5 Cheapest Forex Brokers For 2024: Reviewed By Dumb Little Man

By Wilbert S

January 10, 2024   •   Fact checked by Dumb Little Man

In the dynamic world of Forex trading, finding a cost-effective broker is a pivotal step for traders. The allure of cheap Forex brokers lies in their ability to offer lower transaction costs, which is crucial in a market where margins often determine success. However, the challenge is not just about finding the cheapest option but ensuring that these brokers also offer reliable and quality services.

Choosing the cheapest Forex broker requires careful consideration. The reason is twofold: first, lower costs can significantly impact a trader’s profitability; second, it’s essential to balance affordability with trustworthiness and platform efficiency. Traders must navigate through numerous options, assessing factors like spread sizes, commission fees, and hidden charges, to identify a broker that aligns with their trading goals and budget.

What is a Forex Broker and How Does it Work?

Forex broker acts as an intermediary, connecting individual traders with the Forex market. This market, where currencies are traded, is the largest and most liquid in the world. Brokers provide access to this market and are essential for individual traders, who otherwise would not have the means to participate directly.

Forex brokers function by allowing traders to buy and sell foreign currencies using various platforms. They offer leverage, meaning traders can control large positions with a relatively small amount of capital. However, this also increases the risk of significant losses. Brokers make money through spreads (the difference between the buying and selling prices) and sometimes commission fees.

To choose a Forex broker, traders should consider factors like transaction costs, leverage options, and the reputation of the broker. It’s crucial to select a broker that is regulated by financial authorities, ensuring transparency and security in transactions. Additionally, considering the trading platform’s usability and customer support is important for a smooth trading experience.

Also Read: Forex Trading for Beginners • Step by Step

How Do We Rank the Cheapest Forex Brokers?

Ranking the cheapest Forex brokers involves a comprehensive evaluation by experienced traders at Dumb Little Man. This assessment includes a variety of critical factors, ensuring a thorough and balanced ranking. The primary goal is to identify brokers that offer cost-effective trading while maintaining high standards of service.

Key factors in this evaluation include trading volume, account types, and trading costs. These elements reflect the broker’s ability to cater to diverse trader needs and their cost efficiency. Additionally, the leverage offered and fee structure are crucial, as they directly impact a trader’s profitability and risk management. Regulation and minimum deposits are also important, indicating the broker’s credibility and accessibility to different traders.

Average spread and experience of the broker further influence their ranking. A lower spread signifies more affordable trading, and a broker’s experience often correlates with their reliability and service quality. Insights from retail traders on our panel and reviews on the broker’s website provide real-world perspectives on the broker’s performance.

Lastly, a unique algorithm developed by Dumb Little Man plays a critical role. This algorithm sorts brokers based on the defined criteria, offering an overall rating for each company. This method ensures an objective and data-driven approach to ranking the cheapest Forex brokers, aiding traders in making informed decisions.

Cheapest Forex Brokers: Overview


Best For

Min. Initial Deposit

Top Feature

Overall Rating

Overall Best No Depost Forex Broker


Fast Order Execution

Advanced Traders


Comprehensive Market Coverage

Beginner Traders


User-Friendly Interface

Asset Options


Diverse Asset Options

Trading Conditions


Low Trading Fees

5 Cheapest Forex Brokers: Detailed Insights

#1. Best Overall Cheapest Forex Broker: AvaTrade

AvaTrade stands out as the Best Overall Cheapest Forex Broker due to its impressive blend of versatility and reliability. Established in 2006, the broker’s commitment to trust is evident through its regulation in multiple Tier-1 and Tier-2 jurisdictions, providing a strong security framework for traders. This extensive regulation not only ensures safety but also showcases AvaTrade’s significant global presence and credibility in the Forex market.

The broker excels with its diverse range of trading platforms, notably its own AvaTrade WebTrader and AvaTradeGO. These platforms introduce unique features like AvaProtect, offering an enhanced trading experience with additional security measures. The AvaOptions app, created in collaboration with Sentry Derivatives, delivers an advanced forex options mobile trading experience. AvaTrade’s extensive offerings, including access to 44 forex options and over 1,200 CFDs, cater to various trading strategies and preferences. This comprehensive range, combined with robust platform support, establishes AvaTrade as a leading choice for traders seeking a versatile and dependable low-spread broker.

☞ How Does It Work?

At AvaTrade, trading major currency pairs like EUR/USD is highly cost-effective, featuring spreads starting at just 0.9 pips. Other popular pairs, such as USD/JPY and AUD/USD, also enjoy low spreads of 1 pip and 1.1 pips, respectively. Even for GBP/USD, with a slightly higher spread of 1.5 pips, the rates remain competitive. This pricing structure benefits traders focusing on these major pairs, providing them with the opportunity to trade at minimal costs.

The broker’s zero commission policy on trades is a key highlight, significantly reducing trading costs across its markets. AvaTrade’s leverage options, reaching up to 1:400 for major and minor forex pairs and 1:100 for exotics, enhance trading potential for qualified clients. Its platform support spans MT4, MT5, a native web trading platform, and a comprehensive mobile app, accommodating traders on various devices. Moreover, AvaTrade’s strong regulatory compliance in nine countries reinforces its trustworthiness and security.

AvaTrade further eases the trading process with fee-free deposits and withdrawals, supporting multiple payment methods like debit/credit cards and bank wires. Its accessible minimum deposit of $100 makes it an appealing option for a broad spectrum of traders, from beginners to experienced market participants.

☞ Who Is It Best For?

AvaTrade is best suited for a diverse range of traders, from novices to seasoned professionals. Its user-friendly platforms and competitive spreads make it an ideal choice for beginners who are navigating the complexities of Forex trading. At the same time, experienced traders can benefit from its advanced features, like high leverage options and a wide array of trading instruments. The broker’s strong regulatory framework and zero commission policy further appeal to those seeking a reliable and cost-effective trading environment. AvaTrade’s comprehensive offerings cater to the needs and preferences of traders across the spectrum, making it a versatile choice in the Forex market.

Offers WebTrader and AvatraderGO in addition to MetaTrader.

Automation feature for time-saving and simultaneous trading across markets.

Best in Class educational content for Professional traders in 2022.

Securely regulated by top-tier financial authorities.

Access to a wide range of 44 forex options and 1200 CFDs.
Pricing structure may be somewhat confusing.

Desktop Avaoptions interface can be complex.

#2. Best Cheapest Forex Broker for Beginner Traders: OANDA

OANDA is acclaimed as the best platform for beginners in online Forex and CFD trading. Its reliability and good reputation have earned it global recognition and trust within the trading community. Particularly noteworthy for novice traders is OANDA’s high-quality market research, which offers valuable insights, easing the learning curve for those new to online trading. This blend of quality research and a proven track record positions OANDA as an excellent starting point for beginner traders.

A distinctive aspect of the OANDA platform is its compatibility with third-party tools, enhancing its flexibility and appeal. This feature allows users, especially beginners, to customize their trading experience to suit their specific needs. The platform’s absence of a minimum deposit requirement is particularly beneficial for beginners, enabling them to start trading with no substantial initial investment. OANDA’s emphasis on desktop trading appeals to those who prefer a more traditional and stable trading setup.

Additionally, OANDA’s Global online brokerage service offers robust access to Forex and CFD markets, with a variety of account types catering to different trader profiles and needs. Features like negative balance protection further ensure a secure and user-friendly environment. This makes OANDA an ideal choice for newcomers to the financial markets, providing a safe and supportive platform for their initial trading endeavors.

☞ How Does It Work?

OANDA operates as a comprehensive platform in the Forex market, with a primary focus on currency trading and conversion activities. The platform extends its services beyond individual trading, offering FX data solutions to businesses, making it an excellent choice for a broad range of forex-related activities. OANDA provides opportunities in CFD and spread betting across various asset classes, though it’s important to note that not all features are available in every region, reflecting the platform’s global yet tailored approach.

The platform offers two main account types: standard and premium. Each account is designed to meet different trading needs and preferences, offering a personalized trading experience. OANDA’s region-specific account protection features add to its appeal. For example, clients in Europe have the advantage of negative balance protection, while those in the Pacific region can benefit from stop-loss orders. 

Although U.S. clients currently do not have these specific account protections, OANDA still maintains a strong reputation in the U.S., as evidenced by its significant position in the retail Forex obligation report. This indicates a high level of trust and satisfaction among U.S. traders, making it a reliable choice for U.S.-based Forex enthusiasts.

☞ Who Is It Best For?

OANDA is particularly ideal for beginner traders in the Forex market. Its user-friendly interface and extensive educational resources make it an excellent choice for those new to online trading. Additionally, the platform’s absence of a minimum deposit requirement and the provision of diverse account types cater to beginners seeking a low-risk entry point. OANDA’s global reach, coupled with its focus on providing region-specific account protections, further enhances its suitability for beginners around the world, ensuring a safe and supportive trading environment. This makes OANDA a top pick for newcomers eager to step into the world of Forex and CFD trading.

Advantageous trading terms

Broad selection of assets (over 2,100)

Competitive low spreads (from 0 pips)

Rapid trade processing

In-depth analysis and educational resources

Mobile trading support
No promotional bonuses or contests

Intermittent payment delays

Weekend trading unavailable

#3. Best Cheapest Forex Broker for Trading Conditions: Pepperstone

Pepperstone is recognized as the Best Cheapest Forex Broker for Trading Conditions due to its effective combination of low fees and essential risk mitigation features. The platform’s fee structure is generally low, though it varies based on the broker and account type. A key aspect of Pepperstone is the incorporation of negative balance protection, providing traders with a safeguard against significant financial losses. This feature offers peace of mind, ensuring safer trading operations.

In addition, Pepperstone’s low minimum deposit requirement makes it an accessible option for traders of all backgrounds and experience levels. Founded in 2010 in Australia, Pepperstone has expanded globally, demonstrating its commitment to serving a diverse international clientele. The platform acknowledges the inherent risks of trading CFDs, including the potential for account losses, and strives to provide a balanced and secure trading environment.

Pepperstone streamlines the account setup with an easy web-based registration system, and the absence of withdrawal fees adds to the platform’s appeal. With a substantial daily trading volume exceeding 9.2 billion trades, Pepperstone has proven to be a reliable and trustworthy broker. It caters to both casual and high-volume traders, offering features like an active trader program and extensive market analysis tools. The broker’s diverse selection of over 1,200 instruments, encompassing Forex and CFDs, accommodates a range of trading preferences and strategies, solidifying Pepperstone’s status as a premier low-spread broker.

☞ How Does It Work?

Pepperstone, serving a global community of over 400,000 traders, operates by offering some of the most competitive spreads in the market. With its Razor account, traders can access minimal spreads as low as 0.0 pips on major currency pairs like EUR/USD, GBP/USD, USD/JPY, AUD/USD, and USD/CHF. It’s important for traders to note that these exceptional spreads are most beneficial when trading during peak market hours.

This Razor account involves a nominal commission of $3.50 per traded lot, equivalent to £2.25 for GBP-denominated pairs and €2.60 for EUR-denominated pairs. Pepperstone also provides Standard accounts, which are commission-free, though they come with slightly wider spreads, such as 0.7 pips for EUR/USD and 0.9 pips for GBP/USD. Despite the higher spreads in the Standard account, Pepperstone’s overall pricing remains highly competitive.

Moreover, Pepperstone offers flexible deposit options, with no minimum deposit requirements, allowing traders to deposit any amount they choose without incurring deposit fees. This enhances the ease of funding trading accounts. Accepted payment methods include debit/credit cards, PayPal, and bank wires, with most deposit methods being processed instantly, barring bank wires. This user-friendly approach to deposits ensures both accessibility and convenience for traders, reinforcing Pepperstone’s standing as a low spread broker with favorable conditions for traders.

☞ Who Is It Best For?

Pepperstone is an optimal choice for active and experienced traders who prioritize competitive spreads and advanced trading conditions. Its Razor account, with low spreads and nominal commissions, is particularly suited for traders who engage in high-volume or high-frequency trading strategies. Additionally, the flexibility of deposit options and the absence of minimum deposit requirements make Pepperstone attractive to traders who prefer customizable trading accounts. Its robust market analysis tools and diverse range of instruments further cater to seasoned traders seeking a dynamic and efficient trading environment. Consequently, Pepperstone is best for those who are well-versed in Forex trading and are looking for a platform that aligns with sophisticated trading needs.

Competitive low forex fees

Exceptional customer support

No charges for account inactivity

Trustworthy and reliable platform

Holds multiple regulatory licenses for security
Higher charges on overnight positions

Previous security breach incident

#4. Best Cheapest Forex Broker for Various Assets Offering: IG Markets

IG Markets, known as IG, is acclaimed as the Best Cheapest Forex Broker for Various Assets Offering. Originating in the UK, IG has earned numerous awards, highlighting its reputation and reliability in the trading industry. The platform is distinguished for offering direct market access to an extensive range of global financial markets, empowering users to trade a variety of assets through Contracts for Difference (CFDs). This broad access to global markets is particularly beneficial for novice traders aiming to diversify their trading portfolios.

The platform’s user-friendly interface and comprehensive educational resources make it an ideal fit for new traders. Beginners can smoothly navigate the complexities of financial markets, aided by the platform’s intuitive design and informative guidance. IG’s emphasis on educational support and simplified trading tools is designed to foster skill development in a nurturing environment for novice traders. These features, coupled with the platform’s expansive market access, solidify IG as the premier choice for those embarking on their journey in online trading.

☞ How Does It Work?

IG Markets simplifies the entry into forex and CFD trading with its user-friendly platform. The first step involves creating a trading account on the IG website, where users submit personal and financial details to comply with regulatory standards. This process includes a two-step verification: confirming identity with documents like a national ID or passport, and establishing residency with items like a utility bill or bank statement. Typically, account verification is completed within three business days, enabling the account to be fully operational for trading activities.

Once the account is verified, the next step is to make a deposit. IG stands out for its flexible deposit options, not requiring a minimum deposit and accepting various payment methods, including bank transfers and PayPal. Credit card deposits are processed instantly, whereas bank transfers might take a few days. After funding the account, traders gain access to IG’s advanced trading features like high-quality charting tools, real-time market updates, and customizable trading areas. Trading is efficient on IG – traders simply select their desired currency pairs, set contract amounts (starting as low as 0.5 contracts), and implement trading strategies with stop-loss or take-profit limits. The platform also all

☞ Who Is It Best For?

IG Markets is particularly well-suited for traders seeking diversity in their investment portfolios. Its vast range of assets, including forex and CFDs, appeals to those who wish to trade across multiple financial markets. The platform’s user-friendly interface and extensive educational resources make it an excellent choice for beginners, while its advanced features and comprehensive market access cater to the needs of more experienced traders. IG’s combination of a wide asset offering and robust trading tools positions it as a top choice for traders at all levels, especially for those looking to explore and invest in a variety of financial instruments.

Regulated by top-tier authorities.

Quick trade executions.

Leveraged trading options.

Extensive training for beginners.

Advanced security features.
Higher fees than competitors.

High risk in leveraged trading.

#5. Best Cheapest Forex Broker for Low Trading Fees: Fusion Markets

Fusion Markets, established in 2017, has quickly emerged as a leading FX and CFD broker, especially for investors. With its headquarters in Melbourne and additional offices in Vanuatu and Seychelles, the broker has made a significant mark in the international market. Fusion Markets is renowned for its low trading and non-trading costs, offering a hassle-free trading experience. This affordability, combined with a range of trading options like spike trading, scaling, and expert advisors, makes it a favorable choice for a diverse range of investors.

The broker boasts an extensive selection of trading instruments, featuring over 80 currency pairs, major cryptocurrencies, stocks, indices, precious metals, and commodities for CFD trading. Fusion Markets’ commitment to diversity and affordability appeals to traders of all skill levels, establishing it as an attractive option for investment purposes.

Despite being relatively new to the market, Fusion Markets has made a strong impact by focusing on fast execution speeds and competitive pricing. The broker’s support for various trading styles and its provision of platforms like cTrader, MT4, and MT5, available across Desktop, Mobile, and WebTrader editions, further solidifies its position as the best cTrader broker for investment. This approach caters to the needs of modern traders looking for efficiency and flexibility in their trading endeavors.

☞ How Does It Work?

Fusion Markets ensures a safe and secure trading environment, regulated by key financial authorities like the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC). This regulatory oversight guarantees high standards of operation and security, providing traders with peace of mind. Fusion Markets differentiates itself by offering no broker fees for US stock trading and waiving fees for deposits via Visa, MasterCard, and PayPal. These features make Fusion Markets an affordable and user-friendly broker, accommodating a broad spectrum of trading needs.

Regarding trading fees, Fusion Markets is celebrated for its low-cost structure. The Classic account integrates the brokerage commission within the spread, simplifying cost calculations for traders. Conversely, the Zero account applies a base commission of $4.5 per round on each lot traded, covering both opening and closing positions. A significant advantage is the absence of non-trading fees, as there are no charges for depositing or withdrawing funds. However, traders should be aware of potential external fees from banks or payment systems.

Fusion Markets also excels in offering flexible funding options. Traders have the convenience of funding their accounts in various currencies like AUD, USD, CAD, EUR, and GBP. The broker supports diverse payment methods, including Skrill, Neteller, Bank Wire, and Credit/Debit cards, meeting the preferences of different investors. Notably, Fusion Markets eliminates internal processing fees and sets no minimum limits on deposits or withdrawals, reinforcing its position as a budget-friendly and accessible broker for a wide range of investors.

☞ Who Is It Best For?

Fusion Markets is particularly suited for cost-conscious traders who prioritize low trading fees. Its competitive fee structure and the absence of non-trading fees make it an excellent choice for both beginners and experienced traders seeking to maximize their profits. The platform’s user-friendly interface and diverse funding options cater to a broad audience, including those new to Forex trading and seasoned investors seeking an affordable yet robust trading platform. Fusion Markets’ approach to low-cost trading and flexible account options positions it as the go-to broker for individuals focused on efficiency and budget-friendliness in their trading activities.

Regulated by ASIC

Sophisticated trading platforms

Favorable spreads and costs

Simple account setup

Low overall fees
No cryptocurrency funding options

Limited educational resources

Geographic restrictions in availability

How To Choose the Cheapest Forex Broker?

Choosing the cheapest Forex broker involves more than just looking at the trading costs. It’s essential to consider factors like spreads, commissions, and any hidden fees that might affect overall trading expenses. Traders should compare these costs across different brokers to determine which offers the most cost-effective solution. Additionally, it’s crucial to consider the broker’s execution speed and slippage, as these can significantly impact the profitability of trades, especially in fast-moving markets.

Another key aspect is the broker’s regulatory compliance and reputation in the market. A broker regulated by a reputable authority ensures a higher level of security and fairness in trading. Prospective traders should also evaluate the range of instruments offered, including currency pairs, CFDs, and cryptocurrencies, to ensure they align with their trading interests and strategies. By thoroughly assessing these factors, traders can make an informed decision when choosing the cheapest Forex broker that meets their specific trading needs and preferences.

Choose Asia Forex Mentor for Your Forex Trading Success

If your goal is to build a thriving career in forex trading and aim for significant financial success, Asia Forex Mentor is your go-to destination for top-notch forex, stock, and crypto trading education. The mastermind behind this platform is Ezekiel Chew, a notable figure in the realm of trading education for institutions and banks. Notably, Ezekiel consistently manages to execute trades in the seven-figure range, a feat that distinguishes him from other educators in this domain. The key reasons for our endorsement include:

Comprehensive Curriculum: Asia Forex Mentor provides a thorough educational course encompassing stock, crypto, and forex trading. This structured curriculum imparts essential skills and knowledge for excelling in these varied trading arenas.

Proven Track Record: The effectiveness and reliability of Asia Forex Mentor are solidified by its history of producing consistently successful traders in various market segments. This record speaks volumes about the quality and impact of their teaching and mentorship.

Expert Mentor: Students at Asia Forex Mentor gain insights and guidance from a seasoned mentor with a proven track record in stock, crypto, and forex trading. Ezekiel offers personalized assistance, helping students confidently tackle the complexities of each market.

Supportive Community: Enrolling in Asia Forex Mentor grants access to a community of fellow traders focused on achieving success in stock, crypto, and forex markets. This network encourages collaboration, knowledge sharing, and mutual learning, thereby enriching the educational journey.

Emphasis on Discipline and Psychology: Mastery in trading requires not just skill but also a disciplined mindset. Asia Forex Mentor emphasizes psychological training, equipping traders to manage emotions, cope with stress, and make well-thought-out decisions.

Constant Updates and Resources: Given the ever-evolving nature of financial markets, Asia Forex Mentor keeps students abreast of the latest trends and developments. Ongoing access to valuable resources ensures that traders stay informed and competitive.

Success Stories: Asia Forex Mentor is proud of its many students who have drastically improved their trading careers and attained financial freedom through their comprehensive education in forex, stock, and crypto trading.

For those pursuing the finest education in forex, stock, and crypto trading, Asia Forex Mentor is the unparalleled choice. It offers a complete package – an extensive curriculum, experienced mentorship, a practical learning approach, and a nurturing community – all designed to transform aspiring traders into successful professionals in the diverse landscape of financial markets.





#1 Forex, Crypto and Stocks trading course. Ranked most comprehensive by Investopedia and Best by Benzinga. Free to Try!


In conclusion, the team of trading experts at Dumb Little Man has identified several cheapest Forex brokers that offer significant advantages but also come with their own set of limitations. These brokers, like AvaTrade, OANDA, Pepperstone, IG Markets, and Fusion Markets, are celebrated for their low trading costs, diverse asset offerings, and user-friendly platforms. They cater to a wide range of traders, from beginners to experienced ones, and offer various trading instruments and tools. However, traders should be mindful of the differences in services and features offered by each broker, as well as their geographical restrictions and regulatory compliance.

It’s important for traders to weigh the pros and cons of each broker. While low fees and a variety of trading options are attractive, they must be balanced against factors like customer support, platform stability, and execution speed. The choice of a Forex broker should align with individual trading strategies and goals. The team at Dumb Little Man advises Forex traders to thoroughly research and consider their specific needs before choosing a broker, ensuring a choice that not only saves on costs but also provides a reliable and efficient trading environment.

Also Read: 9 BEST CFD Brokers For 2024: Reviewed By Dumb Little Man

Cheapest Forex Brokers FAQs

What are the benefits of choosing a cheap Forex broker?

Choosing a cheap Forex broker benefits traders by reducing trading costs, which can significantly impact overall profitability. Lower transaction costs like tight spreads and low commissions allow traders to execute more trades with less financial burden. However, it’s crucial to ensure that these low costs don’t compromise other essential aspects like platform reliability, execution speed, and regulatory compliance.

Can low-cost Forex brokers still offer high-quality services?

Yes, many low-cost Forex brokers provide high-quality services. These brokers often leverage technology and efficient operations to minimize costs while still offering reliable trading platforms, diverse trading instruments, and strong customer support. It’s important to research and compare brokers, looking beyond just the costs, to ensure the quality of services meets your trading needs.

How do I identify hidden fees with cheap Forex brokers?

To identify hidden fees with cheap Forex brokers, thoroughly review the broker’s fee structure and terms and conditions. Look for charges related to account maintenance, inactivity, withdrawals, and deposits. Transparency in fee disclosure is a good indicator of a broker’s integrity. Additionally, reading reviews and reaching out to customer support for clarification can help uncover any hidden costs.

Dumb Little Man Recommends – Top 3 Best Forex Brokers in 2024

Wilbert S

Wilbert is an avid researcher and is deeply passionate about finance and health. When he's not working, he writes research and review articles by doing a thorough analysis on the products based on personal experience, user reviews and feedbacks from forums, quora, reddit, trustpilot amongst others.

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