10 Best Lowest Spread Forex Brokers ☑️ (2023)

The 10 Best Lowest Spread Forex Brokers revealed. We have rated and reviewed the best Forex Brokers with Low Spreads.

This is a complete listing of The Best Low Spread Forex Brokers. In this in-depth write-up you will learn:

Low Spread Brokers in South Africa
A List of Low Spread Brokers accepting South African Traders
0 Spread Forex Brokers
Forex Brokers with Low Spreads and a Low Deposit
Lowest Spread Forex Pairs
Lowest Spread Forex Brokers for Gold Trading
Best Low Spread Forex Broker for Scalping
Low Spread, No Commission Forex Brokers

and much, much more!

10 Best Lowest Spread Forex Brokers in South Africa (2023) – A Comparison

? Broker	? Spreads (from)	? Min. Deposit (USD)	? Min. Deposit (ZAR)	? Open an Account
1️⃣ IG	0.86 Pips	$0 USD	R0 ZAR	? Click Here
2️⃣ Interactive Brokers	0.6 Pips	$100 USD	R1808 ZAR	? Click Here
3️⃣ CMC Markets	0.51 Pips	$0 USD	R0 ZAR	? Click Here
4️⃣ FP Markets	1.2 Pips	$100 USD	R1808 ZAR	? Click Here
5️⃣ IC Markets	0.62 Pips	$200 USD	R3615 ZAR	? Click Here
6️⃣ Tickmill	0.51 Pips	$100 USD	R1808 ZAR	? Click Here
7️⃣ HYCM	0.6 Pips	$100 USD	R1808 ZAR	? Click Here
8️⃣ Pepperstone	0.17 Pips	$200 USD	R3615 ZAR	? Click Here
9️⃣ City Index	0.80 Pips	$0 USD	R0 ZAR	? Click Here
? FXTM	0.3 Pips	$10 USD	R181 ZAR	? Click Here

Forex Spread – A Definition

A Currency Pair will be quoted at 2 different prices known as Bid and Ask. The “Bid” refers to the price at which a base currency can be sold whereas the “Ask” is the price at which the base currency can be bought. The difference between these two prices is known as the spread and referred to as the “Bid/Ask Spread“.

10 Best Lowest Spread Forex Brokers in South Africa (2023)

✅ IG – Overall, Best Low Spread Broker in South Africa
✅ Interactive Brokers – Ultra-competitive Low Spread Broker
✅ CMC Markets – Best Execution Low Spread Forex Broker
✅ FP Markets – Best Online Trading Experience
✅ IC Markets – Raw Spreads Account with Spreads from 0.0 Pips
✅ Tickmill – MT5 Broker with Low Spreads
✅ HYCM – High User Trust Score
✅ Pepperstone – Best Low Spread Broker for Beginners
✅ City Index – Best Broker for Consistent Pricing
✅ FXTM – MT4 Broker with Low Spreads

IG forex broker Group Review

IG

IG is a world-leading online trading provider that caters to both South African and International investors. IG Markets South Africa Limited was established in 2010 with a head office based in Sandton, South Africa.

IG Overview

? Broker	✅ IG Group
? Trading Fee Class	Average
? Inactivity Fee	✔️ Yes
? Minimum Deposit	$0 USD
? Base currencies	6
✅ Demo Accounts	✔️ Yes
? Products Offered	ETF, Forex, Options
? Open an Account	? Click Here

IG Fees, Spreads, and Commission

Trading with IG Group will involve fees from $12 USD, spreads from 0.86 pips, and commission-free trading depending on the account traders select.

? Broker	? IG
? Minimum Deposit	$0 USD
? Average Spread	0.86
? Withdrawal Fee	❎ No
? Inactivity Fee	✅ Yes
? Commissions	Variable
? Open an Account	? Click Here

IG Pros and Cons

✔️ Pros	❌ Cons
Excellent Web-Trading Platform	High Forex and Stock CFD Fees
Excellent Educational Tools	Limited Product Portfolio
Great Deposit and Withdrawal options	Slow Customer Support
? Open an Account	? Click Here

Interactive Brokers

Interactive Brokers offers its services in over 200 countries and territories across the globe. The main advantages of choosing to trade with Interactive Brokers include low commissions, low financing rates, and global access.

Interactive Brokers Overview

? Broker	? Interactive Brokers
? Min. Deposit	$0 USD
? Forex Pairs	90
? Spreads from	0.6 Pips
? Mobile Trading	✅ Yes
? Proprietary Platform	✅ Yes
? MT4/MT5	❎ No
? Base Currencies	23
? Demo Account	✅ Yes
? Open an Account	? Click Here

Interactive Brokers Fees, Spreads, and Commission

Trading with Interactive Brokers will involve fees from $0.65 USD, spreads from 0.6 pips, and variable commission fees depending on the account traders select.

? Broker	? Interactive Brokers
? Spreads from	0.6 Pips
? Minimum Deposit	$0 Pips
? Commission	Variable
? Open an Account	? Click Here

Interactive Brokers’ Pros and Cons

✅ Pros	❌ Cons
Wide range of products	Limited Funding and Withdrawal Options
Highly regulated	Best suited to experienced traders
Trades on 80+ exchanges	Commission structure benefits high volume trades

CMC Markets Review

CMC Markets

CMC Markets is a global CFD and forex broker company listed on the London Stock Exchange. CMC Markets is regulated by top-tier regulators including the FCA, IIROC, and ASIC.

CMC Markets Overview

? Broker	? CMC Markets
? Min. Deposit (Rec.)	$10 USD
? Inactivity Fee	☑️ Yes
? Demo Account	☑️ Yes
? Base Currency	10
? Open an Account	? Click Here

CMC Markets Fees, Spreads, and Commission

CMC Markets offer competitive CFD spreads and commissions, with spreads on major FX pairs starting from 0.7 points and commissions on shares from 0.1%.

? Account	? CFD	? Corporate	? Spread Betting
? Min. Deposit Required	$0 Min Deposit	$0 Min Deposit	$0 Min Deposit
? Min. Deposit Recommended	$100 USD / R1600 ZAR	$100 USD / R1600 ZAR	$100 USD / R1600 ZAR
? Spreads From	0.3 Points	0.3 Points	0.3 Points
? Commissions	Shares Only	Shares Only	? No
? Min. Commissions	Shares Only – From $10	Shares Only – From $10	? No
? Overnight Holding Fees	Yes	Yes	Yes
? Market Data Fees	Yes	Yes	? No
? Demo Account	Yes	? No	Yes
? Open an Account	? Click Here	? Click Here	? Click Here

CMC Markets Pros and Cons

✅ Pros	❌ Cons
Low forex fees	High stock CFD fees
Great web platform	Only CFDs
Advanced research	Lacking customer support

FP Markets

FP Markets is an Australian-based, multi-asset broker that serves clients from 80+ countries around the world. FP Markets offers access to CFDs across Forex, Shares, Indices, Commodities & Cryptocurrencies.

FP Markets Overview

? Broker	? FP Markets
? Regulation	CySEC, ASIC, FSCA
? Min Deposit	$100 USD
? MT4	☑️ Yes
?️ MT5	✅ Yes
☪️ Islamic Account	☑️ Yes
? Demo Account	✅ Yes
? Segregated Accounts	☑️ Yes
? Open an Account	? Click Here

FP Markets Fees, Spreads, and Commission

Trading with FP Markets will involve fees from $3 USD, Spreads from 0.0 Pips, and commission-free trading depending on the account traders select. The minimum deposit amount required to register an FP Markets live trading account is $100 USD.

? Account	? Standard	? Raw
? Min. Deposit	$100 USD	$100 USD
? Spreads from	1.0 Pips	0.0 Pips
? Max Leverage	500:1	500:1
? Commission per Lot	Zero	$3 USD per side
? Open an Account	? Click Here	? Click Here

FP Markets Pros and Cons

✅ Pros	❌ Cons
Forex fees are low	Stock CFD fees are high
Accounts can be opened fast and easy	Product portfolio are somewhat limited
Deposit and withdrawal processes are quickly executed	Web and desktop platform is somewhat outdated

IC Markets

IC Markets is a renowned Forex CFD provider that offers trading solutions for active day traders and scalpers. IC Markets is authorized and regulated by multiple Regulators across the globe, including the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Authority (FSA), and the Securities Commission Bahamas (SCB).

IC Markets Overview

? Broker	? IC Markets
? Min. Deposit	$200 USD
? Spreads from	0.0 Pips
? Commission	Selected Accounts
? Leverage	1:500
? Demo Account	✅ Yes
☪️ Islamic Account	✅ Yes
? Open an Account	? Click Here

IC Markets Fees, Spreads, and Commission

Trading with IC Markets will involve fees from $3 USD, spreads from 0 pips, and commission-free trading depending on the account traders selected.

? Account	? cTrader	? Raw Spread	? Standard
? Min. Deposit	$200 USD	$200 USD	$200 USD
? Commission (per lot)	$3 USD	$3.5 USD	$0 USD
? Spreads from	0.0 Pips	0.0 Pips	0.6 Pips
? Leverage	1:500	1:500	1:500
? Micro Lot Trading (0.01)	✅ Yes	☑️ Yes	✅ Yes
? Currency Pairs	61	61	61
? Open an Account	? Click Here	? Click Here	? Click Here

IC Markets Pros and Cons

✅ Pros	❎ Cons
Low Forex Fees	Limited Product Selection
Easy Account Opening	Slow Chat Response

Tickmill Review

Tickmill

Tickmill offers its clients a great range of services and products. Tickmill is regulated within several regions by the Cyprus Securities and Exchange Commission (CySEC), The Financial Conduct Authority (FCA), and the Financial Sector Conduct Authority (FSCA).

Tickmill Overview

?Broker	Tickmill
? Minimum Deposit	USD 100
? Regulators	CySEC, FCA, FSA, FSCA, Labuan FSA
? Trading Desk	MetaTrader 4, MetaTrader 5
₿ Crypto	✔️ Yes
? Total Pairs	62
☪️ Islamic Account	✔️ Yes
? Trading Fees	Low
? Account Activation Time	24 Hours
?️ Visit Broker	? Click Here
? Open an Account	? Click Here

Tickmill Fees, Spreads, and Commission

Tickmill spreads start from 0.13 pips on EUR/USD, the all-in cost equates to 0.53 pips when factoring in the RT commission equivalent of 0.4 pips. The Pro account has similar pricing with an RT commission of just $4 per round-turn standard lot.

✅ Fees that occur by trading with Tickmill	? Fees that do not occur by trading with Tickmill
Spread (direct spread or higher spread in the classic account)	No deposit or withdrawal fees
Trading commission (only by using the VIP or pro account)	No account maintenance fees
	No inactivity fees
? Open an Account	? Click Here

Tickmill Pros and Cons

✔️ Pros	❌ Cons
Competitive pricing	Limited platform options
Well regulated
High leverage

HYCM

HYCM is a trustworthy and reliable service provider that offers fast execution, tight spreads, and a choice of account types for every type of trader.

HYCM Overview

? Broker	? HYCM
? Regulation	FCA, CySEC, DIFC, DFSA, CIMA
? Countries not accepted	USA or Canada
☪️ Islamic account	☑️ Yes
? Demo Account	✅ Yes
✴️ Institutional Accounts	☑️ Yes
??‍? Managed Accounts	✅ Yes
⬆️ Maximum Leverage	1:30
? Minimum Deposit	$100 USD
? Open a account	Click Here

HYCM Fees, Spreads, and Commission

Trading with HYCM will involve fees from $4 USD, spreads from 0.1 pips to 1.5 pips, and commission-free trading depending on the account traders select.

? HYCM Account	? Fixed	? Classic	? Raw
? Min. Deposit	$100 USD	$100 USD	? $200 USD
? Deposit Fee	None	None	None
? Withdrawal Fee	None	None	None
? Spreads	Fixed	Variable	Raw
? Spreads from	1.5 Pips	1.2 Pips	0.1 Pips
? Commission	None	None	+ $4 per round
? Open an Account	? Click Here	? Click Here	? Click Here

HYCM Pros and Cons

✅ Pros	❌ Cons
Low forex and CFD fees	Only forex and CFD products
Great educational content	Outdated platform design
User-friendly	Inactivity fee

Pepperstone

Pepperstone is one of the world’s largest forex brokers and is trusted by over 300,000 traders around the world. As well as being ASIC, BaFin, CMA, CySEC, DFSA, FCA, and SCB-regulated, Pepperstone keeps its client funds in segregated accounts with tier 1 banks.

Pepperstone Overview

? Broker	? Pepperstone
? Min Deposit	$0 USD
✒️ Regulation	ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
☪️ Islamic Account	☑️ Yes
? Demo Account	☑️ Yes
? Base Currencies	9
? Forex Pairs	60+
? Share CFDs	60+
? Index CFDs	16
? Open an Account	? Click Here

Pepperstone Fees, Spreads, and Commission

Trading with Pepperstone will involve fees from $7 USD, spreads from 0.6 pips, and commission-free trading depending on the account traders select.

? Broker	? Pepperstone
? Min Deposit	$0 USD
? Spreads from	0.6 Pips
? Leverage	500:1
? Overnight Fees	Varies
? Commission	$7 Per Standard Lot
?Deposit Fee	No
? Withdrawal Fee	No
? Open an Account	? Click Here

Pepperstone Pros and Cons

✅ Pros	❎ Cons
Fast Account Opening	Mostly CFDs Offered
Excellent Customer Support	Basic MetaTrader Platform

City Index Review

City Index

City Index is an award-winning, multi-asset financial services provider that offers exceptional execution speed, a global presence and Market-leading spreads on major indices.

City Index Overview

? Broker	? CityIndex
? Minimum Deposit	$0 USD
? Spreads from	1.0 Pips
4️⃣ MetaTrader4	✅ Yes
? Proprietary Platform	☑️ Yes
? Demo Account	✅ Yes
? Inactivity fee	☑️ Yes
? Leverage up to	400:1
? Open an Account	? Click Here

City Index Fees, Spreads, and Commission

Trading with City Index will involve fees from $1 USD, spreads from 1.0 pips, and commission-free trading depending on the account traders select.

? Broker	? CityIndex
? Minimum Deposit	$0 USD
? Spreads from	1.0 Pips
? Inactivity fee	☑️ Yes
? Leverage up to	400:1
? Open an Account	? Click Here

City Index Pros and Cons

✅ Pros	❎ Cons
Low Forex Fees	Limited Product Portfolio
Fast Account Opening	High Stock CFD fees
Diverse research tools	Limited account selection

FXTM

FXTM is a global CFD and FX broker that is regulated by several financial authorities across the globe.

FXTM Overview

? Broker	? FXTM
? Regulation	CySEC, FCA, FSC, FSCA
☪️ Islamic Account	☑️ Yes
? Demo Account	☑️ Yes
? Institutional Accounts	No
? Managed Accounts	No
? Maximum Leverage	1:2000
? Minimum Deposit	$10 USD
? Open an Account	? Click Here ?

FXTM Fees, Spreads, and Commission

Trading with FXTM will involve fees from $0.4 USD, Spreads from 0.0 Pips, and commission-free trading depending on the account traders select. The minimum deposit amount required to register an FXTM live trading account ranges from $10 USD – $500 USD.

? Account	? Micro	? Advantage	? Advantage Plus
? Minimum Deposit	$10 USD	$500 USD	$500 USD
? Spreads from	1.5 Pips	0.0 Pips	1.5 Pips
? Commission	Zero	Volume Based	Zero
? Leverage	Fixed	Floating	Floating
? Open an Account	? Click Here	? Click Here	? Click Here

FXTM Pros and Cons

✔️ Pros	❌ Cons
One of the best Forex Brokers worldwide	Withdrawal fee
Regulated by the CySEC and several other Forex authorities	High Stocks trading Spread

Conclusion

Now it is your turn to participate:

Which Low Spread Forex Broker from this list do you intend to test out?

What was the determining factor in your decision to engage with a certain broker?

Was it because of the Low Spread or the Pros and Cons?

Regardless, please share your thoughts in the comments below.

Frequently Asked Questions

What is a Spread in Forex Trading?

The difference between the Bid and Ask Price is known as the spread and is referred to as the “Bid/Ask Spread“.

What is a Raw Spread?

A raw spread refers to the cost of trading reflected in the bid/ask price, where the broker is not adding any markup but instead provides the price as is straight from their liquidity providers.