Which Forex Broker Should You Choose?

There are hundreds of regulated forex brokers in the world. Pepperstone, OANDA, IG, Saxo Bank, CMC Markets, XM, Exness, FP Markets — the list goes on. Each has different strengths in regulation, pricing, platforms, and support. The right broker depends on where you live, what you trade, and what matters most to you.

On this page we briefly compare three brokers we know from personal experience because we are an introducing broker (IB) partner of each. These are not the only good brokers — they are simply the ones we can speak about honestly. For a general checklist that works for any broker, read our how to choose a broker guide.

Quick comparison

IC Markets:

• Regulation: ASIC (Australia), CySEC (EU), SCB (Bahamas)
• Raw spread commission: $3.50 per side per lot ($7.00 round turn)
• Minimum deposit: $200
• Platforms: MetaTrader 4, MetaTrader 5, cTrader
• Best for: EU traders who need CySEC regulation, and traders who want cTrader with deep liquidity

Fusion Markets:

• Regulation: ASIC (Australia), VFSC (Vanuatu)
• Raw spread commission: $2.25 per side per lot ($4.50 round turn) — the lowest of the three
• Minimum deposit: $0
• Platforms: MetaTrader 4, MetaTrader 5, TradingView, cTrader
• Best for: traders who want the lowest costs, the widest platform choice, and no minimum deposit barrier

Blueberry Markets:

• Regulation: ASIC (Australia), SCB (Bahamas)
• Raw spread commission: $3.50 per side per lot ($7.00 round turn)
• Minimum deposit: $100
• Platforms: MetaTrader 4, MetaTrader 5, TradingView, Blueberry X
• Best for: traders who want ASIC regulation with a low minimum deposit, TradingView access, and personal support

The biggest ongoing cost in forex trading is the spread plus commission on every trade

• Fusion Markets is the cheapest at $2.25 per side. Over hundreds of trades, this adds up to significant savings.
• IC Markets and Blueberry Markets both charge $3.50 per side. Still competitive compared to the industry average.
• All three offer raw spread accounts where the spread starts from 0.0 pips on major pairs like EUR/USD.
• All three also offer standard accounts with no commission but wider spreads built into the price.
• For most active traders, a raw spread account with commission is cheaper overall. Read more about standard vs RAW accounts.

The cost difference in practice

• On a standard 1-lot EUR/USD trade, Fusion saves you $2.50 per round turn compared to IC Markets and Blueberry.
• Over 100 trades per month, that is $250 saved with Fusion.
• Over a year, that is $3,000. Significant for active traders, less relevant if you trade a few times per week.

Regulation compared

• IC Markets has the broadest regulation with three licenses across different regions. The CySEC license means they can serve EU traders under MiFID II with full consumer protection.
• Fusion Markets has ASIC (strong, tier-1) and VFSC (weaker, offshore). Most non-Australian traders are onboarded under the VFSC entity.
• Blueberry Markets has ASIC (strong) and SCB (offshore). Similar structure to Fusion.
• All three have ASIC as their core regulation, which is tier-1 and trustworthy.
• IC Markets has an edge for EU-based traders with its CySEC license. For everyone else, the ASIC regulation is the common denominator.
• Always verify regulation yourself before depositing.

Platforms compared

• IC Markets offers MT4, MT5, and cTrader. The only one of the three without TradingView integration.
• Fusion Markets offers MT4, MT5, TradingView, and cTrader. The widest platform choice of the three.
• Blueberry Markets offers MT4, MT5, TradingView, and their own Blueberry X platform.
• Not sure which platform suits you? Read the platform comparison.

Which broker for which trader?

Choose IC Markets if

• You are based in the EU and need CySEC regulation
• You want the broadest regulation coverage across regions (ASIC, CySEC, SCB)
• You value deep liquidity and fast execution for scalping
• You are happy with MT4, MT5, and cTrader without needing TradingView

Choose Fusion Markets if

• Lowest cost is your top priority ($2.25 vs $3.50 per side)
• You want TradingView integration for charting and direct trading
• You want to start with no minimum deposit at all
• You trade frequently and want to save on commissions over time

Choose Blueberry Markets if

• You want ASIC regulation with a low $100 minimum
• You prefer a smaller, more personal broker with responsive support
• You want TradingView access plus their own Blueberry X platform
• You want something between IC Markets and Fusion in terms of cost and features

Our honest advice

• If you are brand new: open a demo account with any of the three. They all offer free demos. Practice first, deposit later.
• If cost is your priority: Fusion Markets.
• If platform choice is your priority: IC Markets (for cTrader) or Fusion Markets (for TradingView).
• If you want the simplest start: Blueberry Markets.
• There is no wrong choice among these three. All are ASIC-regulated, all offer competitive pricing, and all have been around for years.

Important: there are many more brokers

These three are the brokers we partner with and can review from experience. But the forex world has many other reputable brokers — Pepperstone, OANDA, IG, Saxo Bank, CMC Markets, and dozens more. What matters most is that your broker is properly regulated, offers competitive spreads, and supports a platform you are comfortable with.

Open an account (partner links)