It is not easy to profit by scalping. That is why you need the best forex broker to support your scalping strategy.
When it comes to scalping, choosing the right broker is essential for maximizing profitability and executing trades precisely. Factors such as low spreads, fast execution speeds, no re-quotes, and a reliable trading platform are key considerations. By carefully evaluating these aspects, traders can find a broker that aligns with their scalping strategy and enhances their chances of success in this fast-paced trading approach.
That being said, several brokers are offering good scalping conditions. Here are some of them and the spreads they are offering:
- FBS: Spread starting from 1 pip (for Standard and Cent account).
- IC Markets: Raw spread from 0.0 pip (for ECN account).
- Exness: Floating spread from 0.0 pip (ECN account).
- Pepperstone: Starting from 1 pips.
- ThinkMarkets: NDD accounts with 0.01 spread.
- FXTM: Floating spread from 0.
- FXPro: Floating spread from 0 pip.
- FXCM: Floating spread from 1.3 pip.
- FXOpen: Floating spread starting from 0 pips.
- Orbex: Spreads as low as 0.6 (for ECN).
In addition to spread, those brokers also offer other interesting features to accommodate scalpers. What else should traders check about these brokers?
1. FBS
FBS is regulated by IFSC and CySEC. They offer various account types, including Standard, Cent, Zero, and ECN accounts, as well as trading platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5). With a $100 deposit, traders can open an account easily with a spread starting from 1 pip (Standard and Cent account).
FBS offers competitive spreads on major currency pairs, which is beneficial for scalpers. Narrow spreads allow traders to enter and exit trades quickly without losing a significant portion of their profits to transaction costs.
This broker claims to provide fast trade execution, which is crucial for scalpers who aim to capitalize on small price movements. Swift execution ensures that trades are executed at the desired prices without slippage ors.
FBS also explicitly allows scalping as a trading strategy and does not impose any specific restrictions or limitations on scalpers. Some brokers may have certain restrictions, such as minimum trade duration or limitations on the number of trades, which can hinder scalping strategies.
Since 2009, the action of FBS Holding Inc. or known as FBS in the world of forex trading has been recognized by various international institutions. With clients reaching 14 million as of 2019, FBS has received the title of Most Transparent Forex Broker 2018, Best Investor Education 2017, Best Customer Service Broker Asia 2016, IB FX Program, and many others.
FBS is regulated by FSC Belize and CySEC Cyprus. This broker has been trusted by millions of traders and 370 thousand partners from various countries. Based on their data, FBS garners about 7,000 new traders and partner accounts every day. And, 80% of the clients stay in the FBS for a long time. No wonder the broker is growing rapidly due to the incredible growth in the number of clients.
Trading products offered by FBS range from forex, CFD, precious metal, and stock. For forex trading, CySEC-regulated FBS offers leverage up to 1:30 on Cent and Standard Accounts. Clients who want to try higher leverage than that can alternatively register an account under FBS Belize.
FBS spread begins from 0.5 pips for Pro account type and from 0.7 pips for Standard and Cent accounts. On a standard account, volume orders can be made from 0.01 to 500 lots. Therefore, this account is recommended for experienced traders.
Whereas on Cent Accounts, volume orders can be carried out with a maximum of 500 cent lots or the equivalent of 5 standard lots. Cent Accounts involve a different level of risk. FBS recommends Cent Accounts for beginner traders. All account types support the following trading instruments: 36 Forex pairs, 8 metals, 3 energies, 11 indices, 127 stocks, 5 crypto pairs.
Before plunging into the real forex market, traders can practice with FBS Demo Account which consists of two types, i.e Standard and Cent.
FBS uses the MetaTrader 4 and MetaTrader 5 platforms. They offer them on Windows and Mac as well as Android and iOS mobile. These platforms provide a trading experience at traders' fingertips, allowing traders to progress as a trader anywhere at any time.
MetaTrader platforms also have a variety of mainstay features, including the possibility to create, buy, and use expert advisors (EA) and scripts, One-click trading and embedded news, technical analysis tools, the possibility to copy deals from other traders, hedging positions, and VPS service support.
Another advantage provided by FBS is a deposit bonus of 100% for clients who fulfill certain requirements. The process of FSCing and withdrawing funds can be run easily and quickly. Based on clients' testimonies, each process usually takes no more than 3-4 hours, except on holidays.
Traders also have the opportunity to develop a side business when trading with FBS, namely as an Introducing Broker (IB) or Affiliate. The FBS partnership system provides partner commissions that are already in 3 level positions. Only by introducing new clients to FBS according to certain procedures, traders can earn extra income.
Traders will also get trading education experience at FBS. They have prepared a comprehensive forex course. The course consists of 4 levels: beginner, elementary, intermediate, and experienced. Traders can take courses that will turn them from newbies to professionals. All materials are well-structured. Besides, FBS provides various forex analyzes, webinars, forex news, and daily market analysis that can be accessed easily on their site.
Traders can access the FBS website with many language choices. Of course, this will increasingly provide comfort for traders. Available languages include English, Italian, French, Portuguese, Indonesian, Spanish, and others. Live chat support is also provided 24 hours 7 days a week.
In conclusion, FBS is a widely known broker among retail traders around the world. It continually grows to become a preferred broker because of flexible trading conditions that enable its clients to trade with various instruments, low deposit, and other trading advantages.
2. IC Markets
IC Markets is an ASIC-regulated broker (license 335692) that provides ECN account with leverage up to 1:500 and floating spread from 0.0 pip. IC Markets is a favored choice among scalpers due to its minimal spreads and rapid trade execution.
The broker provides ECN (Electronic Communication Network) pricing with tight spreads and competitive commission rates. Scalpers benefit from various trading platforms available, such as MetaTrader 4 and MetaTrader 5, commonly employed in scalping strategies.Also, there is no trading restriction; hedging and EAs are welcomed.
IC Markets is an online forex broker operating under the company of International Capital Markets Pty Ltd. Traders under the Australian jurisdiction are provided with the trading service of IC Markets AU that is headquartered in Australia and licensed by the Australian Securities and Investments Commission (ASIC).
On the other hand, non-Australian traders who open an account in this broker are registered under IC Markets SEY that is based in Seychelles, and regulated under the Seychelles Financial Services Authority (SFSA). The dual operation is a result of the relatively new rules from ASIC that prohibit their regulated broker to offer trading services outside Australia.
Classified as an ECN broker, IC Markets provide clients with MetaTrader 4, MetaTrader 5, cTrader as platform trading options. This broker also follows market trends to include Cryptocurrencies as one of its products, enriching its already wide selection of trading assets that include Currencies, Indices, Metals, Energies, Softs, Stocks, as well as Bonds.
The minimum deposit in IC Markets is in the middle range compared to other ASIC-regulated brokers, as it reaches $200 for every client. Market analysis materials are also prepared regularly for trading insights on IC Markets's official website, proving their competence to serve their traders with important contents created by market experts that work specifically for them.
For payment methods, IC Markets allows funding and withdrawal via wire transfer, credit card, PayPal, Skrill, Neteller, FasaPay, UnionPay, as well as Bitcoin via BitPay. The more interesting aspect from this broker is its multi-base currencies that include USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.
As the trading technology in IC Markets is highly equipped with co-located servers and extremely low latency (especially on cTrader), the broker is widely known for its capability in hosting traders with the special needs for high-frequency trading as well as scalping.
To sum up, IC Markets is a fitting destination for active traders looking for a well-regulated broker. IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. As of late 2019, IC Markets provided their website in 18 international languages including English, Korean, Indonesian, French, Spanish, Italian, Malay, German, and Chinese.
3. Exness
Exness provides different account types to cater to the varying needs of traders, including scalpers. These account types may offer specific benefits such as lower spreads, faster execution, or additional trading tools, allowing scalpers to choose the account that best suits their requirements.
Exness also offers a variety of trading platforms, including MetaTrader 4 and MetaTrader 5, which are well-regarded and widely used by scalpers. These platforms provide advanced charting tools, real-time price quotes, and customizable indicators, facilitating efficient execution of scalping strategies.
This CySEC-regulated broker (license:178/1) comes with many advantages, including leverage up to 1:2000 and floating spread from 0.0 pip for their ECN accounts. In short, Exness is one of few brokers suited for scalping. Additionally, there's no trading restriction for EAs and scalping strategies.
The choice of broker is adjusted to the needs of each trader. If you are a trader who only needs a basic platform and trading features with the best attributes, then Exness can be your best choice.
Exness covers its lack of feature variations with other advantages like low spreads starting from only 0.1 pip. This is very suitable for traders who use scalping strategies (Scalper). Spreads on major pairs in certain account types can also be as low as 0.0 pip, depending on market conditions.
Not only that, but traders can also enjoy other advantages such as automatic fund withdrawals. Exness processes the majority of client withdrawals instantly, without manual checks; however, withdrawals may be subject tos depending on the payment provider or method of choice.
The safety of traders' funds is also guaranteed as Exness is one of the European-based STP/ECN brokers. Exness's ability to become an official partner of the Real Madrid soccer team for 3 years, starting July 2017, also provides evidence that the company has high solidity.
Deposits and withdrawals may be made 24 hours a day, 7 days a week. However, it is important to note that the company shall not be liable fors in processing deposits and withdrawals if suchs are caused by the payment system.
Traders do not need to worry about transaction fees when depositing and withdrawing. Exness doesn't charge any transaction fees to traders even though some charges may be incurred depending on the payment provider of choice. A variety of payment methods are provided for traders, including Wire Transfer, Bank Card, Neteller, Skrill, and many others.
The financial reports and metrics on the Exness website are audited quarterly by Deloitte, one of the four largest public accounting firms globally.
Moreover, Exness is one of the mote transparent brokers in the online trading industry. Traders can find out all information about this company on the website, such as trading volume, number of active clients, client deposits, company funds, and many more.
The platforms provided by Exness vary in MetaTrader 4, MetaTrader 5, Web, and Mobile platforms. This makes it easy for traders when trading on Exness, as they can also access Exness platforms anywhere and anytime.
Over the years, Exness has developed into a broker that attracts traders. Trader's trust is further enhanced by its compliance with financial regulations like the FCA and CySEC.
One measure of client confidence can be put on the trading volume. By December 2018, their clients' monthly trading volume reached USD348.4 billion and active traders around the world surpassed 50,342.
Through the program offered by Exness, traders also have the opportunity to earn extra income by becoming their partners. From the Introducing Broker (IB) program, partners can earn up to 33% spread commission from every new client that registers with them.
Additional income can also be obtained from Exness Partners. Traders can get a spread commission of up to 25% per transaction made by traders who register through an affiliate link.
When trading with Exness, clients can also make use of its free VPS hosting services. A VPS (Virtual Private Server) offers increased reliability and stability for traders as they can maintain their trades and expert advisors without interruption in the event of unexpected technical issues, such as internet or electricity downtime.
From the review above, it can be concluded that Exness is a favorite broker for traders because of low spreads and flexible account types. This condition is very suitable for traders with limited funds but is in need of more opportunities to get maximum profit. This broker is also well known for its maximum support on both new and existing partners.
4. Pepperstone
Pepperstone is an ASIC-regulated broker that offers standard STP account with leverage up to 1:500 and floating spread from 1 pip. Pepperstone is known for its fast trade execution, ensuring that scalpers can take advantage of small price movements quickly.
No trading restrictions regarding hedging and EAs as well. Furthermore, Pepperstone accepts various currencies for deposit, including:
- USD
- EUR
- GBP
- CHF
- JPY
- AUD
- CAD
- NZD
- SGD
- HKD
Pepperstone was founded in 2010 by a team of experienced traders with a shared commitment to improve the world of online trading. Based in Melbourne, Australia, they grew to become one of the largest forex brokers in the world. If traders want to find a broker that provides low spreads, fast execution, and award-winning support, then the answer is Pepperstone.
Pepperstone has a strong legality guarantee because it has been licensed by the Australian regulator ASIC and FCA. Traders' funds can be deposited in segregated accounts at top Australian banks, one of which is the National Australia Bank (NAB). Therefore, the safety of funds is not a concern if a trader chooses to open an account in Pepperstone.
They succeeded in collaborating with 23 top banks to bring Bid to investors instantly via optical fiber. This allows all orders to be executed 100 percent automatically with low latency up to 0.05 milliseconds, without dealing desk intervention and requotes, as well as with super low trading costs.
Trusted by over 73,000 traders around the world, Pepperstone processes an average of USD12.55 billion of trading volumes every day. Because of that, they have many awards such as:
- The Best Global Forex ECN Broker 2019 and Best Forex Trading Support-Europe
- Best Australian Broker and Best Trading Platform 2018 by Compareforexbrokers.com
- Best Forex ECN Broker, Best Forex Trading Support, and Best Forex Trading Conditions by UK Forex Awards 2018
With the many rewards gained, Pepperstone hopes to attract more and more traders from all over the world. The rising performance of Pepperstone is not only due to the super-tight spreads and fast execution that it provides, but also because many traders are interested in trading with deposits in currencies other than US Dollars.
For this reason, Pepperstone is one of the most market-responsive brokers because it is willing to accept deposits in 10 currencies, which include AUD, USD, EUR, CAD, GBP, CHF, JPY, NZD, SGD, and HKD.
Trading in Pepperstone would allow traders to choose between 11 trading platforms: MT4 for desktop, MT4 Mac, MT4 iPhone, MT4 Android, MT4 iPad/Tablet, MT5, WebTrader, cTrader WebTrader, cTrader cAlgo, and cTrader Mobile. The choice of trading platforms may seem confusing to novice traders, but actually, it is very useful because it has fast execution.
When trading forex, traders can enjoy raw spreads from 0.0 pips on Razor accounts, over 61 currency pairs, and commission-free account funding on a wide range of deposit options. In addition to currency pairs, Pepperstone provides many types of trading instruments, including CFDs for indices and shares, commodities, and cryptocurrencies.
Instruments in commodity trading are pretty much diversified. Not only metal, gold, and silver, but traders can also trade with soft commodities such as cotton, sugar, coffee, cocoa, and orange juice. Pepperstone also provides trading on energy (oil and gas).
There are two types of accounts provided by Pepperstone, namely Razor accounts, and Standard accounts. If you area beginner, it is recommended to choose a Standard account with an average EUR/USD spread of 1.0-1.3 pips and free commission.
Those with particular trading styles such as scalpers and algorithmic traders may enjoy the lower cost setup traditionally seen in a Razor account, with a commission from AUD7 round turn of 100k traded. You can start trading with a minimum lot of 0.01 (micro) and 1:400 leverage.
As a Pepperstone client, a trader can fund and withdraw with alternative methods including Visa, Mastercard, POLi internet banking, bank transfer, BPay, PayPal, Neteller, Skrill, and Union Pay.
If you are new to trading or looking to practice your trading strategies in a risk-free environment, you can create Demo Account in Pepperstone. But if you are an experienced trader or prefer to learn by doing, Pepperstone provides a Live Account that allows you to trade with live executions and pricing.
Traders can also follow and copy strategies from popular traders using third-party services while learning how to improve their trading abilities. Pepperstone has partnered with a range of social trading platforms that traders can choose from, such as Myfxbook, ZuluTrade, Mirror Trader, MetaTrader signals, and Duplitrade.
5. ThinkMarkets
ThinkMarkets is regulated by both ASIC and FCA, some of the most bonafide regulator in the world. ThinkMarkets offers competitive spreads on major currency pairs, which is advantageous for scalpers.
It also provides NDD accounts with 0.01 spread and leverages up to 1:500. Like the aforementioned brokers, ThinkMarkets fully complies with every scalping strategy. Plus, trading signal by Autochartist is available.
As a multi-asset online brokerage, ThinkMarkets present a wide range of trading assets starting from Forex to Precious Metals, Commodities, Indices, Shares, and Cryptocurrencies. The Australian-based broker is established in 2010 and has since opened additional headquarters in London and regional offices throughout Asia-Pacific, Middle East, North Africa, Europe, and South America.
Along with its history operation, ThinkMarkets has been awarded and recognized many times in various aspects. Most recently, they won the Best Value Broker in Asia at the 2020 Global Forex Awards.
Average FX spreads for traders opening an account in ThinkMarkets start from 1.2 pips for the standard account, while ThinkZero provides the best trading experience with 0.1 pips spread. Still, traders may need to consider that ThinkZero applies commission from $3.5 per side for every 1000,000 trading volumes.
As a global online brokerage, ThinkMarkets operates under various financial regulatory institutions. For example, ThinkMarkets Australia is managed by TF Global Markets (Aust) Limited and is licensed by the Australian Financial Services as well as the Australian Securities and Investment Commission (ASIC) with ABN: 69158361561. ThinkMarkets UK is registered under the Financial Conduct Authority (FCA) by the company name of TF Global Markets (UK) Limited (number: 09042646).
ThinkMarkets consistently try to improve their trading environments with various advanced products. Automatic trading fans are provided with free VPS Hosting, while passionate traders who'd like to experience beyond MetaQuote platforms can try ThinkMarkets' proprietary platform called ThinkTrader.
The trading platform is available on 3 different interfaces specifically designed for Web Desktop, Tablet, and Mobile displays. Furthermore, customized tools such as 80+ drawing tools and more than 125 indicators for technical analysis accessible even through Mobile screens would certainly provide a brand new trading on-the-go experience.
As far as market updates go, trading in ThinkMarkets would be accompanied with news from FX Wire Pro that is known for its strict policy toward upholding objective journalism and delivering critical, trusted information in real-time. Information segments covered by FX Wire Pro include Economic Commentary, Technical-level Reports, Currency and Commodities, Central Bank Bulletins, Energies and metals, together with Event-driven Flashes.
For payment methods, ThinkMarkets offer the gateway via bank transfer, credit card (Visa and MasterCard), Skrill, Neteller, POLi internet banking, BPay, and Bitcoin wallet.
All in all, it is safe to say that for a company that started business since 2010, ThinkMarkets is an accomplished broker in terms of legal standing and innovation in trading technology. As an additional safety assurance for traders, this broker underlines its commitment to provide a $1 million insurance protection program which is made possible by ThinkMarkets' insurance policy with Lloyd's of London that protects clients' funds for up to $1 million in the unlikely event of insolvency.
6. FXTM
FXTM is regulated by CySEC. Known for its swift trade execution and competitive spreads, FXTM appeals to scalpers seeking an attractive option.
Traders can select from both ECN and Standard account types to align with their specific scalping requirements. FXTM supports MetaTrader 4 and MetaTrader 5 platforms, widely utilized by scalpers.
Scalping is only allowed on ECN accounts, whereas it is prohibited on standard accounts. Most importantly, FXTM offers a floating spread from 0 or 0.5 depending on ECN account type and leverage up to 1:500.
FXTM was initially launched in 2011 with a unique vision to provide unparalleled superior trading conditions. Opening an account in FXTM would also bring about access to advanced education and sophisticated trading tools in the forex industry.
Now, FXTM is registered under the Financial Conduct Authority of the UK with the number 600475. The company is also regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, and is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614
FXTM has 1 million registered accounts with more traders joining every day. The company continually tries to improve their performance and have got many awards such as Best Trading Experience 2019 by World Finance Awards, Best Online Forex Trading Company Nigeria 2018 by International Finance Awards, Reputable Investor Education Forex Broker Award 2018 by Hexun.com, Forex Brand Of The Year China 2018 by Fxeye.Com, and many more.
As a responsible broker, they determine leverage (expressed as a ratio of transaction size relative to trader's buying power) according to the trader's level of knowledge and experience in trading, which is evaluated by the Appropriateness Assessment. The company also enables trading with leverage up to 1:1000.
As for spreads, FXTM offers low spreads starting from 0.1 pip, so traders can withdraw profits at the start of trading. The company, which has headquarters in several countries, uses No Dealing Desk (NDD) technology and partners with credible liquidity providers to provide the best bid and ask prices.
For beginners, there is an automatic trading facility called algorithmic trading provided. When trading in FXTM, traders can develop their trading strategy or adopt other traders' strategies. Furthermore, the strategy is applied to automated trading systems, such as Expert Advisors. The purpose of this system is traders do not have to worry about losing opportunities while not observing the market so that profits can still be earned.
Three types of ECN accounts use the MT4 and MT5 trading platforms. There are also mobile and Tablet Apps trading platforms. Aside of providing many account variants, FXTM goes above and beyond to ensure that their client receives excellent support that they deserve, making their trading experience optimal and user-friendly.
FXTM also provides a diverse range of products. In addition to over 50 currency pairs, they provide gold, silver, CFD on commodity futures (oil), CFD on ETFs, and indices.
Education about the basic concepts of the forex industry is also accessible in this broker. Traders can read all the concepts provided in the form of e-books, video tutorials, articles, webinars, and forex seminars. There are 17 languages provided on the FXTM website to make it easier for traders to learn about forex.
Traders are also given various choices for payment methods, including Credit Cards (Visa, Mastercard, Maestro) and E-Wallet (Neteller, Skrill, Western Union). For withdrawing funds, traders are not charged a fee with a length of 2 hours to 2 days. Traders can live chat to ask further questions and contact the admin via email. There is also a question and answer page about forex trading on FXTM.
7. FXPro
FXPro offers fair trading under regulation of FCA and CySec. FXPro operates on a no-dealing desk (NDD) execution model with competitive spreads on major currency pairs.
Scalping is fully allowed and supported with floating spread from 0 pip and leverage up to 1:500. Additionally, FXPro offers multiple trading terminals for all of their trading accounts, such as:
- MT4
- MT5
- cTrader
Ever since its establishment in 2006, FxPro has successfully expanded to serve retail and institutional clients in more than 170 countries. Their head office is in London, UK.
FxPro UK Limited is authorized and regulated by the FCA since 2010. Meanwhile, other subsidiaries such as FxPro Financial Services Limited is authorized and regulated by CySEC since 2007 and the FSCA since 2015. Because of that, traders do not need to worry again about their funds safety. As a strong proponent of transparency, it established the highest standards of safety for clients' funds, as the company chooses to keep the funds in major international banks, fully segregated from the company's funds.
They always try to provide transparent and ethical practices across the global trading industry. In 2018, 74.65% of market orders were executed at the requested price while 12.8% of the client's orders were executed with positive slippage. Also, only 1.4% of all instant orders received a requote with 0.72% of them receiving better price when executed.
The total number of trades in FxPro has increased from year to year. In 2018, the number of trades achieves 53.6 million. Based on trust from their clients, FxPro received awards as Most Trusted Forex Brand UK 2017 by Global Brands Magazine. Besides, they became the first broker to sponsor an F1 team in 2008. There are around 60 UK and International Awards which had been achieved by FxPro.
They are committed to create a dynamic environment that equips traders with all the necessary tools for their trading experience. Opening an account in FxPro grants access to more than 250 CFDs on 6 asset types, including forex, shares, spot indices, futures, spot metals, and spot energies. They want to provide their clients with access to top-tier liquidity and advanced trade execution with no dealing desk intervention. The average execution time is less than 11.06 millisecond with up to 7,000 orders executed per second. Those advantages enable traders to benefit from tight spreads and competitive pricing.
Furthermore, FxPro is recognized as an innovative broker. The company allows its clients to enjoy a wide range of trading platforms, such as MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge. Web-based versions and mobile applications are also available so that traders can access financial markets at any time and anywhere.
Traders can choose platforms according to their needs. Fans of MT4 is provided with instant execution and easy-to-use trading platform. In this account, leverage is up to 1:500 and spreads start from 1.6 pips without commissions.
If traders want to get experience with more modern technology, traders should choose FxPro MT5 Accounts. In this account, spreads start from 1.5 and leverage is up to 1:500 without commissions.
Another type of accounts is FxPro cTrader. It is suitable for traders who give priority to the speed of execution with the most restrictive spreads compared to other account types'. FxPro cTrader is a powerful trading platform offering the best available bid and ask prices, with orders filled in just milliseconds. The platform also provides Market Depth and trading analysis tools. In this account, spreads start only from 0.3 pips. But, traders have to pay commissions $45 per $1 million traded (upon opening and closing a position) in forex and metals.
The key difference between MetaTrader 4, MetaTrader 5, and cTrader lies in the range of the CFD products that are available. The MT4 platform gives traders a chance to open positions on all of the 6 asset classes, whereas the MT5 doesn't support shares, and cTrader doesn't support shares and futures.
Besides 3 types of platforms above, trading in FxPro also enables access to FxPro Edge. This platform offers clients a new way to trade the markets in the form of spreads betting.
Each broker has pros and cons, and FxPro is not an exception. Aside from the advantages as explained before, FxPro has a high minimum deposit. Also, there are not many types of payment and withdrawal methods available at FxPro. Some types of methods even require traders to pay fees. However, it is still important to note that clients can trade forex, shares, indices, metals, and energies, with limited risk account at no additional cost in Fxpro
Regardless of the advantages and disadvantages, FxPro can be traders' choice as one of the best brokers with sophisticated technology. The company is suitable for traders prepared to trade with funds starting from $500.
8. FXCM
FXCM operates on a no dealing desk (NDD) execution model, which means that trades are executed directly with liquidity providers. This allows for faster execution and potentially lower trading costs, benefiting scalpers who rely on quick order execution.
It comes to no surprise that this world-class broker also supports scalping. FXCM grants leverage up to 1:400 and floating spread from 1.3 pip.
FXCM (Forex Capital Markets) is a brand name of a retail broker for trading on the financial market, especially the foreign exchange market. The broker was founded in 1999 and was originally headquartered in the United States. After a series of lawsuits from customers and case settlements by the US regulator (CFTC), FXCM moved from the US and became a UK-based broker, authorized and regulated by the Financial Conduct Authority (registration number 217689).
Trading with FXCM is supported by enhanced execution with the Liquidity providers' stream pricing through the FastMatch Electronic Communication Network.
FXCM works with several global banks, financial institutions, and other market makers as their Liquidity providers including Barclays Bank, Citadel Securities, Citibank, Deutsche Bank, FASTMATCH, XTX Markets Limited, UBS, Morgan Stanley, Commerzbank, and Jefferies Financial Services.
This, in turn, enables FXCM to present its clients with fast trade execution, competitive spreads, low negative slippage, no re-quotes, no stop/limit restrictions, and up to 89% of orders are executed at the requested price or better.
For the trading platform, FXCM is remarkably known for its proprietary product called Trading Station. The latest version of this platform's web display is claimed to be built in Mac Friendly HTML5. It features a range of trading appliances such as integrated news, economic calendar, FXCM's top trading tools, social trading functionalities through FXCM Cloud, customized trading analytics, automated strategies, and advanced charting for better analysis. For flexible traders who prefer trading on-the-go, FXCM has also provided Trading Station in mobile version, both for iOS and Android users.
However, the company's in-house platform is not the only option presented for clients. FXCM also gives the choice to use MetaTrader 4 for clients who are more familiar with MetaQuote's product. Also, ZuluTrade access is enabled for clients with keen interests in copy trading schemes that transcend across brokers.
Instead of classifying account types based on minimum deposits, FXCM chooses to offer trading accounts based on the instruments traded. For FX traders, this broker provides Active Trader and Institutional accounts.
Active Trader is the ultimate account type for retail traders with two-tier pricing. Tier 1 applies a minimum deposit of $25,000 with a $30 commission for 1 million volumes traded, while Tier 2 has no detail on deposit requirement but gives better fee conditions. Spreads in both tiers start from 0.2 pips.
Institutional account, also known as FXCM Pro, is marketed as a wholesale execution and liquidity solution for retail brokers, hedge funds, and emerging market banks. The account presents trading spreads from 0.1 pips and other competitive benefits like API solutions as well as prime brokerage services.
For non-FX traders, FXCM provides a CFD trading account with low spread costs from 0.37 pips (in XAU/USD) and a wide range of class assets from precious metals, soft commodities, and indices.
Last but not least, a collection of in-depth articles is provided to help traders' knowledge and insights on the forex market. Trading tools like FXCM Plus, Market Scanner, Trading Signals, and Technical Levels are also developed to support traders who open accounts in FXCM .
In conclusion, FXCM is an experienced retail broker with a lot of "ammunition" to help traders with its best version of execution, pricing, and tools. It is a well-regulated broker backed with a long history in the financial market, even though it has a dark history in the United States' brokerage industry.
Still, the relatively high standard on minimum deposit ($25,000) puts FXCM as a broker suitable for experienced traders with good money management. It is not recommended for new traders with limited capital.
9. FXOpen
FXOpen focuses on fast trade execution, aiming to execute orders quickly and efficiently. This helps scalpers take advantage of short-term price movements and reduces the risk of slippage.
FXOpen also grants leverage from 1:100 to 1:500 and floating spread starting from 0 pips. That makes them one among best brokers for scalping. Also, if you like some form of competition, FXOpen provides trading contests periodically. Opening an account in FXOpen is quite easy and fast.
FXOpen started its operation as an online trading provider for retail clients since 2005. The company was founded by a group of traders with a mission to provide services that refer to the interests of traders. FXOpen claimed to be one of the firsts to offer ECN trading via MetaTrader 4 (MT4). With FXOpen's unique proprietary price aggregating technology, their clients can benefit from the industry's most competitive spreads (from 0 pips) and low trading commissions.
In 2006, FXOpen also became the first broker to offer a micro account and a swap-free account. After that, they continue to be the pioneers of several new and high-tech services, including the first Crypto account that can provide trading facilities on 24 Cryptocurrency pairs such as Bitcoin, Litecoin, and Ethereum.
Furthermore, the company provides One Click Trading and Level 2 MT4 plug-ins, enabling traders to place trades with just one click of the mouse. Traders do not need to worry about trading security at FXOpen. They have registered in Nevis, the UK FCA, and ASIC Australia.
A variety of trading accounts are provided such as STP, Micro, ECN, and free unlimited demo accounts. The minimum deposit for each account depends on the account type; USD1 in Micro Account, USD10 in STP and Crypto Accounts, and USD100 in ECN Accounts. As for leverage, FXOpen offers up to 1:3 (for Crypto Accounts), and up to 1:500 (for Micro, STP, and ECN Accounts).
Besides, traders can enhance their trading capabilities with Myfxbook and Zulutrade automated trading systems. Both of these services allow anyone to copy the transactions of experienced traders. Thus, traders can replicate the results of professional traders' strategies.
The FXOpen PAMM Service allows copying trades from a Master account to one or more than one Follower account and automates the distribution of profits and losses. The Master operates personal capital through a PAMM account, and his trading strategy is replicated to the Follower's capital. The owner of the Follower account can view and analyze the performance of the PAMM account with the help of advanced analytics. There are 3 PAMM accounts in FXOpen, namely STP, ECN, and Crypto PAMM.
On ECN accounts, traders will get direct price quotes from leading liquidity providers, including Dresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JP Morgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, and UBS. This is one of the reasons why FXOpen's ECN account has become a trader favorite.
After seeing the various advantages offered by FXOpen, traders can easily register an account, simply by filling out the form in the registration menu on the FXOpen website. Traders will be asked to verify documents in advance if the trader will make a deposit or withdrawal of funds. Based on traders' experience and information since FXOpen was founded, there have not been any major complaints about payments (depositing or withdrawing funds) from clients.
Once registered with the FXOpen broker, traders also have the opportunity to get other benefits. One example is the FXOpen cashback program for the first 90 days from registration as a new client. The minimum cashback is USD5 and the maximum is USD1,000.
Furthermore, free VPS is available for ECN, STP, and Crypto account holders. Traders can use FXOpen VPS without any fees for 1 month if they can maintain equity of USD5,000 at the end of the month or trade with a trading volume of USD10,000,000 per month. The advantages of VPS on FXOpen are excellent accessibility, flexibility, and speed.
Trading on FXOpen is made easier because traders can add insight into trading by entering contests. FXOpen Broker offers weekly and monthly trading contests on demo accounts through the ForexCup.com site. Traders can join competitions that are free of charge to hone their skills. If a trader wants a bigger challenge, there is also a trading contest on a real account.
The company also offers Forex partnership programs to traders, Forex brokers, and website owners who publish information about fiat and crypto-currency trading. There are 3 types of partnership levels, including Forex IB (Forex Agent) that attracts new clients to FXOpen using a referral (affiliate) link, Forex Rebate, and individual partnership conditions.
In Conclusion, FXOpen is a well-rounded forex brokerage for traders with a desire to try various trading instruments, a trading environment in ECN account, low minimum deposits, the best cryptocurrency trading condition, as well as interesting trading features like PAMM and demo contests.
10. Orbex
Orbex focuses on fast trade execution, offers competitive spreads on major currency pairs, and offers various trading platforms. It can be said that this broker really supports scalpers because of its leverage that is up to 1:300 and spreads as low as 0.6 for their ECN accounts. Furthermore, this broker is regulated by CySEC.
Owned by Orbex Group Limited and is operated by Orbex Global Limited, Orbex provides foreign exchange and CFD online trading for traders worldwide. It is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with License Number 124/10. As it resides in the European Union jurisdiction, Orbex is also registered with other supervisory authorities based on the MiFID Directive; it included UK's FCA and German's BaFin.
Orbex thrives to serve clients with the most updated innovations in the forex industry. The company commits to deploy active promotions and other special offers to traders. Envisioning itself as a global brand, trading with Orbex is promoted to enhance the trading experience with the best customer service, one-hour response time for sales and support requests, speed, and reliability in trading, deep liquidity from Tier-1 banks, as well as swap-free accounts.
This broker presents excellent market trading conditions with various trading instruments such as 50 pairs of currencies and other assets like Precious Metals, Future Contracts (OTC), Equity Indices (OTC), CFDs, and Energy Contracts. Orbex generally offers maximum leverage of 1:30, as per ESMA's regulation to limit the condition. However, it allows higher leverage up to 1:500 only for professional traders.
Further details on Orbex's trading conditions are divided by the account types' specifications below:
Starter Account
- Minimum deposit: $200
- Spread: Variable, from 1.7 pips
- Commission: None
- Execution type: NDD
- Extras: Monthly webinar, Trading Central, Scalping allowed, regular training sessions, free signals, basic education, EAs allowed.
Premium Account
- Minimum deposit: $5,000
- Spread: From 0 pips
- Commission: $8
- Execution type: NDD
- Extras: Exclusive webinar and Live trading, Trading Central, Scalping allowed, 1 on 1 training sessions, premium signals, advanced education, VPS support, EAs allowed.
Ultimate Account
- Minimum deposit: $25,000
- Spread: From 0 pips
- Commission: $5
- Execution type: NDD
- Extras: Exclusive webinar and Live trading, Trading Central, Scalping allowed, 1 on 1 session, ultimate signals, advanced education, VPS support, EAs allowed.
Opening an account in Orbex accommodates the needs for flexible trading anywhere and anytime, as their MetaTrader 4 is supported in not only PC screen, but also Android and iOS systems. However, this broker does not provide any alternatives for trading platforms aside from MetaTrader 4.
Besides the conventional bank transfer, account fundings and withdrawals are enabled via direct debit/credit cards, Skrill, NETELLER, WebMoney, FasaPay, and other digital wallets. There are no fees and all deposits and withdrawal methods, but there is an exception for bank withdrawals as there may be commissions from the intermediary and/or beneficiary bank.
Finally, it can be concluded that Orbex is a competitive broker for all types of traders. It covers beginners' conditions in Fixed and Starter Accounts while ensuring experienced traders' needs in Premium and Ultimate Accounts at the same time.
However, it is also important to note that Orbex is an offshore-based company even though the operation is already authorized by CySEC. That's why new traders should maintain a minimum trading balance in their initial experience with Orbex.
Good Brokers for Scalping Should Have These Characteristics
Forex broker usually provides trading facilities for their clients based on several specific criteria, which may or may not suit the need of a scalper. If you are a scalper or want to trade by scalping, there are other things besides basic features like forex demo accounts and affordable capital that you need to take note of.
1. Allow Scalping
In practice, opening and closing trades repeatedly in high frequency will eat up server resources. That's why not every broker allows scalping due to limited server capacity, especially on high seasons when trading volumes can be hectic. Alternatively, you can look for any broker that explicitly allows scalping practices.
2. Fair Market Quotation
Due to the nature of scalping, every single pip matters. In that case, requotes and slippage can be your worst nightmare. You must ensure your broker provides fair market quotations (price listing). Such a broker usually uses NDD (non-dealing desk) or ECN (Electronic communication network) model with no requotes and fairly acceptable slippages.
3. Regulated
No one wants to do scalping with a cheating bucket-shop broker. They can manipulate trades and drains your account's equity. Conversely, a broker under strict regulation will be required to follow the rules applied by its regulator. Therefore, a scalper need a regulated broker.
The safest way you can do is by checking the broker's regulatory status. Every jurisdiction has its own regulator, such as:
- CFTC and NFA in the US,
- FCA in the UK,
- ASIC for Australia, and so on.
Just like broker, some regulator are well-regarded in the industry by applying bonafide monitoring, while others are considered less favorable. Ensure you know your broker's regulatory status and the quality of services it guarantees.
4. Providing High Leverage
Scalping can demand profitability because each small trade may profit or lose. To increase profit gains, scalpers may engage in higher risk to boost their reward. Therefore, they'll use higher leverage.
Even so, high leverage can lead to ecstatic winning streaks or self-defeating losses. Always be wary whenever you're trying to employ any strategy involving higher bets than you can chew.
5. Low Spread
Spread is simply the cost that every scalper must consider whenever they open a position. Imagine a scalping method employing more than one or even hundreds of positions simultaneously. In that regard, the total cost may be higher than the potential gains.
With that said, the low spread is mandatory for scalping. Avoid trading in illiquid assets (crosses, commodities, and futures) or illiquid situations (news trading) due to the high floating spread gap. To have such trading conditions, make sure you also learn about Forex Brokers with the Lowest Spread on Major Pairs.
7 Comments
Jan 31 2023
I have never heard of brokers that forbid scalping in their trading terms. Seriously, this is the first time I've heard of this, and as far as I know, scalping is not the same as hedging. I mean, it's okay not to allow hedging, because hedging is a risky strategy and can be more dangerous if an inexperienced trader uses it, because it can isntantly make the traders lose all of their money.
Meanwhile, scalping is one of the 4 main trading styles. I mean there is nothing wrong with that, trading is also very easy, just do intense trading, open and close orders multiple times in the same time period. You can open up to hundreds of positions. There is no harm in scalping anyway.
Jan 31 2023
Johny: There are two possible explanations why brokers do not allow scalping. Either your broker doesn't have a good server to handle all the high trading volume or your broker is a market maker.
Imagine if you could trade 100 positions in one trading session, remember! You are not the only one. For example, If there are 100 scalpers, the server has to process 10,000 orders at the same time. and what if the server can't process the command? Changes, re-quotes, slippage and trade freezes will occur. So that's why the broker doesn't allow scalping
Or if your broker is a market maker, he has to find all the orders that match you. And because of the market maker, the liquidity will be limited and it will be impossible to scalping in it.
Jan 31 2023
Micah: Why didn't I think about the server. You are right, if the server can't handle a large amount of trades going on almost at the same time, I think trades for all traders who are speculators or day traders will work.
Meanwhile, I don't really think about the market-making broker. I mean almost no market-making broker exist in this world, it's very risky and the chart is subject to change. So most traders will avoid this type of broker.
Jan 31 2023
What's the market maker anyway. Sorry for being asked, because I am still searching about the brokers that I want to use. Based on your comments above, you have said something about manipulative chart that possible can do by market maker. And how the market maker work anyway, and is there any broker that actually market maker?
Jan 31 2023
Billy Den: Market maker is also known as DD market or desk dealer broker. If another broker sends your order to the liquidity provider, market maker, your order will be filled with the counterpart's order. this means that if you are trading in a long position, as a market maker I see other people trading in a short position. So in other words, Trader VS Trader. But as the comment above said about the limited server, sometimes your trades may not match, so one solution is to have your trade against the broker.
The situation that arose with this condition led this Dealing Desk broker to become known as the Market Maker. The broker creates a market that is different from the Forex market and allows the trader to go against other traders or trade with them. And the profit they will get from your trading loss.
There is a broker that I think Market Maker is very safe to trade with. The broker's name is E-Toro
Jan 20 2024
Mate, when it comes to sorting out which brokers are fair dinkum, the article reckons you gotta suss out their regulatory status. Every country's got its own watchdogs, like the CFTC and NFA in the US, the FCA in the UK, and good ol' ASIC holding the fort Down Under.
Just like picking a top bloke for a footy team, some regulators are champs at keeping things in check, while others are a bit less flash. So, the article's saying it's worth digging into the dodgier regulators to figure out if your broker is fair dinkum.
Now, about those examples the article threw in – CFTC, NFA, FCA, ASIC – reckon they're fair dinkum and well-liked in the industry?
Jan 22 2024
Hey there! So, those examples – CFTC, NFA, FCA, ASIC – think of them as the rockstars of the financial world. They're like the cool kids in school, but in the money game. They've built up some serious street cred because they're known for making sure the financial playground stays fair and above board.
So, if your broker is rolling with the CFTC, NFA, FCA, or ASIC crew, it's like having VIP access to the exclusive party. These regulators have a reputation for keeping things on the straight and narrow, which is exactly what you want when you're dealing with your hard-earned cash.
On the flip side, there are those shady regulators – the ones you definitely want to dodge. It's like avoiding the sketchy neighborhoods in town. If your broker is hanging out with regulators that don't have a great track record or are known for turning a blind eye, it's like voluntarily stepping into murky waters. (read : 6 Best Forex Broker Regulators in the World )