Best Forex Brokers for Scalping in 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the best Forex scalping brokers based on our analysis:
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IC Markets - Best Forex broker for scalping - A wide range of trading assets. Low spreads. Variety of trading platforms. - 2
Pepperstone - Wide selection of trading platforms. Tight spreads and favourable trading conditions. Numerous regulatory licenses. - 3
Tickmill - Low trading fees. Variety of trading platforms. Extensive library of educational materials and analytical tools. - 4
Roboforex - A variety of trading platforms. Over 12,000 trading assets. Different types of trading accounts. - 5
FxPro - Various trading platforms. A diverse range of available markets and products. Multiple analytics tools. - 6
CMC Markets - Low trading fees. Wide range of markets and products. Access to the popular MetaTrader 4 and CMC Markets platforms. - 7
AMarkets - A wide range of trading assets. Extensive analytical capabilities using modern tools and trading robots. No commissions on many operations. - 8
Deriv - Simple and fast account opening process. A wide variety of account types cater to different trading needs. Low commission structure. - 9
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Forex scalping is a trading strategy where traders execute quick buy or sell trades on currency pairs. For effective use of this system, reliable and professional Forex brokers that allow scalping and provide fast and stable trading platform performance are essential.
Top 10 Forex Brokers for Scalping 2024
Choosing the right broker can be challenging due to the many offers in the market. To simplify the selection process, we have compiled a list of the best Forex brokers for scalping. In this list of brokers, you will find detailed information about companies that offer fast access to the trading platform, minimal spreads, and other necessary features for a successful scalping strategy.
1. IC Markets
IC Markets is a reliable and versatile broker that offers a wide range of services and tools for trading in the financial markets. The company provides impressive trading instruments, high-quality trading platforms, advanced analytical tools, and valuable education for traders of all levels.
IC Markets is likely most suitable for experienced traders who value deep liquidity, tight spreads, and advanced trading tools. Beginner traders can also benefit from the educational materials offered by the company, but they should be prepared for some additional expenses and a higher minimum deposit requirement.
Pros and Cons of IC Markets
Pros
- A wide range of trading assets.
- Low spreads.
- Variety of trading platforms.
- Quality educational materials.
- Efficient customer support service.
Cons
- High minimum deposit.
2. Pepperstone
Pepperstone is a significant and reliable broker that offers a broad range of trading instruments and attractive trading conditions. With regulation by serious authorities, clients can be confident in the security of their funds.
The broker is suitable for various types of traders. Beginners will find extensive educational materials, including trading guides, webinars, instructional videos, and Forex trading courses. Experienced traders will also appreciate Pepperstone's opportunities, including favorable trading conditions, various trading platforms, and access to complex trading instruments.
The broker's technical support operates at a high level, offering clients quick and efficient responses to any questions.
Pepperstone is an excellent choice for traders of all experience levels. With a unique combination of educational materials, trading tools, and high-quality customer service, this broker ensures excellent conditions for successful trading.
Pros and Cons of Pepperstone
Pros
- Wide selection of trading platforms.
- Tight spreads and favourable trading conditions.
- Numerous regulatory licenses.
- A large number of trading assets.
Cons
- Lack of diversity in types of trading accounts.
- Withdrawals are only available via bank transfer, which can prolong the process for an extended period.
3. Tickmill
Tickmill offers high-quality services and conditions for trading on the international Forex market. With reliable regulation, access to popular trading platforms, and comprehensive educational and analytical materials, Tickmill becomes an attractive choice for traders of different experience levels.
The broker is suitable for novice traders, thanks to accessible educational materials and the ease of opening an account, as well as for experienced traders who value low spreads, platform stability, and a variety of trading instruments.
Pros and Cons of Tickmill
Pros
- Low trading fees.
- Variety of trading platforms.
- Extensive library of educational materials and analytical tools.
Cons
- Not enough different types of trading accounts.
4. RoboForex
RoboForex is recognized as one of the few Forex brokers with an impeccable reputation. The company strictly adheres to its regulations, does not delay payments, and provides fair quotes. RoboForex can be a good choice for both novice and professional traders due to its robust offerings, which include a variety of trading instruments, account types, platforms, and competitive trading conditions. The broker's commitment to transparency and customer service further solidifies its standing in the Forex community.
Pros and Cons of Roboforex
Pros
- A variety of trading platforms.
- Over 12,000 trading assets.
- Different types of trading accounts.
- Competent 24/7 customer support.
- Loyalty programs and bonus offers for clients.
- Low spreads and fees.
Cons
- Regulation in an offshore jurisdiction.
- Beginner traders may find a lack of educational materials.
5. FxPro
FxPro provides a comprehensive range of services and tools for traders. With its variety of trading accounts, platforms, and available markets, it is well-suited to meet the needs of different traders. This broker suits traders looking for a wide selection of markets, diverse platforms, and analytical tools. It is also apt for beginner traders, thanks to the educational materials and experienced traders who value flexible trading conditions.
Pros and Cons of FxPro
Pros
- Various trading platforms.
- A diverse range of available markets and products.
- Multiple analytics tools.
- Extensive educational materials.
Cons
- An inactivity fee.
- Absence of cent accounts and services for copying trades.
6. CMC Markets
CMC Markets has been a reliable CFD and Forex broker in the business for a long time. Top-tier financial authorities regulate the company, offers an excellent trading platform, and has low commission fees.
We believe it is an excellent choice for beginners and experienced traders. CMC Markets is a good option if you are seeking a trustworthy broker with extensive experience.
Pros and Cons of CMC Markets
Pros
- Low trading fees.
- Wide range of markets and products.
- Access to the popular MetaTrader 4 and CMC Markets platforms.
- Extensive analytical materials.
- Comprehensive educational materials.
Cons
- Limited account options.
- Inactivity fee.
- No online chat.
7. AMarkets
AMarkets is a versatile broker offering a full range of services in the Forex market. It enables independent trading and investing funds in copy trading with equal success.
Traders can access several accounts with low spreads, permitted scalping, and fast trade execution. Up-to-date analytics, valuable services, and rapid fund withdrawal support a stable technical platform.
Investors who are not keen on engaging in independent trading can still achieve significant profits by copying the trades of successful traders. Building a portfolio is time-efficient and offers the possibility of passive income.
Pros and Cons of AMarkets
Pros
- A wide range of trading assets.
- Extensive analytical capabilities using modern tools and trading robots.
- No commissions on many operations.
- Convenience and simplicity of opening an account and managing it.
Cons
- Not the most extensive educational materials.
- On some assets, spreads are higher than those of competing Forex brokers.
8. Deriv
Deriv is an appealing choice for a wide array of traders, particularly those who are just beginning or are at an intermediate level. Its user-friendly approach, diverse platforms, and low-cost structure make it ideal for individuals seeking a straightforward trading experience. While it may not fully satisfy the needs of highly advanced traders due to some limitations in educational and analytical resources, Deriv's overall offering is solid, making it a reliable and accessible broker for most trading requirements.
Pros and Cons of Deriv
Pros
- Simple and fast account opening process.
- A wide variety of account types cater to different trading needs.
- Low commission structure.
- A wide range of trading platforms.
- High-quality technical support with fast and effective responses.
Cons
- Some essential asset classes are absent, and a limited number of CFDs on stocks exist.
- Educational materials are confined to a blog and lack comprehensive learning resources.
9. Admirals
The broker Admirals is suitable for a broad spectrum of traders. With its strict regulation, various account types, and a competent set of educational and analytical materials, this broker provides high-quality services for novice and experienced traders.
Beginners seeking detailed educational resources and support will undoubtedly appreciate this broker. Experienced traders will also find it beneficial due to competitive trading commissions, abundant tools for analysis and trading, and the convenience of the depositing and withdrawal process.
Pros and Cons of Admirals
Pros
- Low trading fees.
- Wide range of payment methods.
- Extensive analytical resources.
- A rich collection of educational materials.
Cons
- Inactivity fee.
- Some users complain about the intrusiveness of the support service.
10. Oanda
Oanda is an excellent choice for traders seeking a reliable and regulated broker with competitive spreads and various trading assets.
With quality analytics and diverse educational materials, Oanda suits beginners and experienced traders.
Pros and Cons of Oanda
Pros
- Tight spreads.
- Diverse markets and products.
- Advanced trading platforms.
- Quality analytics.
- Extensive learning section.
Cons
- Limited trading account types.
- Inactivity fee.
- High swaps.
How to Choose a Forex Broker for Scalping?
Choosing a reliable broker is a crucial step for successful trading. Some brokers may limit or prohibit scalping, so selecting those who allow this trading strategy is essential. Here is a list of criteria to consider when choosing a reliable broker for scalping in Forex:
Licenses and Regulation - the presence of relevant permits and regulation of the broker's activities.
Recommendations from Other Users - reviews and recommendations from other scalpers can help choose a proven partner.
Liquidity - the higher the broker's liquidity, the lower the likelihood of slippage and significant price drops during scalping.
Absence of Special Restrictions on Time and Profit Level - some brokers may limit the number and volume of transactions in a certain period or set a minimum lot size.
Types of Accounts and Trading Platforms - availability of various accounts and support for different trading platforms to meet the trader's individual needs.
Execution Speed - fast order execution speed helps to minimize risks and increase profits in scalping.
Types of Order Execution - brokers operating on the ECN, STP, or DMA model and offering market execution of orders with floating spreads are preferable for scalping than brokers with instant execution and fixed spreads. The latter may have requotes (order execution refusals) during periods of high volatility.
Low Spreads - the lower the spreads, the lower the transaction costs and the more opportunities for profitable trading.
Customer Service Quality - the presence of highly qualified customer support available 24/7.
Considering these criteria, you can choose a suitable broker for scalping that will provide high-speed order execution, low spreads, and safe trading in the market.
What is the essence of the scalping strategy?
Scalping or pipsing is a popular trading strategy in Forex, which involves quickly opening and closing trades in a very short period, from a few seconds to several minutes. Traders who use this system are called scalpers.
The pipsing method consists of opening a large number of trades in a short time, aiming to maximize profit with minimal risks. Scalpers usually keep positions open for a few minutes and close them as soon as a profit emerges or when approaching a stop-loss.
To use this method, maximum order execution speed, low spreads, and minimal information transmission delay are required. Scalpers may also use advisors and programs that help automate the trading process and speed up decision-making. However, it should be noted that pipsing has its risks and limitations. The maximum number of transactions that can be conducted in a day may be limited by the broker, and too many open positions can lead to losses.
Is scalping suitable for all traders?
Scalping is a complex and risky Forex trading strategy, so it's unsuitable for all traders. Successful use of this system requires market analysis skills, an understanding of technical and fundamental analysis, quick reaction to market changes, and risk management ability.
Moreover, pipsing requires high concentration and endurance, as the trader must perform numerous quick daily trades. This can be physically and emotionally exhausting, so traders should be prepared for such work.
Scalping may be suitable for experienced and professional traders with sufficient Forex knowledge and experience. Beginners may find other trading methods more effective in the market.
Pros and Cons of Scalping
Advantages
- High Frequency of Trades: Scalpers open many trades in a short period, allowing for small but steady profits.
- Quick Results: Traders using pipsing can see the results of their trading operations faster than with other trading systems.
- Independence from Macroeconomic Events: Scalping does not require traders to analyze macroeconomic events and long-term market trends.
- Minimal Investments: The trading method does not require significant investments and can be used with small amounts.
- Possibility of Automation: Pipsing can be automated using unique trading robots and advisors.
Disadvantages
High-Risk Level: Scalping can lead to significant losses if the trader incorrectly assesses the market situation or cannot react quickly to changes.
Requires High Concentration and Endurance: Scalpers must be prepared to open and close positions multiple times daily, which can be emotionally and physically demanding.
Dependence on the Broker: Successful scalping requires fast market access, low commissions, and a reliable broker. Some brokers may have time and level restrictions for scalping.
Ineffectiveness in Low Market Volatility: Pipsing can be ineffective during periods of low market volatility.
How was the list of Forex brokers for scalping compiled?
The compilation of the list of top Forex brokers for scalping was carried out with particular attention to the specifics of this trading strategy. We considered the following essential criteria for selecting brokers specializing in scalping:
Our list only includes Forex brokers with low spreads and permission for scalping. This is critically important for scalpers, as low spreads can significantly reduce trading costs, and permission for scalping is necessary for using this strategy.
Brokers in our list are ranked according to our independent Forex broker list. This rating is based on an objective analysis of many factors, including the quality of order execution, customer service, and overall reliability.
The assessment of each broker was made based on our methodology. This methodology includes a comprehensive analysis of various aspects of the broker's activities, ensuring the accuracy and relevance of the information provided.
Our list of top Forex brokers for scalping is created to help traders find the optimal broker that offers favorable trading conditions and suits the specific requirements of scalping.
Conclusion
Choosing a reliable broker for pipsing in Forex is essential for successful trading. In this article, we have examined the main criteria for selecting a broker for scalping and the advantages and disadvantages of this trading strategy.
When choosing the best broker for pipsing, it is necessary to consider parameters such as liquidity, execution speed, types of accounts and trading platforms, recommendations from other users, and more. Additionally, attention should be paid to customer service quality, licenses, and broker regulation.
Despite the risks, the discussed strategy can be effective if used correctly. It's essential not only to choose the right broker but also to have sufficient knowledge and experience in the market.
Thus, choosing a reliable broker is critical for successful Forex trading. Using these criteria and recommendations, traders can select a proven partner for their investments and enhance the effectiveness of their market trading.
FAQ
Which broker is best for scalpers?
The best brokers for scalpers offer tight spreads, fast order execution, and no restrictions on the minimum holding time for positions. Some of the top brokers for scalping include:
- IC Markets: Known for its ECN accounts with very low spreads and high execution speeds.
- Pepperstone: Competitive spreads and fast trade execution.
- Tickmill: Offers favorable conditions for scalpers, including low commissions and spreads.
- RoboForex: Provides excellent conditions for scalping with tight spreads and quick execution.
Which Forex pairs are best for scalping?
The best forex pairs for scalping are those with high liquidity and tight spreads. The most popular pairs for scalping include:
- EUR/USD: The most liquid pair with tight spreads.
- USD/JPY: High liquidity and low spreads.
- GBP/USD: Suitable for scalping due to its volatility and liquidity.
- USD/CHF: A good choice for scalping due to its stability and liquidity.
Who is the best scalp trader?
Identifying the best scalp trader can be challenging, as it depends on individual skills, strategy, and experience. However, some well-known traders renowned for their short-term trading success include:
- Paul Tudor Jones: Known for his aggressive trading methods and ability to quickly adapt to market changes.
- Bruce Kovner: Famous for his success in short-term trading on the forex and commodities markets.
Do brokers allow scalping?
Most brokers do allow scalping, but it is essential to check the specific terms and conditions of each broker as some may impose restrictions or additional conditions. Brokers known for their favorable conditions for scalping include IC Markets, Pepperstone, Tickmill, and RoboForex. It is always advisable to review the broker’s trading rules and terms of use before starting.
Is Forex scalping profitable?
Forex scalping can be profitable, but it requires high concentration, quick reaction, and a well-defined strategy. Scalping involves making a large number of trades with small profits, which can lead to significant overall gains with the right approach. However, due to the high risk and stress associated with this trading method, it may not be suitable for all traders.
How much do scalpers make a day?
The earnings of scalpers can vary significantly depending on their strategy, capital, and market conditions. Experienced scalpers can make anywhere from a few hundred to several thousand dollars a day. However, beginner traders may earn less, and it is important to remember that scalping also involves a high level of risk and the potential for losses.
