes to trading forex and contracts for difference (CFDs), the brokers with the lowest spreads in 2023 are as follows:

  • Tickmill - 8.1/10 Overall
  • CMC Markets - 9.6/10 Overall
  • Interactive Brokers - 9.9/10 Overall
  • - 8.7/10 Overall
  • IC Markets - 8.1/10 Overall
  • FP Markets - 8.3/10 Overall
  • IG
    - 9.9/10 Overall
  • Saxo Bank - 9.7/10 Overall
  • Trade Nation - 7.6/10 Overall
8.1/10 Overall
Minimum Deposit$100
Tier-1 Licenses2
Tradeable Symbols (Total)725

Tickmill is an excellent multi-asset broker that offers truly low-cost forex trading; the broker's Pro and VIP accounts are among the least expensive in the industry. Tickmill offers the MetaTrader suite as well as third-party services like TradingView and Signal Centre, powered by Acuity Trading.

Apple iOS AppYes
Android AppNo
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
CMC Markets
9.6/10 Overall
Minimum Deposit$0
Tier-1 Licenses5
Tradeable Symbols (Total)12074

CMC Markets is a highly trusted multi-asset broker regulated in multiple Tier-1 jurisdictions. CMC's powerful Next Generation trading platform for web and mobile delivers a huge selection of markets and a fantastic user experience. CMC Markets also ranks highly for its high-quality research and educational content.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Interactive Brokers
9.9/10 Overall
Minimum Deposit$0
Tier-1 Licenses9
Tradeable Symbols (Total)8500

Interactive Brokers is a highly trusted broker regulated across the globe that delivers access to over 100 markets, including forex and CFDs. Its Trader Workstation (TWS) platform offers a variety of advanced trading tools for experienced traders, and IBKR's web-based platform is great for beginner forex traders.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
8.7/10 Overall
Minimum Deposit$20 info
Tier-1 Licenses3
Tradeable Symbols (Total)3119 delivers an innovative trading platform, powerful market research, and an impressive range of educational content. also offers a growing number of tradeable markets, and the broker's competitive pricing puts it in the same category as the best low-cost forex brokers.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
IC Markets
8.1/10 Overall
Minimum Deposit$200
Tier-1 Licenses2
Tradeable Symbols (Total)3583

IC Markets is a trusted broker with multiple Tier-1 regulatory licenses. Traders at IC Markets gain access to MetaTrader 4 and MetaTrader 5 as well as the Advanced Trading Tools package for desktop and support for third-party plugins from Autochartist and Trading Central. That said, the broker's research and education have room to improve.

Apple iOS AppYes
Android AppNo
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
FP Markets
8.3/10 Overall
Minimum Deposit$100 AUD
Tier-1 Licenses2
Tradeable Symbols (Total)10000

FP Markets delivers excellent pricing and access to the full MetaTrader suite, as well as cTrader and its own copy trading platform. That being said, FP Markets' pricing is not as low on its IRESS platform, which is optimized for share dealing. FP Markets fares well across most key categories, though its research and education have room to improve.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
9.9/10 Overall
Minimum Deposit£250.00
Tier-1 Licenses8
Tradeable Symbols (Total)19537

Year after year, IG has shown itself to be the best broker in the forex industry and a fantastic choice for forex traders. Highly trusted and regulated across the globe, IG delivers a wide variety of rich features, market research, and powerful trading tools. Fans of copy trading will appreciate IG’s seamless integration of trading signals into its web platform.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
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(Trading forex carries a high level of risk.)

Saxo Bank
9.7/10 Overall
Minimum Deposit0
Tier-1 Licenses7
Tradeable Symbols (Total)70000

Saxo Bank is a highly trusted broker that operates multiple banks and is regulated across the globe. Saxo Bank delivers an incredible cross-platform experience alongside powerful research and a vast selection of more than 60,000 symbols across multiple asset classes. It’s worth noting that minimum deposits at Saxo are steep.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Trade Nation
7.6/10 Overall
Minimum Deposit$0
Tier-1 Licenses2
Tradeable Symbols (Total)601

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.

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

What are zero-spread accounts?

Zero-spread accounts are trading accounts that have no difference between the bid and ask price - or spreads that average close to zero pips. Such accounts allow traders to know in advance what their entry and exit levels will be when they open positions.

What does this mean for traders? Zero spread accounts are helpful for calculating non-trading losses (such as slippage) and are ideal for some forex strategies, such as high-frequency scalping and day trading. Zero spread accounts also offer new traders the opportunity to try out forex trading without being exposed to high transaction costs.

Pros & Cons of Zero Spread Accounts


  • Changing direction can be expensive. If you have an open long position, for example, and decide you want to change the direction of your trade to go short, it can be less pricey to do so with a zero spread account - compared to paying a spread to close and reverse your trade.
  • Sometimes, every little bit counts. Some strategies - like scalping or high-frequency trading - are mostly (or solely) based on latency (or, pricing delays that cause arbitrage), and require the lowest costs possible in order to be profitable.


  • Zero-spread doesn't mean zero-cost. Don't forget; forex brokers have to cover their costs and make money, and they'll still find ways to do so - with fixed commissions, larger deposit requirements, tighter margin calls, and other tactics designed to make up for their zero-or-low spread offers.
  • Spreads that "start" at zero don't always stay there. The potential always exists for the spread to widen - even in a zero spread account, and even if the account is commission-free.

What is the spread in forex?

Typically measured in a unit called a "pip," the spread communicates the difference in price between the rate at which you buy (known as the "ask price") a currency pair and the rate at which you can sell (known as the "bid price").

When trading in financial markets there will always be a bid/ask spread, even if it is very small (or even zero). It's always important to be aware of the spread when you are trading, and it's also important to remember that the spread is a type of trading cost that you may incur even if you are using a commission-free trading account.

How do zero-spread accounts work?

In theory, zero-spread accounts can offer traders the chance to compute their executions precisely, without having to navigate the issue of tightening or widening spreads. The reality, however, is that your realized effective spread is what really matters - not just the advertised spreads.

For example, say you have an open long position, and you've decided you want to change the direction of your trade to go short. If you have a zero-spread account, it'll probably be less expensive to do so, because you won't be paying a spread to close and then reverse your trade. Traders will often change direction during significant news events.

Imagine you find yourself trading on the wrong side of a USD/JPY move during a huge fundamental data release, like the Rate Decision of the Bank of Japan. During such a volatile market event (and other momentous situations), having a zero-spread account can allow you to change your trade bias without sinking your money into the spread.

That being said, any savings you make in the spread might end up being minuscule and can be quickly offset by the losses you'd sustain if the market moves abruptly against you. Your broker's execution quality (and any applicable fast-market trading policies) must be taken into consideration - not just the spread, or your broker's per-trade commissions.

Are low spreads good in forex?

Many brokers advertise low spreads, but their actual (effective) average spreads may be far worse in reality.

While spreads are an important factor in determining your trading costs, it's also important to consider the overall execution type, quality of execution, as well as per-trade commissions. If a broker has questionable execution methods (or charges steep commissions), the execution will end up being poor and will likely end up costing you more - even if the spread happens to be low.

Take it from us; the best brokers for zero-spread trading (or low-spread trading) also deliver a great selection of account types, offer high-quality execution methods, and feature low commissions - in addition to zero-or-low average spreads.

Is there a forex broker with 0 spread?

Even if a broker is a market-maker that establishes their own pricing, a true zero-pip spread is exceptionally rare - even at the interbank market level, where large banks and inter-dealer brokers (IDBs) trade.

Often, when a broker offers a zero-pip spread it is tied into some kind of promotional offer or marketing campaign. These promotions may not reveal the true cost of trading with that broker.

It's important to think beyond the spread when choosing which broker is right for your needs. Always consider your broker's execution quality, as well as the kind of trading strategy you plan on adopting. Most importantly, check to see if the broker publishes any recent average spreads for the currency pair you want to trade. That way you can judge for yourself whether their spreads are truly low.

What forex brokers have the lowest spreads?

When it comes to commissions and fees, the best forex brokers in 2023 with the lowest overall effective spreads are as follows:

  • Tickmill - Best overall for low costs
  • CMC Markets - Best web trading platform, excellent education
  • Interactive Brokers - Best for professionals, excellent pricing
  • - Great for beginners, easy to use
  • IC Markets - Best overall for MetaTrader
  • FP Markets - Full MetaTrader suite, competitive pricing
  • IG - Excellent education, most trusted

Which forex broker has the tightest spread?

After conducting our own rigorous research, we determined that Tickmill features the overall tightest spreads in 2023. To calculate the effective spread, we factor the average spread (where available) and any per-trade commissions across broker account types.

Tickmill's Pro account features low average spreads and per-trade commissions, resulting in tight effective spreads. Those effective spreads drop even further in Tickmill's VIP account, where commissions are slashed in half.

Tickmill's listed average spread data for the month of September 2021 (for the EUR/USD) came to 0.07 pips on its Pro account (which only requires a $100 deposit to get started). The resulting effective spread at Tickmill comes to 0.47 pips, after including a per-side commission of $2.00, or, roughly the equivalent of 0.4 pips per round-trip (the opening and closing of one trade is referred to as one complete "round-turn" or "round-trip").

Meanwhile, Tickmill's VIP account brings the effective spread down to 0.27, with the only caveat being that you must maintain a minimum balance of $50,000 to access this superb VIP pricing.

What forex account types have lower spreads?

Forex account types vary from one broker to another, but - on average - you'll find that commission-based accounts (or, accounts that offer agency execution) tend to feature the lowest spreads.

Commission-based accounts are often referred to as Electronic Communication Network (ECN) or no-dealing-desk accounts. In these cases, your broker acts as an agent and sends your offer to other market-makers for execution. With agency execution, the market-maker establishes the spread and your broker only charges a commission (though your broker may also be receiving a rebate or markup on the spread from the liquidity provider). 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
Tickmill logoTickmill 8.1 $100 0.51 info 83 725 Tickmill Review
CMC Markets logoCMC Markets 9.6 $0 0.51 info 99 12074 CMC Markets Review
Interactive Brokers logoInteractive Brokers 9.9 $0 0.63 info 99 8500 Interactive Brokers Review 8.7 $20 info 0.67 info 87 3119 Review
IC Markets logoIC Markets 8.1 $200 0.62 info 84 3583 IC Markets Review
FP Markets logoFP Markets 8.3 $100 AUD 1.1 info 87 10000 FP Markets Review
IG logoIG 9.9 £250.00 0.98 info 99 19537 IG Review Visit Site
Saxo Bank logoSaxo Bank 9.7 0 0.9 info 99 70000 Saxo Bank Review
Trade Nation logoTrade Nation 7.6 $0 0.6 85 601 Trade Nation Review
Pepperstone logoPepperstone 8.4 $200 0.77 info 95 2342 Pepperstone Review
Plus500 logoPlus500 8.6 €100 0.8 (August 2021) info 99 5500 info Plus500 Review
City Index logoCity Index 9.3 £100.00 1.4 info 99 13500 City Index Review 9.4 $100 1.4 info 99 5500 Review Visit Site
AvaTrade logoAvaTrade 8.7 $100 0.92 info 94 1260 AvaTrade Review
XTB logoXTB 9.1 $0 1.07 info 96 6010 XTB Group Review
Vantage logoVantage 8.0 $50 1.30 info 90 1000 Vantage Review
Moneta Markets logoMoneta Markets 7.5 $50 1.27 info 72 1016 Moneta Markets Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) 7.9 $20 0.6 info 88 1199 HYCM Review
Admiral Markets logoAdmiral Markets 8.5 $100 0.8 info 93 6942 Admiral Markets Review
VT Markets logoVT Markets 7.3 $100 1.2 info 70 1000 VT Markets Review
BlackBull Markets logoBlackBull Markets 8.0 $0 0.827 info 77 26000 BlackBull Markets Review
ACY Securities logoACY Securities 7.4 $50 1.2 info 75 2200 ACY Securities Review
eToro logoeToro 8.8 $10-$10,000 1 info 90 3479 eToro Review
FXCM logoFXCM 8.5 Starts from $50 1.38 info 95 440 FXCM Review
TD Ameritrade logoTD Ameritrade 9.3 $0 1.25 info 99 0 TD Ameritrade Review
Eightcap logoEightcap 7.5 $100 1.0 info 85 736 Eightcap Review
Octa logoOcta 7.2 $25 0.9 info 70 229 OctaFX Review
BDSwiss logoBDSwiss 7.7 $100-$5000 info 1.6 info 76 1081 BDSwiss Review
HFM logoHFM 7.9 $0 1.2 info 86 3500 HFM Review
FxPro logoFxPro 8.1 $100 1.51 info 90 2249 FxPro Review
XM Group logoXM Group 8.4 $5 1.6 info 88 1429 XM Group Review
OANDA logoOANDA 8.5 $0 1.57 info 93 1744 info OANDA Review
TMGM logoTMGM 7.6 $100 0.96 info 83 12000 TMGM Review
GBE brokers logoGBE brokers 6.8 $500 N/A info 71 500 GBE Brokers Review
FlowBank logoFlowBank 7.7 $0 N/A info 80 408600 FlowBank Review
IFC Markets logoIFC Markets 7.2 $1 1.44 info 67 630 ATFX Review
Alpari logoAlpari 6.8 $20 N/A info 68 105 Alpari Review
FXPrimus logoFXPrimus 7.0 $100 N/A info 71 140 FXPrimus Review Visit Site
Trading 212 logoTrading 212 7.7 €10 N/A info 77 9732 Trading 212 Review
Axi logoAxi 7.1 $0 N/A info 81 175 Axitrader Review
Spreadex logoSpreadex 7.2 $0 0.78 info 71 2000 Spreadex Review
GKFX logoGKFX 7.0 $0 N/A info 65 354 GKFX Review
FXOpen logoFXOpen 7 $100 N/A info 80 87 FXOpen Review
TeleTrade logoTeleTrade 7.1 $100 N/A 71 500 Teletrade Review
IronFX logoIronFX 7.2 $50 1.2 83 340 IronFX Review
Exness logoExness 7.0 $1 0.9 info 71 112 Exness Review
TopFX logoTopFX 6.7 Depends on payment method N/A info 67 655 TopFX Review
Swissquote logoSwissquote 8.8 $1000 N/A info 99 472 Swissquote Review 8.1 $100 1.9 info 96 2179 Review
Fineco Bank logoFineco Bank 8.0 $0 N/A info 95 126 Fineco Bank Review
ThinkMarkets logoThinkMarkets 7.8 $0 info 1.1 info 92 4000 ThinkMarkets Review
easyMarkets logoeasyMarkets 7.3 $50 0.9 info 80 199 easyMarkets Review
Forex4you logoForex4you 6.9 $0 N/A info 61 150 Forex4you Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.4 info 71 12000 Roboforex (RoboMarkets) Review
LegacyFX logoLegacyFX 6.7 $500 N/A 67 425 LegacyFX Review
Trade360 logoTrade360 7.2 $250 N/A info 76 1062 Trade360 Review
DooPrime logoDooPrime 7.8 $100 N/A info 83 10000 DooPrime Review
ATFX logoATFX 6.5 $500 N/A info 73 150 ATFX Review
Vestle logoVestle 7.0 -1 N/A 78 750 Vestle Review
Libertex (Forex Club) logoLibertex (Forex Club) 6.7 $10 N/A info 73 300 Libertex Review
xxxRIP UFX logoxxxRIP UFX 6.6 $100 3 info 67 619 UFX Review
Xtrade logoXtrade 6.5 $250 N/A info 80 142 Xtrade Review 6.6 $5 N/A 69 117 FXGT Review

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At, our data-driven reviews of online brokers are based on our own extensive testing of each broker's products and services as well as the qualified observations of our expert editorial team. In conjunction with our sister site,, we’ve published well over 100,000 words of research and collected thousands of data points across hundreds of variables. Our in-depth trading guides are created with the same rigorous, data-driven approach.

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Our editorial team is led by Steven Hatzakis, an industry veteran with decades of experience and a deep understanding of the forex market. Our team conducts thorough testing on a wide range of brokers, platforms, products, technologies, third-party trading tools, and mobile apps. We also test for the availability of high-quality educational content, actionable market research resources, and the accessibility and capabilities of mobile platforms. All of our ratings and rankings are based on the collection and validation of thousands of data points and our in-depth product testing.

Part of our testing process involves in-depth research into commissions and fees. We dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads (we always strive to determine the average spreads for each broker to better serve our readers), and a variety of other fee-based data points.

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About the Editorial Team

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for and 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).

John Bringans
John Bringans

John Bringans is the Senior Editor of and An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for and 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.