Forex trading is extremely popular and is on the move, day by day, tick-by-tick. Traders need to make quick decisions and rapid moves to be successful, and one way to do that is to choose the right broker.
There is no one-size-fits-all approach here. Every trader has different needs, trading goals, and risk tolerances. However, no dealing desk (NDD) brokers have become mainstream over the last few years. This is mainly due to their competitive pricing and their transparent execution model.
In this guide, I will review eight of the best NDD forex brokers, assessing their pros and cons and unique features. Let’s get started.
Top 8 No Dealing Desk Forex Brokers for 2024: The Ultimate Guide
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Table of Contents
- TL;DR
- Comparison Table
- Criteria Breakdown Summary
- FP Markets
- IC Markets
- Pepperstone
- FXOpen
- Forex.com US
- AxiTrader
- Admiral Markets
- Vantage FX
- Notable Mentions
- Frequently Asked Questions
- Final Thoughts
TL;DR
- FP Markets offers ECN trading with deep liquidity and competitive pricing.
- IC Markets provides ultra-low latency execution and a wide range of markets.
- Pepperstone stands out with advanced technology and excellent customer support.
- FXOpen is known for its range of forex pairs and its cryptocurrency offerings.
- Forex.com US has a strong US presence and strong regulatory compliance.
- AxiTrader offers a tailored trading experience for a range of needs.
- Admiral Markets offers an extensive range of tradable instruments.
- Vantage FX offers fast execution speeds and raw spreads.
Comparison Table
| Broker | Execution Model | Min. Deposit | Spreads From | Regulation | Trading Platforms |
| FP Markets | ECN | $50 | 0.0 pips | ASIC, CySEC | MT4, MT5, IRESS |
| IC Markets | ECN | $200 | 0.1 pips | ASIC, CySEC, FSA | MT4, MT5, cTrader |
| Pepperstone | ECN/STP | $0 | 0.0 pips | FCA, ASIC, DFSA, SCB | MT4, MT5, cTrader |
| FXOpen | ECN | $100 | 0.0 pips | FCA, ASIC, CySEC, FSRA, FSA | MT4, MT5, TickTrader |
| Forex.com (US) | NDD | $100 | 0.1 pips | CFTC, NFA, FCA, IIROC | MT4, MT5, WebTrader |
| AxiTrader | NDD | $0 | 0.0 pips | FCA, ASIC, DFSA | MT4 |
| Admiral Markets | NDD | $100 | 0.0 pips | FCA, ASIC, CySEC, EFSA, JSC | MT4, MT5 |
| Vantage FX | ECN | $50 | 0.0 pips | ASIC, CIMA | MT4, MT5, ProTrader |
Criteria Breakdown Summary
To help me assess the best no dealing desk forex brokers, I created a set of key criteria. I then rated each broker out of five for each. My criteria included execution model, spreads, commissions, regulatory compliance, execution speeds, liquidity providers, customer support, minimum deposit requirements, and extra features. I believe these are the most important aspects to consider when choosing NDD forex brokers.
FP Markets
Best Known for ECN Trading with Deep Liquidity
The first no dealing desk broker I reviewed was FP Markets. This broker offers competitive pricing with low fees, and deep liquidity pools. Additionally, it has more than 15 years of experience, which creates a sense of reliability. FP Markets has a strong reputation for excellent trading platforms and fast execution speeds.
I recommend this broker for beginner and experienced traders as there are different accounts to choose from. The range of educational resources is also aimed toward all traders.
FP Markets is a quality no dealing desk broker with ultra-low spreads. Source: FP Markets
Features
FP Markets has a wide range of features to suit all trading abilities. They offer several trading platforms, including industry-standard MetaTrader 4 & 5 and their proprietary platform, IRESS. This broker has a comprehensive range of trading tools, including social trading. Additionally, VPS hosting is available and advanced charting options through Autochartist.
For extra peace of mind, FP Markets offers negative balance protection and it has strong regulation with ASIC and CySEC.
Pros
- Wide range of tradable instruments, including forex, CFDs, and cryptocurrencies
- Competitive spreads and low commissions
- Fast execution speeds and low latency
- Robust educational resources and market analysis
Cons
- Higher minimum deposit for some account types
- Limited range of base currencies
- No US clients accepted
Criteria Evaluation
- Execution Model: 5/5
- Regulatory Compliance: 4/5
- Spreads and Commissions: 4/5
- Liquidity Providers: 4/5
- Execution Speed: 5/5
- Trading Platforms: 5/5
- Minimum Deposit: 3/5
- Customer Support: 4/5
- Additional Features: 4/5
Community Reviews and Expert Recommendations
Overall, FP Markets enjoys positive feedback from users and industry experts. Most users highlight the fast execution speeds and competitive pricing, along with the range of platforms and account types. Many traders mention the excellent customer support. However, some users mention the minimum deposit requirements which, for some accounts, may be too high for beginners.
“Fantastic customer support. Had some initial questions about various things. All my chat experiences have been excellent and answered all of my questions.” – JB via Trustpilot
“Smooth process in setting up an account. I put my trading on pause while I sorted out some personal business and decided to withdraw my funds. The withdrawal process was smooth and came through on time as they said it would. When I resume my trading, I will be using FP markets again.” – Solly via Trustpilot
Industry experts recommend FP Markets for beginner and advanced traders, particularly highlighting their ECN model. For more information, see our FP Markets review.
Price
FP Markets offers spreads from 0.0 pips. Commissions vary according to account type.
IC Markets
Best Known for Ultra-Low Latency Execution
IC Markets is a quality no dealing desk broker that is based in Australia. It is famous for its very fast execution speeds along with its deep liquidity options. However, this broker is not suitable for beginners, primarily aiming its services toward professional-level traders.
This broker has a true ECN trading environment and that means tight spreads. In fact, they are some of the tightest in the forex industry, at 40ms. Additionally, IC Markets offers leverage of 1:500 for retail traders, with higher ratios for professionals.
IC Markets is one of the fastest NDD forex brokers in the industry. Source: IC Markets
Features
IC Markets has a comprehensive suite of features that are ideal for advanced and professional forex traders. There are several trading platforms offered, including MetaTrader 4 & 5, along with cTrader. Each platform has its own set of features and advantages that should be explored carefully before making a decision.
Additionally, liquidity is institutional-level, along with advanced order types, and higher leverage ratios for professionals. There are also many advanced trading tools available, along with social trading through Zulutrade and Myfxbook.
Pros
- Extremely tight spreads and low commissions
- Exceptional execution speed and low latency
- Wide range of tradable instruments
- Support for various trading styles, including scalping and HFT
Cons
- Limited educational resources for beginners
- Higher minimum deposit compared to some competitors
- No proprietary mobile trading app
Criteria Evaluation
- Execution Model: 5/5
- Regulatory Compliance: 4/5
- Spreads and Commissions: 5/5
- Liquidity Providers: 5/5
- Execution Speed: 5/5
- Trading Platforms: 4/5
- Minimum Deposit: 4/5
- Customer Support: 4/5
- Additional Features: 4/5
Community Reviews and Expert Recommendations
IC Markets receives positive feedback from the trading community, mainly thanks to its fast execution speeds and tight spreads. Most users recommend this broker for advanced and professional traders, and believe it is less suitable for beginners.
“This is a wonderful broker, good customer services and low on spread as well. I recommend it for any type of trading strategies.” – Leonard Makola via Trustpilot
“New to IC Markets and am blown away by the level of service and assistance that they offer. Super impressed.” – Warwick Bywater via Trustpilot
Industry experts recommend IC Markets for high-level traders who appreciate advanced tools and expert trading conditions. Our IC Markets review provides details.
Price
IC Markets has spreads from 0.1 pips, with $3.50 commission per side per 100k traded.
Pepperstone
Best Known for Razor Accounts with Ultra-Low Spreads
Pepperstone is one of the most popular forex brokers, and it’s renowned for its competitive spreads on its Razor account. With its no dealing desk model, Pepperstone gives access to deep liquidity and fast execution speeds.
This broker is well-established, founded in 2010, and is an extremely reputable choice for beginner and advanced traders alike. It offers a range of trading platforms, along with many tradable instruments for portfolio diversification. Additionally, there is a free VPS service for advanced traders.
Pepperstone is a popular NDD forex broker with a range of tradable instruments. Source: Pepperstone
Features
As one of the most popular forex brokers on the market, Pepperstone has many useful features. It offers MetaTrader 4 & 5, alongside cTrader and its associated tools. Execution speeds are extremely fast and raw spreads add to the favorable trading conditions.
Additional features include social trading, alongwith advanced charting via Autochartist integration. Expert Advisors (EAs) are available, besides PAMM accounts for advanced traders. To give extra peace of mind. Pepperstone also provides negative balance protection.
Pros
- Ultra-low spreads on Razor accounts
- Fast execution with no dealing desk intervention
- Access to multiple liquidity providers
Cons
- Limited to forex and CFD trading
- No US clients accepted
Criteria Evaluation
- Execution Model: 5/5
- Regulatory Compliance: 5/5
- Spreads and Commissions: 4/5
- Liquidity Providers: 5/5
- Execution Speed: 5/5
- Trading Platforms: 5/5
- Minimum Deposit: 4/5
- Customer Support: 4/5
- Additional Features: 4/5
Community Reviews and Expert Recommendations
Pepperstone is a popular broker and receives positive feedback from traders. It is mostly known for its fast execution speeds, and users also appreciate the tight spreads and reliability. Many traders mention the excellent customer support along with quality regulation for peace of mind.
“The customer service was very good and my issue was resolved immediately and in a timely manner. All the questions and queries I had were answered, I’m very happy now I can access my account and trade again.” – Brian via Trustpilot
“Pepperstone is one of the best brokers that I recommend! When I have a question, the support is accessible and the question is answered fast, thank you to Hao and Pepperstone team. Continue and you will become the best broker!” – Vincent Mphahlele via Trustpilot
Industry experts recommend Pepperstone for both professional and beginner traders, thanks to its low-cost trading model. Our Pepperstone review gives more details.
Price
Pepperstone offers spreads from 0.0 pips, with no commission on Standard accounts.
FXOpen
Best Known for Cryptocurrency and Forex Pairs
Another of the most popular no dealing desk forex brokers is FXOpen. This broker offers several tradable instruments, including multiple forex pairs and cryptocurrencies. With a clear ECN model, FXOpen has deep liquidity and tight spreads. It is a good choice for intermediate and advanced traders in particular, and offers free VPS hosting.
FXOpen is a forex broker with 18 years of market experience. Source: FXOpen
Features
FXOpen has several trading platforms available. These include the industry-standard MetaTrader 4 & 5, with their associated features, and the proprietary TickTrader platform. There are many different account types to choose from, including PAMM accounts for professionals, and cryptocurrency trading accounts.
With raw spreads from 0.0 pips, this broker offers favorable trading conditions, along with negative balance protection for added peace of mind.
Pros
- Transparent ECN pricing with tight spreads
- Extensive cryptocurrency offering
- Fast execution with deep liquidity
Cons
- Limited educational resources
- Higher fees for crypto trading
Criteria Evaluation
- Execution Model: 5/5
- Regulatory Compliance: 4/5
- Spreads and Commissions: 4/5
- Liquidity Providers: 4/5
- Execution Speed: 4/5
- Trading Platforms: 5/5
- Minimum Deposit: 3/5
- Customer Support: 3/5
- Additional Features: 4/5
Community Reviews and Expert Recommendations
FXOpen receives generally positive feedback from users, especially for transparent and competitive pricing. Many users also praise their excellent customer support, and the peace of mind given by negative balance protection.
“I’ve been trading with FxOpen for more than ten years. It is the best forex dealer that I know of. I never encountered any issue with FxOpen.” – Lim Eng Beng via Trustpilot
“Communication is swift and any enquiries dealt with. Any withdrawals are usually done the same day or next working day which is the best I’ve seen. Spreads are low too. Nothing negative to report.” – Andrew Street via Trustpilot
Industry experts recommend FXOpen for beginner and advanced traders, and highlight its range of trading platforms. Read more in our FXOpen review.
Price
FXOpen offers spreads from 0.0 pips, and commission varies according to account type.
Forex.com US
Best Known for Regulatory Compliance and Strong US Presence
One of the biggest advantages of Forex.com is that it is one of the few NDD forex brokers that serves US clients. It also has a range of features that make it stand out in a crowded setting.
The only downside is that compared to some other non-US brokers, Forex.com has higher minimum deposits for some account types.
Caption: Forex.com is one of the few no dealing desk brokers serving US clients.
Source: Forex.com
Features
As a no dealing desk broker, Forex.com has fast execution, competitive spreads starting from 0.1 pips, and leverage up to 1:50 for US clients. It also offers several trading platforms including MetaTrader 4 & 5 and WebTrader.
Additionally, Forex.com offers analysis tools and advanced charting capabilities for intermediate to experienced level traders.
Pros
- US clients accepted
- Transparent pricing with NDD execution
- Strong regulatory framework
Cons
- Limited leverage due to US regulations
- Higher minimum deposit compared to non-US brokers
Criteria Evaluation
- Execution Model: 5/5
- Regulatory Compliance: 5/5
- Spreads and Commissions: 4/5
- Liquidity Providers: 4/5
- Execution Speed: 4/5
- Trading Platforms: 5/5
- Minimum Deposit: 3/5
- Customer Support: 4/5
- Additional Features: 4/5
Community Reviews and Expert Recommendations
Forex.com receives high praise from US clients in particular, who rate it as a reliable NDD forex broker. Many users rate its fast execution speeds and competitive pricing, alongside its range of tradable assets.
“Very good experience! I use Forex.com and have no problem with it, friendly support and good overall platform.” – Victor Adria Puig Velasco via Trustpilot
“I have had a live account with Forex.com for about three months. All is well so far. I’ll be increasing funds after my trading strategy proves successful. Good to know that this broker is regulated in the US. The challenge is making a profitable strategy with the account constraints required under US regulation.” – Sid Stanton via Trustpilot
Industry experts recommend Forex.com for US traders and praise its strong regulation and range of features. Our Forex.com review provides more information.
Price
Forex.com offers spreads of 0.1 pips, no commission for standard accounts.
AxiTrader
Best Known for Tailored Trading Experience
AxiTrader was founded in 2007, and has a strong reputation for reliability and quality. With a strong no dealing desk focus, this broker has competitive pricing, fast execution speeds, and deep liquidity access from several providers.
Spreads start at 0.0 pips, with leverage up to 1:500. There are several account types available, and a range of tradable instruments.
AxiTrader is a forex broker with extensive tradable assets. Source: AxiTrader
Features
AxiTrader is a reputable broker that offers a range of features for various trading abilities. This broker offers MetaTrader 4 with its advanced tools, along with Autochartist and Psyquation integration. There are also social trading capabilities which allow traders to emulate successful past strategies, alongside raw spreads from 0.0 pips.
For added peace of mind, AxiTrader offers negative balance protection and has strong regulation through the FCA and ASIC.
Pros
- Personalized trading experience
- Fast NDD execution with deep liquidity
- Excellent customer support
Cons
- Limited to MetaTrader 4 platform
- No US clients accepted
Criteria Evaluation
- Execution Model: 5/5
- Regulatory Compliance: 4/5
- Spreads and Commissions: 4/5
- Liquidity Providers: 4/5
- Execution Speed: 4/5
- Trading Platforms: 4/5
- Minimum Deposit: 3/5
- Customer Support: 5/5
- Additional Features: 4/5
Community Reviews and Expert Recommendations
AxiTrader receives positive feedback from traders, with many highlighting the quality customer support and fast execution speeds in particular. Users also mention the range of tradable instruments as a positive element.
“Since I joined AXI last week, everything has been smooth. Registering was smooth. Completing my KYC was simple. Even funding my account went easily. All of that combined made me give the 5-star.” – Richard A via Trustpilot
“MT4 is good. Support is reasonable. Support a bit slow to fix some issues which should take seconds to fix. Overall a good broker. As an Australian it would be nice to have some support in Australia.” – Phillip Glattback via Trustpilot
Industry experts recommend AxiTrader’s no dealing desk approach for beginner and advanced traders. Read our AxiTrader review for details.
Price
AxiTrader offers spreads from 0.0 pips, $3.50 commission per side.
Admiral Markets
Best Known for Comprehensive Range of Instruments
Admiral Markets is another of the most popular NDD forex brokers, and offers a range of services for traders. There is a large selection of tradable instruments available, along with several account types for different needs. This broker is committed to transparency, which gives extra reassurance during trading. Additionally, prices are competitive, which makes this broker popular with professional and beginner traders.
Admiral Markets offers a no dealing desk model with access to global markets. Source: Admiral Markets
Features
Overall, Admiral Markets has a large range of trading tools for different trading abilities. Its standout feature is the number of tradable instruments available, which is ideal for those looking to diversify portfolios.
This broker also gives access to both MetaTrader 4 and 5, along with advanced charting features, and free VPS hosting.
Pros
- Comprehensive range of tradable instruments
- Competitive spreads with NDD execution
- Fast execution speeds
Cons
- No US clients accepted
Criteria Evaluation
- Execution Model: 5/5
- Regulatory Compliance: 5/5
- Spreads and Commissions: 4/5
- Liquidity Providers: 4/5
- Execution Speed: 4/5
- Trading Platforms: 5/5
- Minimum Deposit: 4/5
- Customer Support: 4/5
- Additional Features: 4/5
Community Reviews and Expert Recommendations
Overall, Admiral Markets receives positive feedback from users, especially for its large range of tradable instruments. Many users find it easy to diversify their portfolios. Additionally, traders mention the fast execution speeds, thanks to the no dealing desk approach.
“I trade on their ECN account type and I like that they don’t charge any additional trading fees for placing or closing positions apart from the spreads. And the spreads…
Well, they are great most of the trading day. The spread on EUR/USD is below 1 pip, which makes this account a perfect one for day traders.” – Sophia Davis via Trustpilot
“I cannot remember how I started trading with this broker, but I stayed with the broker because they provided me with a very efficient service. I have to tell you that you will not find many trading add ons here, but you will get all that is necessary for your trading. Those are your indicators, good trading platform, and good trading environment.” – James Smith via Trustpilot
Industry experts recommend Admiral Markets for beginner and advanced traders, and particularly for those who want to diversify. Our Admiral Markets review provides details.
Price
Admiral Markets offers spreads from 0.0 pips. Commissions vary according to account type.
Vantage FX
Best Known for Raw Spreads and Fast Execution
Vantage FX is a reputable no dealing desk broker with direct access to liquidity providers and raw spreads. This broker was founded in 2009, so it has more than a decade of experience; this also highlights its reliability.
In addition, Vantage offers several account types with fast execution speeds, alongside a selection of trading platforms.
Vantage FX is a reputable no dealing desk broker. Source: Vantage FX
Features
Vantage FX has several features that make it a suitable option for both beginner and advanced traders. Not only are there several tradable instruments to choose from, but it also offers MetaTrader 4 & 5, alongside the ProTrader platform. This gives flexibility and choice, alongside many tools for automation and analysis.
Spreads are tight and execution speeds are fast, with spreads from 0.0 pips. This broker also offers negative balance protection and VPS hosting.
Pros
- Ultra-tight spreads with ECN pricing
- Direct access to deep liquidity pools
- Fast execution with no dealing desk
Cons
- Limited range of base currencies
- Higher minimum deposit for ECN accounts
Criteria Evaluation
- Execution Model: 5/5
- Regulatory Compliance: 4/5
- Spreads and Commissions: 4/5
- Liquidity Providers: 5/5
- Execution Speed: 5/5
- Trading Platforms: 5/5
- Minimum Deposit: 3/5
- Customer Support: 4/5
- Additional Features: 4/5
Community Reviews and Expert Recommendations
Overall Vantage FX receives positive feedback for its services, especially its fast execution and raw spreads. Users also mention its high quality customer support and how easy the overall service is to use.
“Tight spreads. Instant withdrawal. Outstanding service and follow up by our Account Manager Mr.Karim Yassin. I will recommend Vantage Markets to every trader I know.” – Kamel Taha via Trustpilot
“Great Support from this company. Professional, trustworthy, and polite in handling queries. Daily account confirmation by email. Easy to set up an account.” – B Kane via Trustpilot
Experts recommend Vantage FX for intermediate to advanced traders, and especially high-frequency users. Our Vantage FX review provides details.
Price
Vantage FX offers spreads from 0.0 pips, and $3 commission per side.
Notable Mentions
The eight no dealing desk forex brokers I’ve reviewed are high quality and suitable for many brokers. However, the following forex brokers also deserve a notable mention.
Fusion Markets
Fusion Markets is a good option for users who prefer low cost trading with fast execution speeds. With no minimum deposits and a range of tradable instruments, this broker offers an easy-to-use service and a favorable trading environment.
FBS
FBS is a reputable broker with a range of account types, tradable assets, and trading platforms. It offers excellent customer support, and many education resources for beginners. Read more in our FBS review.
FAQ
What is a No Dealing Desk (NDD) forex broker?
A no dealing desk forex broker provides access to the interbank market direction, without any intervention from a dealing desk. NDD forex brokers use one of two routes to send orders to providers: STP (Straight Through Processing) or ECN (Electronic Communication Network). The aim is to reduce issues, provide faster execution speeds, and transparent pricing.
How do NDD brokers make money?
No dealing desk forex brokers earn money via spreads and commissions charged on trades. They can also earn through other services, such as managed account fees, VPS hosting, and analysis tools with a subscription fee.
Are NDD brokers always better than market makers?
NDD forex brokers aren’t necessarily a better choice than market makers. Ultimately, it depends on personal trading goals and style. It’s true that NDD brokers have tighter spreads and faster execution speeds, however market makers have increased pricing stability during difficult market conditions. Both options are useful for different reasons, so it’s important to assess your personal trading style and risk tolerance when making a choice.
What should I look for when choosing an NDD forex broker?
There are many forex brokers on the market, and choosing the ideal one for your needs takes time. It’s important to assess several factors, including trading platforms, accounts, tradable instruments, regulation, execution speeds, fees, customer support, and any additional features. Additionally, understanding each broker’s slippage rates, execution transparency, and liquidity providers gives crucial information.
Can I use Expert Advisors (EAs) with NDD brokers?
Many no dealing desk brokers allow the use of EAs and automated trading systems. However, before making a decision, always check each broker’s policies regarding this. Some brokers may have restrictions on certain elements, such as trading frequency or algorithm type.
Final Thoughts
The world of no dealing desk forex brokers is extensive, and it’s important to remember that there is no perfect choice for all traders. The eight NDD brokers I have reviewed all have their own pros and cons, and individual features. Some forex brokers are better for beginner traders, and some are suited to advanced or professional users. Carefully assessing each broker is a crucial step to making a solid choice.
However, it’s also true that choosing a broker isn’t the only vital aspect. Assessing your trading goals, understanding your risk tolerance, and learning how to create and manage a forex trading strategy are crucial.
Here at TopBrokers, we understand how overwhelming the forex world can be at first, and we have a range of resources to help. We can assist you in learning how to read forex charts, along with advanced strategies, such as understanding Gartley and how to trade with it.
Ultimately, the more information available, the smoother your trading journey, making choosing a broker and getting started much easier.
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