As a trader it can be difficult finding the best place to trade. Between finding a broker that you can trust, making sure that they have good spreads & making sure the commissions are low, it can be a complete handful finding a reliable broker. Luckily TradeProofer can help, thanks to our community of Forex Traders.
Spread data – Below you can see which brokers had the lowest average spread for the whole of March. “FP Markets has the lowest average. Does that mean I should trade with them?“. No, not necessarily. Read below to find out.
- FP Markets – Raw 0.099 pips
- IC Markets – Raw 0.123 pips
- Go Markets – Raw 0.139 pips
- EightCap – Raw 0.170 pips
- TMGM Edge – 0.161 pips
- Focus Markets – Raw 0.170 pips
- Global Prime – 0.171 pips
- Think Markets – ECN 0.172 pips
- XM – Zero 0.177 pips
- Pepperstone – Razor 0.220 pips
Whilst FP Markets has the lowest average of the group that doesn’t mean they actually have the best spreads. Lets see why by looking at the usual trading day for our top 3 – IC Markets, FP Markets & Go Markets.
Try clicking & dragging to zoom in, or hover over to see the spread!
During the trading day IC Markets actually has the best spread, with a 0.0 spread throughout the whole trading day. It’s only during illiquid hours (also known as roll-over) that IC Markets spread is worse than the competition, and FP Markets gains the upper hand.
“So I should trade with IC Markets then?”
Again no – not necessarily. There are so many factors to think about when selecting a broker, such as swaps, commissions, regulation, leverage, funding options and many more aspects. We do think that IC Markets offer traders some of the best trading conditions available though!