MELBOURNE, Australia, May 19, 2023 /PRNewswire/ -- Forex and CFD specialists, CompareForexBrokers, have tested 16 well known forex brokers to determi
MELBOURNE, Australia, May 19, 2023 /PRNewswire/ — Forex and CFD specialists, CompareForexBrokers, have tested 16 well known forex brokers to determine which have the lowest Spreads for RAW/ECN accounts. The top three finalists were:
- Fusion Markets
- City Index
- TMGM
Testing Results
Comprehensive testing by Ross Collins, Chief Technology Researcher at CompareForexBrokers, found by Fusion Markets and City Index had average spreads lower than 0.30 pips. This is a third of the most expensive broker results.
|
Broker |
Pips |
|
Fusion Markets |
0.22 |
|
City Index |
0.25 |
|
TMGM |
0.32 |
|
IC Markets |
0.32 |
|
Pepperstone |
0.36 |
|
FP Markets |
0.41 |
|
BlueBerry Markets |
0.43 |
|
ThinkMarkets |
0.46 |
|
Go Markets |
0.46 |
|
Tickmill |
0.47 |
|
Eightcap |
0.50 |
|
Axi |
0.73 |
|
CMC Markets |
0.73 |
|
Admiral Markets |
0.79 |
|
BlackBull Markets |
0.94 |
To ensure the test fairness, Ross Collins combined the average result of 6 major currency pairs. These tests do not factor in commission costs which are another cost in addition to the spread. Other brokers noteworthy for low spreads from the tests included TMGM, IC Markets and Pepperstone.
Analysing The Winners
The lowest Australian based forex broker was Fusion Markets. Phil Horner of Fusion Markets said “We appreciate the deep research done by CompareForexBrokers. Our team invests significant effort in sourcing pricing that provides our clients with the lowest costs in the market. We are committed to continue working hard to make trading easier and cheaper for our clients, no matter what they trade.”
City Index was the lowest UK-based forex broker. Tom Brown – Head of City Index Australia said “We’re thrilled with the reception to our new RawFX account among active traders and are pleased to be recognised as one of the market’s leading FX brokers. Our most demanding traders wanted a product that provided lower spreads, commissions and faster execution and it is satisfying to be recognised for this from the industry and importantly, our customers.”
More Details On The Test Methodology
RAW/ECN accounts have tighter spreads than standard accounts as they use straight through processing (STP) to deliver competitive spreads. Spreads for major currency pairs such as EUR/USD and AUD/USD can be as low as 0 pips but on average are slightly higher. To find the brokers with the tightest spreads for such accounts, CompareForexBrokers conducted testing using 16 MetaTrader 4 forex brokers.
All testing was done on the popular MetaTrader 4 trading platform using live RAW/ECN accounts across 16 of the top brokers in the world. The overall rankings for the 16 brokers tested by average spreads for the 6 major currency pairs used – AUDUSD, EURUSD, GBPUSD, USDCAD, USDCHF and USDJPY.
About Compare Forex Brokers
CompareForexBrokers is a forex comparison website that compares the best forex and CFD brokers based on crucial trading considerations, broken down in plain English.
Social Media Channels:
Website | Facebook | LinkedIn | Twitter
Media contact:
Justin Grossbard
[email protected]
0431475683
SOURCE CompareForexBrokers
www.prnewswire.com