Best Market Maker Forex Brokers

Written by Miro Nikolov

Miro Nikolov

Miro Nikolov is the co-founder of TradingPedia.com and BestBrokers.com. His mission is to help people make profitable investments by giving them access to educational resources and analytics tools.

, | Updated: December 4, 2024

‹
• Jump to:
• Main Features
• Compared By Leverage and Commission per Lot
• Market Maker Forex Brokers by Spread
• What Are Market Maker Brokers?
• Market Makers vs ECN Brokers
• Pros
• Cons
• Who Should Opt for Market Maker Brokers?
• Tips
• Final Thoughts
›

The Forex market has diverse traders; hence there are different types of brokers to meet requirements of the traders. Market Maker Forex brokers stand out among these for their unique approach to handling trades. Whether you are a beginner or a veteran trader, knowing how market makers operate can help you decide if this type is the right fit for your strategy or not.

1. 

   Exness

   Rating: 4.6

2. 

   easyMarkets

   Rating: 4.5

   71% of retail investor accounts lose money

3. 

   AvaTrade

   Rating: 4.4

   76% of retail investor accounts lose money

4. 

   eToro

   Rating: 4.2

   51% of retail investor accounts lose money

5. 

   CMC Markets

   Rating: 4.2

   71% of retail investor accounts lose money

6. 

   Plus500

   Rating: 4.1

   80% of retail investor accounts lose money

7. 

   Oanda

   Rating: 4.1

   72% of retail CFD accounts lose money

8. 

   Saxo Bank

   Rating: 3.8

   65% of retail investor accounts lose money

9. 

   IG

   Rating: 3.7

   70% of retail client accounts lose money

10. 

    XM Group

    Rating: 2.9

    72.82% of retail investor accounts lose money

Below you can find a comparison table of the best forex brokers using the Market maker model. We rank them based on several factors including: regulation, spreads and commissions, Trustpilot rating, trading instruments, trading platforms, deposit and withdrawal methods.

Main Features of the Best Market Maker Forex Brokers

1. TRADE NOW READ REVIEW
   XM Group

   Min Deposit

   $5

   Trading Instruments

   Forex, Stocks, Indices, Commodities, Thematic Indices

   Regulators

   (ASIC) (ref. No. 443670), FSC (license no. 000261/397), DFSA (ref. no. F003484), CySEC (license no. 120/10), CFTC; Registrations for EU passporting: - BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA (Finland), KNF, AFM, FSA (Sweden)

   Trading Platforms

   MetaTrader 4 and 5, MetaTrader 4 and 5 on mobile, MT4 WebTrader, MT5 WebTrader, MT4 Multiterminal

   Spread

   From 0.0 pips (Zero Account), 0.6 pips (Standard and Micro Accounts)

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard. Skrill, Bank Transfer, Neteller, Apple Pay, Google Pay, UnionPay, Maestro

   Withdrawal Methods

   Visa, Mastercard, China Union Pay, Skrill, Neteller, Bank Transfer

   72.82% of retail investor accounts lose money

   XM is a licensed and regulated forex broker ensuring ultra-fast order executions and competitive prices. The company’s portfolio features 1,000+ trading instruments, including 50+ global currency pairs. Minimum deposits start from just $5, with negative balance protection available for retail customers.

   XM acts as a market maker, incorporating all trading costs into the spread. Spreads on all major pairs are as low as 1.6 pips for Micro and Standard accounts and 0.8 pips for Ultra Low accounts. Commissions are waived on all three trading account types – Micro, Standard, and Ultra Low. There is also the option to convert them to an Islamic account for traders who cannot pay or receive swaps due to religious beliefs.

2. TRADE NOW READ REVIEW
   eToro

   Min Deposit

   $50 or $100 based on country ($10 for the UK)

   Trading Instruments

   Crypto, CFDs on Forex, Stocks, Commodities, Crypto, ETFs, and Indices

   Regulators

   FCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCEN, AMF, SEC, GFSC

   Trading Platforms

   eToro Investing, eToro App, TradingView, eToro CopyTrader

   Spread

   1 pip

   Leverage

   1:30

   Deposit Methods

   eToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24

   Withdrawal Methods

   PayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer

   51% of retail investor accounts lose money

   As a market maker forex broker, operating its own dealing desk, eToro generates profits through the spread and does not charge commissions. The company’s forex portfolio includes 55 currency pairs, including major, minor, and exotic pairs. Traders can benefit both from the up and down movements of the market. Spreads for the most popular and liquid EUR/USD pair on the broker’s in-house trading platform start from 1.0 pip.

   Among eToro’s indisputable benefits is the fact that the broker runs the world’s leading social trading platform, empowering users to share their experiences, exchange ideas, and learn from strategies employed by skilled traders.

3. TRADE NOW READ REVIEW
   Plus500

   Min Deposit

   $100

   Trading Instruments

   Crypto, Indices, Commodities, Stocks, Options, ETFs

   Regulators

   FSA (No.4.1-1/18), FCA (No. FRN 509909), CySEC (No.250/14), FMA (No.47546), SFSA (No. SD039), MAS (No. CMS100648), DFSA (No. F005651), ASIC (No. 417727), BaFin registration, SCB (SIA-F250)

   Trading Platforms

   Proprietary desktop and mobile platforms

   Spread

   0.8 pips

   Leverage

   1:30

   Deposit Methods

   Mastercard, Visa, Skrill, PayPal, Bank Transfer, Apple Pay, BPAY

   Withdrawal Methods

   PayPal, Bank Transfer, Visa, Mastercard, Skrill

   80% of retail investor accounts lose money

   Plus500 is another market-making broker, acting as a counterparty to its clients in trading operations. The company is compensated for the services it delivers through the spread, with no hidden fees and additional commissions. Depending on their activity, traders may incur overnight financing charges, currency conversion fees, or inactivity fees, all of them clearly communicated by the broker.

   Plus500 customers have access to 60+ forex pairs, including popular pairs such as EUR/USD, GBP/USD, and EUR/GBP, with maximum leverage of 1:30. They can benefit from advanced trading tools, including Stop Loss, Take Profit, and Guaranteed Stop to keep their losses to a minimum and lock in profits. Free unlimited Demo accounts are another great advantage, allowing novice traders to explore markets without risking real money.

4. TRADE NOW READ REVIEW
   IG

   Min Deposit

   $50

   Trading Instruments

   CFDs on Indices, Forex, Shares, Crypto, Futures, Commodities, Options, Interest Rates, Sectors, Bonds, Knock-out trading

   Regulators

   ASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda)

   Trading Platforms

   MT4, L2 Dealer, ProRealTime, IG proprietary software, TradingView

   Spread

   0.6 pips CFD trading; 0.165 pips DMA trading

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal, Apple Pay, BPAY

   Withdrawal Methods

   Visa, Visa Electron, Mastercard, Discover, Bank Transfer

   70% of retail client accounts lose money

   Established in 1974, IG is a world-leading CFD and forex provider, authorized by multiple financial regulators, including ASIC, FCA, CFTC, and MAS, among others. The broker boasts a comprehensive suite of 17,000+ tradable instruments, including nearly 100 major, minor, and exotic forex pairs.

   The market maker type of order execution is available on IG’s Standard CFD account, with no commissions added to the spreads of forex pairs. Minimum spreads for the EUR/USD pair start from 0.6 pips, and the average spreads – from 1.00 pip. The other way to trade forex pairs with this broker is through “Direct Market Access” (DMA), which is suitable for advanced traders. The latter involves tighter spreads (starting from 0.165 pips) plus variable commissions.

5. TRADE NOW READ REVIEW
   AvaTrade

   Min Deposit

   $100

   Trading Instruments

   Forex, Major stock indices, Cryptocurrencies, Commodities, Bonds, Individual Shares, ETFs

   Regulators

   FFAJ (License No.1574),CySEC (No. 347/17) ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC (No.406684), JFSA (No. 1662)

   Trading Platforms

   MetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial, AvaOptions, DupliTrade

   Spread

   From 0.9 pips (retail), 0.6 pips (pro)

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire

   Withdrawal Methods

   Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire

   76% of retail investor accounts lose money

   Founded in 2006, AvaTrade is a great option for traders with a low entry deposit of $100. The company operates globally, with nine licenses from financial regulators, including CySEC, ASIC, and FSCA. As a market maker, AvaTrade has its own dealing desk, providing access to the forex trading market to its customers and executing trades for them. As such, the broker acts as a bridge between the interbank market and retail traders. Besides competitive spreads, AvaTrade ensures fast order execution.

   The broker does not charge commission on forex trades, with all costs being incorporated into the spread. More than 55 forex pairs are on offer, with fixed, competitive spreads. Forex traders will benefit from spreads of 0.9 pips for EUR/USD and 1.3 pips for GBP/USD and USD/JPY.

6. TRADE NOW READ REVIEW
   Exness

   Min Deposit

   Varies based on method

   Trading Instruments

   Forex, CFD's on Stock, CFD's on Indices

   Regulators

   CySEC, FCA, FSC (Mauritius), FSA (Seychelles), CBCS (Curacao), FSC (BVI)

   Trading Platforms

   MT4, MT5, Exness Terminal (Proprietary)

   Spread

   From 0.2 pips (Standard), 0.0 pips (Zero, Raw)

   Leverage

   1:2000

   Deposit Methods

   Bank Wire, Visa, MasterCard

   Withdrawal Methods

   Bank Wire, Visa, MasterCard

   Exness is a premier brokerage company incorporating a market-making and an ECN model thus catering to a wide range of traders. As a market maker, Exness facilitates trades by taking the opposite side of a customer’s position. The internal processing of orders ensures fast trade execution speed. Average spreads for EUR/USD and AUD/USD start from 0.9 pips.

   The broker requires a low minimum deposit amount of $10 and supports the popular MT4 and MT5 platforms plus a proprietary trading platform. In terms of regulation, the brokerage company bears licenses from several regulators, including FCA, CySEC, FSCA, and CMA. To protect its customers’ funds, the broker keeps them in segregated accounts in tier-one banks and offers negative balance protection for all retail traders.

7. TRADE NOW READ REVIEW
   easyMarkets

   Min Deposit

   $100

   Trading Instruments

   Regulators

   CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135).

   Trading Platforms

   easyMarkets, MetaTrader 4, MetaTrader 5, TradingView

   Spread

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer

   Withdrawal Methods

   Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer

   71% of retail investor accounts lose money

   As a market maker forex trading broker, easyMarkets ensures that trading is never disabled even during extreme market volatility or groundbreaking economic events. Customers interested in trading with fixed spreads and no commissions can take a look at easyMarkets Web/App, TradingView, and MT4 accounts. Spreads for the major forex pair EUR/USD start from 0.8 pips for easyMarkets Web/App and TradingView accounts, while those for the MT4 accounts start from 0.7 pips.

   Minimum deposits for all supported account types are as low as $25 and leverage is capped at 1:30. Important trading protections at the disposal of forex traders are negative balance protection, dealCancellation, and free guaranteed stop loss.

8. TRADE NOW READ REVIEW
   Oanda

   Min Deposit

   $0 ($25 for Trustly, Visa, Mastercard)

   Trading Instruments

   Regulators

   FCA, CFTC, KNF, MAS, IIROC, MASASIC, FSA (Japan), FSC (British Virgin Islands)

   Trading Platforms

   MT4, TradingView, Oanda Web

   Spread

   From 0.6 pips (Standard Account), 0.1 pips (Commision Account)

   Leverage

   1:50

   Deposit Methods

   Visa, MasterCard, Credit & Debit Cards, Bank Wire, Skrill, Neteller

   Withdrawal Methods

   Visa, Bank Wire, Credit & Debit Cards, Skrill, Neteller

   72% of retail CFD accounts lose money

   As a market maker, Oanda operates its own dealing desk and does not route its customers’ orders to the market. As such, the company does not charge commissions on trades and includes all trading costs in the spread. The FX trading portfolio of the broker comprises 68 pairs, including all majors and minors.

   When it comes to forex trading, customers can choose between several platforms, including the proprietary Oanda Trade platform, MetaTrader4, or TradingView. Besides the spread-only pricing model, the broker offers a Standard account featuring core spread and commission pricing, but it is available only to customers with a balance over $10,000.

9. TRADE NOW READ REVIEW
   Saxo Bank

   Min Deposit

   $0 Classic
   $200,000 + Platinum
   $1,000,000 + VIP

   Trading Instruments

   Stocks, ETFs, Bonds, Mutual funds, Crypto ETPs, Options, Futures, Forex, Forex options, Crypto FX, CFDs, Commodities

   Regulators

   FCA (No. 551422), FSA Denmark (No. 1149), MAS (No. 200601141M), ASIC (No. 32110128286), SFC Hong Kong (No. 1395901), FSA Japan (No. 0104-01-082810)

   Trading Platforms

   SaxoTraderGO, SaxoTraderPRO, TradingView, SaxoInvestor

   Spread

   0.9 pips (Classic), 0.8 (Platinum), 0.7 pips (VIP)

   Leverage

   1:30

   Deposit Methods

   Visa, Visa Electron, Mastercard, Maestro, Bank Transfer, Quick Payment

   Withdrawal Methods

   Bank Transfer

   65% of retail investor accounts lose money

   Saxo Bank is a multi-regulated financial services provider, headquartered in Copenhagen, Denmark. Founded as a brokerage, the company later acquired a banking license in 2001. As a market maker, the broker may act as a counterparty to trades conducted by its customers. As per data from November 2024, the average execution speed on market orders is 0.013 seconds. The company generates profit from the difference between bid and ask prices.

   Based on customers’ trading activity, the brand offers three account types, Classic, Platinum, and VIP. The first one, the Classic account, is the most popular option among retail forex traders, with no minimum balance requirements and spreads for major forex pairs starting from 0.9 pips. With access to 185+ FX pairs, traders are provided with perfect conditions to diversify their portfolios.

10. TRADE NOW READ REVIEW
    CMC Markets

    Min Deposit

    $0

    Trading Instruments

    CFDs on Forex, Indices, Shares, Commodities, Treasuries, Cryptocurrencies, Share baskets Investments on ETFs, Shares, Managed funds, Options, and more

    Regulators

    ASIC, MAS, FCA, BaFin, IIROC

    Trading Platforms

    CMC Markets’ Next Generation, MetaTrader 4

    Spread

    From 0.0 pips (UK), 0.3 pips (SG, AU), 0.2 pips (IE)

    Leverage

    1:30

    Deposit Methods

    Visa, Mastercard, Maestro, Online Banking, Bank Transfer

    Withdrawal Methods

    Visa, Mastercard, PayPal, Bank Transfer

    71% of retail investor accounts lose money

    Established in 1989, CMC Markets is a LSE-listed brokerage, with 1M+ global customers. The leading financial services company operates its own dealing desk and generates profit from the bid-ask spread. Customers enjoy tight spreads and ultra-fast order execution across 12,000 financial instruments, including 330+ forex pairs.

    The broker’s standard Account type is available on the CMC Next Generation Platform and the MT4. The company has not set minimum deposit requirements. Competitive spreads start from 0.6 pips and retail customers can increase their exposure to the forex markets through leverage, capped at 1:30.

Market Maker Forex Brokers Compared By Leverage and Commission per Lot

Market Maker Forex Brokers by Spread

What Are Market Maker Brokers?

Market maker brokers act as intermediaries that “make the market”. They provide liquidity to the traders. They internalize the trades within their system instead of passing them directly to the interbank market. These brokers act as counterparties. They become sellers when you buy and buyers when you sell.

How Market Makers Are Different from ECN Brokers?

The following comparison table shows you a clear difference between both models.

The above table gives you a clear difference between market makers and ECN brokers. ECN brokers pass your orders directly to the market. That’s why they charge low spreads and have higher transparency. Moreover, the execution speed is also high for the ECN brokers.

On the other hand, market makers have a higher spread which is fixed. Hence, requotes may occur but there are no slippages. As marker makers internalize the trades, they are doubted for potential manipulation due to conflict of interest.

Pros of Market Maker Brokers

Now you have the idea what market makers are and how they are different from ECN brokers, let’s find out some major advantages of market maker brokers.

1. Guaranteed Liquidity

   Market makers assure that the trades must be executed even during the low-volume hours. Hence, it suits trading performed during low liquidity hours.

2. Negative Balance Protection

   Due to internalization, market maker brokers can assure that you may not lose more than your equity. So, extremely volatile markets may not hurt you badly.

3. Fixed Spreads

   Though market maker brokers have a higher spread, it is fixed which makes it easier for you to estimate your cost of trading. With fixed spreads, there is no commission charged.

4. Low Minimum Deposit

   Market maker brokers allow you to start trading even with a very small deposit. This feature is friendly for beginner traders who want to test their skills and get real-time experience.

5. User Friendliness

   These brokers mostly offer intuitive platforms that are user-friendly for beginners and often come with educational resources to help new traders acquire skills.

6. No Slippages

   Since spreads are fixed, there is no change even during low activity or highly volatile moments. Hence, you can avoid slippages.

Cons of Market Maker Brokers

Now, let’s take a look at the disadvantages of the market makers.

1. Higher Spreads

   Though there is no commission charged, the spreads are higher compared to the ECN brokers. Such spreads may not suit certain traders that trade many times during a day.

2. Requotes

   There is no slippage with market makers but requotes may occur. Your order may not be filled instantly when markets experience abrupt movement.

3. Manipulation Risk

   Since orders are internalized, these brokers may manipulate pricing to hunt your stop-loss or intentionally delay your order execution.

4. Conflict of Interest

   Market makers trade against the traders. Hence, they make money when traders lose. So, the broker always has a conflict of interest with the traders.

Who Should Opt for Market Maker Brokers?

After learning the core benefits and disadvantages of the market maker brokers, now we discuss what type of traders should go for market maker broker.

As a beginner trader, you can get advantages from market maker brokers. They have low entry requirements and platforms are user-friendly with educational resources.

Swing traders or positions traders that trade a few times during a whole week are not sensitive to the cost of trading. Hence, such traders can go for market maker brokers.

However, market maker brokers are not suitable for:

Scalpers or high-frequency traders open and close several positions in a day and their profit targets are very small like 1-2 pips. Hence, higher spreads and slow execution may not suit such traders.

Tips to Choose a Market Maker Broker

If you have decided to go for a market maker broker, consider the following factors:

• Regulation

  A broker must be regulated. Non-regulated brokers have no accountability and traders are not safe to work with them.

• Credibility

  After regulation, look for the credibility of a broker. Check the online reviews, TrustPilot rating, and other forums where users share their experiences.

• Transparency

  The broker must have transparent processes. There should be no grey areas. Also, the broker must be clear about the deposit, withdrawal, and other fees.

• Customer Support

  A good broker always comes with a swift customer support service. Live chat, emails, and social media profiles are helpful for a trader to resolve any concern.

Final Thoughts

Market maker brokers are friendly for beginners and low-volume traders. They have certain advantages like fixed spreads, low minimum deposit required, and no slippages. However, they come with a few drawbacks as well like conflict of interest and limited market access. The ultimate choice of a broker depends on your trading needs. If you wish to trade during low activity moments, market makers may suit you as your orders will be filled no matter the volume.