Best Forex Broker for Scalping

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Contributor, Benzinga
May 10, 2024

In the fast-paced world of forex scalping, signing up with the right broker could make all the difference between success and failure. The best brokers for scalping forex offers lightning-fast execution, tight spreads and advanced tools to help you make the most of every opportunity. 

In this article, Benzinga delves into the key factors that make a broker stand out for forex scalping and reveals the top choice that has consistently proven to be the ideal partner for traders in this high-stakes game. 

Quick Look: Best Broker for Scalping Forex

  • Best Overall for U.S. Traders: IG Markets
  • Best for Customizable Charting Tools: FOREX.com
  • Best for Fast Order Execution: XM
  • Best for Forex Traders in Canada: IFC Markets
  • Best for Multiple Trading Platforms: FxPro
  • Best for Scalpers Focused on a Tight Spread: Tickmill
Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers for Scalping

While scalping is a popular trading strategy, not all brokers offer it. Let’s look at the top six best forex brokers for scalping that have proven themselves to be the best choices for scalpers.

1. Best Overall for U.S. Traders: IG Markets

  • IG Markets
    Best For:
    Forex Execution for U.S. and Global Traders
    securely through IG Markets's website

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

IG Group is a renowned forex broker with over 40 years of experience in the industry. It offers a comprehensive trading platform with an extensive range of markets, allowing scalpers to diversify their trading strategies.

IG Group is considered one of the best scalping brokers due to their tight spreads, fast execution speeds, and advanced trading platforms that are well-suited for short-term trading strategies like scalping. Additionally, IG Group offers a wide range of forex pairs and CFDs to trade, providing ample opportunities for scalpers to take advantage of market fluctuations.

Pros

  • Access to over 19,000 markets, including forex, indices, commodities and cryptocurrencies
  • Tight spreads and low commissions
  • Advanced charting and trading tools 
  • Highly regulated by several authorities
  • Intuitive, easy-to-use interface

Cons

  • Limited customer support
  • Inactivity fees 

2. Best for Customizable Charting Tools: FOREX.com

  • Forex.com NON US
    Best For:
    Forex Trading in and Outside the U.S.
    securely through Forex.com NON US's website

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% to 77.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

    The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account

FOREX.com stands out as a premier choice among forex and CFD traders worldwide, renowned for its reliability. Boasting an extensive array of tradable currencies, low minimum account requirements, and a formidable trading platform, FOREX.com serves as an ideal hub for currency trading enthusiasts. Its comprehensive education and research center cater to both novices and experienced traders, offering a wealth of free, insightful forex trading courses tailored to various skill levels.

FOREX.com is one of the industry's largest and most reputable forex scalping brokers. They have a global presence and user-friendly platform that offers scalpers access to numerous currency pairs and a wealth of trading tools.

Pros

  • Tight spreads for major currency pairs
  • Fast trade execution to ensure scalpers can capitalize on short-term market fluctuations
  • A wide range of trading tools, including advanced charting and technical indicators
  • Highly regulated
  • Excellent customer support available 24/7

Cons

  • Withdrawal fees

3. Best for Fast Order Execution: XM

  • XM Group
    Best For:
    Beginner forex and CFD traders
    securely through XM Group's website

    Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

XM is a popular forex broker known for its flexible trading account options and excellent trading conditions. With a wide range of instruments available and a commitment to customer satisfaction, XM is an ideal choice for scalpers of all experience levels.

XM is well-regulated and an award-winning multi-asset forex and contract for difference (CFD) broker renowned globally for its low fees on 1,000+ instruments. These instruments encompass CFDs on stocks, commodities, equity indices, precious metals and energy, which you can trade on the popular MT4/MT5 platforms and XM mobile app for convenient trading on the go. XM prides itself on its exceptional execution speed, with 99.35% of all trading orders executed in less than a second, without re-quotes or rejections. 

Pros

  • Ultra-low spreads starting from 0 pips on major currency pairs
  • Fast order execution with no requotes
  • Multiple account types, including Micro, Standard, shares and XM Zero
  • Access to MetaTrader 4 and 5 platforms, along with mobile trading options
  • Extensive educational resources and webinars for traders of all skill levels

Cons

  • No proprietary trading platform available
  • Limited product offering
  • Inactivity fee

4. Best Forex Trader in Canada: IFC Markets

IFC Markets is a globally recognized broker that provides access to a wide array of trading instruments and offers a proprietary trading platform, NetTradeX. This platform is specifically designed to cater to the needs of various trading strategies, including scalping.

IFC Markets provides access to a broad spectrum of financial instruments, boasting a selection of over 600 options. These offerings include forex, stocks, indices, commodities, cryptocurrency futures and synthetic assets. Clients benefit from top-notch trading platforms such as MetaTrader 4, MT5, and the proprietary NetTradeX advanced platform.

Pros

  • Offers over 600 trading instruments, including currency pairs, commodities, indices and stocks
  • Proprietary trading platform, NetTradeX, alongside support for MetaTrader 4 and 5
  • Competitive spreads and flexible leverage options to suit different trading styles
  • Advanced analytics and trading tools 

Cons

  • Not accessible to traders in the U.S.
  • Under regulated

5. Best for Multiple Trading Platforms: FxPro

  • FxPro International
    Best For:
    Excellent Trading Conditions
    securely through FxPro International's website

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

FxPro offers traders like you the opportunity to trade in forex and contracts for difference (CFD) markets where you can access hundreds of assets, including forex, metals, indices, shares and cryptocurrencies.

You can work with 1 of 8 base currencies and save because there are no account or transaction fees. Inactivity fees will apply after 6 months if your account is not in active status.

There’s no commission charged and the spreads are very tight. Trade on MT4 or MT5 to get fast execution and reach out to the multilingual customer support team 24/5 for assistance.

Pros

  •  More than 2100 instruments
  •  Leverage of up to 500:1 
  •  Access to multiple platforms
  •  Fast transaction execution  
  •  Multilingual customer service 24/5

Cons

  • Limited to forex and CFDs
  •  Inactivity fee

6. Best for Scalpers Focused on Tight Spreads: Tickmill

Tickmill is a forex broker notable for its commitment to transparency and competitive trading conditions. With an array of advanced tools and platforms and fast execution time, it offers an optimal environment for scalpers to thrive.

In addition to its diverse platform options, Tickmill accommodates traders at every stage with its competitive pricing, offering leverage of up to 1:500 depending on the entity and client classification. Alongside dedicated support and exclusive market analysis, Tickmill provides a comprehensive suite of trading tools and educational resources. As a low-spread broker, it ensures swift execution, supports various payment methods, and imposes no restrictions on trading strategies like hedging or scalping.

Pros

  • Tight spreads starting from 0.0 pips on major currency pairs
  • Fast execution with an average speed of 0.20 seconds per trade
  • Access to MetaTrader 4 platform and a variety of trading tools
  • No requotes or dealing desk interference
  • Strong regulatory framework

Cons

  • Limited trading instruments 
  • No proprietary trading platform available
  • Customer support not available 24/7

What is Scalping in Forex?

Scalping in forex is a short-term trading strategy that involves entering and exiting trades quickly to capture small price movements. The primary objective of scalping is to accumulate profits through a high volume of trades, each generating a relatively small profit. Forex scalpers typically hold positions for a few seconds to a few minutes, making numerous trades per day.

Scalpers rely on tight spreads and fast execution speeds, as these factors directly impact their trading costs and ability to react to rapid market fluctuations. To be successful, scalpers need to have a strong understanding of technical analysis, risk management and market psychology. They also require discipline and the ability to make quick decisions under pressure.

Given the high frequency of trades and the need for fast execution, scalpers use advanced trading platforms with sophisticated tools and real-time data. Some traders use algorithmic or automated trading systems to execute scalping strategies more efficiently.

What Scalping Forex Brokers Offer Traders

A forex broker for scalping is a brokerage firm that caters specifically to the needs of traders who employ the scalping strategy in the forex market. These brokers provide trading conditions, platforms and features optimized for short-term, high-frequency trading, enabling scalpers to maximize their profits and manage risk effectively.

Key characteristics of a forex scalping broker include:

  • Tight spreads: Scalpers rely on low spreads, as the cost of trading directly affects their profitability — brokers for scalping offer competitive spreads, especially on major currency pairs.
  • Fast execution: Scalpers must enter and exit trades quickly to capitalize on small price movements. A broker for scalping ensures fast and reliable order execution with minimal slippage.
  • Advanced trading platforms: Scalping requires real-time data, advanced charting and technical analysis tools. Brokers for scalping offer powerful trading platforms, such as MetaTrader 4 or 5, with a wide range of tools and features.
  • No dealing desk execution: To ensure fair trading conditions, brokers for scalping often provide NDD execution, which minimizes interference and potential conflicts of interest.
  • Scalping-friendly policies: Some brokers may have restrictions on scalping, such as minimum holding times for trades. A forex broker for scalping allows traders to use scalping strategies without limitations.

Choosing the Right Broker for Success

Choosing the right forex broker is crucial for succeeding with forex scalping — the best brokers for scalping offer tight spreads, fast execution, advanced trading platforms and scalping-friendly policies. By carefully researching and comparing the available options, you can find a broker that aligns with your scalping strategy and helps you maximize your profit potential in the fast-paced world of forex trading.

Frequently Asked Questions 

Q

Is scalping allowed in Forex?

A

Yes, scalping is allowed in forex. But some brokers or trading platforms may have restrictions or policies against scalping.

Q

Which forex broker is best for scalping?

A

Forex.com, IG and IFC markets are considered some of the best brokers for scalping.

Q

Is scalping forex profitable?

A

Yes, scalping forex can be profitable, but it depends on the trader’s skill, experience and risk management.

Get a Forex Pro on Your Side

FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade. 

You can also tap into:

  • EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
  • Powerful, purpose-built currency trading platforms
  • Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program

Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.