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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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Interactive Brokers
Available in
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1
Interactive Brokers
3 customer reviews
Rating
3.9
/ 5
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  • 24/7 instant money withdrawal
Pros

  • Unparalleled Market Access 

  • Competitive Pricing 

  • Advanced Trading Tools

Cons

  • Steep Learning Curve

  • Customer Service Could Be Better

  • Withdrawal feeN/A
  • Deposit feeN/A
  • Max LeverageN/A
Start trading
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RoboForex
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Not available in
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2
RoboForex
102 customer reviews
Rating
4.9
/ 5
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  • Free VPS hosting
  • 24/7 instant money withdrawal
  • Specialized trading accounts
Pros

  • Extensive Range of Tradable Instruments

  • Competitive Trading Conditions & Accounts

  • Versatile Trading Platforms

Cons

  • Regulated by an Offshore Regulator

  • Limited Demo Account

  • Withdrawal fee1%
  • Deposit fee$0
  • Max Leverage1:2000
Start trading
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Neomarkets
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3
Neomarkets
1 customer reviews
Rating
4.8
/ 5
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  • 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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Alfa-Forex
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Not available in
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4
Alfa-Forex
0 customer reviews
Rating
4.7
/ 5
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  • Free VPS hosting
  • Specialized trading accounts
Pros

  • Regulated by the Central Bank of Russia, ensuring a high level of security for client funds.

  • Offers a wide range of assets, including forex currency pairs, commodities, indices, stocks, and cryptocurrencies.

  • Competitive spreads start from 0.1 pips.

Cons

  • Not available for US clients.

  • A limited selection of account types to choose from.

  • No social trading or copy trading options available.

  • Withdrawal feeN/A
  • Deposit feeN/A
  • Max LeverageN/A
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City Index
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Not available in
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5
City Index
10 customer reviews
Rating
4.6
/ 5
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Pros

  • Well-Regulated

  • Wide Range of Markets

  • Advanced Trading Tools and Platforms

Cons

  • Inactivity Fees

  • Limited Account Types

  • Limited Leverage

  • Withdrawal feeN/A
  • Deposit feeN/A
  • Max LeverageN/A
Start trading
71% of retail investor accounts lose money when trading CFDs with this provider.
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Orbex
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6
Orbex
23 customer reviews
Rating
4.5
/ 5
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  • Specialized trading accounts
  • 24/7 instant money withdrawal
Pros

  • Strong Regulatory Oversight

  • Several Trading Platforms Offered

  • Several Account Options

Cons

  • Variable Spreads on Starter Account

  • High Minimum Deposits for Premium and Ultimate Accounts

  • Some Users Reported Withdrawal Issues

  • Withdrawal feeN/A
  • Deposit feeN/A
  • Max LeverageN/A
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Vantage FX
Not available in
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7
Vantage FX
14 customer reviews
Rating
4.5
/ 5
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  • Free VPS hosting
  • Specialized trading accounts
  • 24/7 instant money withdrawal
Pros

  • Low Trading Fees

  • Multiple Regulatory Licenses

  • Advanced Copy Trading Options

Cons

  • High Minimum Deposit for Pro ECN Account

  • Limited Product Range

  • Mixed Customer Service Reviews

  • Withdrawal feeN/A
  • Deposit feeN/A
  • Max LeverageN/A
Start trading
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Darwinex
Not available in
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8
Darwinex
7 customer reviews
Rating
4.3
/ 5
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  • Specialized trading accounts
  • Free VPS hosting
  • 24/7 instant money withdrawal
Pros

  • MetaTrader platforms and automated trading tools

  • Wide range of tradable instruments

  • Third-party deposit protection

Cons

  • High minimum deposit requirement

  • Limited educational resources

  • Customer service is unavailable 24/7 in every language

  • Withdrawal feeN/A
  • Deposit feeN/A
  • Max Leverage1:300
Start trading
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FBS
Not available in
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9
FBS
143 customer reviews
Rating
4.1
/ 5
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  • Free VPS hosting
  • Specialized trading accounts
  • 24/7 instant money withdrawal
Pros

  • Regulated Broker

  • Competitive Spreads

  • User-Friendly MT4 Platform

Cons

  • Limited Platform Options

  • Mixed Reviews on Customer Support

  • Withdrawal Delays

  • Withdrawal feeN/A
  • Deposit feeN/A
  • Max LeverageN/A
Start trading
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Fullerton Markets
Not available in
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10
Fullerton Markets
17 customer reviews
Rating
4.1
/ 5
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  • Specialized trading accounts
  • 24/7 instant money withdrawal
Pros

  • Competitive spreads start from 0.1 pips on major currency pairs.

  • Leverage up to 1:500 for the Standard account.

  • Multiple payment methods, including bank wire transfers, credit/debit cards, and online payment systems such as Skrill and Neteller.

Cons

  • Restricted to residents of certain countries, including the United States, Canada, and others.

  • No Regulation by a tier-1 financial service regulator.

  • Scalping is restricted, which may not suit traders who employ this strategy

  • Withdrawal feeN/A
  • Deposit feeN/A
  • Max Leverage1:500
Start trading
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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.