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Home » Forex Brokers » By Account Type » DMA

Best DMA Forex Brokers

DMA (Direct Market Access) forex brokers provide traders with the ability to directly access the market, bypassing the broker’s dealing desk. In other words, traders can place orders straight into the market with minimal intervention resulting in faster order execution and more transparent pricing. DMA brokers are ideal for experienced traders who want more control over their trades. The following are our top picks for DMA forex brokers.

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XM
trusted
Not available in
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1
XM
35 customer reviews
Rating
4.7
/ 5
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  • Specialized trading accounts
  • Free VPS hosting
  • 24/7 instant money withdrawal
Pros

  • Multi-Regulated Broker: XM has multiple regulations including CySEC (Cyprus), FSC (Belize and Mauritius), FSA (Seychelles), and DFSA (Dubai).  

  • Variety of Bonuses: The broker offers an extensive range of bonuses including welcome, no-deposit, and seasonal offers that can boost capital and allow profit withdrawal.

  • Consistent High Leverage and Low Spreads: The company offers consistently low spreads and a high leverage even during volatile market conditions. 

Cons

  • Not Available in the US: XM does not accept clients from the US. For traders based in restricted regions, it is best to look for other options. 

  • Offerings May Differ Based on Location: Payment methods, trading strategies, and bonuses may vary depending on your location. 

  • Inactivity Fees: XM charges a dormant fee when your account stays dormant for consecutive 90 days. You are charged an inactivity fee of $10 per month.

  • Withdrawal fee$0
  • Deposit fee$0
  • Max Leverage1:1000
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FxGlory
trusted
Not available in
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2
FxGlory
10 customer reviews
Rating
4.8
/ 5
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  • 24/7 instant money withdrawal
  • Specialized trading accounts
Pros

  • High Leverage Options

  • Low Initial Deposit Requirements

Cons

  • Lack of Proper Regulation

  • Withdrawal Issues

  • Poor Customer Support

  • Withdrawal fee$0
  • Deposit fee$0
  • Max Leverage1:3000
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VT Markets
trusted
Not available in
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3
VT Markets
0 customer reviews
Rating
4.7
/ 5
Expand
  • Specialized trading accounts
Pros

  • Trading Accounts for Different Types of Traders: VT Markets offers STP, ECN, Cent, and Swap Free trading accounts. The company also offers a demo account for 90 days. 

  • Multi Regulated Brokerage: VT Markets has multiple reputable regulations from South Africa, Dubai, and Mauritius. 

  • Investor Protection and Trader Insurance: The company is a part of The Financial Commission and Compensation Fund and has Lloyd’s Insurance with coverage of over €20,000 and $1M respectively for client funds.

Cons

  • No Crypto CFDs Available: VT Markets does not offer crypto CFD assets. 

  • No Phone Support: VT Markets does not offer phone support.

  • Withdrawal fee$0
  • Deposit fee$0
  • Max Leverage1:1000
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Alpari
trusted
Not available in
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4
Alpari
12 customer reviews
Rating
4.7
/ 5
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  • Specialized trading accounts
  • Free VPS hosting
  • 24/7 instant money withdrawal
Pros

  • Competitive Spreads

  • Comprehensive Educational Resources

  • Robust Customer Support

Cons

  • Limited Deposit and Withdrawal Options

  • Occasional Platform Glitches

  • Limited Regulatory Oversight in Certain Regions

  • Withdrawal fee$0
  • Deposit fee$0
  • Max Leverage1:1000
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PU Prime
trusted
Not available in
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5
PU Prime
10 customer reviews
Rating
4.6
/ 5
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  • 24/7 Multilingual Customer Service
  • Proprietary Copy Trading App
Pros

  • Wide Range of Account Types: PU Prime provides a variety of account types designed to suit different trading styles and experience levels, from beginners to advanced traders.

  • Great Leverage: Control larger positions using minimal capital, thanks to leverage of up to 1:1000. This allows you to maximize opportunities in the market but remember, while higher leverage can enhance potential gains, it also increases risk. 

  • 24/7 Multi Channel Support: Round-the-clock assistance is provided by PU Prime through multiple channels, including live chat, email, and phone support. Services are offered in 18 languages, ensuring accessibility for a diverse range of traders.

Cons

  • Slightly Higher Spreads: For no-commission accounts, spreads starting at 1.3 pips are slightly higher than the industry average.

  • High Minimum Deposit: High minimum deposit for the low-spread and commission-based accounts

  • No EU Regulations: Despite being regulated by 4 authorities, including top-tier ASIC, the broker does not offer dedicated EU regulation for European clients.

  • Withdrawal fee$0
  • Deposit fee$0
  • Max Leverage1:1000
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NordFX
trusted
Not available in
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6
NordFX
9 customer reviews
Rating
4.5
/ 5
Expand
  • Free VPS hosting
  • Specialized trading accounts
  • 24/7 instant money withdrawal
Pros

  • Regulated by multiple authorities

  • Offers a wide range of assets, including cryptocurrencies, stocks, indexes, metals and oil

  • Multiple trading platforms are available, including MetaTrader 4, MetaTrader 5 and MetaTrader 5 web

Cons

  • Limited educational resources for beginners

  • Limited research tools

  • Limited customer support options compared to some other brokers

  • Withdrawal fee$0
  • Deposit fee$0
  • Max Leverage1:1000
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AXITrader
Not available in
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7
AXITrader
115 customer reviews
Rating
4.5
/ 5
Expand
  • 24/7 instant money withdrawal
  • Free VPS hosting
  • Specialized trading accounts
Pros

  • No obligation demo accounts with US$50,000 of virtual funds to practice with

  • 24/5 Customer support available 

  • Multilingual support in 14 languages

Cons

  • Limited trading platform options

  • Limited trading instruments

  • Only forex and CFD trading

  • Withdrawal feeN/A
  • Deposit feeN/A
  • Max LeverageN/A
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Tradequo
trusted
Not available in
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8
Tradequo
0 customer reviews
Rating
4.5
/ 5
Expand
  • 24/7 Customer Support
  • Very High Leverage
Pros

  • Multiple Regulations: Multi-regulated broker with licenses from Seychelles (FSA), South Africa (FSCA), Dominica (FSU), and UAE (SCA). 

  • Extremely High Leverage and Low Trading Costs: You can trade with up to 1:1000, 1:2000, and even “limitless” on special accounts with negative balance protection available. Tradequo offers spreads as low as zero pips on some major pairs (depending on the account type).

  • Extensive Range of Tradable Assets: The broker gives you access to 350+ tradable instruments over forex, stocks, indices, commodities, and cryptocurrencies.

Cons

  • Not Available in Certain Jurisdictions: The company does not accept clients from US, EU, UK, and Canada among others due to regulatory restrictions.

  • No Call Support: Tradequo does not offer call support at the time of writing this review. 

  • Islamic Account Option Only Available on Request: Islamic accounts are available but not as a standard account type. They are only available upon request.

  • Withdrawal fee$0
  • Deposit fee$0
  • Max LeverageUnlimited
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Neomarkets
trusted
Not available in
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9
Neomarkets
7 customer reviews
Rating
4.5
/ 5
Expand
  • 24/7 instant money withdrawal
  • Affiliate Program
Pros

  • NeoMarkets is praised for its user-friendly approach, making it accessible and straightforward for novice and experienced traders to navigate the platform.

  • NeoMarkets allows trading cryptocurrencies through CFDs at competitive costs, providing traders with exposure to this popular asset class.

  • NeoMarkets is regulated by the Financial Services Commission (FSC) in Mauritius, adding an element of oversight and security for its clients.

Cons

  • NeoMarkets has a limited selection of deposit and withdrawal methods, potentially inconveniencing clients who prefer a broader range of options.

  • To access the demo account, users must first complete the registration process, which might deter those who prefer exploring the platform before committing.

  • NeoMarkets’ website lacks readily available information about its various account types, potentially making it challenging for traders to select the most suitable option.

  • Withdrawal fee$0 (conditions apply)
  • Deposit fee$0
  • Max Leverage1:500
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LiteFinance
Not available in
Country Flag
10
LiteFinance
25 customer reviews
Rating
4.5
/ 5
Expand
  • Specialized trading accounts
  • Free VPS hosting
  • 24/7 instant money withdrawal
Pros

  • 24-hour support

  • Supports MetaTrader 4 and MetaTrader 5 and their mobile and web versions

  • Variety of deposit/withdrawal methods

Cons

  • VPS is not free of charge

  • A limited selection of tradable instruments

  • Unavailable to US retail clients

  • Withdrawal feeN/A
  • Deposit feeN/A
  • Max LeverageN/A
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Our ranking methodology and selection process

What is DMA Trading?

DMA (Direct Market Access) brokers give you the ability to access the forex market directly without third-party involvement. This means you’re trading directly with liquidity providers like major banks ensuring you get the best rates and fast execution. Fast execution minimizes the risk of slippage which seasoned traders despise. Additionally, you don’t get re-quotes with DMA brokers which means when you hit ‘buy’ or ‘sell’ you get the price you see. These features make the trading more seamless.

Key Features of DMA Brokers

A DMA broker offers a few standout features. First, it gives you an anonymous trading experience allowing you to execute trades at neutral prices, access true market depth, and view the full order book. Second, pricing is based on supply and demand, not a markup from the broker. And since there’s no dealing desk, there’s no conflict of interest like we have seen with some major financial brokers in the recent past.

DMA vs. STP and ECN Brokers

At first glance, DMA brokers, STP (Straight Through Processing) brokers, and ECN (Electronic Communication Network) brokers might look the same, but there are key differences. DMA brokers are connected directly with liquidity providers, which typically gives you better spreads and no re-quotes. On the other hand, ECNs work by routing your order to liquidity pools, where liquidity providers can hide their best prices sometimes leading to slippage or re-quotes. STP brokers, while providing good access to the market, still have to hedge their clients’ orders with banks or liquidity providers. This means prices are generally higher, and you might even get re-quotes.

Pros and Cons of DMA Brokers

Pros:

  • No Re-quotes: The best part about DMA trading is that you won’t have to deal with re-quotes. Re-quotes are when the price you see is different from the price that is charged.
  • No Restrictions on Trading Styles: DMA brokers are perfect for scalpers or any trading style as they don’t impose unwanted restrictions.
  • Low Spreads: The spreads tend to be usually tighter with DMA brokers especially since they’re connecting directly to liquidity providers.
  • No Conflict of Interest: Unlike some other brokers, DMA brokers aren’t betting against you or making money off your losses.

Cons:

  • Higher Minimum Deposit Requirements: DMA brokers tend to require a higher minimum deposit than some other types of brokers which can be a problem for many new traders.
  • Inactivity Fees: If your account goes inactive for too long, you might face inactivity fees. Make sure you’re aware of this before signing up.
  • No Fixed Spreads: While DMA brokers offer low spreads, they’re dynamic, so you won’t have the predictability of fixed spreads.

Why DMA Brokers Are Great for Experienced Traders

If you’re an experienced trader looking for transparency, direct access, and no re-quotes, DMA brokers could be your best option. The pricing is real-time, and you’re executing trades directly with the liquidity providers. However, if you’re new to trading or prefer fixed spreads, this might not be the best fit for you.