Top 20 Forex Brokers for Scalping 2020 – Spread & Speed Test

Top 20 Forex Brokers for Scalping 2020 – Spread & Speed Test


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 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 but before that, let me introduce our top 20 brokers with the best conditions for scalping. You can see more details after that.

For knowing about the regulations mentioned in the following sections, you can check this post that I explained about them to some extent.

1– 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. The cost of trade is one of the best on our list and considering a very good score of regulation, it’s one of our favorites.

Hotforex Information and Test Overview

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

Spread + Commission Score: A+

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

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. The spread 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, Fastpay, 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- 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 very tight spreads and only $1 commission per side, it ranks up there on our list. It has 3 MT4 types of account 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.

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

4- 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 use the website for that; however, they are still very good except EUR/USD.

*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

5– 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. 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 $500

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

6- 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.

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

7- 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).

The main reason that this broker is on our list is its competitive spreads + commission. 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.

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.

Just2trade Information and Test Overview

Regional offices: Cyprus

Spread + Commission Score: A

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 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

8- 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.

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, Stock 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

9- 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 is one of the competitive ones in terms of spread + commission.

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.

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

10- 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.

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

11- 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.

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: 1:400

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

12- 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). One thing that may cause this might be the difference between computer speed and of course internet speed.

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, if you trade more than 150 lots per month, you get better commission so larger accounts are equal to lower costs of trades.

The results of spread + commission here is 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

13- Roboforex

Roboforex was established in 2009 and is regulated by one tier-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’s a rebate system for both of ECN accounts that you can take back an amount of commission you’ve paid — something from 5% to 15%.

There’s another beneficial service where you can withdraw your money twice a month without any extra fees for all their available methods.

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

Roboforex Information and Test Overview

Regional offices: Belize

Spread + Commission Score: B+

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

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, Stocks, Cryptocurrencies

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

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 and our test shows that they are true to a great extent and have one of the best scores for 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, Commodities, Metals, Stocks, 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- FXOpen

FXOpen was founded in 2004 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 it 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.

The results here are a combination of different size of accounts so you may see better or worse costs of trades regarding the size of your trades and account.

FXOpen Information and Test Overview

Regional offices: Nevis, UK, Australia

Spread + Commission Score: B+

Regulated By: ASIC, FCA

Regulation Score: A+

MT4 Limit Order Execution Speed: A+

MT4 Market Order Execution Speed: B+

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

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

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 SyCEC

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: Admiral.Markets and Admiral.Prime. The ECN one is Admira.Prime; however, on myfxbook (our source) the name of the account is Admiral Markets so the results may be from Admiral.Markets accounts.

 If so, you’ll probably pay lower costs of trades if you choose the Prime type especially if you trade larger lot sizes. For example, if you trade something around 500 lots per month, the commission decrease from $6 per lot to $3.6 round turn. 

Admiral Markets Information and Test Overview

Regional offices: Australia, Cyprus, and Estonia

Spread + Commission Score: B

Regulated By: ASIC, FCA, SyCEC

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.

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, SyCEC

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.

As mentioned above, the results for Spread + Commission section are for the Edge account, so you may pay less if you have Premium account.

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 brokers.

On the brokers’ spread page, there are more than 100 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 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 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 the 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 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 one 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 brokers that weren’t on myfxbook but we know them to some extent so, after initial testing, they proved that we hadn’t been wrong; Hotforex, and Pepperstone.

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

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 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 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 above.

In other cases, the problem doesn’t come from the different types of accounts because there’s only one type of account or mayfxbook 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 isn’t provided by an unbiased third party, we can’t confirm the unbiasedness of that, however, the data isn’t too good and seems reliable to a great extent.

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 brokers for scalping.

Note: Since in very low liquid times, like when the New York market closes, 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 at the bottom of this post.

Brokers with The Lowest Spread and Commission on EUR/USD

As you can see, PFD is number one in this category. The reason is not only this broker has a tight spread on this pair but also they only charge $1 commission per side for each lot.

all the others also have competitive spreads and commissions on this pair, less than 1 pip, except Intertrader which is somehow odd for this broker.

Intertrader has one of the lowest spread + commission in all the other pairs but for some reason, it stands at the bottom of our list on this pair.

However, the spread + commission of EUR/USD on myfxbook for thIs broker is far lower than our result here but as long as we doubled-checked all the results with the websites of the brokers, what we found on EUR/USD for Intertrader on their website is the final result that you can see here.

best forex brokers with the lowest spread on eur/usd

Brokers with The Lowest Spread and Commission on GBP/USD

PFD is number one in this category and FP Markets and Rakuten are numbers 2 and 3 with a close distance.

all the brokers on this pair are pretty close to each other especially in the middle of the ranking.

Alpari is the last one on this pair, however, it’s one of the brokers with different commission structure so you may pay less if you trade with a bigger account and/or more lots. moreover, the result is still better than most of the brokers in the industry.

best brokers with the lowest spread on gbp/usd

Brokers with The Lowest Spread and Commission on AUD/USD

Rakuten Securities is in the first place on this pair. The interesting point about this broker is that it has fixed spreads but its spreads are better than the ECN accounts of many brokers.

best brokers with the lowest spread on aud/usd

Brokers with The Lowest Spread and Commission on USD/JPY

PFD is again number one on this pair. there’s a close competition between some brokers in the middle part of the list.

best brokers with the lowest spread on usd/jpy

Brokers with The Lowest Spread and Commission on USD/CAD

FP Markets that’s always been on top 4 in terms of spread + commission is in the first place on this pair. The broker 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.

best brokers with the lowest spread on usd/cad

Brokers with The Lowest Spread and Commission on USD/CHF

In this pair, some other brokers, Go Markets and IC Markets step in and take the first and second positions. They both are reliable brokers that’s almost been in the lower half of the list of the trade cost.

best brokers with the lowest spread on usd/chf

Brokers with The Lowest Spread and Commission on NZD/USD

Intertrader finally takes the first place and Go Markets and IC Markets continue their good performance.

best brokers with the lowest spread on nzd/usd

Brokers with The Lowest Spread and Commission on EUR/JPY

best brokers with the lowest spread on eur/jpy

Brokers with The Lowest Spread and Commission on GBP/JPY

best brokers with the lowest spread on gbp/jpy

Brokers Selection Based On Regulation

The second metric was the regulation of the brokers. 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 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 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 reqoutes 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 test 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.

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

brokers order execution speed

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 New York session or at the beginning of 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.

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.

Forex Brokers Comparison Table (Cost, Regulation, execution )

All the subjects we’ve talked about the forex brokers 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.

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Guidelines

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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
RakutenSecurities
150150750.5810.551.991.70.681.831.21.15
Intertrader
110130751.061.10.710.780.960.961.081.340.96
Just2trade100650650.71.070.921.531.130.761.181.480.86
PFD100110750.420.820.891.051.210.491.171.870.91
Tickmill150160850.581.290.881.031.230.871.111.851.08
FP Markets8095750.590.980.620.930.890.671.021.530.91
Go Markets130140750.631.120.710.851.50.760.991.770.8
Admiral Markets105150950.71.180.9722.140.862.582.571.53
FBS170290700.711.511.311.261.991.011.682.491.78
ATFX160160750.871.381.21.351.230.981.171.881.15
IC Markets130180750.751.060.860.881.80.8211.440.93
Global Prime115140750.81.490.871.361.671.211.471.921.41
FXOpen125230900.781561.141.262.040.961.841.931.1
AxiTrader100130850.841.320.871.071.80.971.111.81.07
FXTM140170850.911.621.311.861.461.241.425.071.32
FXCM125150990.931.491.011.181.461.081.171.831.16
Alpari130150700.951.651.031.111.360.931.362.271.24
Roboforex150400700.881.381.111.321.380.951.32.011.32
Hotforex180145850.721.10.931.081.10.721.11.61.1
Pepperstone10085900.881.20.891.071.230.91.391.911

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