No Dealing Desk 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
• No Dealing Desk Forex Brokers by Spread
• What are No Dealing Desk Brokers?
• How do No Dealing Desk Brokers work?
• Pros
• Cons
• Comparing NDD and DD Brokers
• Choosing the Right Broker
• Final Thoughts
›

Choosing the right Forex broker is as critical as developing a trading strategy. One of the attractive broker types is the No Dealing Desk (NDD) for traders. But what makes NDD brokers distinct from others? The article will explain what NDD brokers are, their core advantages, and how to choose one.

1. 

   Fusion Markets

   Rating: 4.9

   74-89% of retail CFD accounts lose money

2. 

   FP Markets

   Rating: 4.8

   73.85% of retail investor accounts lose money

3. 

   Pepperstone

   Rating: 4.7

   75.5% of retail investor accounts lose money

4. 

   IC Markets

   Rating: 4.6

   70.64% of retail investor accounts lose money

5. 

   Global Prime

   Rating: 4.4

   74-89% of retail CFD accounts lose money

6. 

   Axi

   Rating: 4.3

   The vast majority of retail client accounts lose money

7. 

   Eightcap

   Rating: 4.2

   76.09% of retail investor accounts lose money

8. 

   Interactive Brokers

   Rating: 3.1

Main Features of the Best No Dealing Desk Forex Brokers

Below you can find a comparison table of the best No Dealing desk forex brokers regulated by FCA, ASIC or CySEC. We rank them based on several factors including: regulation, spreads and commissions, Trustpilot rating, trading instruments, trading platforms, deposit and withdrawal methods.

1. TRADE NOW READ REVIEW
   FP Markets

   Min Deposit

   $50 (AU$100)

   Trading Instruments

   Forex CFDs, Shares CFDs, Metals CFDs, Commodities CFDs, Indices CFDs, Crypto CFDs, ETF CFDs

   Regulators

   ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines)

   Trading Platforms

   MetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingView

   Spread

   1.0 pips Standard; 0.0 pips Raw

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Neteller, Bank Transfer, Skill, Sticpay, Fasapay, Virtual Pay, Perfect Money, Pagsmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker to Broker, PayPal, XPay, Rapyd

   Withdrawal Methods

   Visa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal

   73.85% of retail investor accounts lose money

   FP Markets offers ECN (Electronic Communication Network) trading, with Equinix servers ensuring swift execution speeds. The broker is not a market maker, and its users can trade contracts for difference on 70+ currency pairs, shares, indices, commodities, metals, ETFs, cryptocurrencies, and bonds without any concerns about the broker’s transparency. The available platforms include MT4/5, TradingView, WebTrader, IRESS, and cTrader. FP Markets is mobile-friendly. Leverage of up to 1:500 or 1:30 is available, but the limits are jurisdiction dependent. FP Markets is authorized by the regulators of Australia, Cyprus, South Africa, and Seychelles. Spreads as low as 1 pip (Standard) and 0 pips (Raw). Copy trading is also available. Available in 20+ languages.

2. TRADE NOW READ REVIEW
   Fusion Markets

   Min Deposit

   $0

   Trading Instruments

   Forex, Commodities, Indices, Crypto, US Stocks

   Regulators

   ASIC, FSA (Seychelles), VFSC (Vanuatu)

   Trading Platforms

   MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView

   Spread

   0.9 pips Classic; 0.0 pips Zero

   Leverage

   1:30 (1:500 for forex and metals via VFSC)

   Deposit Methods

   Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire, ZotaPay, VNPay, DuitNow, XPay, DragonPay, VAPay, FasaPay, AstroPay, PayID, Jetonbank, Sticpay, Interac, LuqaPay, Zotapay, MiFinity

   Withdrawal Methods

   Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, DragonPay

   74-89% of retail CFD accounts lose money

   Fusion Markets is an ECN broker that has no dealing desk and boasts requote-free market execution. According to data from CompareForexBrokers, the broker’s execution speed was an average of 37 ms in August 2023. In terms of platforms, cTrader, TradingView, and both MetaTrader iterations are available. The market selection includes forex, metals, and more. No minimum deposit requirement. Spreads start from under 1 pip regardless of account type, as the minimum is 0.9 pips for Classic Account users, while for Zero Account clients, it is 0 pips. The latter are charged a $4.50 commission.

3. TRADE NOW READ REVIEW
   Pepperstone

   Min Deposit

   $0

   Trading Instruments

   Forex, Indices, Commodities, Cryptocurrencies, Share CFDs, ETFs

   Regulators

   UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA, SCB (Bahamas)

   Trading Platforms

   TradingView, MT5, MT4, cTrader

   Spread

   From 0.0 pips (Razor Accounts), 1 pip (Standard Accounts)

   Leverage

   1:30

   Deposit Methods

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

   Withdrawal Methods

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

   75.5% of retail investor accounts lose money

   With execution speeds of 30 ms or under and 1200+ instruments, Pepperstone is a no-dealing-desk (NDD) broker suitable for many traders. The risk of requotes is lower at Pepperstone given its NDD pricing model. Its markets include forex, ETFs, commodities, cryptocurrencies, indices, and more. The broker supports industry-standard platforms like MT4 and 5, cTrader, and TradingView. Spreads start from 0 pips (Razor) or 1 pip (Standard). The FCA, ASIC, DFSA, CySEC, CMA, SCB, and BaFin have all granted Pepperstone licenses. Clients can rely on 24/7 customer support via phone, email, or live chat.

4. TRADE NOW READ REVIEW
   IC Markets

   Min Deposit

   $200

   Trading Instruments

   CFDs on Forex, Commodities, Index, Bond, Cryptocurrencies, Stock, Futures

   Regulators

   FSA (Seychelles), CySEC, ASIC

   Trading Platforms

   MetaTrader4, MetaTrader5, cTrader, ZuluTrade

   Spread

   0.8 pips Standard, 0.0 pips Raw Accounts

   Leverage

   1:30

   Deposit Methods

   Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna, Nuvei

   Withdrawal Methods

   Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, FasaPay, Poli, RapidPay, Klarna

   70.64% of retail investor accounts lose money

   An NDD broker supporting cTrader, TradingView, and MT4/5, IC Markets impresses with average execution speeds of 35 ms. This is achieved through the broker’s NY4 servers, which are hosted by Equinix. Users are provided with ample choice CFD markets-wise: stocks, commodities, 60+ forex pairs (EUR/USD, GBP/USD, AUD/CAD, etc.), indices, bonds, cryptocurrencies, and futures. In some jurisdictions, the broker offers up to 1:1000 leverage. Micro lot trading is available starting from 0.01 lots. The broker also boasts low spreads from 0.8 pips (Standard) and 0 pips (Raw, $3 per $100,000 commission applies). To get started, users must deposit at least $200. The broker has an ECN pricing model.

5. TRADE NOW READ REVIEW
   BlackBull Markets

   Min Deposit

   $0 (Standard)
   $2,000 (Prime)
   $20,000 (Institutional)

   Trading Instruments

   Forex, Commodities, Futures, Indices, Stocks, Cryptocurrencies

   Regulators

   SFSA (No. SD045), FMA (No. FSP403326), FSA

   Trading Platforms

   MT4, MT5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade, BlackBull Invest, ZuluTrade

   Spread

   0.8 pips Standard; 0.1 pips Prime; 0.0 pips Institutional

   Leverage

   1:500

   Deposit Methods

   Visa, Mastercard, Neteller, Airtm, Skrill, Bank Transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, Fasapay, China Union Pay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar

   Withdrawal Methods

   Visa, Mastercard, Bank Transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin

   BlackBull Markets is an NDD broker that achieves execution speeds of under 100 ms across its supported platforms, which include the full MetaTrader suite, cTrader, and TradingView. The minimum deposit is an accessible $0. All account types feature ECN execution and narrow spreads. Standard ECN spreads start from 0.08 pips, while for ECN Prime account holders, the minimum falls to 0.1 pips. ECN Institutional spreads can go as low as 0 pips. ECN Institutional clients have custom options servers-wise, while the others’ servers are listed as NY4/LD5. Licensed by the SFSA, BlackBull Markets offers up to 1:500 leverage.

6. TRADE NOW READ REVIEW
   Axi

   Min Deposit

   $0

   Trading Instruments

   Forex, Stocks, IPOs, Indices, Commodities, Cryptocurrencies

   Regulators

   ASIC, FCA, CySEC, DFSA, FSA (Saint Vincent and the Grenadines)

   Trading Platforms

   MT4 Desktop, MT4 WebTrader, Axi Mobile

   Spread

   From 0.0 pips (Elite and Pro Accounts), 0.9 pips (Standard Account)

   Leverage

   1:30

   Deposit Methods

   Visa, Mastercard, Bank Transfer, Neteller, Skrill, AstroPay, Fasapay, Przelewy24, Boleto, Pix, Bitcoin, Ethereum, Ripple, Litecoin, Tether, Stellar, POLi, iDEAL, Sofort, Giropay

   Withdrawal Methods

   Mastercard, Visa, Bank Transfer, Przelewy24, Fasapay, Skrill, AstroPay, Pix, Boleto, Neteller, Bitcoin, Ripple, Ethereum, Litecoin, Tether, Stellar

   The vast majority of retail client accounts lose money

   Axi aims to execute orders swiftly (1-100 ms), which is why it has gone with Equinix in terms of server hosting. As Axi does not have a dealing desk, its prices are determined by third-party liquidity providers like major banks, ensuring clients do not need to worry about possible conflicts of interest. Furthermore, Axi is registered with tier-1 regulators like the FCA and ASIC, as well as the FSA (St Vincent and the Grenadines) and the DFSA. Axi offers several MT4 account options, and the spreads start from 0.9 pips (Standard) and 0 pips (Pro, Elite). The minimum trade size at Axi is 0.01 lots. Up to 1:500 leverage in some jurisdictions. Elite Account users are offered a free VPS (Virtual Private Server).

7. TRADE NOW READ REVIEW
   Interactive Brokers

   Min Deposit

   $0

   Trading Instruments

   Regulators

   CFTC, CIRO, FCA, CBI, Central Bank of Hungary, ASIC, SFC (Hong Kong), SEBI, JSDA, MAS

   Trading Platforms

   IBKR Desktop, IBKR Trader Workstation, IBKR Mobile, IBKR GlobalTrader

   Spread

   From 0.1 pip

   Leverage

   1:20

   Deposit Methods

   Bank Wire, Check (USA only)

   Withdrawal Methods

   Bank Wire

   Interactive Brokers (IBKR) does not have a dealing desk and it offers several platform types: Trader Workstation (TWS), IBKR Desktop, and IBKR Mobile. All of them are proprietary. The best execution is available through the proprietary IB SmartRouting algorithm, offered exclusively to IBKR Pro users. Markets-wise, IBKR clients can trade CFDs on shares, indices, metals, and dozens of forex pairs. Prices are provided by 19 large banks across the world. The broker’s spreads start from 1/10 pip. IBKR is regulated by supervisory entities like ASIC, the FCA, CIRO, and more.

8. TRADE NOW READ REVIEW
   Eightcap

   Min Deposit

   $100

   Trading Instruments

   Forex CFDs, Commodity CFDs, Shares CFD's, Index CFDs, Crypto CFD's

   Regulators

   SCB (No. SIA-F220), ASIC (No.391441), CySEC (No. 246/14), FCA (No. 921296)

   Trading Platforms

   MT4, MT5, WebTrader, TradingView, Capitalise.ai, FlashTrader

   Spread

   0.1 pips on Standard and TradingView Accounts; 0.0 pips Raw Accounts

   Leverage

   1:30

   Deposit Methods

   Visa, PayPal, Mastercard, Wire Transfer, Neteller, Skrill, Tether, Bitcoin, BPAY, Dragonpay, Fasapay, Interac, Pix, UnionPay

   Withdrawal Methods

   Mastercard, Visa, PayPal, Skrill, Neteller, Bitcoin, Tether, Wire Transfers, BPAY, Fasapay, Pix, Interac, UnionPay

   76.09% of retail investor accounts lose money

   This NDD broker’s CFD market selection includes forex, commodities, indices, shares, and cryptocurrencies. According to tests performed by CompareForexBrokers, Eightcap’s execution speeds were under 150 ms on average in 2024. The supported platforms are MT4, MT5, and TradingView. The minimum deposit is $100, and trades can be sized between 0.01 and 100 lots regardless of account type. Spreads start from 1 pips for Standard and TradingView account users, while the spreads for Raw accounts can be 0 pips ($3.5 commission, each side). Scalping is permitted.

9. TRADE NOW READ REVIEW
   Global Prime

   Min Deposit

   $0

   Trading Instruments

   Forex, Cryptocurrencies, Indices, Commodities, Bonds

   Regulators

   ASIC (No. 385620), VFSC (No. 40256)

   Trading Platforms

   MT4 Desktop, MT4 Webtrader, MT4 Android

   Spread

   0.9 pips Standard, 0.0 pips Raw

   Leverage

   1:500 (1:30 for ASIC entity)

   Deposit Methods

   Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto

   Withdrawal Methods

   Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies

   74-89% of retail CFD accounts lose money

   With an ECN execution model and a license granted by ASIC, Global Prime is an excellent option for traders wary of brokers that operate a dealing desk. Execution speeds are 100 ms on average, although the broker does warn that the exact speed will depend on how close a client is to the broker’s Equinix server. Paid VPS services are also offered. TradingView, MT4, MT5, and cTrader are the platforms clients of this NDD broker can choose from. The markets include forex (majors, minors, and exotics), crypto CFDs, indices, commodities, and bond CFDs. Clients can get in touch with support 24/7 via live chat, email, or phone.

No Dealing Desk Forex Brokers Compared By Leverage and Commission per Lot

No Dealing Desk Forex Brokers by Spread

What are No Dealing Desk Brokers?

The intermediaries that provide direct access to the Forex market without the intervention of any dealing desk are called No Dealing Desk brokers. These brokers do not act as a counterparty against the traders like traditional brokers. NDD brokers pass your orders directly to the liquidity providers like banks or other financial institutions.

How do No Dealing Desk Brokers work?

There are two models that NDD brokers operate:

The ECN model is about creating a network of traders, banks, financial institutions, and other market participants to interact directly. Orders are matched within the network at the best available bid and ask prices from the participants. Traders can watch Depth of Market to find the volume and prices of buy/sell orders at different levels.

ECN model is extremely suitable for high-frequency traders and scalpers that need fast execution with minimal latency and tight spreads.

STP brokers directly pass the traders’ orders to the liquidity providers without any intervention. Their approach is called a bridge system that sends orders to the interbank or liquidity pools. These brokers add a markup in their spreads and usually charge no commission. STP brokers have less initial deposit requirements compared to ECN brokers.

Pros of No Dealing Desk Brokers

Now you know what NDD brokers are and how they operate; let’s find out their benefits and drawbacks.

1. Fast Execution

   NDD brokers provide instant execution of orders as there is no intervening desk involved in the process. Fast execution assures there are no requotes and slippage is minimal even during highly volatile moments. Scalping traders ideally require low latency and fast execution.

2. Tight Spreads

   Wider spreads lower your profitability. NDD brokers offer variable spreads that come directly from the liquidity providers. Hence spreads are far lower compared to the dealing desk brokers. Therefore, with reduced cost, your odds of profitability increase.

3. Transparent Pricing

   Since pricing comes directly from multiple liquidity providers, the process remains transparent without any manipulation. The traders get the most accurate market rates.

4. No Conflict of Interest

   As the NDD brokers act as intermediaries and don’t trade against the traders, there is no conflict of interest. Otherwise, dealing desk brokers may be involved in malpractices like spread widening, slippages, etc.

Cons of No Dealing Desk Brokers

Now take a look at some disadvantages of the NDD brokers.

1. Higher Initial Deposit

   NDD brokers require a higher initial deposit that makes it inaccessible for the traders with smaller amount. Hence, such traders open standard or cent accounts.

2. Variable Spreads

   The spreads are not fixed and they keep changing. Therefore, you cannot estimate a cost for each trade as spreads tend to widen during low liquidity or high volatility times.

3. Commission Fee

   NDD brokers come with tight spreads but they often charge a commission fee. Traders that scalp multiple positions in a day may need to keep an eye on the commission as it adds a substantial cost.

4. Volatility Risk

   Due to fast execution, you may get your orders filled at less favorable rates during highly volatile market moments.

Comparing NDD and DD Brokers

The major distinction between NDD and DD brokers lies in their pricing and execution. The following table highlights the key differences between the both types.

Some traders prefer no commission and fixed spreads as such conditions suit their trading style while others like tight spreads and fast execution. Hence, choosing between NDD and DD brokers primarily depends on your trading needs and style.

Choosing the Right Broker

Though NDD brokers come with several advantages, you must set criteria to choose from. Keep in mind the following factors before opting for one.

If a No Dealing Desk broker is not regulated, it’s not worth it because regulatory bodies ensure customer rights remain protected.

Look at reviews and ratings given by the traders. Others’ experiences can help you find peculiar advantages and disadvantages of a broker.

Other than spreads and commissions, look for hidden fees that brokers may charge. You may be saving on spreads but paying more in swaps, maintenance fees, withdrawal charges, etc.

A good NDD broker must have responsive customer support available through live chat, emails, and social media. Chatbots are not enough to resolve your issues.

Look for the available trading platforms with a broker. You may like cTrader but the broker offers MT5. So, it’s important to have your preferred platform available.

Always test the conditions of a broker through a demo account before opening a live account.

Final Thoughts

No Dealing Desk brokers offer several benefits for the traders. The major attraction for the traders lies in low trading costs and fast execution. Also, there is no conflict of interest with NDD brokers that you may face with the dealing desk brokers as they tend to trade against you as a counterparty. You should assess your trading requirements and choose a broker that is not only NDD but is also regulated with solid customer support and reputation.