| Updated: November 27, 2024You want to trade forex and other financial instruments at interbank rates? Dive into our shortlist of the most trusted brokers that process orders without dealing desk intervention. Our top picks never trade against their customers and work with reliable liquidity providers to deliver narrower spreads, faster order execution, and greater price transparency. We additionally elaborate on the benefits of using their services and provide clues on how to identify reliable no-dealing desk (NDD) brokers.
Fusion Markets74-89% of retail CFD accounts lose money
AxiThe vast majority of retail client accounts lose money
FP Markets73.85% of retail investor accounts lose money
Pepperstone75.5% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
IC Markets70.64% of retail investor accounts lose money
BlackBull Markets
FBS72.12% of retail investor accounts lose money
FxPro74% of retail investor accounts lose money
Saxo Bank65% of retail investor accounts lose money
Vantage FXComprehensive Comparison of the Top 11 No Dealing Desk Forex Brokers
| Forex Broker | Demo account available? | Min Deposit | Trading Platforms | Regulators |
|---|---|---|---|---|
| 1. Fusion Markets | Yes | $0 | MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView | ASIC, FSA (Seychelles), VFSC (Vanuatu) |
| 2. Pepperstone | Yes | $0 | TradingView, MT5, MT4, cTrader | UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA, SCB (Bahamas) |
| 3. FxPro | Yes | $100 | MT4, MT5, cTrader, FxPro Edge (proprietary) | FCA (No. 45052), CySEC (No. 078/07), SCB (No. SIA-F184), FSCA (No.45052) |
| 4. Global Prime | Yes | $0 | MT4 Desktop, MT4 Webtrader, MT4 Android | ASIC (No. 385620), VFSC (No. 40256) |
| 5. IC Markets | Yes | $200 | MetaTrader4, MetaTrader5, cTrader, ZuluTrade | FSA (Seychelles), CySEC, ASIC |
| 6. BlackBull Markets | Yes | $0 (Standard)$2,000 (Prime)$20,000 (Institutional) | MT4, MT5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade, BlackBull Invest, ZuluTrade | SFSA (No. SD045), FMA (No. FSP403326), FSA |
| 7. Vantage FX | No | $50 | MetaTrader 4, MetaTrader 5, ProTrader, TradingView, Copy Trading | FCA (license no. FRN: 590299), VFSC (reg. No. 700271), ASIC (license no. no. 428901), FSCA (license no. 51268), CIMA (no. 1383491) |
| 8. Axi | Yes | $0 | MT4 Desktop, MT4 WebTrader, Axi Mobile | ASIC, FCA, CySEC, DFSA, FSA (Saint Vincent and the Grenadines) |
| 9. Saxo Bank | Yes | $0 Classic$200,000 + Platinum $1,000,000 + VIP | SaxoTraderGO, SaxoTraderPRO, TradingView, SaxoInvestor | FCA (No. 551422), FSA Denmark (No. 1149), MAS (No. 200601141M), ASIC (No. 32110128286), SFC Hong Kong (No. 1395901), FSA Japan (No. 0104-01-082810) |
| 10. FBS | Yes | Standard accounts: $100 Cent accounts: $10 | MT5 Desktop, MT5 WebTrader, MT4 | CySEC (No. 331/17), FSC (No. 000102/6), ASIC (No. 426359) |
| 11. FP Markets | Yes | $50 (AU$100) | MetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingView | ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines) |
Top 11 Brokers with NDD Order Processing
Fusion Markets nabbed the first spot on our toplist thanks to its below-average commissions and exceptionally tight spreads. The broker has obtained the regulatory approval of ASIC and facilitates low-cost trading in over 250 financial markets, including forex, precious metals, energies, indices, and shares.
Budget-conscious traders will benefit from competitive round-trip commissions and spreads as low as 0.0 pips for key currency pairs. The Melbourne-based brokerage does not operate a dealing desk and partners with multiple liquidity providers to ensure more favorable conditions for its customers. Copy trading is also available via the broker’s proprietary Fusion+ platform.
Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.- 2. FP Markets
As a fully licensed broker offering raw ECN pricing, FP Markets is one of our top picks for traders looking for no-dealing-desk trading sites. The broker provides deep liquidity, highly transparent pricing, and swift order execution with minimal slippage. Customers will additionally benefit from razor-sharp spreads for over 10,000 financial instruments, ranging from currency pairs, shares, and commodities to indices and bonds.
Traders insisting on the best possible prices can connect their raw-spread accounts at FP Markets to MT5, MT4, or cTrader. Spreads for Raw accounts start from zero pips but the broker charges a $6 round-turn commission on trades. Minimum deposits for this account type start from $50 or the currency equivalent.
As a true no-dealing desk broker, FP Markets sources its spreads directly from leading liquidity providers without adding any markups. The broker provides superior execution through its Equinix servers located in New York. EU-based retail customers can amp up their positions with maximum leverage of 1:30 and are safeguarded from extreme losses with negative balance protection.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.92% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 3. Pepperstone
Pepperstone boasts a clean regulatory track record, a solid lineup of tradable products, and some of the tightest spreads around. The broker reaches traders from over 160 jurisdictions and operates with ASIC, CySEC, CMA, and DFSA licenses.
This top-shelf brokerage provides a choice of Standard and Raw accounts, offering variable and raw spreads, respectively. Customers can dip their toes in over 1,200 financial instruments, including forex, currency indices, commodities, stocks, and ETFs. The broker uses the no-dealing desk execution model and relies on a large pool of liquidity providers, reducing slippage to the bare minimum.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 4. FxPro
FxPro is ideal for traders seeking superior order processing, lower trading costs, and market diversity. The broker delivers ultra-tight spreads to over 7.8 million registered customers from more than 170 jurisdictions. It facilitates trading with a versatile range of 2,100+ instruments, including forex, shares, and indices.
Experienced traders can diversify their portfolios with futures on soft and hard commodities. The CySEC-licensed broker operates without dealing desk intervention, filling client orders within 13 milliseconds on average. Customers with cTrader and MT5 accounts have access to Depth of Market (DoM) information.
Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 5. Global Prime
Global Prime provides access to deep liquidity and highly competitive bid and ask quotes for over 150 instruments across five asset classes. Bonds, currencies, crypto, commodities, and indices are all tradable with tight spreads at Global Prime. The broker services its international customer base with licenses from ASIC and VFSC.
The company relies strictly on no-dealing desk order execution and never trades against its clients. It routes customers’ orders to multiple top-tier liquidity providers, ensuring direct market access, transparency, and tier-1 bank liquidity. The other benefits of trading with this broker include 24/7 customer support, fee-free account funding, and negative balance protection.
Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017. - 6. IC Markets
IC Markets has been doing business with customers for over 15 years, and this longevity is no coincidence. We attribute it to the broker’s firm commitment to customer satisfaction, solid compliance track record, and competitive pricing. The company leverages state-of-the-art technology to deliver superior execution that few competitors can match.
The broker has no proprietary trading book as it utilizes the Electronic Communication Network (ECN) pricing model. It works with third-party liquidity providers to source prices, delivering sharper spreads, faster execution speeds, and a better trading experience overall. Last but not least, IC Markets boasts a standout inventory of over 2,250 financial instruments, including 65+ forex pairs.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. BlackBull Markets has established itself as a global leader in providing low-cost trading services, offering a host of benefits to customers from over 180 jurisdictions. Few brokers can outcompete BlackBull in terms of market diversity as the company’s portfolio encompasses over 26,000 tradable instruments.
Spreads start from zero pips at BlackBull Markets, rendering it ideal for budget-savvy customers looking to cut their trading costs. The broker passes the prices it receives from its external liquidity providers directly onto customers without any dealing desk intervention. This pricing model enables BlackBull to deliver greater price transparency and speedier execution, without traders experiencing any slippage.
- 8. Vantage FX
Vantage ranks among the best trading sites in terms of execution speed and trading costs. The multi-licensed broker facilitates trading with over 1,000 CFDs for currency pairs, soft and hard commodities, stocks, and indices. Experienced customers can invest in more complex instruments like bonds and exchange-traded funds.
The broker harnesses the ECN technology for seamless order processing, sourcing its price quotes from multiple first-tier liquidity partners like Goldman Sachs and J.P. Morgan. Vantage champions transparency and regulatory compliance, having received authorization from strict financial regulators like ASIC and the FCA.
- 9. Axi
Axi is an industry-leading brokerage with over 15 years of market experience and a spotless regulatory track record. The broker receives heaps of praise for delivering rapid trades at competitive prices, deep liquidity, and best-in-class customer support in multiple languages. Clients can dip their toes into over 220 financial markets and enjoy low-latency order execution with minimal slippage.
The broker connects traders directly to first-class liquidity providers to ensure accurate pricing and reduce execution speeds. Customers can further improve their performance with Axi’s comprehensive educational resources. Funding your account comes at no extra cost, which is yet another benefit of trading with Axi.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 10. Saxo Bank
Saxo Bank is a perfect fit for traders looking for lightning-fast order execution, excellent trading conditions, and full instrument coverage (70,000+ markets). Operated by a large Danish bank, the broker upholds high standards of transparency, consumer protection, and compliance. It offers various investment and leveraged products, including CFDs, ETPs, options, futures, and bonds.
The multi-award-winning broker added no dealing desk accounts to its product lineup in 2014. Clients will benefit from advanced tools for seamless risk management, expert educational courses, and full mobile compatibility. The broker’s SaxoTraderGO app works on portable devices running on Android 6.0 and iOS 13.4 or later.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. - 11. FBS
Licensed by multiple reputable regulatory agencies, FBS is a trustworthy NDD broker delivering accurate real-time market prices and ultra-fast execution with zero dealing desk intervention. The broker leverages advanced Straight Through Processing technologies to source prices from multiple liquidity providers, ensuring the best possible trading conditions for its customers.
Clients of FBS can explore over 550 markets tradable on very favorable terms via popular platforms like MetaTrader 4 and MetaTrader 5. New customers can choose from Standard and Cent accounts where spreads are as low as a single pip. The renowned broker provides negative balance protection, plenty of fee-free deposit options, and outstanding support in multiple languages.
Risk warning: ᏟᖴᎠs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.12% of retail investor accounts lose money when trading ᏟᖴᎠs with this provider. You should consider whether you understand how ᏟᖴᎠs work and whether you can afford to take the high risk of losing your money.
What Is a No Dealing Desk (NDD) Broker?
Brokerages harnessing the no-dealing-desk (NDD) pricing model serve as mediators between traders and participants in the interbank market, such as investment banks, hedge funds, and other financial institutions. Rather than quoting bid and ask prices themselves, NDD brokers route the trades of their customers to third-party liquidity providers. This pricing model helps prevent conflict of interest as brokers using it do not profit from their clients’ losses.
It also enables traders to gain direct access to the underlying markets. Prices are sourced from large pools of liquidity providers, considerably reducing the risk of slippage and requotes. Experienced and professional traders commonly favor NDD brokers because the latter often deliver raw spreads, faster transactions, and better execution speeds.
All these factors combined may help reduce the overall trading costs for customers, rendering NDD brokers highly appealing in the eyes of savvy traders. However, this pricing model is not without its drawbacks. Access to raw spreads often comes at the expense of higher commissions.
How Do NDD Brokers Compare to Market Makers?
NDD brokers offer greater price transparency as they provide traders with direct access to interbank market prices. Such brokerages process orders without dealing desk intervention. By contrast, market makers operate in-house dealing desks and provide their own quotations, essentially profiting from the differences between the bid and ask prices.
Dealing-desk brokers are said to “create” markets for their customers, hence the name “market makers”. They sometimes trade against their clients, which may potentially result in a conflict of interest. Brokerages using this model typically offer fixed rather than floating spreads.
When a trader places a buy order with a market maker, the broker will first attempt to find a matching sell order from another client in their trading book. When it fails to locate a matching order, the market maker will resort to taking the opposite side of the client’s order. Such brokerages largely manage orders internally rather than sourcing prices directly from external liquidity providers.
Types of NDD Brokers
We can distinguish between two main types of NDD brokers, starting with those using the straight through processing (STP) execution model. STP brokers serve as intermediaries in transactions with their customers. Client orders are routed to the STP broker’s servers before being passed on to a counterparty.
Interbank market participants, market makers, and other STP brokers can all act as counterparties in this case. There is no order re-quoting or dealing desk intervention during this process. Execution speeds, while fast, usually vary based on the route each order takes. STP brokers generate profits by charging commissions and adding nominal markups to their spreads.
The second subcategory of NDD brokers comprises companies using the electronic network communications (ENC) model. With ECN brokers, client orders go directly to the central interbank market. This enables brokers to fill orders at the best possible interbank prices without dealer intervention. Execution speed is thus reduced to mere milliseconds. ECN brokers largely profit from commissions and always offer variable spreads.
While both STP and ECN brokers pass orders to the interbank market, the latter does not necessarily connect the orders to liquidity providers. Instead, ECN brokers can route orders to other participants in the interbank market, and often these counterparties are major brokers. Considering the two order processing models, we can say that all ECN brokers are also classified as STP brokers, but not all STP brokers fall under the category of ECN brokers.
How to Identify Top-Rated NDD Brokers
When looking for reliable NDD brokers, licensing and regulation are the first things you should check. Broking firms regulated by stringent financial watchdogs like the FCA, ASIC, and CySEC uphold the highest possible standards of price transparency, security, and client protection.
They adhere to strict fund segregation policies, restrict leverage for retail customers, and inevitably offer negative balance protection to traders with margin accounts. Trading with a well-regulated broker additionally gives you legal recourse in case something goes wrong.
You should also check the commissions and other related costs charged by your broker of interest. The best NDD brokers on the market impose considerably lower round-trip commissions than their competitors and only add minuscule markups (if any) to their spreads.
Look for brokers with no funding, overnight and inactivity fees as this can significantly reduce your overall trading expenses. Available account types and minimum trade sizes also bear consideration. Novices and small-scale investors should look for NDD brokerages offering micro or cent accounts that facilitate trading with fractions of a standard lot.
Advantages and Disadvantages of Trading with NDD Brokers
Trading with NDD brokers has both upsides and downsides. Direct market access and lower trading costs (typically commission-based) are the main positives here. Your overall trading experience will also improve due to the faster execution speeds inherent to NDD brokers. Traders will benefit from deep liquidity as prices are sourced from large pools of liquidity providers. Price manipulation and potential conflict of interest are no reasons for concern when trading without dealing desk intervention.
Variable spreads are perhaps the biggest downside of dealing with NDD brokers as there is no way of knowing how much exactly you will pay in trading costs. Variable spreads may widen considerably during periods of increased market volatility and lower liquidity.
NDD Brokers FAQs
It depends on where your NDD broker is regulated. Brands holding licenses from tier-1 regulators like ASIC, CySEC, BaFin, and FCA are legally bound to protect their retail clients from negative balances. As per regulatory requirements, they automatically close out rapidly losing leveraged positions when a customer’s balance drops below the minimum maintenance margin.
Regulated brokers are upfront about their order processing policies and openly disclose this information to their customers. Also, brokers operating in-house dealing desks tend to offer fixed spreads, while ECN brokers have floating or variable spreads. Contacting customer support to inquire about the execution model of your broker is always an option.
NDD brokers are great for all traders regardless of experience and risk tolerance. Many brokerages using this execution model cater to inexperienced or budget-savvy customers with micro and cent accounts, allowing them to trade considerably smaller contracts. The best NDD brokers in the industry also offer extensive educational resources to help beginners advance their knowledge of the markets.
Brokers using this model commonly deliver faster execution compared to market makers. Factors like server location and infrastructure quality also impact order execution speeds. The trading software your broker uses matters as well. Multi-threaded platforms like MT5 tend to perform better than their single-threaded counterparts.
Brokers without dealing desk intervention offer faster order execution that renders them ideal for high-frequency traders and scalpers entering and exiting multiple trades per day. Active traders generally gravitate toward brokers using the ECN model due to their lower overall trading costs.