One of the most important costs in forex trading is the spread - the difference between the buy and sell price. Even small differences in spreads can significantly affect profitability, especially for scalpers, day traders, and active traders.
In this 2026 comparison, we review three popular forex brokers used globally: Deriv, Exness, and HFM (HotForex). The focus is on spreads, trading costs, execution quality, and which type of trader each broker is best suited for.
If you're still exploring different platforms, you may also want to check our guide to the top 10 best trading platforms for forex and CFD traders, where we compare some of the most widely used brokers in the market.
1. Quick Comparison: Deriv vs Exness vs HFM
Before diving into the details, here is a side-by-side overview of the three brokers across the most important criteria traders consider when choosing a platform.
📊 Broker Comparison
Best For: Beginners & simplicity
EUR/USD Spread: From ~0.5 pips
Accounts: STP / Synthetic
Regulation: Multiple jurisdictions
Best For: Low spreads & scalping
EUR/USD Spread: From 0.0 pips (Raw)
Accounts: Standard / Raw
Regulation: Tier-1 & global
Best For: Balanced trading
EUR/USD Spread: From 0.0 pips (Zero)
Accounts: Standard / Zero
Regulation: Multi-regulated
Note: Spreads vary depending on market conditions, account type, and volatility.
2. Understanding Spreads & Trading Costs
Brokers advertise low spreads, but traders should look beyond the headline number. True trading costs depend on several factors that are not always visible at a glance.
Commissions on Raw/Zero Accounts: Many brokers offering 0.0 pip spreads charge a per-lot commission on entry and exit. Always calculate the total round-trip cost before comparing accounts.
Execution Speed & Slippage: A broker with slightly higher spreads but faster, more consistent execution can actually be cheaper in practice - especially during news events and high-volatility sessions.
Stability During Volatility: Spread widening during major economic releases (NFP, CPI, central bank decisions) can turn a normally tight spread broker into an expensive one. Check broker behavior during volatile sessions before committing.
3. Deriv Review
Deriv is known for its beginner-friendly interface and flexible trading platforms. It supports MT5 alongside its own proprietary platforms, making it a strong starting point for new traders. Those new to the platform can benefit from our step-by-step guide on how to open a Deriv account before starting live trading.
Deriv: Pros & Cons
✅ Pros: Simple platforms suitable for beginners - No commission on most standard forex accounts - Supports MT5 and proprietary platforms - Accessible to traders in Africa and Asia with flexible deposit options.
⚠️ Cons: Spreads widen noticeably during volatile sessions - Not ideal for high-frequency scalping - Fewer advanced trading tools compared to ECN brokers.
Best for: New traders and those in emerging markets who value simplicity, ease of use, and a safe regulated environment over ultra-tight spreads.
Ready to start trading with Deriv?
Regulated, beginner-friendly, and available globally.
🚀 Join Deriv – Regulated & Beginner-Friendly →
Regulated, beginner-friendly, and available globally.
4. Exness Review
Exness is widely regarded as one of the lowest-spread brokers in the retail forex market, particularly on its Raw Spread account. It is a top choice for traders who rely on tight entries and fast execution - including those who use price action strategies where every pip matters.
Exness: Pros & Cons
✅ Pros: Raw spreads from 0.0 pips on the EUR/USD - High liquidity with fast, consistent execution - Transparent trading costs - Strong regulation including FCA, CySEC, and other Tier-1 bodies.
⚠️ Cons: Raw and Pro accounts include per-lot commissions - The range of account types and features may feel complex for beginners.
Best for: Scalpers, day traders, and active traders who prioritize the tightest possible spreads and institutional-grade execution quality.
Want the tightest spreads in the market?
Exness Raw accounts start from 0.0 pips.
🔒 Try Exness – Lowest Spreads →
Exness Raw accounts start from 0.0 pips.
5. HFM (HotForex) Review
HFM (HotForex) offers a well-rounded combination of strong regulation, a wide range of account types, and competitive trading conditions. It is particularly popular among intermediate traders who want reliable infrastructure without fully committing to ECN-style trading.
HFM: Pros & Cons
✅ Pros: Zero Spread account available for active traders - Supports both MT4 and MT5 platforms - Strong educational resources for developing traders - Multi-regulated across several jurisdictions.
⚠️ Cons: Zero spread accounts include commissions - Standard account spreads are average compared to Exness - Deposit and withdrawal options can vary by region.
Best for: Traders seeking strong regulation and a balanced set of trading conditions - particularly those who want flexibility without going fully ECN.
Looking for a regulated broker with flexible accounts?
HFM offers Zero Spread and Standard accounts with multi-jurisdiction regulation.
🟡 Open HFM Now – Secure Trading →
HFM offers Zero Spread and Standard accounts with multi-jurisdiction regulation.
6. Final Verdict: Which Broker Should You Choose?
The best forex broker depends on your trading style, experience level, and what you value most. Here is a clear breakdown to help you decide.
🏆 Final Verdict Summary
🚀 Deriv - Best overall for beginners and those who want a simple, regulated platform with no commission accounts.
🔒 Exness - Best for scalpers and active traders who need the tightest spreads and fastest execution on the market.
🟡 HFM - Best balanced option for intermediate traders who want regulation, flexibility, and strong educational support.
The best forex broker ultimately depends on your trading style, strategy, and experience level. Many traders who rely on price action strategies prefer platforms with reliable charts, tight spreads, and fast execution. Always test brokers using a demo account before committing real capital.
📚 Further Reading
More resources to help you find the right broker and build a consistent trading edge:
7. FAQs
Q: Which broker has the lowest spreads - Deriv, Exness, or HFM?
Exness consistently offers the lowest spreads, with its Raw Spread account starting from 0.0 pips on major pairs like EUR/USD. However, a per-lot commission applies on this account type. HFM also offers a Zero Spread account with similar conditions.
Q: Is Deriv good for beginners?
Yes. Deriv is one of the most beginner-friendly regulated brokers available, with simple platforms, no commissions on standard accounts, and broad accessibility in Africa and Asia. It supports MT5 as well as its own proprietary tools.
Q: Can I use Exness for scalping?
Yes. Exness is widely considered one of the best brokers for scalping due to its raw spreads, fast execution, and high liquidity. The Raw Spread account is the most popular choice among scalpers and high-frequency traders.
Q: Is HFM well regulated?
Yes. HFM (HotForex) is regulated across multiple jurisdictions including FCA (UK), CySEC (Cyprus), FSCA (South Africa), and others. It is considered a well-regulated broker suitable for traders who prioritize compliance and oversight.
Disclaimer: This content is for educational purposes only and does not constitute financial advice. Forex and CFD trading involve significant risk and may not be suitable for all investors. Only trade with funds you can afford to lose. Please see our full Terms & Disclosures for details.
Last updated: April 17, 2026