5 Best Low Spread forex brokers | Dailytrust

5 Best Low Spread forex brokers

Increased competition amongst brokers has resulted in reduced spreads and more competitive trading conditions as a way to attract more customers to Forex trading. In this article we have listed the best low spreads and excellent trading conditions.

 

1.     Forex.com

Overview

A five-tiered Active Trader program is offered by FOREX.com for traders who trade frequently and is one of the best low spread Forex Brokers in Nigeria.

This means that during certain times of day, it is feasible to get spreads on the EUR/USD pair as low as 0.84 pips. The average spread for MetaTrader users on the EUR/USD was 1.3 pips, according to the most current data from the firm.

 

Pros and Cons

PROS CONS
Low Forex fees Limited asset portfolio
High number of currency pairs

Well-regulated

High stock CFD fees

 

 

Features

Feature Information
Regulation FCA, CIMA
Minimum deposit from $50
Average spread from 1 pips
Commissions from Commissions on the commission account only
Deposit/Withdrawal Fees None
Maximum Leverage Variable dependent on instrument traded
Bonuses 20% Welcome Bonus
Customer Support 24/5

 

2.     FXCM

Overview

In terms of currency pairs and CFDs, FXCM has a good spread and is another one of the leading low spread Forex Brokers in Nigeria. Spreads for active traders can be significantly reduced due to the enormous number of trades they make on an ongoing basis.

For example, EUR/USD and GBP/USD, which both have modest spreads of only 1.3 pip, are two of the most popular currency pairs traded on FXCM.

 

Pros and Cons

PROS CONS
Excellent trading platforms 1.Limited product portfolio in terms of asset classes
Low minimum deposit

High maximum leverage

 

Features

Feature Information
Regulation FCA, ASIC, ACPR, FSP
Minimum deposit from $50
Average spread from 1.3 pips
Commissions from £4 per standard round-turn lot (£2 per side)
Deposit/Withdrawal Fees None
Maximum Leverage 1:400
Bonuses $20 Welcome Bonus
Customer Support 24/5

 

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3.     Plus500

Overview

Plus500 is a unique trading platform since it offers low spreads and no commissions on a wide range of financial markets.

Plus500 is considered an advanced broker since it provides a wide range of trading options while adhering to regulatory standards and delivering excellent customer service.

 

Pros and Cons

PROS CONS
Wide range of market instruments

Competitive pricing

Well regulated

Relatively limited research tools

 

 

Features

Feature Information
Regulation FCA, ASIC
Minimum deposit from $100
Average spread from 0.5 pips
Commissions from ‎$3
Deposit/Withdrawal Fees None
Maximum Leverage 1:30
Bonuses Deposit Bonus
Customer Support 24/5

 

 

4.     City Index

Overview

The City Index platform offers tight spreads starting at just 0.5 points on the most popular currency pairs.

Based on fair and transparent pricing as well as full support for the broker’s clientele, the broker aims to be the market leader in terms of customer service.

 

Pros and Cons

PROS CONS
Low trading fees

No fees for deposit and withdrawal

Comprehensive research tools

Limited product portfolio

 

Features

Feature Information
Regulation FCA, ASIC
Minimum deposit from $100
Average spread from 1.5 pips
Commissions from ‎$3
Deposit/Withdrawal Fees None
Maximum Leverage 1:200
Bonuses Deposit Bonus
Customer Support 24/6

 

 

5.     Pepperstone

Overview

The Pepperstone brokerage platform includes low costs for forex and equities index trading, as well as fast response times and polite customer support. There are no costs associated with either deposits or withdrawals.

 

Pros and Cons

Pros

 

No minimum deposit

Low trading fees for forex

No added costs for withdrawals or deposits

 

Cons

 

Limited number of instruments

No additional research tools

 

 

 

Features

Feature Information
Regulation FCA, ASIC
Minimum deposit from AUD200
Average spread from 0.4 pips
Commissions from ‎$3.76 commission per lot per trade
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses None
Customer Support 24/5

 

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