If you are a US-based forex dealer, selecting a broker with competitive spreads can have a substantial impact on your bottom line. The spread, or the difference between the bid and ask price of a currency pair, can have a major effect on your overall trading expenses. That's why a lot of Americans are searching for low spread forex brokers who provide favorable spreads and other terms of trade.
The best low-spread forex brokers in the United States will be discussed in this piece. We'll also go over what "zero spread" implies and why you might want to consider opening a zero spread account. Finally, we'll discuss the benefits and drawbacks of using a zero-spread account, as well as how zero-spread brokers earn money.
What Does Zero Spread Mean?
Some forex firms, known as "zero spread accounts," provide their clients with the option to trade with no spreads at all. As there is no spread to pay when opening or closing a transaction at the current market price, this means that the bid and ask prices of a currency pair are equal. Traders may prefer zero-spread accounts because they can save money and see their transactions executed more quickly. However, it's essential to keep in mind that zero-spread accounts don't work for everyone in the trading world and have their own set of potential pitfalls.
What Is The Best Low Spread Forex Broker?
There are a few key considerations to keep in mind when looking for a low spread forex dealer. A few examples of such factors are the broker's size and name, the accessibility of trading platforms and tools, the quality of customer service and support, and the cost of commissions and fees. In the United States, some of the best low-spread forex companies are:
1. Forex.com
The foreign exchange (forex) market is dominated by Forex.com, one of the biggest and most renowned forex brokers in the United States. They have competitive spreads and cheap trading fees, in addition to a variety of trading platforms and tools, such as the widely used MetaTrader 4 and their own cutting-edge web-based platform. When it comes to customer service, Forex.com excels as well, providing traders with round-the-clock access to both phone and chat support as well as a wealth of helpful tools.
2. OANDA
OANDA is another reputable and well-known US-based forex broker, providing a variety of trading platforms and tools, including the MetaTrader 4 and their own proprietary platform, and competitive spreads and trading fees. Customer service is a priority at OANDA, which is why the company offers round-the-clock phone and chat assistance in addition to extensive trading education materials.
3. IG
IG is a prominent foreign exchange dealer around the world. They promote cheap spreads and fees for trading on their proprietary, cutting-edge web platform. Not only does IG offer a wealth of helpful how-to guides and tutorials, but its support staff is among the best in the business.
4. AMarkets
An award-winning forex broker with a wealth of expertise and a wide selection of trading instruments, platforms, account types, and solutions, AMarkets is a solid choice for investors.
AMarkets is a top online broker because it offers convenient trading circumstances, such as low spreads and no commission, and direct access to worldwide markets. Traders of all skill levels can profit from AMarkets' various account types, which give them access to a number of popular exchanges.
5. Saxo Bank
Saxo Bank is a leading Danish currency broker in the United States. Along with competitive spreads and fees, they also offer a wide variety of instruments and a state-of-the-art web trading tool. Saxo Bank has a solid reputation in the business community thanks to its extensive research and analysis, helpful customer service, and rich teaching materials for its clients.