Based on research, we recommend using the following 15 Best Discount Forex Brokers if you are trading on a budget.
These brokers are 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
USD 100 MiFID, FSA, ASIC, BVI, FFAJ, FSCA, ADMG, FRSA 📱 Platforms MetaTrader 4, MetaTrader 5 ₿ Crypto Yes 💵 Account Currency AUD, EUR, USD, GBP, CHF Yes 1:400 🛒 Instruments Forex, Bonds, Stocks, Commodities, ETFs, Indices, Crypto 🏛️ Visit Broker
Minimum Deposit
Regulators
Islamic Account
Leverage
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
Overall Rating USD 5 ESMA, CySEC, ASIC, FCA, IFSC, DFSA 📱 Platforms Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform ₿ Crypto No 💵 Account Currency USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB Yes 1:1000 🛒 Instruments Commodities, Forex, Stocks, Crypto, Metals, Shares, Energies 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating Open and fund your OANDA account (min$25) and get a welcome bonus up to $5,000!
3.9/5
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
Overall Rating USD 100 CySEC, ASIC, FSCA 📱 Trading Desk MT4, MarketsX, Marketsi, MT5 ₿ Crypto Yes 📈 Total Pairs 65 Yes Low 🕒 Account Activation Time 24 Hours 🏛️ Visit Broker
3.7/5
Minimum Deposit Regulators Islamic Account Trading Fees
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
Overall Rating USD 0 FSCA, FCA, ASIC, BMA 📱 Platforms MT4, MT5, ThinkTrader ₿ Crypto Yes 💵 Account Currency ZAR, AUD, NZD, USD, EUR, GBP, SGD, CAD, CHF Yes 1:400 🛒 Instruments Forex, Bonds, Stocks, Commodities, ETFs, Indices, Crypto 🏛️ Visit Broker
4.8/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 0 SEC, FINRA 📱 Platforms Active Trader Pro ₿ Crypto No 💵 Account Currency USD, EUR, GBP, AUD, CAD, DEN, HKD, JPY, MXN, NZD, NOK, PLN, ZAR, SGD, SEK, CHF No 1:2 🛒 Instruments 30,000+ Stocks, Options, Bonds, ETFs, Mutual funds, Sector funds, Forex 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 50 FCA, CySEC, ASIC 📱 Platforms eToro app, OpenBook, eToro CopyTrade ₿ Crypto Yes 💵 Account Currency USD, AUD, CNY, CAD, GBP, EUR, JPY, RUB Yes 1:30 🛒 Instruments Stocks, Commodities, Indices, Forex, ETFs, Cryptocurrencies 🏛️ Visit Broker
4.2/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 100 FCA, CySEC, FSCA 📱 Platforms FxPro platform, cTrader, MT4, MT5 Yes 💵 Account Currency EUR, USD, GBP, CHF, PLN, AUD, JPY, ZAR Yes 📊 Leverage 1:200 🛒 Instruments Forex, Metals, Indices, Shares, Energies
4.6/5
Minimum Deposit Regulators Islamic Account
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
Overall Rating USD 0 FCA, ASIC, CFTC, FINMA, MAS, JFSA, DIFC 📱 Platforms MT4, ProRealTime, L2 Dealer ₿ Crypto Yes 💵 Account Currency USD, GBP, AUD, EUR, SGD, HKD Yes 1:30 🛒 Instruments Crypto, Forex, Indices, Shares, Commodities 🏛️ Visit Broker
4.2/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 200 FSC, ASIC, AFSL 📱 Platforms MT4, MT5, GO Webtrader Yes 💵 Account Currency AUD, USD, EUR, GBP, NZD, CAD, SGD, CHF, HKD No 1:500 🛒 Instruments Forex, Shares, Indices, Metals, Commodities
3.9/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating £50 IIROC, JFSA, ASIC, FCA, CFTC MT4, City Index app ₿ Crypto No USD, CHF, EUR, GBP, HUF, AUD, JPY, PLN Yes 1:30 🛒 Instruments Indices, Shares, Forex, Metals Bonds, Options, Commodities 🏛️ Visit Broker
3.7/5
Minimum Deposit Regulators
Platform
Account Currency Islamic Account Leverage
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
Overall Rating USD 0 SEC, FINRA, ASIC 📱 Platforms Tastyworks app ₿ Crypto Yes 💵 Account Currency USD No 1:2 🛒 Instruments US stocks and options, crypto, futures 🏛️ Visit Broker
2.5/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 50 ASIC, FCA, FSCA 📱 Platforms Trading Station, MT4, NinjaTrader, ZuluTrade, Capitalise AI, TradingView ₿ Crypto Yes 💵 Account Currency EUR, USD, GBP, CHF Yes 1:200 🛒 Instruments Forex, Shares, Indices, Crypto, Commodities 🏛️ Visit Broker
4.6/5
Minimum Deposit Regulators Islamic Account Leverage
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
16,000,000+ Traders Overall Rating USD 1 CySEC, IFSC, FSCA, ASIC 📱 Platfroms MT4, MT5, FBS trader, CopyTrade ₿ Crypto Yes 💵 Account Currency EUR, USD Yes 1:30 🛒 Instruments Forex, Indices, Stocks, Metals, Energies, Crypto Welcome bonus 🏛️ Visit Broker FBS has launched a new type of account specifically for trading cryptocurrencies. The new Crypto account has over 100 instruments with digital currencies. BTC, LTC, and ETH are just some of the instruments that will be available for trading against other cryptocurrencies or against more traditional currencies, commodities, and other instruments.
4.7/5
Minimum Deposit Regulators Islamic Account Leverage
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
Overall Rating USD 100 FCA, CySEC, CIMA, DIFC 📱 Platforms MT4, MT5 ₿ Crypto Yes 💵 Account Currency USD, GBP, EUR, AED Yes 1:500 🛒 Instruments Forex, Stocks, Indices, Cryptocurrencies, Commodities, ETFs 🏛️ Visit Broker
4.3/5
Minimum Deposit Regulators Islamic Account Leverage
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 |
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 15 Best Discount Forex Brokers reviewed in this article.
Good luck with your trading!
Disclaimer
Remember, 75% of retail investors lose money when trading CFDs and there is a high risk of losing your capital in the forex markets.
The information on this website is in no way intended to be used as financial advice and opening an account with any broker is done at your own discretion and risk.
