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: March 14, 2025

‹
• Jump to:
• Main Features
• 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: 4.5

   74-89% of retail's CFD accounts lose money

2. 

   FP Markets

   Rating: 4.8

   73.85% of retail investor accounts lose money

3. 

   Global Prime

   Rating: 4.5

   74-89% of retail CFD accounts lose money

4. 

   Pepperstone

   Rating: 4.5

   75.5% of retail investor accounts lose money

5. 

   Axi

   Rating: 4.4

   The vast majority of retail client accounts lose money

6. 

   IC Markets

   Rating: 4.8

   70.64% of retail investor accounts lose money when trading CFDs with this provider.

7. 

   Eightcap

   Rating: 4.2

   81.96% of retail investor accounts lose money when trading CFDs with this provider.

8. 

   Interactive Brokers

   Rating: 2.9

   55.68% of customer accounts are unprofitable (Q4 2024).

Our team has thoroughly evaluated all brokers listed below using TradingPedia’s exclusive methodology.

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.

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.