Cheapest Brokers 2024 | Brokers With Low Fees

We compare and rank the cheapest brokers in March 2024. Our experts have tested the top low cost operators and compiled a list of the best discount brokers with low fees but great trading platforms.

Low Cost Brokers

Below are the 5 best discount brokers, ranked by lowest total trading costs and overall rating:

Comparison of Low Cost Brokers

Comparison of Low Cost Brokers
Broker Fee on EUR/USD Fee on Stocks Fee on Oil Fee for Inactivity Visit
FOREX.com logo
1.2 0.14 2.5 $15 Visit
Interactive Brokers logo
0.08-0.20 bps x trade value 0.003 0.25-0.85 $0 Visit
NinjaTrader logo
1.3 - - $25 Visit
OANDA US logo
1.6 - - $0 Visit
LQDFX logo
0.1 0.05 (Apple Inc) 0.05 $0 Visit
DNA Markets logo
1.0 1.0 cent + $0.02 per share, per side (Apple) 1.5 $0 Visit
eToro USA logo
- $0 - $10 Visit
Moomoo logo
- $0 per trade - $0 Visit
IG logo
0.8 0.02 2.8 $12 Visit
Plus500 US logo
0.75 - - $0 Visit
M1 Finance logo
- $0 - $20 Visit
Firstrade logo
- $0 per trade - $0 Visit
Zacks Trade logo
- $0.01 per share ($1 minimum) - $15 Visit
ForexChief logo
0.4 50 12 - Visit
Empower logo
- - - - Visit

#1 - FOREX.com

Why We Chose FOREX.com

Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

- DayTrading Review Team
  • Instruments: Forex, Spot Metals
  • Regulator: NFA, CFTC
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
  • Minimum Deposit: $100
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:50

Pros

  • The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
  • With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.

Cons

  • There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
  • Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.

#2 - Interactive Brokers

Why We Chose Interactive Brokers

Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."

- DayTrading Review Team
  • Instruments: Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
  • Regulator: FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB
  • Platforms: Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
  • Minimum Deposit: $0
  • Minimum Trade: $100
  • Leverage: 1:50

Pros

  • There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.
  • With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
  • The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.

Cons

  • You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
  • IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
  • TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.

#3 - NinjaTrader

Why We Chose NinjaTrader

NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.

"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."

- DayTrading Review Team
  • Instruments: Forex, Stocks, Options, Commodities, Futures, Crypto
  • Regulator: NFA, CFTC
  • Platforms: NinjaTrader Desktop, Web & Mobile, eSignal
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:50

Pros

  • Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract
  • NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC
  • You can get thousands of add-ons and applications from developers in 150+ countries

Cons

  • The premium platform tools come with an extra charge
  • Non forex and futures trading requires signing up with partner brokers
  • There is a withdrawal fee on some funding methods

#4 - OANDA US

Why We Chose OANDA US

OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.

"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."

- DayTrading Review Team
  • Instruments: Forex, Crypto
  • Regulator: NFA, CFTC
  • Platforms: OANDA Trade, MT4, TradingView, AutoChartist
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:50

Pros

  • OANDA is a reliable, trustworthy and secure brand with authorization from tier-one regulators including the CFTC
  • Beginners can get started easily with $0 minimum initial deposit
  • Seasoned day traders can access industry-leading tools, including an MT4 premium upgrade and advanced charting provided by MotiveWave

Cons

  • It's a shame that customer support is not available on weekends
  • The range of day trading markets is limited to forex and cryptos only
  • There's only a small range of payment methods available, with no e-wallets supported

#5 - LQDFX

Why We Chose LQDFX

LQDFX is a straight-through processing (STP) broker based in the Marshall Islands. The offshore trading firm offers competitive spreads from 0.0 pips, free deposits, 24/5 support and access to the hugely popular MetaTrader 4 platform. LQDFX also runs a competitive bonus program for short-term traders.

"LQDFX is best for active day traders looking for ultra-tight spreads, low fees and high leverage up to 1:1000. Forex traders will particularly appreciate the strong range of 70+ currency pairs with minimum deposits starting from $20."

- DayTrading Review Team
  • Instruments: Forex, CFDs, Stocks, Indices, Commodities, Crypto
  • Platforms: MT4
  • Minimum Deposit: $20
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:1000

Pros

  • Tight forex spreads from 0.0 are available in the raw spread account and the $3.50 per lot commissions are in line with competitors
  • The broker offers the industry favorite MT4 platform and mobile app, with 30 technical indicators for chart analysis
  • Leverage is available up to 1:1000 for experienced day traders

Cons

  • Market research tools and educational resources are very limited compared to top brands like IG
  • There are no additional charting platforms available, such as MT5 or a proprietary solution
  • The lack of regulatory oversight is a concern, although the broker does claim to use segregated accounts and balance protection

Understading Broker Fees

Spreads & Commission

The two main ways that brokers generate income are through spreads and commissions. These essentially work as a per-trade cost. For example, a commission charge might be implemented as a flat fee, such as $0.50 per lot, or a percentage, like 0.1% of the trade value. Spreads, on the other hand, are charged by increasing the difference in the bid and ask prices of an asset, with the broker taking the difference once the position is closed.

Some discount firms may advertise themselves as the cheapest brokers with low fees because they offer ultra tight spreads, but they will often make up for them in other ways. For example, electronic communications network (ECN) brokers often offer minimal spreads but charge high commissions. Similarly, not all brokers charge commissions because they simply mark up the spreads.

Deposits & Withdrawals

Charges are also implemented by brokers for transactions, i.e. deposits and withdrawals. While this can sometimes just be to cover funds that the payment provider charge, brokers can also mark these up. Deposit and withdrawal fees will often vary slightly with different payment methods. These costs can sneak up on unwary traders, sometimes taking a large percentage of any money taken out of a trading account.

Overnight Charges

Swaps, or overnight fees, are often charged by brokers that are focused on day trading clients or short-term derivatives. Swaps go against Sharia law, so many brokers will offer Islamic swap-free accounts to facilitate halal trading. However, these charges are usually made up elsewhere in the fee model.

Cheapest Online Stock Brokers In Australia and the USA

Inactivity

As well as charging clients for using their services, many online discount brokers will charge them for not. Accounts that are inactive for long periods of time (often at least a month) may incur additional charges. Inactivity fees can eat into any profits made by unwatchful investors who do not withdraw their capital or trade regularly. Be careful that the cheapest brokers with low fees don’t unexpectedly sting you for inactivity.

Currency Conversions

Forex and international brokers will often charge their clients for converting one currency to another. This fee is most often seen by clients opening accounts in a foreign country with a base currency they do not already own. Trading spot forex incurs these charges directly through commissions and spreads, although forex derivatives typically avoid this fee as no currency is actually converted.

Margin

Traders looking to take advantage of broker leverage through margin trading may see additional costs associated with the borrowing of the broker’s capital. This often comes by way of a small percentage fee on the amount borrowed for short-term trading. Taking out margin over longer periods of time, i.e. more than one day, can be charged an interest rate that is compounded daily.

Stock Trading

Investing in spot stocks has recently become significantly cheaper. Not long ago, commissions for buying shares were a minimum of $10 at the cheapest stockbrokers. However, some cheap online discount brokers have recently sprung up with minimal trading fees, such as Robinhood and Freetrade. Other spot trading fees, like holding and closing charges, are also removed at these new-wave cheapest brokers.

Pros Of Using Brokers With Low Fees

The best discount brokers allow traders to minimise the chunks of their gains that get taken away by brokers, markets and payment service providers. This means that there is a smaller margin for each trade to become successful, and any seriously successful trades become even more so.

With the constant development of online convenience and the number of blogs, forums, brokers and training centres constantly increasing, more and more free educational content is becoming available. This means that the premium educational content and courses that some more expensive brokers would charge for are no longer required, so traders can become effective at their enterprise even with the cheapest brokers and discounts.

Technical analysis is similarly becoming more easily accessible and advanced, with lots of free signals services and market breakdown blogs available online. Furthermore, the cheapest brokers with the lowest fees are now offering some high-end trading platform solutions, like MetaTrader 4 (MT4) or MetaTrader 5 (MT5), at no extra cost, which means that advanced market analysis and charting options are available.Cheapest European Stock Brokers For Beginners

Cons Of Using Brokers With Low Fees

Some of the cheapest brokers can seem almost too good to be true, and they sometimes are. The ability to offer high-end trading services for very little cost is difficult, so some companies use workarounds to get there and some simply lie, scamming their clients. Always ensure you research a discount broker’s regulatory status, licensing and customer reviews.

Fees are not always clear and some brokers will try to hide some of theirs to seem more competitive. The removal or reduction of obvious fees can just mean that they are not the broker’s main source of income and they are often replaced by some other form of charge.

Some of the extra services and features that might make your trading experience more enjoyable, like responsive, knowledgeable customer support, may not be provided by the cheapest brokers, as hiring a good team will mean money must be taken from elsewhere in the business model.

How To Compare Low Cost Brokers

In terms of pure cost, a comprehensive review of the entire pricing structure is the best way to find the cheapest brokers with low fees. These should, at minimum, include spreads and commissions, deposit and withdrawal charges and margin rates.

However, it is no good opening an account with the cheapest discount broker if they offer trading in one company share from half the world away, the full service should be considered. Beyond the asset list, you should take a look at trading platforms, customer service, leverage rates, regulation and demo accounts.

Final Word On Cheapest Brokers

The cheapest brokers with low fees are not necessarily the best brokers, as with the discount versions of most goods and services. However, if you know what you are looking for and how to get around some of the shortcomings they may have, they can be used to minimise trading losses and maximise profits. Be on the lookout for hidden fees and unregulated discount brokers to ensure you are not being scammed. See our list of brokers with low fees above to get started.

FAQs

Who Are The Cheapest US Online Trading Brokers?

Aside from those mentioned above, in the US, brokers such as Robinhood, Ally Invest and Tastyworks are notably cheap and popular platforms that are well-regulated and have a good range of stock, futures and forex trading services.

Who Are The Cheapest Forex Brokers?

Some of the best and cheapest forex brokers with tight spreads include Pepperstone, IC Markets and XM. To explore our top 10 best forex brokers, click here.

Who Are The Cheapest Brokers With Low Fees For Day Trading?

Some of the cheapest brokers with low fees for intraday trading in Canada, India, Singapore and the USA include RobinhoodCapital.com and Fidelity.

How Do I Find The Cheapest Discount Brokers Near Me?

Not all discount brokers are licensed to provide their services everywhere in the world, so the absolutely cheapest brokers in the world may not be available to you. For example, a crypto broker regulated in Australia may not be able to provide its services to traders in India, Europe or South Africa. See our list above for the cheapest brokers in your area to get started today.

What Are The Cheapest Discount Crypto Brokers?

Cryptocurrency exchanges have slightly different fee structures from stock and forex brokers. Rather than charging spreads for currency conversions, exchanges will commission transactions. Coinbase is a top-rated trading platform with relatively low fees.