30 Best Discount Forex Brokers

Based on research, we recommend using the following 30 Best Discount Forex Brokers if you are a trader on a budget. This is also a great option for beginners who are not ready to make any serious financial commitments, provided that educational content is available.

When considering the costs of trading with discount brokers, they are significantly more affordable than most commission-based, Full-Service brokers in the trading industry. These brokers, which are usually stockbrokers, generally charge minimum or no commissions on the trades they execute for you. 

When trading with a discount broker, your trading fees will always be low, but the downside is that these types of brokers do not offer any specialised financial services and seldomly offer personalized trading advice or consultations. For this reason, discount brokers may not always be a good option for beginners simply because the fees are low, but some discount brokers do provide trading guides, video tutorials, articles and demo accounts to assist inexperienced traders.

Discount brokers are especially beneficial for high-volume, active traders who should try to minimize the commissions they pay on their fees. We also recommend this type of broker if you do not require investment advice, if you are a self-directed trader or if you have a basic portfolio and simply need a reliable broker to execute your trades.

 

Avatrade

AvaTrade

AvaTrade is regulated by ASIC, MiFID and several other agencies. 

This broker facilitates the trading of more than 1,250 ETFs, Cryptocurrencies, Bonds, Indices, Commodities, Forex and Stocks, and zero-commission trading is guaranteed.

We recommend AvaTrade for beginners and professional traders can enjoy free advanced trading tools.

 

Pros and Cons of AvaTrade:

✔️Pros ❌Cons
Easy to open an account No USA clients
Free deposits and withdrawals
Suitable for beginners
Top-tier regulations

 

XM

XM

XM is regulated by ESMA, ASIC, DFSA, IFSC, FCA, and CySEC, and is compatible with MetaTrader 4 and 5.

This broker requires an initial deposit of only 5 USD and accounts can be funded using PLN, JPY, HUF, RUB, EUR, GBP, CHF, AUD or USD.

XM offers more than 1,000 instruments and accounts that have negative balance protection.

 

Pros and Cons of XM:

✔️Pros ❌Cons
Low minimum deposit No fixed spreads
5+ base currencies No US clients
Multiple regulations Inactivity fees
Trading bonuses

 

OANDA

OANDA

OANDA offers two proprietary platforms – one for trading and one for API – and is also compatible with MetaTrader 4.

No minimum deposit is required to activate your OANDA account and you can choose from the Standard account, the Core account, a demo account and a swap-free account.

This broker is regulated by ASIC, FCA, CFTC, MAS, IIROC and NFA.

 

Pros and Cons of OANDA:

✔️Pros Cons
No minimum deposit required No cryptocurrencies
Active trader account
Many regulations
2 proprietary platforms

 

Markets.com

markets-com

Markets.com offers more than 2,000 CFDs, as well as Shares, Commodities, ETFs, Forex, Indices, Blends, Crypto and Bonds, with tight spreads guaranteed.

This broker is regulated by ASIC, FSCA and CySEC, and two types of accounts are provided. 

You can start trading with Markets.com by depositing  100 USD into your account, but demo accounts are also available.

 

Pros and Cons of Markets.com:

✔️Pros ❌Cons
Great broker for CFD trading No promotions
Multiple platforms Inactivity fees
5+ base currencies
Top-tier regulations

 

ThinkMarkets

ThinkMarkets

ThinkMarkets not only offers zero-commission trading but you can activate your account without making a deposit.

You can trade Indices, Forex, Shares, Metals, Crypto and Commodities with this broker and accounts support a variety of currencies, including ZAR, EUR, USD and GBP.

ThinkMarkets provides demo accounts and swap-free accounts and there are over 1,600 trading instruments to choose from.

 

Pros and Cons of ThinkMarkets:

✔️Pros ❌Cons
Good selection of research tools No USA clients
Commission-free trading Penalty fees for inactivity
No minimum deposit

 

Fidelity

Fidelity

As a FIdelity client, you can trade ETFs, Bonds, Sector funds, Mutual Options, Stocks and Forex.

No initial deposit is required to activate your live account and accounts can be funded with many currencies.

The Fidelity learn centre makes this broker a good option for beginners and there is a total of 24 accounts to choose from.

 

Pros and Cons of Fidelity:

✔️Pros Cons
10+ base currencies No crypto or CFD trading
Trading bonuses No MetaTrader support
Commission-free trading  
20+ accounts

 

eToro

eToro

eToro is an ASIC-regulate broker that offers a proprietary trading platform, as well as an innovative copy trading platform and Smart Portfolios. 

This broker is recommended for social traders, copy traders, beginners and professionals, and the eToro academy provides plenty of helpful guides and videos.

eToro has millions of clients globally and also accepts clients from the USA.

 

Pros and Cons of eToro:

✔️Pros Cons
25mil+ clients No MetaTrader support
Tier-1 regulations No trading bonuses
Flexible leverage Withdrawal fee of 5 USD
Free stock and ETF trading in EU

 

FxPro

FxPro

FxPro is another great option for copy traders and social traders, and this broker supports several platforms, including MT4, MT5 and cTrader. A proprietary platform is also provided.

With FxPro, you can trade Indices, Metals, Shares, Energies, Cryptocurrencies and Forex, and there are more than 260 instruments available.

FxPro has more than 2 million clients and is based in the UK.

 

Pros and Cons of FxPro:

✔️Pros ❌Cons
CySEC-regulated Not many account options
4 platforms supported Inactivity fees
5+ base currencies

 

IG

IG

IG offers more than 17,000 trading instruments and you can trade Commodities, Forex, Crypto, Shares and Indices with this broker.

IG has over 300,000 clients and is regulated by FINMA, JFSA, CFTC, MAS, FCA, DIFC and ASIC.

The IG trading academy is a great starting point for beginners and a demo account is provided.

 

Pros and Cons of IG:

✔️Pros ❌Cons
Supports multiple platforms High minimum deposit
Beginner-friendly No swap-free accounts
Low fees

 

GO Markets

GO Markets

GO Markets is a Social trader-friendly broker that is suitable for beginners and offers free secure VPS.

As a GO Markets client, you can trade Commodities, Shares, Metals, Forex and Indices, and you can trade on the MetaTrader 4 and 5 platforms.

GO Markets offers a demo account and a swap-free account, and is compliant with the regulations of FSC, AFSL and ASIC.

 

Pros and Cons of GO Markets:

✔️Pros ❌Cons
Advanced trading tools No swap-free account
5+ base currencies Inactivity fees
Free VPS

 

City Index

City Index

City Index is a great option if you are interested in trading NASDAQ instruments, and there are over 12,000 instruments you can trade with this broker.

City Index is regulated by ASIC, IIROC, CFTC, FCA and JFSA, and requires an initial deposit of £50.

With City Index, you can trade Options, Commodities, Metals, Shares, Indices, Bonds and Forex, and deposits and withdrawals are free.

 

Pros and Cons of City Index:

✔️Pros Cons
Multiple regulations Inactivity is penalised
Trading bonuses Not many account types
5+ funding currencies
NASDAQ broker

 

tastyworks

Tastyworks

tastyworks, which is part of the tastytrade financial network, is a US-based stock exchange that is regulated by ASIC, SEC and FINRA.

This broker requires no minimum deposit and offers an innovative proprietary trading platform.

We recommend tastyworks primarily for US citizens who would like to trade stocks, options, crypto and futures.

 

Pros and Cons of Tastyworks:

✔️Pros Cons
Zero-commission trading Inactivity fees
6 account types No swap-free account
Proprietary platform provided Only 1 base currency
Detailed commission fee structure  Limited product offering

 

FXCM

FXCM

We recommend FXCM if you are interested in copy trading or if you are a high-volume trader.

FXCM offers rebates on trading and a referral program, and beginners are provided with plenty of resources.

FXCM offers an all-in-one account that can be used to access all platform features and trading instruments, and demo accounts and swap-free accounts are also provided.

 

Pros and Cons of FXCM:

✔️Pros Cons
Supports multiple platforms 4 base currencies
Beginner-friendly Inactivity fees
Trading bonuses
Copy trading allowed

 

FBS

FBS

FBS is a popular broker with millions of clients that was founded in 2009.

This broker is compliant with the regulations of FSCA, CySEC, IFSC and ASIC and has won many rewards over the years.

FBS rewards its clients by hosting trading contests and offering many different promotions.

 

Pros and Cons of FBS:

✔️Pros Cons
17 mil+ clients 2 base currencies
Multiple account types
Trading bonuses
Low minimum deposit

 

HYCM

HYCM

HYCM offers ETFs, Stocks, Cryptocurrencies, Commodities, Forex and Indices, and clients can choose from 3 types of accounts.

Demo accounts and swap-free accounts are also provided and getting started with HYCM is easy because of the low minimum deposit requirement.

Professional clients can enjoy premium features and trading tools with HYCM’s VIP accounts. 

 

Pros and Cons of HYCM:

✔️Pros Cons
300+ instruments No USA clients
Top-tier regulations Inactivity is penalised
MetaTrader support
Negative Balance Protection

 

FP Markets

FP Markets

FP Markets is an ASIC and CySEC-regulated broker that offers more than 10,000 CFDs.

In addition to CFDs, FP Markets also offers Indices, Metals, Forex, Shares and Commodities.

FP Markets’ accounts can be funded using USD, GBP, CAD, AUD, CHF, EUR, JPY, HKD, SGD or NZD, and an initial deposit of 100 USD is required.

We recommend this broker mainly for CFD traders and social traders, but it is also suitable for beginners.

 

Pros and Cons of FP Markets:

✔️Pros ❌Cons
5+ base currencies Withdrawals are not free
Tier-1 regulations No fixed spreads
MetaTrader support

 

FXTM

FXTM

FXTM is a great option if you are a beginner or a copy trader, and you only need to deposit 10 USD to activate your live account.

This broker is regulated by FCA, FSC and CySEC, and supports the MetaTrader 4 and 5 platforms.

Alternatively, you can also use the FXTM proprietary platform and you can trade CFDs, Commodities, Stocks, Forex, Indices and Metals with a maximum leverage of 1:2000.

 

Pros and Cons of FXTM:

✔️Pros ❌Cons
Low spreads No USA clients 
2mil+ clients Penalty fees for inactivity
5,000+ strategies

 

Trading 212

Trading212

This broker is regulated by FCA, FSC and CySEC, and offers its own proprietary trading platform.

Trading 212 clients can choose from 2 types of accounts and 24/7 customer support is provided. 

This broker is suitable for CFD and stock traders, with more than 13,000 tradable instruments combined.

 

Pros and Cons of Trading 212:

✔️Pros ❌Cons
180+ FX pairs 3 base currencies
Low minimum deposit No USA clients 
1mil+ clients No swap-free accounts
No withdrawal or deposit fees on CFD account

 

Pepperstone

Pepperstone

As a Pepperstone client, you will have access to Indices, Shares, Forex, Commodities, ETFs and Crypto, and you can trade on MetaTrader 4 and 5 and cTrader.

This broker is regulated by DFSA, BaFIN, ASIC, FCA, CMA, SCB and CySEC, and 2 accounts are provided (in addition to demo and swap-free accounts).

We recommend Pepperstone for beginners because plenty of resources are provided, but this broker is also suitable for professionals who want to use Autochartist, Figaro and other SMART trading tools.

 

Pros and Cons of Pepperstone:

✔️Pros ❌Cons
Multiple accounts  Minimum deposit is high
Many regulations
Trading bonuses
No inactivity fees

 

TD Ameritrade

TD Ameritrade

TD Ameritrade has no initial deposit requirement for you to start trading with them and they offer ETFs, Cryptocurrencies, Stocks, Bonds, Futures, Options, Forex pairs.

The thinkorswim platform is native to TD Ameritrade and it is the only platform available for use with the accounts offered by TD Ameritrade.

This is primarily a US stockbroker and it is suitable for beginners.

 

Pros and Cons of TD Ameritrade:

✔️Pros ❌Cons
No minimum deposit 1 base currency
Multiple accounts Only US stocks offered
Strategy tester tools
USA clients accepted

 

XTB

XTB

XTB also requires no minimum deposit for new live accounts and you can trade more than 2,100 instruments with this broker across several asset classes.

The XTB academy is a great way for beginners to learn how to trade and XTB has close to 400,000 clients currently.

This broker accepts HUF, GBP, EUR, USD and PLN as base currencies and offers its proprietary xStation 5 platform.

 

Pros and Cons of XTB:

✔️Pros Cons
2,100+ instruments Inactivity fees
No minimum deposit No USA clients
Beginner’s option
Good customer support

 

easyMarkets

easyMarkets

easyMarkets supports multiple platforms, such as MetaTrader 4 and TradingView, and also provides a proprietary app for trading.

This broker is regulated by 3 top-tier agencies and offers a maximum leverage of 1:400, as well as negative balance protection.

easyMarkets is a great option if you are new to trading and they offer special features like “dealCancellation” and “Freeze Rates”.

 

Pros and Cons of easyMarkets:

✔️Pros ❌Cons
15+ base currencies No USA clients accepted
Fixed spreads offered
Low minimum deposit

 

Axi

Axi

Axi does not require an initial deposit, but accounts can be funded using AUD, JPY, CAD, NZD, EUR, CHF, PLN, HKD, SGD, GBP or USD.

Axi provides demo accounts and swap-free accounts and offers Joint accounts, Corporate accounts and Individual accounts that all have competitive trading conditions.

This broker can be used with popular platforms like Myfxbook, Zulutrade (copy trading platform) and PsyQuation.

 

Pros and Cons of Axi:

✔️Pros Cons
No min. deposit Low maximum leverage
Tight spreads Account creation could take up to 3 days
No inactivity fees
5+ base currencies

 

Forex.com

Forex.com

We recommend Forex.com if you trade high-volumes or if you are interested in buying shares.

This broker offers cash rebates for active traders and over 4,500 shares are offered for trading.

Forex.com requires an initial deposit of 50 USD and accounts can be funded using GBP, AUD, JPY, USD, EUR or CHF.

 

Pros and Cons of Forex.com:

✔️Pros ❌Cons
Cash rebate program No swap-free accounts
Beginner-friendly Inactivity fees
Low minimum deposit

 

Alpari

Alpari

Alpari is a MetaTrader-friendly broker that can be used for trading Forex, Metals and CFDs.

We recommend this broker for copy traders and beginners and there are over 300 tradable instruments to choose from.

There are 4 different account types, as well as demo accounts and swap-free accounts.

 

Pros and Cons of Alpari:

✔️Pros ❌Cons
Trading bonuses 4 base currencies
Copy trader-friendly High minimum deposit
Multiple accounts Not many regulations
2mil+ clients

 

Interactive Brokers

Interactive Brokers

Interactive Brokers is definitely one of our top brokers for trading CFDs, offering over 7,000 tradable CFDs and several other instruments.

This broker requires no minimum deposit and the StudentTradingLab can be used by beginners to learn how to trade.

Interactive Brokers does not support MetaTrader or cTrader, but it is compatible with Trader Workstation and offers 2 proprietary trading apps.

 

Pros and Cons of Interactive Brokers:

✔️Pros Cons
Many regulations No Islamic account
5+ asset classes No trading bonus
7,000+ CFDs
20+ base currencies

 

Merrill Edge

Merrill-Edge

Merrill Edge is a licensed American broker that offers flexible accounts depending on your investment style.

The minimum deposit requirements vary depending on whether you are a self-directed investor (no deposit), or if you are an investor that needs some support (1000 USD min. deposit) or a personal advisor (20,000 USD).

Merrill Edge is not only a broker, but retirement planning and wealth management is also provided.

Educational material is also provided for inexperienced investors and there are many different accounts to choose from, such as small business accounts, college planning accounts, managed portfolios, general investment accounts and more.

 

Pros and Cons of Merril Edge:

✔️Pros Cons
Low trading fees No Islamic account
Great variety of services and products Delayed withdrawals
Trading bonuses
No minimum deposit

 

Robinhood

Robinhood

This broker is a great option for American investors, but the only downside is that it ONLY accepts clients from the USA (but we added them to this review because there are not many brokers that accept clients from the USA).

Robinhood requires no initial deposit to start trading and offers Cryptocurrencies, Gold, Options and Stocks.

Robinhood offers a proprietary trading platform with trading bonuses and plenty of resources to educate and assist beginners.

 

Pros and Cons of Robinhood:

✔️Pros Cons
US clients accepted Only accepts US citizens
5,000+ stocks Only 1 base currency supported
Zero-commission trading
No minimum deposit

 

Charles Schwab

Charles-Schwab

This is an NYSE broker that is regulated by SEC, SFC, FINRA, MAS and CFTC.

You do not have to pay a minimum deposit initially, but once you do, the only base currency accepted is USD.

We recommend this broker for American traders and investors who are interested in adding Mutual Funds, Money Market Funds, Futures, Options, Margin Loans, Stocks, Annuities, ETFs, Bonds and Insurance products to their portfolios.

 

Pros and Cons of Charles Schwab:

✔️Pros Cons
US clients accepted 1 base currency
Many products offered No crypto
24/7 support
No minimum deposit

 

Ally Invest

Ally-Invest

Ally Invest is another great option for USA traders and you can trade ETFs, Options, Bonds, Mutual Funds and Stocks with them.

No minimum deposit is payable upon activating your live account and commission-free trading is guaranteed.

 

Pros and Cons of Ally Invest:

✔️Pros Cons
No minimum deposit No demo account
Proprietary platforms No swap-free account
Available to USA clients No crypto or FX
24/7 support available

 

Conclusion

As you may have noticed, most discount brokers do not require an initial deposit to be paid for your account to be activated, which is one of the reasons we consider these brokers low-risk.

If you are a beginner, a copy trader or a social trader, and especially if you are a high-volume trader, we recommend trying one of the 30 Best Discount Forex Brokers reviewed in this article!