Choosing the right forex broker is a critical decision for any forex trader. There are different aspects you can look at while comparing various brokers and you can look into the detailed explanation HERE.
Since transparency, Spreads and trading commission are key factors to look into while choosing the forex broker. Therefore, in an endeavor to provide a fair evaluation of average spreads and total trading costs (spreads + commission), we conducted an examination of demo accounts from seven major forex brokers: Fxview, Fxpro, IC Markets, Pepperstone, TickMill, XM, Exness, and Vantage FX.
According to our findings, Fxview emerged as the most efficient broker.
Let’s have a look at the comparison:
| EURUSD (100,000 units – 1 standard lot) | |||
| Spread (pip) | Commission($) | Total Cost ($) | |
| Fxview | 0.1 | 4.3 | 5.3 |
| Fxpro | 0.2 | 7 | 9 |
| IC Markets | 0.1 | 7 | 8 |
| Pepperstone | 0.3 | 6 | 9 |
| Tickmill | 0.3 | 6 | 9 |
| XM | 1.9 | 0 | 19 |
| Exness | 0.2 | 7 | 9 |
| Vantage FX | 0.3 | 6 | 9 |
| Crude Oil ( 1,000 Barrels – 1 Standard lot) | |||
| Spread (pip) | Commission($) | Total Cost ($) | |
| Fxview | 0.2 | 1.82 | 3.82 |
| Fxpro | 0.3 | 0 | 3 |
| IC Markets | 0.3 | 0 | 3 |
| Pepperstone | 0.3 | 0 | 3 |
| Tickmill | 0.3 | 0 | 3 |
| XM | 0.4 | 0 | 4 |
| Exness | 0.2 | 7 | 9 |
| Vantage FX | 0.3 | 0 | 3 |
| Gold ( 100 Ounces – 1 Standard lot) | |||
| Spread (pip) | Commission($) | Total Cost ($) | |
| Fxview | 1 | 9.3 | 19.3 |
| Fxpro | 1.8 | 7 | 25 |
| IC Markets | 1 | 7 | 17 |
| Pepperstone | 1.6 | 6 | 22 |
| Tickmill | 1.3 | 6 | 19 |
| XM | 2.7 | 0 | 27 |
| Exness | 0.9 | 7 | 16 |
| Vantage FX | 0.7 | 6 | 13 |
| Bitcoin ( 1 unit – 1 Standard lot) | |||
| Spread (pip) | Commission($) | Total Cost ($) | |
| Fxview | 10 | 2.8 | 12.8 |
| Fxpro | 90 | 0 | 90 |
| IC Markets | 20 | 0 | 20 |
| Pepperstone | 26 | 0 | 26 |
| Tickmill | 20 | 0 | 20 |
| XM | 90 | 0 | 90 |
| Exness | 40 | 7 | 47 |
| Vantage FX | 20 | 0 | 20 |
Conclusion
Based on the information gathered from the demo accounts of the brokers mentioned, it appears that Fxview demonstrated the highest level of transparency and efficiency. It’s crucial for traders to have accurate and consistent information between demo and live accounts to make informed decisions. Therefore, considering Fxview’s performance in this regard, it seems like a reliable choice for forex trading.
As always, it’s advisable for traders to conduct thorough research and consider their individual trading needs and preferences before making a final decision. If transparency and consistency in spreads and commissions are paramount to you, Fxview may be worth exploring further.
Source of Information: Demo Accounts of all the Above brokers!
Based on the results, which broker will you trade with ? Leave your feedback in the comments!
Note: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.17% of retail client accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
