What’s the Lowest Spread Forex Broker?

lowest spread forex broker

What’s the Lowest Spread Forex Broker?

The lowest spread Forex Broker in July 20115 is FP Markets. FP Markets provides ECN pricing that enables them to provide some of the lowest spread rates of any current broker. They have a variety of tools to help traders reduce their spread: Premium Trading Pays, Flex Rate, and Discountive Trading. The below chart compares the latest published spread rates for several top brokers (last updated July) to show that many ECN providers have either the highest or most competitive spreads on a variety of major currency pairs. The data is provided by the provider for free from several brokerage services.

Here’s a look at our lowest spreads comparison for the month of July. The three currencies that were compared (EUR/USD, USD/JPY, and GBP/USD) represent the major currencies in the base currency markets that most investors trade. For each of these currencies we compare the average open interest rate, the commission that brokers pay, and the spread that they provide. For simplicity’s sake, the currencies are shown as a range instead of names (i.e., “USD” means the base currency, “JPY” means the Japanese Yen, and “GBP” means the British Pound.)

Now let’s take a look at the above data for the top five lowest spreads from our July survey. The first is FAP Turbo with an Open Interest of 13.8%. This broker has the lowest spread – almost a penny – among all of the ECN brokers surveyed. The next is Supra Forex, which has the next lowest spread of just over a nickel. The third is Forex Tracer with only a nickel.

Finally we have Currenex with the lowest forex spread, at just over a cent. Currenex trades the least amount of currencies, at just under one percent. Currenex is the only broker with a lower open interest than Supra and FAP Turbo and the only one with a lower spread.

From this data we can determine the average number of pips per month for the best low spread forex broker and see which one out of these has the highest average monthly pips. The average pips, or the amount of times forex traders pay to trade with the broker, is an important metric to consider when choosing the ECN broker for your trading. The average monthly pips for the top five ECN brokers in our July survey were as follows: FAP Turbo, Forex Tracer, Currenex, MegaDroid, and Forex Advantage. (You can find the July results on our website.)

While these are the top five from our July poll, it doesn’t mean that you can jump the gun and pick one of them to represent you as you start to learn how to trade forex. In fact there are several other features that you should be looking for before you make a decision, including what kind of minimum account you need, whether there are any commissions or fees, what kind of transaction fee there is, and what kind of monitoring and reporting mechanisms come with the package. We recommend that you do plenty of research on the platform and look at the terms of use before you start depositing money. This will help you minimize risk and maximize profits.

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