Scalping in the forex market entails trading currencies using a series of real-time indicators. The goal of scalping is to profit by purchasing or selling currencies, holding the position for a short period, and then closing it for a bit of profit. Throughout the trading day, many trades are executed using a system often based on signals produced by technical analysis charting tools.
Scalping is a popular trading approach that many traders employ. It is vital to understand that this method will only be beneficial if your broker offers favorable trading conditions. As a result, while selecting a broker to apply this approach, reviewing the broker’s terms is critical.
Traders Union experts recently rated the best broker for scalping. Continue reading to learn more.
Best Forex Brokers for scalping 2023
According to Traders Union experts, the best Forex Brokers for scalping, which doubles as the most popular broker used by traders in 2023, are;
RoboForex is one of the most highly regarded Forex brokers on the market. It has a $10 minimum deposit and leverages up to 1:2000. Its account currencies are the US dollar, the euro, and gold. Furthermore, Pro Account spreads begin at 1.3 pips, with a minimum lot size of 0.01 (one micro lot). Furthermore, this broker allows investors to trade 36 currency pairs, metals, and CFDs. MetaTrader 4, MetaTrader 5, cTrader, and RTrader are among the trading platforms available, as is the RoboForex web terminal for real or demo accounts.
Exness offers low spreads on their Zero account, locked at 0.0 pips for 95% of the trading day. The maximum leverage allowed changes according to the tier being used, as shown below:
- 0 – 999 – 1:Unlimited
- 0 – 4,999 – 1:2000
- 5,000 – 29,999 – 1:1000
- 30,000 or more – 1:500
Maximum leverage is limited to 1:200 on weekends and holidays. The broker type is Dealing Desk, with a minimum deposit of $10 and a maximum leverage of 1:Unlimited. The site provides 97 Forex choices, 36 Cryptocurrencies, and different Metals, Energies, Stocks, and Indices for trading.
If you want to use Tickmill, it has 295 traded assets, including CFDs on currency pairs, metals, indices, bonds, metals, and cryptocurrencies, as well as a minimum of 62 assets in futures and options trading. On a professional account, the EUR/USD spread is typically 0.11 pips. The greatest leverage available is 1:500. For pro and classic accounts, the minimum deposit is $100; for VIP accounts, the minimum balance is $50,000.
FXCM is another excellent broker for Forex scalping. On CFDs and FX, new accounts are set to leverage of up to 400:1. When accounts exceed 50,000 CCY in funding, the maximum leverage is reduced to 100:1 on FX and 200:1 on CFDs. In any case, the leverage is changed based on your account’s equity.
FXCM Markets requires a minimum deposit of $50 to start an account. Furthermore, investors can trade whole sets of major currency pairs and CFDs using its upgraded system. The average low spread for EUR/USD is 1.3 pips, while the spread for GBP/USD is 1.8 pips.
Scalpers who use InstaForex will have a maximum leverage of up to 1:1000. Investors can open an account with as little as $1 as a beginning capital. On their ECN Pro account, this broker offers average spreads as low as 0.8 pips. The standard Insta account has fixed spreads ranging from 2.0 to 7.0 pips, whereas other InstaForex accounts have spread as low as 1.2 pips.
FXTM accepts $50 deposits and operates on MetaTrader 4, MetaTrader 5, and its custom trading platform. The platforms provide average EUR/USD spreads of 1.9 pips, minimum raw spreads of 0.0 pips, minimum standard spreads of 0.5 pips, and Forex trading commission fees of $0-$2.
Markets.com requires a $100 minimum deposit for regular accounts and a $250 deposit for premium accounts. The website provides various trading instruments, including 57 Forex pairs and 2,179 CFDs. Markets.com also provides EUR/USD spreads as low as 1.9 pips.
XM.com (XM Broker)
XM provides clients with access to 1,230 CFDs, including 57 currency pairings. To acquire access to exchange-traded securities through the XM Shares account, a $10,000 investment is required. Spreads as low as 0.0 pips are available, as are over ten trading platforms and the possibility to register accounts on MT4, MT5, and XM WebTrader. Personal account managers, free market research, and other benefits are available.
Traders Union experts revealed that IC Markets Forex has some of the most competitive spreads available. Furthermore, it gives you access to the world’s largest and most liquid market. Raw spreads begin at 0.0 pips, with commission rates of $3.5 per standard lot in a RAW account and free VPS in London and New York. Investors can trade more than 61 currency pairings, leverage up to 1:500, have deep liquidity, and trade 24 hours a day, five days a week.
FXPro is an ideal platform for Forex scalping because it offers a wide range of currencies, commodities, indices, stocks, futures, and crypto for trading. It requires a $100 deposit and has maximum leverages of 1:30 (FCA), 1:30 (CySEC), and 1:200 (SCB). Traders can use the MT4, MT5, and cTrader trading platforms or FxPro’s proprietary platform. Spreads on EUR/USD begin at 1.5 pips in the MT4 Trading Platform and 0.2 pips in the cTrader platform, where commissions rather than spread fees are levied.
Source : https://filmdaily.co/tech/traders-union-rates-the-best-broker-for-scalping/