ECN Forex Brokers (RAW accounts) contain a low spread plus a commission. Each quarter we get the commission rates of each broker to calculate the trading costs of each broker.
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Commission rates are based on the base current the trader selects with the lowest rates as follows:
The forex broker accounts we compared:
The overall cheapest forex broker (lowest fees) is Fusion Markets overall. This is because the main two components of trading costs are the ‘spread’ and the ‘commission’. We analysed both standard spreads and raw account spreads of which IC Markets had the lowest but Fusion Market’s lower commission rate led to them having the lowest costs.
The Forex calculator below proves this fact.
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The forex brokers below onboard Australian traders and are regulated by the Australian Securities & Investments Commission. Most Australian traders prefer to trade with the AUD as their base currency helping save on currency conversion fees.
| Commission Rate | AUD |
|---|---|
| DNA Markets | $2.25 |
| Fusion Markets | $2.25 |
| CMC Markets | $2.50 |
| Fair Markets | $2.50 |
| Go Markets | $3.00 |
| VT Markets | $3.00 |
| Vantage FX | $3.00 |
| FIBO Group | $3.00 |
| FlowBank | $3.25 |
| Pepperstone | $3.50 |
| EightCap | $3.50 |
| Axi | $3.50 |
| ThinkMarkets | $3.50 |
| Global Prime | $3.50 |
| City Index | $3.50 |
| Blueberry Markets | $3.50 |
| TMGM | $3.50 |
| Admirals | $4.00 |
| FXCM | $4.00 |
| IC Markets | $4.50 |
| Blackbull Markets | $4.50 |
Both DNA Markets and Fusion Markets have the lowest AUD base currency commission rate of $2.25. This is also the lowest rate globally with a weak Australian Dollar making the effective rate lower than and USD, EUR or GBP commission rate. While neither broker was rated the Best Forex Brokers In Australia they were shortlisted and should make the shortlist of any Australian trader comparing CFD brokers.
The most popular base currency is the US Dollar so it’s a good benchmark to compare forex broker ECN account commission rates.
| Commission Rate | USD |
|---|---|
| RoboForex | $2.00 |
| Fusion Markets | $2.25 |
| London Capital Group | $2.25 |
| CMC Markets | $2.50 |
| Fair Markets | $2.50 |
| Go Markets | $2.50 |
| City Index | $2.50 |
| DNA Markets | $3.00 |
| VT Markets | $3.00 |
| Vantage FX | $3.00 |
| FIBO Group | $3.00 |
| Tickmill | $3.00 |
| Admirals | $3.00 |
| Blackbull Markets | $3.00 |
| FP Markets | $3.00 |
| ATC Brokers | $3.00 |
| HF Markets | $3.00 |
| MultiBank Group | $3.00 |
| Tradersway | $3.00 |
| FlowBank | $3.25 |
| Pepperstone | $3.50 |
| EightCap | $3.50 |
| Axi | $3.50 |
| IC Markets | $3.50 |
| ThinkMarkets | $3.50 |
| Global Prime | $3.50 |
| Blueberry Markets | $3.50 |
| TMGM | $3.50 |
| FxPro | $3.50 |
| Exness | $3.50 |
| LQDFX | $3.50 |
| OctaFx | $3.50 |
| XM | $3.50 |
| FXCM | $4.00 |
| XTB | $4.00 |
| FXTM | $4.00 |
| HYCM | $4.00 |
| Blackwell Global | $4.50 |
| Dukascopy | $5.00 |
| AMarkets | $5.00 |
| BD Swiss | $5.00 |
| Axiory Nano | $6.00 |
| IG | $6.00 |
Roboforex has the lowest US dollar commission rate at USD $2.00.
British residents often select the pound with most brokers offering GBP base currency accounts being regulated by The Financial Conduct Authority.
| Commission Rate | GBP |
|---|---|
| Go Markets | £2.00 |
| VT Markets | £2.00 |
| Vantage FX | £2.00 |
| Tickmill | £2.00 |
| Pepperstone | £2.25 |
| EightCap | £2.25 |
| Axi | £2.25 |
| FP Markets | £2.25 |
| Admirals | £2.40 |
| CMC Markets | £2.50 |
| FlowBank | £2.50 |
| IC Markets | £2.50 |
| ThinkMarkets | £2.50 |
| Global Prime | £2.70 |
| XTB | £3.00 |
| FIBO Group | £3.00 |
| Dukascopy | £3.50 |
Our commission comparison found a three-way tie between Go Markets, VT Markets and Vantage Fx. Of the four, Go Markets has the lowest average spreads on their RAW account so they are considered the best forex broker in the UK.
The Euro is the second most traded currency and a popular choice as a base currency in regions such as Germany, Italy and Cyprus. Most brokers that offers EUR base currency trading accounts (but not all) are regulated by the Cyprus Securities and Exchange Commission.
| Commission Rate | EUR |
|---|---|
| Go Markets | € 2.00 |
| Tickmill | € 2.50 |
| CMC Markets | € 2.50 |
| VT Markets | € 2.50 |
| Vantage FX | € 2.50 |
| FlowBank | € 2.50 |
| Pepperstone | € 2.60 |
| Admirals | € 2.60 |
| EightCap | € 2.75 |
| IC Markets | € 2.75 |
| FP Markets | € 2.75 |
| FIBO Group | € 3.00 |
| ThinkMarkets | € 3.00 |
| Global Prime | € 3.10 |
| Axi | € 3.25 |
| XTB | € 3.50 |
| Dukascopy | € 4.00 |
| AMarkets | € 5.00 |
GO Markets has lowest commission rate of €2.00 with Go Markets recommended of the two as the broker tested lower for spreads. GO Markets Ltd is regulated by the CySEC (in Cyprus) and is the recommended low-cost broker for traders looking to open a trading account with the Euro base currency.
Below shows all the commission rates of all the most popular forex brokers worldwide. It should be noted that on some rare occasions, a broker’s rate will be different depending on their regulated entity. We addressed this in the Lowest Commission Brokers analysis which focuses on a broker-by-broker basis.
| Commission Rate | USD | AUD | GBP | EUR |
|---|---|---|---|---|
| Fusion Markets | $2.25 | $2.25 | N/A | N/A |
| CMC Markets | $2.50 | $2.50 | £2.50 | € 2.50 |
| Fair Markets | $2.50 | $2.50 | N/A | N/A |
| Go Markets | $2.50 | $3.00 | £2.00 | € 2.00 |
| DNA Markets | $3.00 | $2.25 | N/A | N/A |
| VT Markets | $3.00 | $3.00 | £2.00 | € 2.50 |
| Vantage FX | $3.00 | $3.00 | £2.00 | € 2.50 |
| FIBO Group | $3.00 | $3.00 | £3.00 | € 3.00 |
| FlowBank | $3.25 | $3.25 | £2.50 | € 2.50 |
| Pepperstone | $3.50 | $3.50 | £2.25 | € 2.60 |
| EightCap | $3.50 | $3.50 | £2.25 | € 2.75 |
| Axi | $3.50 | $3.50 | £2.25 | € 3.25 |
| IC Markets | $3.50 | $4.50 | £2.50 | € 2.75 |
| ThinkMarkets | $3.50 | $3.50 | £2.50 | € 3.00 |
| Global Prime | $3.50 | $3.50 | £2.70 | € 3.10 |
| City Index | $2.50 | $3.50 | N/A | N/A |
| Blueberry Markets | $3.50 | $3.50 | N/A | N/A |
| TMGM | $3.50 | $3.50 | N/A | N/A |
| Admirals | $3.00 | $4.00 | £2.40 | € 2.60 |
| FXCM | $4.00 | $4.00 | N/A | N/A |
| Blackbull Markets | $3.00 | $4.50 | N/A | N/A |
| Tickmill | $2.00 | N/A | £2.00 | € 2.00 |
| FP Markets | $3.00 | N/A | £2.25 | € 2.75 |
| XTB | $4.00 | N/A | £3 | € 3.50 |
| Dukascopy | $5.00 | N/A | £3.50 | € 4.00 |
| AMarkets | $5.00 | N/A | N/A | € 5.00 |
| RoboForex | $2.00 | N/A | N/A | N/A |
| London Capital Group | $2.25 | N/A | N/A | N/A |
| ATC Brokers | $3.00 | N/A | N/A | N/A |
| HF Markets | $3.00 | N/A | N/A | N/A |
| MultiBank Group | $3.00 | N/A | N/A | N/A |
| Tradersway | $3.00 | N/A | N/A | N/A |
| FxPro | $3.50 | N/A | N/A | N/A |
| Exness | $3.50 | N/A | N/A | N/A |
| LQDFX | $3.50 | N/A | N/A | N/A |
| OctaFx | $3.50 | N/A | N/A | N/A |
| XM | $3.50 | N/A | N/A | N/A |
| FXTM | $4.00 | N/A | N/A | N/A |
| HYCM | $4.00 | N/A | N/A | N/A |
| Blackwell Global | $4.50 | N/A | N/A | N/A |
| BD Swiss | $5.00 | N/A | N/A | N/A |
| Axiory Nano | $6.00 | N/A | N/A | N/A |
| IG | $6.00 | N/A | N/A | N/A |
Overall, as explained in the previous sections Fusion Markets is the cheapest forex broker. The broker offers MetaTrader 4 and 5, 90+ forex currency pairs and other CFDs such as crypto and shares. They are regulated by ASIC (Australia) and the VFSC (Vanuatu). I personally know Phil Horner, founder and CEO of Fusion Markets, from his time at Pepperstone. He has achieved the lowest trading costs by having a small operation, only offering MetaTrader, and forging great relationships with core liquidity pools and major banks. We recommend Fusion Markets for any trader focusing primarily on costs, especially for high-volume and high-frequency traders using EAs or other scalping tools.
In our tests, EUR/USD had the lowest trade cost, averaging $10.48 (AUD) across all brokers.
EUR/USD consistently ranks as the world’s most traded pair (often accounting for a quarter of global FX volume), so this result is as we’d expect.
This table shows the trade cost, across all brokers, for the six major currency pairs we tested.
| Broker | Commission | Spread Cost | Total Cost |
|---|---|---|---|
| EURUSD | $6.63 | $3.85 | $10.48 |
| USDJPY | $6.62 | $5.23 | $11.85 |
| AUDUSD | $6.63 | $6.06 | $12.69 |
| USDCAD | $6.61 | $6.65 | $13.26 |
| GBPUSD | $6.63 | $7.96 | $14.58 |
| USDCHF | $6.62 | $11.69 | $18.31 |
Factors that can influence the spreads offered by different brokers include
Factors that can influence the spreads offered by different brokers include
1. The currency pair being traded
2. The volume of trades in the currency pair being traded
3. The volatility of the currency pair being traded
4. The time of day the trade is made
The trading cost is the amount your trade must move before you make a profit. For example, if you go long (buy) 1 lot (100,000) using Fusion Markets, your trade will need to increase by AUD $7.62 before making any profit. This is the cost of the trade and can be compared to spreads in “standard” accounts. The lower the cost of trade, the more profit you can make.
Low trading costs are critical to your success if your trading strategy relies on profits of just a few pips (e.g., scalping), or if you are a high-volume trader.
Ask an Expert
Hi there, thanks for information above. My question is, if the broker charges $7 per 1.0 round lot. Can you be able to execute orders below 1.0 lot size (e.g. 0.04 lot) or it will decline?
Most brokers only allow trading in lot, this can be min-lots, micro-lots and standard lots. if you trade with OANDA and use their OANDA trade platform you may be able to give more precise order outside flat lots.