Cheapest Brokers 2024 | Brokers With Low Fees

We compare and rank the cheapest brokers in February 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
1.0 0.1% 0.04 $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
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
Scope Markets logo
1.0 Variable 0.2 $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

Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

"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
  • Min. Deposit: $100
  • Min. Trade: 0.01 Lots
  • Leverage: 1:50

Pros

  • The free demo account allows you to practice day trading strategies in a risk-free environment
  • Competitive cashback rebates up to 15% are available for active traders
  • You can enjoy industry-leading forex pricing starting from 0.0 pips, plus fast execution speeds of less than 1 second

Cons

  • The $15 monthly inactivity fee is higher than some competitors, including XM which only charges $5
  • The investment offering varies between countries
  • It's a shame that there's no copy trading platform for beginners or signal providers

#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. 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), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
  • Min. Deposit: $0
  • Min. Trade: $100
  • Leverage: 1:50

Pros

  • With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
  • The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
  • 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.

Cons

  • 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.
  • Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.

#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
  • Min. Deposit: $0
  • Min. Trade: 0.01 Lots
  • Leverage: 1:50

Pros

  • Traders can get free platform access and trade simulation capabilities in the unlimited demo
  • NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC
  • Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract

Cons

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

#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
  • Min. Deposit: $0
  • Min. Trade: 0.01 Lots
  • Leverage: 1:50

Pros

  • There's a strong selection of 68 currency pairs for dedicated short-term forex traders
  • Day traders can enjoy fast and reliable order execution
  • Seasoned day traders can access industry-leading tools, including an MT4 premium upgrade and advanced charting provided by MotiveWave

Cons

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

#5 - DNA Markets

Why We Chose DNA Markets

DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 250+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.

"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "

- DayTrading Review Team
  • Instruments: CFDs, Forex, Indices, Commodities, Stocks, Crypto
  • Regulator: ASIC
  • Platforms: MT4, MT5
  • Min. Deposit: $100
  • Min. Trade: 0.01 Lots
  • Leverage: 1:500

Pros

  • Low trading fees with spreads from 0.0 pips in the Raw account and zero non-trading fees
  • Top-rate platforms and charting tools for day traders with access to MT4 and MT5
  • 24/5 customer support with response times of <2 minutes during testing

Cons

  • There are limited educational and research tools, reducing its appeal to beginners
  • The investment offering trails alternatives, especially in terms of stocks, cryptos and commodities
  • Although it continues to strengthen its client base and reputation DNA Markets lacks the track record of top brokers like Vantage

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.