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Best Zero Spread Forex Brokers of 2024

Steven Hatzakis

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

May 14, 2024

ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.

Forex trading costs continue to decline as forex brokers compete to win you as a client. Many forex brokers now offer zero spread trading accounts as an extra enticement.

Be aware: Some zero spread account offerings may just be marketing gimmicks. Always read the fine print and read forex reviews before deciding on a broker. This guide answers everything you need to know about zero spread accounts and lists my picks for the best zero spread forex brokers.

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.

Lowest Spread Forex Brokers

Here are the best zero spread accounts, including brokers that offer spreads close to zero, available for 2024, based on 113 variables.

  • Tickmill - Best overall for low costs
  • CMC Markets - Best web trading platform, consistent pricing
  • Interactive Brokers
    - Best for professionals, excellent pricing
  • Capital.com - Great for beginners, competitive pricing
  • IC Markets - Great for MetaTrader, low average spreads
  • FP Markets - Full MetaTrader suite, competitive pricing
  • IG - Excellent education, great active trader pricing
Tickmill
4.5/5 Stars 4.5 Overall

Best overall for low costs

Minimum Deposit$100
Trust Score86
Tradeable Symbols (Total)725

Of Tickmill’s three accounts (Classic, Pro, and VIP), it was the competitive commission-based pricing for professionals available through its VIP and PRO accounts that helped the broker win our 2024 Annual Award for #1 Commissions and Fees. Read full review

Pros
  • Highly competitive pricing
  • Above-average research and education offerings
Cons
  • Small range of markets available for trading
CMC Markets
5/5 Stars 5.0 Overall

Best web trading platform, consistent pricing

Minimum Deposit$0
Trust Score99
Tradeable Symbols (Total)11925

CMC Markets is a low-cost leader that features consistently low spreads for all customer segments and account types, and competitive pricing for active traders – though the availability of discounts and rebate programs will depend on your country of residence. Read full review

Pros
  • Low trading costs
  • Excellent web and mobile platforms
  • Robust research materials
Cons
  • Educational offering could be improved
Interactive Brokers
5/5 Stars 5.0 Overall

Best for professionals, excellent pricing

Minimum Deposit$0
Trust Score99
Tradeable Symbols (Total)8500

Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets and competitive fees – though given the minimum commission of $2 per side, trading anything less than 100,000 units of currency becomes proportionally more expensive. Read full review

Pros
  • Robust platform for professional traders
  • Wide range of global markets
  • Thorough research offering
Cons
  • Trader Workstation platform is likely too complicated for inexperienced traders
Visit Site

Quotes as tight as 1/10 of a pip

(66% of retail CFD accounts lose money.)

Capital.com
4.5/5 Stars 4.5 Overall

Great for beginners, competitive pricing

Minimum Deposit$20 info
Trust Score87
Tradeable Symbols (Total)3007

Capital.com stands out for its quality research, strong educational content, and innovative web platform. Capital.com holds fewer regulatory licenses and offers a narrower range of markets than some of the best brokers, but still significantly outperforms the industry average. Read full review

Pros
  • High-quality educational articles and courses
  • Newsroom-grade research articles
  • Offers over 400 crypto CFDs
Cons
  • MetaTrader 5 not available
  • Respectable range of tradeable symbols, but fewer than industry leaders
IC Markets
4.5/5 Stars 4.5 Overall

Great for MetaTrader, low average spreads

Minimum Deposit$200
Trust Score84
Tradeable Symbols (Total)3583

IC Markets offers competitive pricing across all account types, with low average spreads and modest minimum deposit requirements. Further discounts are also available for traders that trade over 100 standard lots per month. Read full review

Pros
  • Consistently excellent MetaTrader broker
  • Great automated copy trading strategies
  • Competitive pricing
Cons
  • Research and education are limited
  • Regulated primarily by one Tier-1 regulator (in Australia)
FP Markets
4.5/5 Stars 4.5 Overall

Full MetaTrader suite, competitive pricing

Minimum Deposit$100 AUD
Trust Score87
Tradeable Symbols (Total)10000

FP Markets shines as a low-cost broker for trading forex and CFDs – as long as you use the MetaTrader platform. Ultra-competitive spreads are also available by way of its commission-based Raw ECN account. Read full review

Pros
  • Very competitive spreads
  • Industry-leading pricing on MetaTrader
Cons
  • Room for improvement in education
  • Mobile trading app lacks features offered by industry leaders
IG
5/5 Stars 5.0 Overall

Excellent education, great active trader pricing

Minimum Deposit£250.00
Trust Score99
Tradeable Symbols (Total)19537

IG’s fantastic all-around experience had us rank IG as the best overall broker in our 2023 Annual Awards. While we wouldn’t consider IG a discount broker, it shines for the active trader pricing available through its Forex Direct accounts. Read full review

Pros
  • Outstanding platforms and tools
  • Over 19,000 tradeable instruments
  • Competitive pricing
Cons
  • No predefined layouts on the flagship web platform
  • Limited product range on MT4

What is a zero spread account?

Zero spread accounts are trading accounts offered by brokers that have no difference between the bid and ask price, or spreads that average close to zero. However, there still exists the potential for spreads to widen, and there can still be added trading costs (commissions, for example) depending on the broker and account you choose.

Trading with a zero spread account makes it easy to enter and exit a trade without having to worry about incurring trading costs (provided there are no additional commissions or fees).

Note: Even if there is a commission instead of spread, accounting can be easier when you know there was no spread when calculating trading costs, as commissions are usually shown on a separate column in most brokerage account reports.

Winners Summary

Lowest effective spreads - Tickmill

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Visit Site
Tickmill logoTickmill 4.5/5 Stars $100 0.51 info

Tickmill is an extremely competitive broker in the commissions and fees category, thanks to its widely available Pro account as well as the broker’s VIP account offering – both of which feature very low average spreads, coupled with very low per-trade commissions.

Pro account: On Tickmill's Pro account, I calculated Tickmill's effective average spread to be just 0.51 pips (determined using October 2023 average spread data of 0.11 pips for the EUR/USD pair including a round-turn commission of $2 per trade, or 0.40 pips per round-turn). Tickmill's Pro account requires just a $100 deposit, making it widely available beyond active traders and high-net worth investors.

VIP account: If you are looking for even lower effective spreads, Tickmill offers a VIP account featuring the same conditions as the Pro account, except commissions are cut in half to just $1 per side or 0.2 pips per round turn (though the account requires a hefty $50,0000 deposit).

With these account options, Tickmill provides some of the lowest effective average spreads in the industry. Simply put, Tickmill is our top choice in 2024 for zero spread forex brokers.

Great pricing for active traders - CMC Markets

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Visit Site
CMC Markets logoCMC Markets 5/5 Stars $0 0.61 info

CMC Markets has long been a leader within our Commissions & Fees category and delivers some of the lowest average spreads in the industry.

A key move that has helped CMC Markets build its position as a low-cost leader was the launch of its FX Active program, which is akin to a zero-spread account (with minimum spreads of 0 pips), coupled with low per-trade commissions of $2.50 per trade. CMC's commission-based pricing under FX Active delivers average spread values that are among the lowest we have seen.

Aside from its FX Active pricing, CMC Markets offers competitive spreads in its spread-only pricing model. Finally, if you are an active trader, CMC Markets offers an active trader rebate program (in jurisdictions where rebates are permissible) to help you offset trading costs when you surpass certain volume thresholds each month. Read more about CMC Markets' fees and features.

Zero spread investment offerings comparison

When comparing accounts offered by the best forex brokers for zero spread trading, spreads will still vary in most cases, and you may incur other fees, trading costs, and/or commissions. Therefore, it is essential to keep the subtle details in mind when reading the fine print for zero spread trading.

Check out a side-by-side comparison of the spread pricing offered by the best zero spread forex brokers based on our independent testing:

Company Average Spread EUR/USD - Standard All-in Cost EUR/USD - Active Active Trader or VIP Discounts Execution: Agency Broker Execution: Market Maker Visit Site
Tickmill logoTickmill 0.51 info 0.31 info No Yes Yes
CMC Markets logoCMC Markets 0.61 info 0.51 info Yes No Yes
Interactive Brokers logoInteractive Brokers 0.63 info 0.63 info Yes Yes No Visit Site
Capital.com logoCapital.com 0.67 info 0.67 info Yes No Yes
IC Markets logoIC Markets 0.62 info 0.62 info Yes Yes Yes
FP Markets logoFP Markets 1.1 info 0.8 info Yes No Yes
IG logoIG 0.98 info 0.82 info Yes Yes Yes

Note: Brokers listed in the above table rank best in class for Commissions & Fees.

FAQs

What is a spread in forex?

The spread in forex is simply the difference between the bid price and the ask price for a given currency pair. The “ask” price is the rate (or, counter-currency price) at which you purchase the base currency in a forex currency pair. The “bid” price, on the other hand, is the rate at which you sell the base currency in a forex pair.

Let’s look at a hypothetical example. If the EUR/USD exchange rate is 1.1234 for the ask price and 1.1232 for the bid price, that means the spread is two pips.

(1.1234 - 1.1232 = 0.0002, or two pips).

Important note about spreads: Though many brokers may advertise “zero spreads” or “zero minimum spreads,” the best way to get a reasonable sense of a broker’s spread-based fees is to calculate the average spread. When rating brokers based on their Commissions & Fees, for example, I always calculate each broker’s average spread by taking all monthly price updates (tick data for the bid/ask prices) and computing the average price.

About zero spread forex brokers

A zero spread forex broker attempts to offer a spread of zero pips. The spread is the difference between the bid price (where you can sell) and the ask price (where you can buy), measured in pips (fractions of a currency). These seemingly small trading costs can quickly add up, because trading forex takes place from within a margin account (that is, uses leverage), especially as your trading volumes increase.

A zero-pip spread may range from 0 to several fractions of a pip – or even more during volatile market conditions. An account that advertises zero spreads (or spreads close to zero) might make sense if your trading strategy is spread-sensitive or if you just want to reduce your trading costs as much as possible -- but there are potential trade-offs.

Pros of zero spread pricing

  • A scalping strategy or other high-frequency trading program based solely on latency, or price delays that cause arbitrage, will likely require that you have lower costs (i.e., cost-sensitive) to be profitable.
  • High-frequency algo trading based on technical indicators can perform better on zero spread accounts, even if there are execution delays or price requotes during fast markets.

Cons of zero spread pricing:

  • You'll need to watch out for added commissions and fees.
  • Execution quality can suffer in a zero spread account if your trading strategy relies on specific execution qualities, such as avoiding slippage (where your order can get filled at a worse price).

Is there a broker with 0 spread?

While many brokers advertise zero spreads, it can be misleading to look only at the minimum spread or the lowest spread of the day -- it's possible that the spread is worse (higher) the majority of the time.

That is why it is important to only trust the average spreads to determine the true cost of a broker claiming to offer zero-pip spreads. A zero spread implies there is no difference in pips between the bid price and ask price; they are exactly the same price when the spread is 0.

In our research, there are only a few brokers that truly average close-to-zero-pip spreads on the EUR/USD, but you still must pay a per-trade commission, thus the effective spreads average out to be higher. Any broker claiming to offer zero pips with no commissions should be considered carefully, as it could turn out to be either a potential forex scam or offer questionable execution practices. That's why it's always important to only use trusted, highly regulated brokers.

For example, Tickmill, FP Markets, and IC Markets feature spreads close to 0 for their commission-based accounts, with their effective spreads averaging anywhere from 0.42 to 0.62 on the EUR/USD pair (using monthly spread data obtained during our testing), helping them finish best in class in this category.

How does a zero spread forex broker earn money?

A zero-pip spread that is fixed, and doesn't vary, will likely include a commission. The broker may also be operating a dealing desk to attempt to make money when you trade, by being on the opposite side of each trade.

The way forex and CFD brokers earn money depends on their business model and available execution methods. All brokers will ultimately do one or more of the following:

  1. Add a spread markup or earn a rebate (agency broker) when you trade with them, as they route your order to a third-party market-maker in return for compensation.
  2. Charge a commission (agency broker) in lieu of any spreads when routing your order.
  3. Manage risk as a dealer (agency broker or market maker) on zero spread accounts.

Pro tip: Some zero spread brokers combine some of these execution methods into a hybrid offering. Some brokers let you choose execution type from within your account or open an account specific to a particular execution method.

What forex brokers have the lowest spreads?

In order to really know which broker has lower spreads compared to the competition, we obtained average spread data for over 60 forex brokers and factored in any per-trade commissions to calculate their effective spreads. An effective average spread allows you to determine your true trading costs.

Tickmill provides the tightest spreads after factoring in trading costs (i.e., any commissions or added fees). CMC Markets follows closely in second place, with its competitive FX Active pricing. FX Active features zero-pip spreads on select major currency pairs, along with low per-trade commissions. .

Brokers with the lowest effective spreads in 2024 are as follows, based on average price data obtained for the EUR/USD pair:

Company Average Spread EUR/USD - Standard
Tickmill logoTickmill 0.51 info
CMC Markets logoCMC Markets 0.61 info
Interactive Brokers logoInteractive Brokers 0.63 info
Capital.com logoCapital.com 0.67 info
IC Markets logoIC Markets 0.62 info
FP Markets logoFP Markets 1.1 info
IG logoIG 0.98 info

currency_exchangePro tip:

Read my guide to the best forex brokers to see how these low-cost brokers stack up against the top brokers in the industry, and check out our guide to the best forex trading apps to see which low-cost brokers deliver the best mobile trading experience.

Is a zero spread account right for me?

While it's nice to avoid fees, a zero spread account can still end up costing you a per-trade commission, and even worse -- spreads can potentially widen in a zero spread account even if it is commission-free.

Depending on your strategy and trading needs, a zero spread account might not be good for you if certain order types or execution methods are not available. The key is knowing what the average spreads are, and whether there are any per-trade commissions -- this allows you to calculate the effective spread.

schoolLearn more about forex trading

Check out my in-depth, Forex 101 educational series to learn more about spreads, currency trading, how to calculate pips in the forex market, how leverage works for forex traders, and more.

Which forex broker is best for scalping?

IC Markets is an excellent forex broker for scalping, and provides zero spreads (plus commission) via its Raw Spread Account. IC Markets is used by a significant number of algorithmic traders and provides access to third-party trading platforms like cTrader and MetaTrader. These platforms allow you to run automated high-frequency trading programs such as scalping-based strategies and can even place orders in between the spread. Want to use MetaTrader, but not sure which version to choose? My MT4 vs MT5 guide can help you make an informed choice (I've been using MetaTrader since 2005).

If you want to learn more about algorithmic trading and automated high-frequency trading systems, check out my guide to high-frequency trading or my guide to the best algo trading software.

Pro tip: Whether brokers are market makers or claim to offer Straight Through Processing (STP) or an Electronic Communications Network (ECN), these descriptions are not as important as how your broker's business model actually operates, including its order execution policy during fast markets when spreads can widen.

What's the difference between raw spread and a standard account?

A standard account refers to the smallest trade size of 100,000 units of currency, which is also known as a standard lot size. A raw spread refers to the cost of trading reflected in the bid/ask price, where the broker is not adding any markup but instead provides the price as is (i.e., raw spread) straight from their liquidity providers.

Pro tip: In most cases, raw spread forex brokers will add a per-trade commission to make money or act as market makers.

Best forex brokers for zero spread accounts in 2024

Now that you've seen our picks for the top low-cost forex brokers, check out our rankings of the best brokers for zero spread accounts. We've evaluated over 60 forex brokers, using a testing methodology that's based on 100+ data-driven variables and thousands of data points. Check out our full-length, in-depth forex broker reviews.

Company Average Spread EUR/USD - Mini Average Spread EUR/USD - Standard Commissions & Fees Visit Site
Tickmill logoTickmill 1.71 info 0.51 info 5/5 Stars
CMC Markets logoCMC Markets 0.61 info 0.61 info 5/5 Stars
Interactive Brokers logoInteractive Brokers 0.63 info 0.63 info 5/5 Stars Visit Site
Capital.com logoCapital.com 0.67 info 0.67 info 5/5 Stars
IC Markets logoIC Markets 0.72 info 0.62 info 5/5 Stars
FP Markets logoFP Markets 1.1 info 1.1 info 5/5 Stars
IG logoIG 0.98 info 0.98 info 5/5 Stars

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Our Research

Why you should trust us

Steven Hatzakis, Global Director of Online Broker Research and lead writer for ForexBrokers.com, has over 25 years of experience in the forex industry. Steven holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA) and has placed thousands of trades over his career. He actively trades forex, futures, crypto, stocks, ETFs, and options. Steven has held roles as a journalist, consultant, advisor to fintech companies and crypto startups, and as a registered commodity services representative for internationally regulated online forex brokers.

Blain Reinkensmeyer, founder of ForexBrokers.com and StockBrokers.com, has been investing and trading for over 25 years. After having placed over 2,000 trades in his late teens and early 20s, he became one of the first in digital media to review online brokerages. Blain also oversees all testing and rating methodologies for our sister site, StockBrokers.com.

For this guide:

  • Whenever possible, we use our own brokerage accounts for testing. For several brokers, we used a test account that was provided to us.
  • We collected 6,634 data points (107 per broker).
  • We tested each online broker's website, browser-based trading platform (where applicable), downloadable desktop trading platform (where applicable), and of course, the mobile app (or apps in the case of several brokers).
  • We met with the product teams of 18 online brokers.

How we test

Our research team maintains active, funded online brokerage accounts for testing. In certain circumstances, demo accounts are provided by the broker.

Our team collects data, tests products, and conducts research on an ongoing basis. Broker ratings and rankings are not held static between year-end Annual Awards periods. Instead, our research team has the scope and flexibility to continually update our findings, allowing for more accurate content and deeper engagement with the forex industry.

As part of our research process, we meet virtually with broker representatives throughout the year as new products and services roll out. We also conduct live, in-person meetings towards the end of the calendar year to gather year-end insights about new features, tools, and trading products.

Learn more about our testing methodologies by visiting our How We Test page.

Trading platforms tested

We tested 41 online trading platforms for this guide: ACY Securities, Admirals, AvaTrade, BDSwiss, BlackBull Markets, Capital.com, City Index, CMC Markets, Eightcap, eToro, Fineco, FlowBank, FOREX.com, FP Markets, FXCM, FxPro, HFM, HYCM, IC Markets, IG, Interactive Brokers, LegacyFx, Moneta Markets, MultiBank Group, OANDA, Octa, Pepperstone, Plus500, Saxo, Swissquote, TD Ameritrade, Tickmill, TMGM, TopFX, Trade Nation, Trade360, Trading 212, Vantage, VT Markets, XM Group, XTB

Methodology

At ForexBrokers.com, our online broker reviews are based on our collected quantitative data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

We conduct meticulous research that covers the entire spectrum of industry fees and commissions in order to provide the most accurate, up-to date information on the costs of using the online brokers that we review.

We examine each broker’s bid/ask spreads as well as the average spread information for the most popular forex currency pairs, the existence and eligibility requirements of Active Trader or VIP rebates and discounts, inactivity or custody fees, minimum deposit requirements, execution methods, and a host of other data-driven variables.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running macOS 12.5 to test trading on the go. We also test on mobile devices; for Apple, we test using the iPhone XS running iOS 15, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 12.

All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Read our Generative AI policy to learn more.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Click here to learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.

About the Editorial Team

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for 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).

John Bringans
John Bringans

John Bringans is the Senior Editor of ForexBrokers.com. 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 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.

Blain Reinkensmeyer
Blain Reinkensmeyer

Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.