Forex Brokers with the Lowest Spreads on EURUSD

Forex Brokers with the Lowest Spreads on EURUSD

In this post, you’ll find the best forex brokers with the lowest spreads on EURUSD. You can see how I’ve picked them from 200 brokers and why they definitely have the lowest spreads + commission for EURUSD. I also look into this pair from different angles that might help you when trading it.

But before all that, let me introduce these forex brokers.

Best Forex Brokers with the Lowest Spreads on EURUSD

Here’s a list of top 10 brokers with the lowest spreads on EURUSD according to our independent study on them:

Methodology: How I Found Forex Brokers with Low Spread on EURUSD?

Some Forex brokers publish their spreads or in some cases average spreads on their website however not all brokers do that. Moreover, the ones that release their spreads sometimes are not completely honest about that.

What you find on all the review websites out there are the spreads that the forex brokers publish. Some of those review sites don’t even know much about the spreads and commissions of the brokers, or at least they pretend like that.

For example, they list a bunch of brokers with the spreads such as 0 or 0.1 pips for EURUSD which we all know there isn’t such a thing. Even if on some occasions a broker can provide 0.1 pips as the spread, they charge a commission that you need to add to that, for example $7 per lot. Therefore, what you really pay is 0.8 pips and not 0.1 pips. Plus, most of the time, that’s not the average spread of a pair but it’s the lowest spread you receive.

Besides, all that is true when we give the brokers the benefit of the doubts and take their words for it. We don’t know if they’re completely honest about that when we don’t have an unbiased place to double check.

So do you mean we never know the real spreads of the brokers unless we open a real account with them, you may ask, that’s not even possible because there are handers of brokers out there.

Well, I had a solution for that. There is a website called myfxbook with lots of registered brokers in it and more than ten thousand real accounts connected to those brokers. The site publishes the spreads that those real accounts receive from their brokers.

I went through all the forex brokers there and kept an eye on their spreads on EURUSD for about one month in order to find the forex brokers with the lowest spreads for EURUSD.

Since the lowest trading fee is normally related to a type of brokers’ account called ECN or Zero spread, and there’s a commission charged on that type of account, what you see here is actually the spreads + commission of the brokers for EURUSD.

EURUSD Volatility and Average Daily Range

EURUSD is the most traded forex pair among all forex pairs. As a result, it’s the most liquid pair which means there are always buyers and sellers for it so you barely see gaps, especially above the 15-minute timeframe.

All that put EURUSD among the average category when it comes to volatility. According to the study we’ve done, the average daily range or average daily movement of EURUSD is 84 pips (the study is from 2014 to 2021)

Since EURUSD is the highest liquid pair, it has the lowest spreads among all major and minor forex pairs. As a result, it’s one of the best pairs for scalpers or day traders.

EURUSD Correlation

Correlation between forex pairs happens when there is a meaningful relationship between the movements of two pairs. It can be positive or negative. In the positive correlation, the pairs move in the same direction, and in the negative correlation, they pick a different route opposite to each other.

Among the exotic forex pairs, EURUSD has the strongest positive correlation with EURSGD. The correlation between them is normally around 90%.

The strongest negative correlation between EURUSD and an exotic pair is between EURUSD and USDCZK which is around -90%.

When it comes to the correlation between EURUSD and major/minor pairs, GBPUSD has the strongest positive correlation with it with around +85% correlation and USDCAD is the most negative one with around -70% correlation. Of course, USDCHF is also one of the pairs that most of the time has a strong negative correlation with EURUSD.

So now you might ask how positive or negative correlations help me?

Well, the answer is you can use them as confirmation.

Sometimes you’ve found a setup according to your strategy but it’s not clear enough and you’re not confident about the trade you’re going to open. Here correlation might help.

For EURUSD, you can check out for example EURSGD or GBPUSD to see if you can see the same setup but of course clearer. You can also look at the pairs with negative correlations to see if you find any opposite signals.

What Is the Average Spread of EURUSD in Forex Brokers?

The average spread of EURUSD among all the forex brokers in the industry is around 1 pip. There are some brokers with a smaller spread such as 0.6 pips and others that charge as large as 2 pips.

Normally, forex brokers that use an ECN system and/or have larger liquidity providers can offer you better spreads so most reputable brokers don’t charge you more than 1 pip on average for EURUSD.

Note that when we talk about the spread here, we’re talking about either the spread alone or spread + commission in case you pick an ECN or Zero spread account.

For clear it up, let’s take a look at the different types of forex brokers’ accounts.

Type of Account with the Lowest Spreads on EURUSD

As you’ve probably seen, Forex brokers offer different types of accounts in order to meet the different needs of their clients. The names of those types might vary from broker to broker but generally, there are a few types of accounts.

Standard: This type of account is normally an STP account which means there are no commissions charged and you only pay spreads. Spreads are variable and not fixed so it’s very likely that you receive different spreads every time you open a trade.

ECN/Zero spread: here you receive variable spreads as well but the spreads are lower compared to the Standard account, however, you’re charged with a commission. For example, the spread is 0.1 pips but a 0.6 pip commission is charged as well so technically you pay 0.7 pips.

Mini/Micro/Cent: As the name implies the most important feature of this type of account is a low minimum deposit which means you can open an account with as low as $1 in some cases. That might be handy for new traders who want to get their feet wet. Although low minimum deposit might be an advantage in this case you should know that you receive higher spreads in this type of accounts. For example, if a broker charges 1 pip in its ECN account for EURUSD, it might charge 2 pips for the pair in its Cent account.

Fixed Spread: There is no commission in this type of account and you only pay fixed spreads however these fixed spreads are normally higher than the ECN account and in most cases higher than the Standard or STP account.

There are other types of accounts with the names such as Prime, VIP, etc. that offer better conditions but normally you need to deposit and trade with a larger amount of money.

So now what type of account has the lowest spreads for EURUSD?

You probably guess that right… yep, it’s the ECN account. Generally speaking, you pay the least in the ECN account but you should know that the spreads on this type of account fluctuate more than other types. For instance, one time you might get 0.7 pips and the other time 1 pip.

This fluctuation is less in the STP accounts and generally, you don’t pay a lot more than the ECN type. It’s more suitable for the traders that need to see more predictable spreads such as news traders.

Not to mention the best conditions and the lowest EURUSD spread you can have is related to the prime or VIP type of account of forex brokers.

Average Spread of EURUSD in Low Spread Forex Brokers

We saw that the average spread for EURUSD in the industry is around 1 pip but what the average EURUSD spread is in the forex brokers with the lowest spreads?

Well, first off, the spreads mentioned here are related to the ECN type of accounts of the brokers so they are actually spread + commission. Secondly, some brokers, as I said earlier, offer better conditions and lower spreads if you pick some types of accounts such as prime or VIP.

What you see here is related to the ECN accounts of brokers with a minimum deposit so if you open a large size account or in some cases (for example FXOpen or Admiral Markets) trade more Lots (larger lot sizes), you receive smaller commissions and consequently lower spread + commission on EURUSD.

The average spread of EURUSD in the lowest spread forex brokers is around 0.78 pips

Low Spread Forex Brokers for EURUSD(Comparison Table)

In the following table, you see the information of the top 10 Forex brokers with the lowest spreads on EURUSD. Note that the information in the General Info and Average Spread sections is related to the ECN accounts of the brokers and they might change to some extent if you pick other types of accounts.

Broker


General Info


Regulation


Average Spread


Platform


Payment Methods


Banned Countries




Visit Robo
forex
Account Name: ECN-Pro

Min deposit: $10

Min Lot Size: 0.01

MAX Leverage: 1:2000
CySEC, IFSC

0.62 PipsMT4,MT5
for
Desktop, Web,
Mobile

R Trader (web)
Bank Wire,
VISA, MasterCard,
ePayments, FasaPay,
Neteller,
PaySec, Poli,
Qiwi, Skrill,
UnionPay,
WebMoney,
Perfect Money,
AdvCash,
Yandex Money,
and more
US, Canada


Visit FP Markets
Account Name: RAW Spread (MT4-MT5)

Min deposit: AUD $100

Min Lot Size: 0.01

MAX Leverage: 1:500
ASIC
0.64 PipsMT4, MT5
for
Desktop, Web,
Mobile

IRESS
Credit/Debit Card, bank wire,
Neteller, Skrill, Fasapay,
PayPal, Paytrust88, Ngan Luong,
Online Pay,
Broker to broker
U.S, Japan, New Zealand,
Syria, North Korea,
Iran


Visit IC Markets
Account Name: Raw Spread

Min deposit: $200

Min Lot Size: 0.01

MAX Leverage: 1:500
ASIC, SySEC, FSA0.8 PipsMT4, MT5
for
Desktop, Web,
Mobile

cTrader

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
U.S, Canada, Israel,
North Korea, Iran


Visit Global Prime
Account Name: ECN

Min deposit: $200

Min Lot Size: 0.01

MAX Leverage: 1:200
ASIC

0.9 PipsMT4
for
Desktop, Web,
Mobile
Bank Wire, VISA,
MasterCard, BPAY,
Neteller, Poli
US, Sudan, Syria,
North Korea, Iran,
Canada


Visit Axitrader
Account Name: MT4 Pro

Min deposit: $1

Min Lot Size: 0.01

MAX Leverage: 1:400
ASIC, FCA0.8 PipsMT4
for
Desktop, Web,
Mobile

MT4 NEXGEN (MT4 with extra features)
Bank Wire, Debit and Credit Cards,
BPAY, Neteller, Global Collect,
Skrill, UnionPay
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


Visit Alpari
Account Name: Pro ECN

Min deposit: $500

Min Lot Size: 0.01

MAX Leverage: 1:3000
CySEC, IFSC

0.83 PipsMT4,MT5
for
Desktop, Web,
Mobile
Bank Wire,
VISA,
MasterCard,
BitPay, FasaPay,
Neteller, Skrill,
UnionPay,
WebMoney,
TC Pay Wallet,
Bitcoin, VLoad,
and Local
bank transfers
US, Mauritius,
Japan, Haiti,
Suriname,
North Korea,
Russia, Azerbaijan,
Belarus, Kazakhstan,
Kyrgyzstan,
Armenia, Moldova,
Tajikistan, Uzbekistan,
Turkmenistan, Ukraine,
Georgia,
New Zealand, Canada.


Visit
FBS
Account Name: ECN

Min deposit: $1000

Min Lot Size: 0.01

MAX Leverage: 1:3000
CySEC, IFSC

0.82 PipsMT4,MT5
for
Desktop, Web,
Mobile
Wire Transfer,
Credit Card,
Neteller,
PerfectMoney,
Skrill
they also have
local exchangers
for some
countries that
you can find it
after registration
US,
Belize, Russia,
Cyprus


Visit Admiral Markets
Account Name: MT4 Zero Spread

Min deposit: $100

Min Lot Size: 0.01

MAX Leverage: 1:500
ASIC, FCA, CySEC

0.78 PipsMT4,MT5
for
Desktop, Web,
Mobile
with extra plugins
For deposit: Bank
Wire, VISA,
MasterCard,
iBank&BankLink,
iDEAL, Klarna,
Neteller, Safetypay,
Przelewy24, Skrill.
Withdrawal: Bank
Wire, Neteller, Skrill
US, Sudan, Syria,
North Korea, Iran


Visit Just2 trade
Account Name: Forex ECN /MT5 Global

Min deposit: $100

Min Lot Size: 0.01

MAX Leverage:
1:500
CySEC
0.8 PipsMT4, MT5
for
Desktop, Web,
Mobile
CQG, ROX
Wire transfer, Union Pay,
Mastercard, Visa, Skrill ,
Biicoin, Webmoney
N/A


Visit FXOpen
Account Name: ECN

Min deposit: $100

Min Lot Size: 0.01

MAX Leverage:
1:500
ASIC, FCA
0.82 PipsMT4, MT5
for
Desktop, Web,
Mobile
Bank Wire, VISA,
MasterCard,
Neteller, Skrill,
Webmoney,
UnionPay, Perfect Money,
QIWI Wallet,
Yandex Money,
FasaPay, Paysafecard,
Local bank for
Malaysia and Indonesia
U.S, Belgium, Canada

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.

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