Top 20 Forex Brokers for Scalping 2020

Top 20 Forex Brokers for Scalping 2020


After more than one month of unbiased study and analysis on about 100 brokers, I finally found the best forex brokers for scalping. It’s worth saying that I did that with the help of a very useful website, two useful EAs, and of course, with the assistance of some friends of mine — you’ll hear more about them later in this post.

We conducted this study based on three main factors that are vital for scalping, the cost of trade (spread + commission), order execution speed, and the regulation of the brokers.

There are some other aspects besides those main factors that we considered such as whether the forex brokers have any problems with scalping or not, how strong is the regulation of the brokers, and the reputation of them throughout the net such as reviews and complains.

You might be amazed by some information you see here.

I’ll take you through the whole process of the study step by step so that you can see exactly how we chose the best forex brokers for scalping.

For knowing the methodology and see how we examined and assessed brokers to find the best forex brokers for scalping and also compare them using a comparison table, you can check out the Methodology section.

But first, let’s become familiar with our scalping brokers.

By the way, you can check out the following video, which is a short form of this article, if you don’t feel like reading.

Note: This post was updated in June 2020 so there are some changes compared to the video and the info and data of this post are more recent.

Best Forex Brokers For Scalping (2020) - Low Spread - Unbiased Study

The Best Forex Brokers For Scalping 2020

Here’s a list of the best forex brokers for scalping in 2020 according to our study:

1- FXOpen

FXOpen was founded in 2005 and has been grown since then. The UK branch is regulated by FCA and the Australian branch, founded in 2012, is regulated by ASIC. Two top tier regulatory bodies make this broker very safe for traders.

It has several types of accounts but the one that the results of our study are based on is the ECN one. The ECN account has different commission structures. In simple words, the larger lot size you trade and the larger equity you have in your account the lower commission you pay.

Therefore, the cost of trades gets even lower if you trade with a large size account or if you trade a lot of lots per month.

In the first test, we had mistakenly examined the STP account of this broker which has higher spreads but in our update, we noticed that there’s another account on myfxbook related to the ECN type of account of FXOpen with very competitive spreads + commissions.

The spreads + commission of FXOpen for its ECN account are the tightest in the industry.

That feature along with being regulated by the best regulatory bodies as well as very good execution speed make this broker the best forex broker for scalping.

FXOpen Information and Test Overview

Regional offices: Nevis, UK, Australia

Spread + Commission Score: A+

Regulated By: ASIC, FCA

Regulation Score: A+

MT4 Limit Order Execution Speed: A+

MT4 Market Order Execution Speed: A

Maximum Leverage for ECN account: 1:500

Minimum Deposit for ECN Account: $100

Minimum Deposit for Other Accounts: $1

Instruments: Forex, Indices, Commodities, Metals, Stocks, and a big range of Cryptocurrencies

Banned Countries: U.S, Belgium

Payment Methods: Bank Wire, VISA, MasterCard, Neteller, Skrill, Webmoney, UnionPay, Perfect Money, QIWI Wallet, Yandex Money, FasaPay, Paysafecard, Local bank for Malaysia and Indonesia

Usual fees of the payment methods are charged

 Go To FXOpen Website


2- FP Markets

FP Markets is one of the best brokers on our list. It’s an Australian broker established in 2005 and regulated by one tier 1 regulatory body and considered safe.

The broker has several ECN types of accounts from RAW with the min deposit of AUD $100 to PREMIER with min deposit of AUD $ 50000. The cost of trade gets better on the larger size accounts; however, the RAW account has very interesting conditions itself for scalping. The spreads and commission mentioned here is a combination of all of them.

FP Markets Information and Test Overview

Regional offices: Australia

Spread + Commission Score: A+

Regulated By: ASIC

Regulation Score: B+

MT4 Limit Order Execution Speed: A+

MT4 Market Order Execution Speed: A+

Maximum Leverage for ECN account: 1:500

Minimum Deposit for ECN Account: AUD $100

Minimum Deposit for Other Accounts: AUD $100

Instruments: 50+ FX pairs, Metals, Indices, Commodities

Banned Countries: U.S, Japan, New Zealand, Syria, North Korea, Iran

Payment Methods: Credit/Debit Card, bank wire, Neteller, Skrill, Fasapay, PayPal, Paytrust88, Ngan Luong, Online Pay, Broker to broker

No extra fees for most methods on depositing but some for withdrawal

 Go To FP Markets Website


3- Roboforex

Roboforex was established in 2009 and is regulated by one https://roboforex.com/?a=thhgtier-2 regulatory body and one tier-3 so it’s considered safe.

It has 4 main types of accounts including two ECN accounts: ECN-Pro and Prime. There are some differences between these two types such as: the min deposit for ECN-Pro is $10 while it’s $5000 for the Prime account. The max leverage for ECN-Pro is 1:300 but it’s 1:100 for Prime. On the other hand, the commission for Prime is lower so the cost of trades decreases.

There are some promotions that RoboForex offers. The one that I like the most is withdrawal without commission where you can withdraw your money twice a month without any extra fees for all their available methods.

Another thing that makes the ECN account of this broker attractive is that you can open an ECN account with only $10 so it’s a suitable broker for scalping with very small accounts.

The results here are for ECN-Pro so you get better results in terms of commission and pay even less if you have a Prime account.

The only thing that I didn’t like when I was testing the broker is its market execution speed. Although it’s not a big deal if you don’t open several positions at the same time, it might affect your results if you use an EA that opens many positions simultaneously.

Of course, I couldn’t test the execution speed for the ECN account of the broker because the type of demo account that you can open in this broker is related to demo pro which is an STP type of account. Normally, the ECN accounts have faster execution speed.

Having said all that, Roboforex is a good forex broker for scalping in total with competitive spreads + commission.

Roboforex Information and Test Overview

Regional offices: Belize

Spread + Commission Score: A+

Regulated By: CySEC, IFSC

Regulation Score: B+

MT4 Limit Order Execution Speed: A

MT4 Market Order Execution Speed: B

Maximum Leverage for ECN account: 1:300 for ECN-Pro and 1:100 for Prime

Minimum Deposit for ECN Account: ECN-Pro $10 and Prime $5000

Minimum Deposit for Other Accounts: $10

Instruments: Forex, Indices, Commodities, Metals, CFDs, Cryptoindices, and Cryptocurrencies (Bitcoin, Ethereum, Dash, Litecoin, and Ripple)

Banned Countries: U.S and Canada

Payment Methods: Bank Wire, VISA, MasterCard, ePayments, FasaPay, Neteller, PaySec, Poli, Qiwi, Skrill, UnionPay, WebMoney, Perfect Money, AdvCash, Yandex Money and more

No extra fees on deposit. Some fees on Withdrawal for bank transfers in a few countries but they are also free of charge twice a month

 Go To Roboforex Website


4- Tickmill

Established in 2014, Tickmill is one of the new brokers of the trading world. It’s regulated by one tier-1, one tier-2, and one tier-3 regulatory bodies so it’s considered safe. The broker has shown very good performance on all our tests with a steady score of A.

It has 3 types of accounts that two of them are ECN: PRO and VIP accounts. the main differences between these accounts are: minimum deposit, $100 for PRO and $50000 for VIP; and commission, 2 per side for PRO and 1 per side for VIP.

So the best broker’s account for scalping is VIP, however, you need a large-size account for that. On the other hand, there isn’t a substantial difference between PRO and VIP in terms of commission so the PRO account is still good for scalping

Tickmill Information and Test Overview

Regional offices: UK, Seychelles

Spread + Commission Score: A

Regulated By: FCA, CySEC, FSA

Regulation Score: A

MT4 Limit Order Execution Speed: A

MT4 Market Order Execution Speed: A

Maximum Leverage for ECN account: 1:500

Minimum Deposit for ECN Account: $100 & $50k

Minimum Deposit for Other Accounts: $100

Instruments: FX pairs, Indices, Metals, Bonds, and Oil

Banned Countries: U.S, and probably some high-risk countries like North Korea, Syria, Iran, and etc.

Payment Methods: Bank Wire, VISA, MasterCard, FasaPay, Globe Pay, Dotpay, Paysafe, Sofort, Neteller, Ngan Luong, Qiwi, Skrill, SticPay, UnionPay

They don’t charge any transfer fees but intermediary banks or eWallets may do so.

Go To Tickmill Website


5- PFD (Pacific Financial Derivatives)

PFD is a New Zealand broker regulated by FMA (Financial Market Authority), a tire1 regulatory body so it’s considered safe. It was established in 1999.

With rather tight spreads and $1 commission per side, we can place it on our list of the best forex brokers for scalping. It has 3 MT4 types of accounts including 2 ECN accounts — PFD PRO and PFD PRO PLUS. PFD PRO is with no min deposit but the PFD PRO PLUS starts from $1000.

Although there is no minimum deposit for PFD PRO the maximum leverage for this account is 1:100 and the minimum lot size is 0.01 so the minimum deposit is actually $10 and something like $50 could be the minimum amount for an average scalping strategy.

PFD Information and Test Overview

Regional offices: New Zealand

Spread + Commission Score: A+

Regulated By: FMA

Regulation Score: B+

MT4 Limit Order Execution Speed: A+

MT4 Market Order Execution Speed: A+

Maximum Leverage for ECN account: 1:100

Minimum Deposit for ECN Account: $1

Minimum Deposit for Other Accounts: $1

Instruments: FX, Metals, Indexes, Commodities

Banned Countries: U.S, China (main land), and some high-risk countries (it’s what they mentioned)

Payment Methods: Visa and Master Cards, bank wire, Skrill, and Neteller

No extra fees on deposit and withdrawal except for international bank transfer

 Go To PFD Website


6- Intertrader

Intertrader is a part of GVC holding, a large sports betting and gaming groups. GVC in its new face was founded in 2004 and Intertrader broke into the trading world by spread betting in 2010. The broker is regulated by GFSC (Gibraltar Financial Service Commission) that follows the same regulatory standard as FCA and is under the rules and regulation of MiFID (markets in financial instruments directive), EU regulation on investment services, so it’s considered safe.

It has 2 types of accounts: *spread betting, and CFD. The CFD is the zero spread or ECN account we’re talking about here. The spreads + commissions on myfxbook and Intertrader website are somehow different. The ones on Intertrader website were higher so I used the website for that; however, they are still good for scalping except for EUR/USD.

Commission for the CFD account is $3 per side on forex pairs.

*Spread betting is for UK clients and is tax-free

Intertrader Information and Test Overview

Regional offices: UK

Spread + Commission Score: A+

Regulated By: GFSC

Regulation Score: B+

MT4 Limit Order Execution Speed: A+

MT4 Market Order Execution Speed: A+

Maximum Leverage for ECN account: 1:200

Minimum Deposit for ECN Account: £/$/€ 500

Minimum Deposit for Other Accounts: £/$/€ 500

Instruments: FX pairs, Metals, Indices, Commodities, Shares, Bonds

Banned Countries: U.S — they cover almost the rest of countries, probably except high risk ones

Payment Methods: Debit and Credit cards, Bank Wire, and skrill

No extra fee on deposit and withdrawal except for international bank transfer

 Go To Intertrader Website


7- Go Markets

Established in 2006, Go Markets is an Australian broker regulated by ASIC, a one-tier regulatory body, so it’s considered safe.

It offers two types of accounts: Standard and Go Plus. Go Plus is the ECN account we’ve tested here and it includes 50+ FX pairs, Shares, Indices & Commodities. The broker showed a very good performance in our tests and I think is one of the best and reliable forex brokers for scalping.

The only main problem with this broker might be a long list of countries that they don’t accept clients from.

Go Markets Information and Test Overview

Regional offices: Australia, UK, Taiwan, Hong Kong

Spread + Commission Score: A+

Regulated By: ASIC

Regulation Score: B+

MT4 Limit Order Execution Speed: A+

MT4 Market Order Execution Speed: A+

Maximum Leverage for ECN account: 1:500

Minimum Deposit for ECN Account: AUD $200

Minimum Deposit for Other Accounts: AUD $200

Instruments: FX pairs, Shares, Indices & Commodities

Banned Countries: U.S, Israel, Belgium, Canada, Japan, New Zealand, Turkey, Vietnam, Afghanistan, Azerbaijan, Botswana, Bosnia and Herzegovina, Burundi, Central African Rep, Congo, Cote D’Ivoire, Ethiopia, Eritrea, Egypt, Gaza Strip, Ghana, Guinea Bissau, Haiti, Iran, Iraq, Lebanon, Libya, Myanmar, Nicaragua, North Korea (DPRK), Pakistan, Serbia, Sierra Leone, Somalia, Sri Lanka, Sudan, South Sudan, Syria, The Bahamas, Trinidad and Tobago, Tunisia, West Bank, Venezuela, Yemen and Zimbabwe.

Payment Methods: Bank Wire, VISA, MasterCard, BPAY, FasaPay, Neteller, Poli, Skrill

No extra fee on deposit and withdrawal except for international bank transfer

 Go To Go Markets Website


8- IC Markets

IC Markets is another top-notch Australian broker established in 2007. The broker is regulated by ASIC, a tier-1 regulatory body so it’s considered safe.

IC Market has three main types of accounts, 2 MT4, and 1 cTrader. The ECN one tested here is MT4 Raw Spread. The commission for MT4 raw spread is $3.5 per side while it’s $3 for cTrader Raw Spread so the cost of trade is $1 lower per lot in cTrader, however, you don’t access to a large number of EAs and scripts written for MT4.

If you don’t use automated trading, cTrader RAW is the best option in this broker for scalping.

IC Markets Information and Test Overview

Regional offices: Australia

Spread + Commission Score: A+

Regulated By: ASIC

Regulation Score: B+

MT4 Limit Order Execution Speed: A+

MT4 Market Order Execution Speed: B+

Maximum Leverage for ECN account: 1:500

Minimum Deposit for ECN Account: $200

Minimum Deposit for Other Accounts: $200

Instruments: FX pairs, Shares, Futures, Indices, Commodities, Bonds, Cryptocurrencies

Banned Countries: U.S, Canada, Israel, North Korea, and Iran

Payment Methods: Credit and debit cards, Paypal, Neteller, Skrill, Union Pay, Wire transfer, Bpay, Fastpay, Broker to Broker, Poli, Thai Internet Banking, Rapidpay, Klarna, Bitcoin wallet, Vietnamese Internet Banking. If you deposit with Fastpay, Poli, Bpay, Skrill bitcoin, and Rapidpay; you have to withdraw via bank transfer.

No extra fee on deposit and withdrawal except for international bank transfer

Go To IC Markets Website


9- Just2trade

Just2trade.online was established in 2006 and is regulated by a tier-2 regulatory body so it’s considered safe. It’s a partner of just2trade.com, a US company in the stock industry (not forex).

They have three types of accounts that two of them are ECN: Forex ECN and MT5 Global. The main differences between them are: platform, MT4 for Forex ECN and MT5 for Global; and commission, $3 per side for Forex ECN and $2 for MT5 global.

Myfxbook doesn’t show the correct commission for this broker so I had to double-check with their website and add the commission to the spreads.

Just2trade Information and Test Overview

Regional offices: Cyprus

Spread + Commission Score: B+

Regulated By: CySEC

Regulation Score: B

MT4 Limit Order Execution Speed: A+

MT4 Market Order Execution Speed: B

Maximum Leverage for ECN account: 1:500

Minimum Deposit for ECN Account: $200

Minimum Deposit for Other Accounts: $100

Instruments: FX pairs, Metals, Indices, Oil for MT4 plus Stocks, Cryptocurrency, and future for MT5

Banned Countries: N/A

Payment Methods: Wire transfer, Union Pay, Mastercard, Visa, Skrill — there are some other methods for depositing but the mentioned ones are available for withdrawal

There are extra fees on most methods for the Forex ECN account and on a few methods for MT5 Global.

Go To Just2trade Website


10- Pepperstone

Pepperstone is an Australian broker established in 2010. It’s a highly regulated broker with having two tier-1 regulations, ASIC and FCA.

The broker has the best execution speed on our list and the spreads + commission are rather low so we put it on the list of the best brokers for scalping.

It has two types of accounts, Razer and Standard. The Razer account is the ECN one that we’ve tested the cost of trades based on that.

This broker isn’t on myfxbook and the data for its spreads were gathered from the website of the broker, so we couldn’t verify them using an unbiased source.

Pepperstone Information and Test Overview

Regional offices: UK, Australia

Spread + Commission Score: A

Regulated By: FCA, ASIC

Regulation Score: A+

MT4 Limit Order Execution Speed: A+

MT4 Market Order Execution Speed: A+

Maximum Leverage for ECN account: 1:500

Minimum Deposit for ECN Account: AUD$200

Minimum Deposit for Other Accounts: AUD$200

Instruments: FX pairs, Index CFDs, Commodities, Cryptocurrencies, Currency Index CFDs

Banned Countries: U.S and some other countries (changing from time to time)

Payment Methods: Bank Wire, VISA, MasterCard, BPay, PayPal, Neteller, Skrill, Union Pay, POLi

No extra fee on deposit and withdrawal except for international bank transfer

Go To Pepperstone Website


11- Rakuten Securities Australia

Rakuten Securities Australia is a subsidiary of Rakuten Securities, Inc. a large Japanese broker founded in 1999; however, the Australian branch was established in 2011 with the intention of servicing international clients all over the world. The broker is regulated by one tier-1 regulatory body, ASIC, so it’s considered safe.

The broker has two types of accounts both with fixed spreads. The only difference is their leverages, one of them with 1:100 and the other one with 1:400. The spreads are so competitive and better than many ECN accounts I’ve seen. In some pairs such as EUR/USD, AUD/USD, GBP/JPY, and GBP/USD it’s on the top 3 on our list.

Having said that, we can call it the best forex broker for scalping in our list with fixed spreads.

However, it’s not the best choice for scalping on the news events because according to the study we’ve done, it gives you a rather large slippage on the volatile news events.

Other than that, it’s reliable for scalping to some degree.

Rakuten Securities Information and Test Overview

Regional offices: Australia — Japan, Hong Kong, and Malaysia for Rakuten Securities Global

Spread + Commission Score: A

Regulated By: ASIC

Regulation Score: B+

MT4 Limit Order Execution Speed: A

MT4 Market Order Execution Speed: A

Maximum Leverage for ECN account: 1:400

Minimum Deposit for ECN Account: $50

Minimum Deposit for Other Accounts: $50

Instruments: FX pairs, Indices, Gold and Silver

Banned Countries: U.S, China, Taiwan Canada, and New Zealand — and probably some high-risk countries

Payment Methods: Bank Wire, Neteller, Skrill, Union Pay, Instant Transfer for southeast Asia

No extra fee on deposit and withdrawal except for international bank transfer

 Go To Rakuten Website


12- Axitrader

 Axitrader is an Australian broker established in 2007. It’s regulated by the top two tier-1 regulatory bodies, FCA and ASIC, so it’s considered safe.

It has two types of accounts: Standard and pro. The pro account is the ECN one with more than 140 forex pairs which is one of the highest ones in the industry. The Min deposit of both accounts starts from 0 which makes it attractive for the scalpers trading with small accounts considering a max leverage of 1:500.

Axitrader Information and Test Overview

Regional offices: Australia, UK, and New Zealand

Spread + Commission Score: A

Regulated By: ASIC and FCA

Regulation Score: A+

MT4 Limit Order Execution Speed: A+

MT4 Market Order Execution Speed: A+

Maximum Leverage for ECN account: 1:500

Minimum Deposit for ECN Account: $0

Minimum Deposit for Other Accounts: $0

Instruments: 140+FX pairs, Indices, Commodities, Metals, Gold and Silver, and oil

Banned Countries: U.S, Japan, Israel, Central African Republic, Congo, Eritrea, Ethiopia, Guinea-Bissau, Haiti, Iran, Iraq, Kyrgyzstan, Liberia, Libya, North Korea, Sahrawi Republic, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Yemen, Zimbabwe 

Payment Methods: Bank Wire, Debit and Credit Cards, BPAY, Neteller, Global Collect, Skrill, UnionPay

No extra fee on deposit and withdrawal except for international bank transfer

 Go To Axitrader Website


13- FXCM

Founded in 1999, FXCM is one of the long-serving brokers in the trading world. It’s highly regulated by three tier-1 regulatory bodies: FCA, ASIC, AMF; and one tier-2, FSCA, which makes this broker one of the best regulated brokers on our list, so it’s considered safe.

What I like about this broker other than being well-regulated is its transparency. They release everything from spreads to execution speed and slippage (negative and positive), however, the execution speed on their website is far from our test, ours still good though (125ms against 35ms).

They have two main types of accounts: Standard which is based on fixed spreads, and active trading which is the ECN one. According to the conversation I had with them, there is no limitation for Minimum deposit, however, $50 is the amount they show on their website as the minimum deposit.

The spreads of this broker are not very low compared to other forex brokers on our list, however, If you trade more than 150 lots per month, you get better commission so larger accounts are equal to lower costs of trades and better conditions for scalping.

The results of spread + commission here are a combination of small and big accounts so it can be better if you trade with a bigger account as mentioned above. ($4 commission per side in general and $2.5 for 150+ lots)

FXCM Information and Test Overview

Regional offices: Australia, UK, Germany, France, Italy, Greece, Hong Kong, Canada, Israel, South Africa

Spread + Commission Score: B

Regulated By: ASIC, FCA, AMF, and FSCA

Regulation Score: A+

MT4 Limit Order Execution Speed: A+

MT4 Market Order Execution Speed: A

Maximum Leverage for ECN account: 1:400, 1:30 for European countries

Minimum Deposit for ECN Account: $0

Minimum Deposit for Other Accounts: $0

Instruments: FX pairs, Indices, Commodities, Metals

Banned Countries: N/A

Payment Methods: Bank Wire, Debit and Credit Cards, Neteller, Skrill, Klarna

No extra fee on deposit.  Some fees on Withdrawal for bank transfer (domestic and international) for some countries.

 Go To FXCM Website


14- Alpari

Being in the forex trading world since 1998, Alpari is one of the veterans of the industry. It’s regulated by one tier-2 and one tier-3 regulatory bodies so it’s considered safe.

It has 4 types of accounts that two of them are ECN: ECN and Pro. The commission is lower than average but the spreads are higher so one makes up for the other to even up the whole cost of trades. The initial deposit and leverage are the main differences between the two accounts.

It also has a large range of local transfers for many countries which lowers the cost of trade as well.

Alpari Information and Test Overview

Regional offices: Mauritius

Spread + Commission Score: B+

Regulated By: CySEC, IFSC

Regulation Score: B+

MT4 Limit Order Execution Speed: A+

MT4 Market Order Execution Speed: A

Maximum Leverage for ECN account: 1:1000 for ECN and 1:300 for Pro

Minimum Deposit for ECN Account: ECN $500 and Prime $2500

Minimum Deposit for Other Accounts: $5

Instruments: Forex, Indices, Commodities, Metals, Cryptocurrencies

Banned Countries: U.S, Mauritius, Japan, Haiti, Suriname, North Korea, Russia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Armenia, Moldova, Tajikistan, Uzbekistan, Turkmenistan, Ukraine, Georgia, New Zealand, and Canada.

Payment Methods: Bank Wire, VISA, MasterCard, BitPay, FasaPay, Neteller, Skrill, UnionPay, WebMoney, TC Pay Wallet, Bitcoin, VLoad, and Local bank transfers

No extra fees on deposit and withdrawal

 Go To Alpari Website


15- Global Prime

Global Prime is an Australian broker founded in 2010. It’s regulated by one tier-1 regulatory bodies so it’s considered safe.

They have a very simple approach to service, just one type of ECN account with the min deposit of AUD $200 and AUD $7 as commission (3.5 per side) — I like this simplicity, no hocus pocus.

They claim that they use state of the art technology to reduce slippage and order execution speed which are two main factors in scalping, and our test shows that they are true to some extent and they have rather fast execution speed.

Global Prime Information and Test Overview

Regional offices: Australia

Spread + Commission Score: B+

Regulated By: ASIC

Regulation Score: B+

MT4 Limit Order Execution Speed: A+

MT4 Market Order Execution Speed: A+

Maximum Leverage for ECN account: 1:200

Minimum Deposit for ECN Account: AUD $200

Minimum Deposit for Other Accounts: AUD $200

Instruments: Forex, Indices, Gold and Silver, Cryptocurrencies

Banned Countries: U.S, North Korea, Iran, and Canada

Payment Methods: Bank Wire, VISA, MasterCard, BPAY, Neteller, Poli

No extra fee on deposit and withdrawal except for international bank transfer

 Go To Global Prime Website


16- Hotforex

Founded in 2010, Hotforex has been one of the fast-growing brokers in the trading world. It’s regulated by one tier-1 regulatory body, three tier-2 and two tier-3 so it’s considered safe.

It has 3 main trading accounts but the one we’ve tested here is the ECN one or as they call it: Zero Spread which is a good choice for scalping.

When we had tested this broker for the first time, it wasn’t in Myfxbook so we had used the data from their website. After a few days, the broker was registered on myfxbook and we could extract spreads and commission from there.

We checked the spreads for a few days and didn’t find noticeable differences compared to the website of the brokers but when we checked the spreads this time for a longer period of time, there are some substantial differences. The spreads are higher compared to the broker’s website so we’ve changed the results based on the spreads + commission on myfxbook.

Hotforex Information and Test Overview

Regional offices: Cyprus, St. Vincent and the Grenadines, and South Africa

Spread + Commission Score: B+

Regulated By: FCA, DFSA, CySEC, FSCA, FSA

Regulation Score: A

MT4 Limit Order Execution Speed: A

MT4 Market Order Execution Speed: A+

Maximum Leverage for ECN account: 1:500

Minimum Deposit for ECN Account: $200

Minimum Deposit for Other Accounts: $5

Instruments: FX pairs, Shares, Metals, Indices, Commodities, Bonds, Cryptocurrencies, Energies

Banned Countries: U.S, Canada, Sudan, Syria, and North Korea

Payment Methods: Wire transfer, Union Pay, Maestro, Mastercard, Visa, Bitcoin, Bitcoin Cash, Bitcoin by Skrill, Crypto Payments, Fastpay, Neteller, Skrill, Webmoney

No extra fee on deposit and withdrawal except for international bank transfer

 Go To Hotforex Website


17- FBS

FBS was founded in 2009 and regulated by one tier-2 and one tier-3 regulatory bodies so it’s considered safe.

They have several types of accounts including one ECN account. The commission for this account is $3 per side or $6 round turn. The best performance of this broker was the cost of trade on EUR/USD with 0.71 pips on average.

FBS Information and Test Overview

Regional offices: Belize and Cyprus

Spread + Commission Score: B

Regulated By: IFSC and CySEC

Regulation Score: B+

MT4 Limit Order Execution Speed: A

MT4 Market Order Execution Speed: B+

Maximum Leverage for ECN account: 1:500

Minimum Deposit for ECN Account: $1000

Minimum Deposit for Other Accounts: $1

Instruments: Forex, Indices, Metals, Stocks, Cryptocurrencies

Banned Countries: U.S, Belize, Russia, and Cyprus

Payment Methods: Credit Card, Neteller, PerfectMoney, Skrill, Wire Transfer — they also have local exchangers for some countries that you can find it after registration

Usual fees of the payment methods are charged

 Go To FBS Website


18- Admiral Markets

Admiral market was founded in 2001 and is highly regulated. It’s regulated by two tier-1 and one tier-2 regulatory bodies.

It has 2 types of MT4 and 2 types of MT5 accounts. The MT4 accounts are: Trade MT4 and Zero MT4. The ECN one is Zero MT4.

Their spreads + commission are better compared to the first time that we tested and examined this broker, however, they have a combination of low spreads on some pairs and higher on others.

Admiral Markets Information and Test Overview

Regional offices: Australia, Cyprus, and UK

Spread + Commission Score: B+

Regulated By: ASIC, FCA, CySEC

Regulation Score: A+

MT4 Limit Order Execution Speed: A+

MT4 Market Order Execution Speed: A

Maximum Leverage for ECN account: 1:500

Minimum Deposit for ECN Account: $100

Minimum Deposit for Other Accounts: $100

Instruments: Forex, Indices, Metals, Stocks, Commodities, Bonds, ETF, Cryptocurrencies

Banned Countries: N/A

Payment Methods: For deposit: Bank Wire, VISA, MasterCard, iBank&BankLink, iDEAL, Klarna, Neteller, Safetypay, Przelewy24, Skrill. Withdrawal: Bank Wire, Neteller, Skrill

No fees on deposit except for Skrill, Neteller, and Safetypay, however, you can have 2 free withdrawals per month so they are also free twice a month

 Go To Admiral Markets


19- FXTM

Founded in 2011, ForexTime, aka FXTM, is one of the brokers that has grown quickly and been able to enter the market in many countries. It’s regulated by one tier-1 and two tier-2 regulatory bodies, so it’s considered safe.

It has several types of accounts including 3 ECN accounts: ECN, ECN Zero, and Pro. However, ECN zero is more like an STP account that has floating spreads starting from 1.5 and no commission.

It’s the same for the Pro account but spread starts from 0 in this account. Spread starts from 0.1 in ECN account with a commission of $2 per lot per side that becomes lower if you trade more lots or have more equity in your account which result in better condition for scalping.

The results here are an average of the different accounts of FXTM, so you may see different results especially if you trade with a bigger account and of course more lots per month.

FXTM Information and Test Overview

Regional offices: Nigeria

Spread + Commission Score: B

Regulated By: FSCA, FCA, CySEC, FSC

Regulation Score: A

MT4 Limit Order Execution Speed: A+

MT4 Market Order Execution Speed: A

Maximum Leverage for ECN account: 1:1000 ECN & Zero and 1:200 PRO

Minimum Deposit for ECN Account: $500 and $2500 for Pro

Minimum Deposit for Other Accounts: $10

Instruments: Forex, Indices, Metals, Stocks, Commodities, Bonds, ETF, Cryptocurrencies

Banned Countries: U.S, Mauritius, Japan, Canada, Haiti, Suriname, North Korea, Puerto Rico, the Occupied Area of Cyprus

Payment Methods: For deposit: Bank Wire, VISA, MasterCard, Neteller, Safetypay, Skrill, Webmoney, Union Pay, VLoad,TC Pay Wallet, Bitcoin, Crypto, DixyPay, Yandex.Money, QIWI, Perfect Money, Konnexone, and many other local bank and exchangers.

No fees on deposit but there are fees on some methods of withdrawal

 Go To FXTM Website


20- ATFX

Founded in 2014, ATFX is a rather new broker in the industry. It’s regulated by a top tier regulatory body, FCA, so it’s considered safe.

They have several types of accounts but the one we’ve tested according to myfxbook is ATFX Edge. This type of account has floating spreads with no commission and starts from $5000 as the minimum deposit. There is a similar account called Professional. The main difference between them is leverage. Max leverage for ATFX Edge is 1:30 while max leverage for the Professional account is 1:400.

There is also an ECN account, Premium account, that has better conditions for scalping. The spread for the Premium starts from 0 and the commission is from 2.5 per side per lot. The initial deposit for this type is $10000.

ATFX Information and Test Overview

Regional offices: UK

Spread + Commission Score: B+

Regulated By: FCA

Regulation Score: B+

MT4 Limit Order Execution Speed: A

MT4 Market Order Execution Speed: A

Maximum Leverage for ECN account: 1:30 and 1:400 for professional

Minimum Deposit for ECN Account: $5000

Minimum Deposit for Other Accounts: $100

Instruments: Forex, Indices, Metals, Stocks, Commodities, oil, Cryptocurrencies

Banned Countries: U.S, and some others

Payment Methods: For deposit: Bank Wire, VISA, MasterCard, NetellerSkrill, Webmoney, SafeCharge, Barclays

No extra fees on deposit and withdrawal

 Go To ATFX Website

Methodology

The data from this study comes from Myfxbook website. The major focus of this website is providing analytic tools for traders who want to have a track record of their strategies especially those that are based on automated trading or EAs.

It’s also a useful hub for profitable strategies to find and attract investors by depicting all the necessary information about their strategies.

Anyway, we are not going to talk about different features of the website here but there is a section on the website that is very helpful for analyzing and finding the best forex brokers for scalping.

On the brokers’ spread page, there are more than 100 forex brokers. You can sort them based on the minimum or maximum spreads regarding different currency pairs — for example, from the lowest to the highest spread on EUR/USD

You can also select between regulated, unregulated, and all brokers, however, this feature doesn’t work completely properly.

There are a few regulated forex brokers that when you set the regulated feature, the tool doesn’t show them. That’s why I had to double-check some brokers to see if they are regulated.

Before we got to the regulation part, we had to sort the brokers based on the initial factor that has to be considered when picking a forex broker for scalping, cost of trades.

We found more than 20 brokers but we thought not all of them would accept scalping so we started asking them one by one.

Checking Brokers for Scalping Strategy Permission

We started asking them via chat and email. That way we could also assess their customer service.

Actually, there were a few forex brokers in our selection that were removed from the list for that reason as well as a few other reasons.

For example, there was a broker called Vipro Markets but we couldn’t find its website. It seems they are somehow out of business.

There were also others that we crossed them out for reasons such as ambiguity of regulation or poor customer service.

Turned out two of the good ones, Swiss market and BD Swiss, don’t allow scalping — actually they are both under BD organization so technically they are from the same company.

We also added two good forex brokers that weren’t on myfxbook but we know them to some extent, so after initial testing, we convinced that they can be on our list of the best forex brokers for scalping. They are Hotforex, and Pepperstone.

Finally, we got to our top 20 forex brokers for scalping. Now it was time to analyze the cost of trade (spread + commission) for a reliable time period.

Forex Broker Selection Based on the Cost of Trade

As you know, the cost of trade is not just spread when you have an ECN or zero account. Aside from whatever the name is, nowadays, most forex brokers offer such an account with a very tight spread, mostly starting from 0, but with a commission as well.

The commission for major and minor currency pairs is typically 3 to 4 dollars per lot for each side of trade. Each side of trade means opening and closing a trade. In simple words, the commission for a one-lot trade is double that amount which means 6 to 8 dollars.

For example, if you open a trade with 1 lot on EUR/USD, you have to pay $6 as a commission. Since one lot of EUR/USD is equal to $10 so every pip is worth $10. In other words, you have to pay 0.6 pips as commission.

Assuming the average spread on EUR/USD for the ECN account in your broker is 0.3, the cost of a one lot trade on EUR/USD for you is 0.9 lot or $9 on average.

As you can see the real cost here is not just spread but spread + commission and commission plays a significant role in this type of accounts, however, the cost of trade in ECN or zero spread accounts is always less than other kinds of accounts.

Analysis of the Spreads and Commissions

For having reliable data, we decided to study the spread + commission of our top 20 forex brokers within a one-month period.

Unfortunately, the largest time period that myfxbook offers is 2 days so we needed to keep an eye on the data every other day for one month.

We gathered the data every 48 hours and at the end of the month, we calculate the average of them to reach the final results.

Luckily, we didn’t see any meaningful change in the results from week to week, especially in the rankings. The spreads + commissions fluctuated sporadically but the rankings of the brokers stayed steady during the entire period of the study.


For starting the above process, first, we had to sort the brokers not just based on spread but spread + commission. Fortunately, myfxbook has this feature so you can see the real cost of trades, however, it’s not always correct.

As far as I wasn’t sure whether this feature works correctly, I had to double-check with the commissions mentioned on the websites of the brokers too.

in some cases, there are the same but sometimes they are different to some extent.

We found a number of reasons for that.

In some cases, the results on myfxbook come from various types of accounts of a broker and the accounts have different commission structures.

For example, the higher volume or lots you trade the lower commission you pay, therefore, the costs of trades are better for you if you trade more lots and if you have more equity in your account.

I mentioned that for the brokers with this type of condition in their introductions.

In other cases, the problem doesn’t come from the different types of accounts because there’s only one type of account or myfxbook doesn’t add commission to spreads for whatever reason — it’s probably a bug or malfunction.

I stumble upon such a problem specifically when I was examining Just2trade spreads and commissions so I had to add the commission mentioned on their website to their spreads on myfxbook.

One more thing

As I said earlier, Hotforex and Pepperstone weren’t on the spread page of myfxbook so we had to use the data from their own websites and fortunately they’ve both provided such data on their websites.

Since the data for those two brokers aren’t provided by an unbiased third party, we can’t confirm the unbiasedness of that.

Hotforex was added to the myfxbook after I wrote this article so we used the data from there.

After struggling with problems like that for a month or so, we gathered the following results on 9 currency pairs, 7 major plus gbp/jpy and eur/jpy, for our best forex brokers for scalping.

Note: Since in very low liquid times, like when the New York market closes, or roll over time, the spreads are widened dramatically, the following results will be better up to 20% if you eliminate the results of those times. For more information see the worst time for scalping below.

Scalping Forex Brokers with the Lowest spread on EUR/USD

As you can see, FXOpen is number one in this category so it’s the best broker for scalping EUR/USD with the lowest spread + commission.

All the others also have competitive spreads and commissions on this pair, less than 1 pip, except Intertrader.

  1. FXOpen
  2. FP Markets
  3. RoboForex

One of the reason that FXOpen has low costs is its low commission which starts from $1.5 per side for every lot. This kind of commission is one of the lowest in the industry.

FP Markets and RoboForex are very close to FXOpen and have very low spreads on EUR/USD.

best forex brokers with the lowest spreads on eur/usd

Forex Brokers with the Lowest Spread on GBP/USD

FP Markets is the forex broker with the lowest spread + commission on GBP/USD and FXOpen is very close to that and is number 2 — actually the distance between them is negligible and we can put the first three brokers in this category in the same spot.

  1. FP Markets
  2. FXOpen
  3. Tickmill

All the brokers on this pair are pretty close to each other especially in the middle of the ranking so all these forex brokers are good for scalping GBP/USD to a great extent.

best forex brokers with the lowest spreads on gbp/usd

Scalping Brokers’ Spreads and Commissions on AUD/USD

FXOpen is again in the first place on this pair and is the best forex broker for scalping AUDUSD.

Rakuten Securities takes second place in this category. The interesting point about this broker is that it has fixed spreads but its spreads are better than the ECN accounts of some forex brokers.

  1. FXOpen
  2. Rakuten
  3. Tickmill
best forex brokers with the lowest spreads on aud/usd

Scalping Brokers’ Spreads and Commissions on USD/JPY

FXOpen is number one on this pair as well. There’s a close competition between some forex brokers in the middle part of the list.

  1. FXOpen
  2. PFD
  3. FPMarkets
best brokers with the lowest spread on usd/jpy

Brokers’ Spreads and Commissions on USD/CAD

FP Markets and FXOpen are both in the first place on this pair so they are the best forex broker for scalping USDCAD.

FXOpen is also in the first place of spread and commission for the 9 currency pairs in total — the average spread + commission of 9 examined pairs combined and FP Markets is the second one.

  1. FXOpen
  2. FPMarkets
  3. Tickmill
best brokers with the lowest spread on usd/cad

Brokers’ Spreads and Commissions on USD/CHF

FXOpen, FP Markets ans Tickmill are top three brokers in this category and have the best spreads for USD/CHF.

So the best broker for scalping USDCHF goes to Go Markets.

  1. FXOpen
  2. FPMarkets
  3. Tickmill
best brokers with the lowest spread on usd/chf

Forex Brokers’ Spreads and Commissions on NZD/USD

FXOpen, Intertrader, and Go Markets have taken the first three spots in this category and have the lowest spreads + commission on NZD/USD.

The difference between first place with others are somehow tangible here therefore, we can say that for scalping NZDUSD, FXOpen is the best forex broker.

  1. FXOpen
  2. InterTrader
  3. Go Markets
best brokers with the lowest spread on nzd/usd

Scalping Brokers’ Spreads and Commissions on EUR/JPY

The top three forex brokers with the lowest spread + commission on EUR/JPY are:

  1. FP Markets
  2. RoboForex
  3. FXOpen
best brokers with the lowest spread on eur/jpy

Scalping Brokers’ Spreads and Commissions on GBP/JPY

The top 3 scalping forex brokers with the lowest spread + commission on GBP/JPY are:

  1. FX Markets
  2. FXOpen
  3. RoboForex
best brokers with the lowest spread on gbp/jpy

Forex Brokers Selection for Scalping Based On Regulation

The second metric we considered for picking our best forex brokers was the regulation of them. Being regulated is always important when you want to choose a broker but it becomes even more important when you have a scalping strategy.

In our selection for the best brokers for scalping, we didn’t just pick any regulated brokers. They had to be regulated by a tire-2 regulatory body at the least.

Regulatory bodies are not the same in terms of credibility. Some have more strict rules and others just ask the brokers to follow basics and have minimum restrictions for them.

If you want to know about the brokers with different levels of importance, you can check this post that I wrote and explained about them.

The reasons we select the highly regulated brokers are:

Segregation of investors’ funds

Keeping investors funds in separate accounts than the brokers’ own accounts is something you have to pay attention to in general when you want to choose your broker, no Mather what kind of trading strategy you have.

It keeps your money safe in case your broker stumble upon some troubles such as bankruptcy. Since your investment is not merged with the brokers’ property, you’ll be refunded if things go south.

Correct order execution

As a scalper, you need to be confident that your broker executes your orders precisely as you place. No one wants to see several delays with no reason when they scalp.

Every pip is important and your orders should be placed in specific positions in order to be profitable. It’s even more important if you are a one-minute scalper because trades should be opened and closed faster than any other strategy or timeframes.

Highly regulated forex brokers are much more reliable in terms of performing your orders correctly without manipulation because their regulators hold them accountable and check them for that.

Fair Slippage

There’s no broker on earth that doesn’t give you slippage every now and then because it doesn’t matter how liquid it is, there are always situations such as very important news events when the price moves so quickly that leads to slippage.

It can also happen to you while trading less liquid currency pairs such as exotic ones or during low liquid time like after the New York session is closed.

Either way, you might receive slippage but the important subject here is how frequently you get that and whether it’s fair or not.

Well regulated brokers mostly have rich liquidity providers so they can provide better prices with less slippage.

They are also under the supervision of top credited regulatory bodies that audit them to make sure something like slippage is not a one-way road, always in brokers’ favor. If you sometimes get worse prices (negative slippage), you should receive better ones (positive slippage) other times.

With all that said, we categorize these top 20 brokers accoring to the strength of their regulations.

Regulation Strength of the Best Forex Brokers for Scalping

As I said early on, the brokers on our list must be regulated by a tier-2 regulator at the minimum. That way we have the reliable safety we need for scalping.

The brokers with a tier-3 regulation have a minimum score of 50 in the first place. Tier-2 is 65 and tier-1 is 75. Every more regulation adds a score proportionally to the brokers.

best regulated brokers for scalping

Analysis of Order Execution Speed

Another metric that we considered for this study was checking the order execution speed based on their MT4 platform.

Order execution speed is exclusively important for automated trading version of scalping or scalping using EAs, however, it can affect the profitability of a manual scalping strategy which is based on one-minute timeframe and of course in volatile situations such as important news release when you get slippage as the result of fast price change and you need to receive your favorite price ASAP.

The time that you send orders and receive the answers by the brokers can be a determining factor on the number of slippages and requotes you get especially in more volatile situations and when you want to get a specific price as quickly as possible.

For testing the order execution speed of the brokers, we use two different EAs.

One of them is putting several limit orders and calculates the time between sending and receiving them.

The other one opens and closes several trades in a row at market price to calculate the market order execution speed of the brokers.

We conducted this test several times and in different situations of the market to reach a solid result for each broker.

As far as the servers of the brokers are in the different parts of the world, we had latencies to those serves so we subtracted the ping from the results to find the correct speed.

Note: The speed tests were conducted on the demo accounts of the brokers. Some conditions in demo accounts are different than real accounts to some extent. Since the brokers don’t transfer the orders to liquidity providers and they do that internally, you have neat responses without usual problems such as slippage or requote. The order execution speed is also faster in demo accounts so you’ll probably see slower execution in real accounts.

With that being said, you can expect something between one and a half or two times decrease in speed compared to what you see here based on my experience.

You may also see better or worse results regarding your computer or internet speed but as long as our tests for all the brokers were conducted in the same environment, your results would probably be the same as ours in terms of the rankings of the brokers.

If you want to know more about the execution speed or download the EAs used in this study, you can check out the best forex brokers execution speed post.

The results are in milliseconds. For converting to seconds, divide them by 1000

best forex brokers execution speed
100

The Worst Time for Scalping

In general, the worst time for scalping is either when the market has low liquidity or it’s too volatile.

One of the things we noticed during the study was a dramatic increase in spread after the New York session or at the beginning of the Sidney session.

The reason could be the decrease in liquidity at that time. Since there are not enough buyers and sellers in that session, you receive huge spreads from the brokers; therefore, it’s one of the worst times for scalping.

the worst time of scalping

As you can see the average spread + commission for this broker on EUR/USD within a specific time period of 2 days is 0.58 pips while it gets widened and becomes 6 to 8 pips on two occasions on the picture, both after the New York Session is closed.

That widened spread is not all about the New York session being closed and the very long spick is related to rollover time.

The rollover happens at the end of each day where the market is closed for a few minutes and interest rate or swap is calculated and paid to or deducted from the positions that are kept open for the next day — see here for more information.

Another time that the spreads are widened is when the volatility of the market increases dramatically. During the study, we discovered it’s not always at the time of the releasing of news events.

Sometimes the market becomes volatile at those times but in some cases, it’s before the releases as if when the news events are released they’ve lost their impacts.

Comparison Table of the Best Forex Brokers for Scalping

All the subjects we’ve talked about top forex brokers for scalping so far, from spreads and commission to regulation and order execution speed, are delineated concisely on the following comparison table.

you can choose your broker based on your priority that could be regulation, execution speed (both instant and limit orders), and spreads + commission on 9 pairs.

————————————————--

Guidelines

————————————————--

Click on each head line (Moes, Loes, eur/usd, etc) to sort the brokers based on them. For example if you click on eur/usd, the table sorts the brokers based on the spreads+commission on eur/usd — from low to high and vice versa

MOES stands for Market Order Execution Speed

LOES stands for Limit Order Execution Speed

The numbers for these two columns are in ms (milliseconds). To convert them to second, divide them by 1000

Brokersloesmoesregulationeur/usdgbp/usdaud/usdnzd/usdusd/cadusd/jpyusd/chfgbp/jpyeur/jpy
FXOpen125150900.520.740.580.570.870.540.491.320.86
RakutenSecurities
150150750.651.020.622.081.70.791.881.371.25
Intertrader
110130751.061.170.710.780.960.961.081.340.96
Just2trade100500650.71.10.921.31.50.91.41.71.02
PFD100110750.620.791.021.241.240.561.111.811.08
Tickmill150160850.650.750.640.830.880.610.761.631.12
FP Markets8095750.540.720.680.950.870.590.561.20.79
Go Markets130140750.71.060.740.790.950.750.861.840.87
Admiral Markets105150950.60.910.8411.820.81.82.331.24
FBS170290700.871.411.361.3221.061.522.51.96
ATFX160160750.781.381.21.351.230.981.171.881.15
IC Markets130180750.781.121.011.11.240.90.971.391.03
Global Prime115140750.911.381.021.531.781.31.471.851.54
AxiTrader100130850.841.171.151.321.371.061.111.791.17
FXTM140170850.821.531.071.741.651.091.114.241.16
FXCM125150990.931.491.0122.51.081.351.831.16
Alpari130150700.841.3511.261.340.931.982.471.08
Roboforex150400700.581.040.841.261.160.741.241.330.86
Hotforex150145850.951.211.261.481.60.960.891.71.7
Pepperstone10085900.881.20.891.071.230.91.391.911

FAQ

What broker has the lowest spreads for scalping?

According to the study we’ve done, FXOpen and FP Markets have the lowest spreads + commission. See the full study here.

What are the main factors for choosing scalping brokers?

1-Strong regulation to avoid problems such as slippage or requotes 2- Order execution speed especially market order execution 3- The cost of trades such as spreads and commissions… more

What is the worst time for scalping?

In general, the worst time for scalping is either when the market has low liquidity or it’s too volatile see more

david

I hope you enjoyed this post. My name is David and I've been in Forex Market since 2006. I created this site to convey my experience and try to help forex traders to make better decisions. Share this post if you liked it and let me know what you think about it in the comment section.

This Post Has 2 Comments

  1. Kay

    Thank you so much for this information and analysis. Exactly, what I’ve been looking for. You really made my day. Thumbs up.

    1. david

      Happy to hear that 🙂

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