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Agency Model Forex brokers




What exactly is "Agency model" Forex broker?

"Agency model" is just a fancy name for "No Dealing desk". That's it. Simple, straight.
In other words, in Forex there is Agency model dealing and Principal model dealing.
Agency model = No dealing desk (STP, ECN, DMA)
Principal model = Dealing desk (Market maker)

Where did it all come from?

Never popular before, the term "Agency model" has been re-introduced around 2012-2014.
A few large Forex brokers simply announced that they're now turning away from Market Maker practices and into an Agency Model dealing.
This sure sounded attractive to all newcomers, who barely understood what "Agency Model" means, but at least it was clear that there will be no more Dealing desk (Market making) involved. And that fit the bill.

Agency model Forex brokers list


This will be a long list, since it includes all NDD Forex brokers: STP, ECN/STP and DMA/STP. To narrow down your search, please use our Advanced Broker Search Tool

Compare Agency Model Forex brokerAgency Model forex brokers MinimumAgency Model forex brokers
deposit
MaximumAgency Model forex brokers
leverage
MinimumAgency Model forex brokers
lot
SpreadAgency Model forex brokers
EURUSD
RegulatedAgency Model forex broker
FXTM (ForexTime) $51000:10.011.5
HYCM $100400:10.011.8
10Markets$250200:10.13
12Trader$50200:10.13n
1BillionForex$5500:10.012n
24FX$250400:10.013
4XNetworks$11000:10.12n
AAAFx$300500:10.010.2
AAFX Trading$1002000:10.011n
Abshire-Smith$1400:10.011.2
AccentForex$10500:10.012n
ACM Gold$250500:10.013
ActivTrades$100400:10.010.7
Adamant Finance$1500:10.012n
Admiral Markets$200500:10.010.8
ADS Prime£200500:10.010.7
ADS Securities$100400:10.012.4
Advanced Markets$500000100:10.010
AGEA$6500:10.010.4n
AGM Markets$250200:10.011.3
AHMZ TradeFX$1200:10.011
AITS FX$500100:10.011.6n
AL Trade$200200:10.10.8n
Alfa Financial$25000100:10.013
Alfa Financials$100200:10.012
Alfa-Forex$1200:10.010.7
Alpari$1500:10.012
Alpha Capital Markets$200400:10.012
Amenda$500100:10.010
AmigaFX$50400:10.13n
ArgusFX$1500:10.010.7
AssetsFX$200200:10.010n
ATC Brokers$500050:10.050.1
ATIORA$50100:10.011.2n
Atom8£5000200:10.10.6
AvaTrade$100400:10.011
Axiory$500500:110.3
Axiory Europe$1000200:10.010.9
AxiTrader$1400:10.010.6
AZAFX$200500:10.12n
Bacera$300400:10.011.7
Back Bay Markets$250400:10.010.1n
BancoFX$1400:10.010.2n
BANX Trading$1300:10.010.6n
Barclays Stockbrokers£2500100:10.51.5
BAXTER-FX$50000100:10.11
BCapitalsFX$10400:10.010.6
BDSwiss$100500:10.011
BelforFX$100400:10.013n
BILLION CAPITALS$501000:10.012.5n
BlackBull Markets$200500:10.010.1
Blackwell Global$500400:10.012.2
Blitzbrokers$100400:10.011
Blueberry Marketsaud100500:10.011
BMFN - Boston Merchant Financial$1400:10.12
BMFN Arab$1200:10.13
BTFX€250200:10.010.4
Bulbrokers$100200:10.012
Caesar Trade$25200:10.010.5n
Capital Index£1100:10.22
Capital Investment Brokers (CIBFX)$50500:10.010.6
CAPPROFX$101000:10.011n
CFD1000$500400:10.010.7n
CFDTimes$500500:10.011.8n
CFH Clearing$50000100:10.010
CFI Markets$100500:10.010.8
CIM Bank€500050:10.10.7
Circle Markets$1000100:10.010.6
City Credit Capital UK (CCC)$500200:10.13
City Index£100200:10.010.5
Citypoint Trading$20000300:10.12
CM Trading$250400:10.012.6
CMC Markets$1500:10.10.7
CMC Markets UK$1200:10.010.7
CMS Forex$25050:10.10.9
CMStrader$250200:10.13n
ContinentalFX$2000200:10.10.8n
Core Liquidity Markets$250500:10.010.3
CornerTrader$150:10.054
Currency House$1000200:10.011.6n
D24FX$25020:10.50n
Darwinex$500200:10.010.25
Deltastock AD$100200:10.012
DF Markets$1200:10.010.8
Direct FX$100400:10.010.2
Divisa Capital$5000100:10.010.2
Dukascopy Bank SA$100300:10.010.1
easyMarkets$25400:10.051.8
EightCap$100400:10.010.9
Elxi Markets$100200:10.010.8
eToro$50400:10.013
ETX Capital$100400:10.010.7
Euro Pacific Bank$1000100:10.51.8
EverFX$200300:10.010
EVFOREX$500100:10.010.2
Evolve Marketsbtc1500:10.010n
EXNESS$12000:10.010.3
FastBrokers$200050:10.10.7
FastQuote Securities$100000200:10.010
FBS$11000:10.011
FCI Markets$250400:10.010.8
FIBO Group$300200:10.012
FIBO Group Holdings$300200:10.010.8
Fidelis (Belize)$5400:10.010.8
Fidelis Capital Markets (Cyprus)$5400:10.12.1
Financial Spreads$1200:10.010.7
Financika$200200:10.10.8n
FinOdds$2550:10.0010n
Finpro Trading$5200:10.010.2n
FIPFX GLOBAL$200400:10.11n
FirewoodFX$101000:10.013n
Forest Park FX$150:10.010.2
Forex Broker Inc$10500:10.010.8n
Forex Club$250100:10.011.2
Forex Corporate$100001000:10.11.8
Forex FS$100500:10.011.9
FOREX.com$250200:10.011.5
Forex.ee$50500:10.010.5
Forex4you$11000:10.010.31
ForexCT$500200:10.12
FOREXer$200500:10.012.5
ForexMart$15000:10.010
FOREXYARD$1000200:10.013
Formax Prime Capital$1000200:10.010.6
Fort Financial Services$51000:10.012
Fortrade$100200:10.012
Fortress Capital$150:10.010.6
FP Markets$200500:10.010.7
FreshForex$11000:10.012n
Friedberg Direct$200050:10.10.2
Fullerton Markets$100500:10.012
FW Markets$100500:10.012.5n
FX Choice$100200:10.010.5
FX Money World$100400:10.012n
FX-EDGE$200100:10.010.2n
FXBM$50500:10.011.6n
FXCC$100200:10.010.4
FXCH$20001000:10.11n
FXCL$1500:10.011
FXCM$5050:10.010.2
FXCM (UK and Australia)$50200:10.010.2
FXDD$150:110.2n
FXDD Malta$1400:10.011.5
FXFair$25500:10.012n
FXFINPRO Capital$1500200:10.010.1
FxFlame$50500:10.011.2n
FXFlat€200200:10.010.8
FXGiants$100500:10.011.1
FXGlobe$250300:10.011.7
FxGlory$13000:10.012n
FXGM - FX Global Market$200200:10.13
FXICONIC$101000:10.10.6
FxNet$50500:10.012.3
FxOnUs$50500:10.010.7n
FXOpen$1500:10.0010
FXOpen UK$300500:10.010
FXPIG$500400:10.10
FxPlayer$500100:10.010.4n
FXPRIMUS$100500:10.012
FxPro$100500:10.010.6
FxUnited$25200:10.013n
GAIN Capital Group$10000050:110.2
GAINSY$10500:10.010.1n
Gallant Capital Markets (GCMFX)$250400:10.012
GBE brokers€1000200:10.010
GCI Financial$500400:10.11n
GCM Forex$100100:10.012
GDA Fincorp$50500:10.012.5n
GDMFX$100500:10.012n
Gerchik Co$500100:10.010.3
GKFX$1400:10.011.5
GKFX Prime$1400:10.011.2
Global Prime Forex$500200:10.010.4
GMI - Global Market Index$2000100:10.010
GO Markets$200300:10.011.2
Golden Tangent$500400:10.012.2n
GQFX$100100:10.22
Grand Capital$10500:10.0012.1n
Grinta Invest$100500:10.011.7n
GTCM$200200:10.13
Hadwins$50100:10.012.2
Hantec Markets$1000200:10.011.8
HeartForex$11000:10.012
HighSky Brokers$1200:10.011
Hirose Financial UK$1300:10.010.8
HiWayFX$201000:10.010.8
HotForex$51000:10.011
House of Borse$25000100:10.10.2
Hydra Markets$1001000:10.011.2n
IamFX$500500:10.010.1n
IBAmarkets$500200:10.013.3n
IC Markets$200500:10.011
IC Markets Forex Rebates$200500:10.011n
ICM - iTrade Capital Markets$500400:10.12n
ICM Capital$200200:10.011.6
IFC Markets$1400:10.0011.8
iFOREX$100400:10.0252
IG Markets$1400:10.10.6
IGOFX$11000:10.013
IKON Global Markets$20050:10.10.8
IMMFX$501000:10.012.1n
Indigo DMA$10100:10.010n
Infinity Space$101000:10.11
InstaForex$11000:10.013
Interactive Brokers$300050:10.250
InterTrader Direct£500400:10.010
INTFX$100500:10.011.2n
Invast Global$18000200:10.010
Investorseurope$250400:10.011n
IronFX$500500:10.011.1
IsikFX$100100:10.011.3
ITI FX$50300:10.011.2n
IV Brokers$100500:10.011.4
JCMFX$101000:10.011.8n
Juno Markets$500400:10.12n
JustForex$12000:10.012
KAWASE$100500:10.010.1
Kerford Investments$1000200:10.012n
Key To Markets$100500:10.011
KGI Ong Capital$100033:10.010.6
KRC (KRCNZ and KRC Group)$200200:10.10
KVB Kunlun$1200:10.011.3
Land-FX$300500:10.010.8
Larson and Holz$250500:10.010.01n
LCG (London Capital Group)$1300:10.10.6
LegacyFX$100200:10.012.5
Lider Forex$100200:10.013
LiteForex$101000:10.0013n
LiteForex (Europe)$1001000:10.011.2
LMAX$10000100:10.010.36
LMFX$501000:10.011n
LQDFX$20500:10.011n
Lucror FX$50500:10.012
Magna Dana$1100:10.013
MahiFX$1100:10.010.5
Market Investment$100500:10.011.5n
Markets Broker$5000200:10.010.6
Markets.com$100200:10.012
MarketsYes$250200:110.015
Marshal FX$500100:10.011.5n
MaxFX$100300:10.013
MB Trading$40050:10.010.1
MBA$10500:10.012.5n
MetisEtrade$250300:10.010.7n
MEX EXCHANGE$200500:10.010.9
MEX Group$100500:10.012
MFX Broker$11000:10.012
Milton Markets$250800:10.011.5
Mocaz Financial Markets$10300:10.011.8n
MTI Markets$100500:10.010
MTrading$1001000:10.012
NAS Broker$1100:10.010.7n
Neferma$10500:10.012n
NewForex$11000:10.012
Nexsus Financial Markets$250400:10.012
NICOFX$100200:10.011
NoaFX$10500:10.010.2n
NordFX$51000:10.013n
NSD Markets$10400:10.010.3n
NSFX$300200:10.013
OANDA$150:10.000011.2
OctaFX$5500:10.010.2
OloFx$100500:10.012
One Financial Markets$250400:10.010.7
OneTrade$100100:10.010.1
Orbex$500500:10.011.9
Pacific Financial Derivatives (PFD-NZ)$1300:10.010.4
PaxForex$10500:10.010.8n
PCM Brokers$100500:10.011.2
Pepperstone$200500:10.011
PhillipCapital$200100:10.11
PhillipCapital UK$650400:10.10.6
Plus500$1294:10.012
Price Markets$500400:10.010
PriorFX$250500:10.011
Profiforex$1500:10.010.1n
Questrade$100033:10.11.7
Rakuten Securities Australia$50400:10.010.7
Rakuten Securities HK$120:10.010.7
RallyTrade$1001000:10.011.6n
Range Markets$100500:10.011.7n
RBS - Royal Bank of Scotland£150:10.00011
Real Trade$20500:10.011n
Real-Forex$2000200:10.11.6n
Renesource Capital$10100:10.010.6
Rexor Investments$5400:10.011n
Ridge Capital Markets$500400:10.011n
RoboForex$11000:10.010.4
Royal Forex Trading (RFXT)$1400:10.010.6
Rubix FX$500100:10.010.2
SaudiQuote$10000100:10.011.5n
Saxo Bank$10000100:10.050.2
Seven Star FX$200400:10.011
SimpleFX$1500:10.010.1n
Smart Markets$1400:10.011.2n
Solforex$200400:10.011.5
Sterling Gent Trading (SGT)$50400:10.011.6
STO - SuperTradingOnline$20500:10.011.8
StocksM$500400:10.015n
StoxMarket$1000500:10.013n
Sucden Financial£5000100:10.53
Sun Hung Kai Forex$500020:10.011.6
Sunbird$1000300:10.011.2n
SuperForex$11000:10.12
SVSFX$500400:10.012.5
Swiss International (swissfs.com)$500200:10.013n
Swissquote Bank$1000100:10.014
Sword Capital$100200:10.010.6
Synergy FX$100500:10.011.2
Tallinex$1001000:10.011.8n
tegasFX$200200:10.010.2
TeleTrade (Europe)$1100:10.13
TeleTrade (UAE)$1100:10.013
TempleFX$50400:10.011.6
TeraFX$100400:10.011.8
TFIFX$500100:10.13
TFX Markets$50500:10.011.4
ThinkMarkets$250400:10.010.8
thinkorswim$150:10.12
Tickmill$25500:10.011.6
Tifia$100400:10.010.8
Titan FX$200500:10.011
TIX FX$500300:10.011.5n
TMS Europe€1200:10.011.2
TopFX$1500:10.010.1
Trade Fintech$250200:10.013n
TRADE.com$250200:10.012.2
Trade12$250400:10.011.2n
Trade360$100400:10.054
tradeBerry$500200:10.011.6
TradeFxP$25500:10.012.1n
TradeKing$50050:10.11.7
TradeNext$100300:10.011.2
Tradeo$250200:10.012.9
TraderNovo$100400:10.010.8n
Traders Trust$100500:10.010.3
Traders Way$11000:10.012n
TradersChoiceFX$25050:10.011
TradersTFX$1001000:10.010n
TradeStation Securities$2000100:10.11.6
TradeV$500200:10.012.5n
Tradeview Forex$100400:10.010.7
TradeWiseFX$25500:10.011.6n
Trading 212$49200:10.020.9
TradingBanks$250400:10.011.5n
TradingForex.com$1000200:10.010
Tradize$1001000:10.012.2n
TrioMarkets$500300:10.011.4
Trust Capital$250400:10.11.8
Turnkey Forex$5200:10.010.3n
UFX$500400:10.054n
Uniglobe Markets$10500:10.012n
Unum Capital$500100:10.13n
USGFX$100500:10.012.8
Valbury Capital$10000100:10.10
Valutrades$100400:10.011
Vantage FX$100500:10.011
VARIANSE$500200:10.011
Velocity Trade$1000100:10.011.1
VENUSFX$100500:10.011n
Victory International Futures$5000100:113
Vinson Financials$200500:10.11.5n
Vipro Markets$25500:10.010.2
vPE Bank$5000100:10.40.8
Wenn Markets$100100:10.013n
WH SelfInvest€250050:10.010.8
Windsor Brokers$100400:10.010.2
World Forex$1500:10.0012
xCFD$10200:10.000010.5
XForex$100400:10.013
XGLOBAL Markets$500200:10.011
XM$5888:10.00011
XpoFX$10400:10.010.4n
XTB UK$250200:10.012
Xtrade$100400:10.013
XtreamForex$5500:10.011n
Yadix$100500:10.011.5
YouTradeFX$500500:10.010.8n
ZAR FX$500300:10.010.2n
Zcom Trade$1200:10.12



How "Agency model" works

In the Agency model, Forex brokers act as agents. They accept orders from clients and send them to the liquidity providers. By being a simple intermediary, agency model brokers don't execute trades themselves, and hence have no conflict of interests with their clients and partners.

On the contrary, Principal model brokers will accept and execute clients orders themselves, thus acting as a principal = a dealing desk, and here the conflict of interests can arise.


Hybrid model (Agency + Principal)

Nowadays, many brokers have chosen a Hybrid model (Agency + Principal dealing).

In the Hybrid model, instead of being a simple intermediary (a so called "corridor" between clients and liquidity providers), Hybrid Forex broker executes 2 trades with each side: first he fills clients orders himself as a Principal, and then goes to the liquidity providers to executes another trade with them, hence acting as an Agent this time.

An example of the Hybrid model these days would be FxPro: Quote: "FxPro’s execution model works in the following manner: the flow of trades is internalized before any positions/trades are externally hedged. The internalization process is based on very rigorous and detailed risk management techniques centered on many risk parameters, which are continuously evaluated and monitored by the senior management."

Many brokers found Hybrid model being more commercially viable than pure Agency model.

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Broker discussion area

BrokerGuru

November 30, 2016

Can't seem to find them now, and the search isn't much of a help either. I'm truly sorry, probably this is a good question for large Forex forum community.


trader

October 14, 2016

Are there any MT4 brokers that separate out the currency pairs, for example, like EURUSDx, EURUSDy, EURUSDz, i use to know a few but cant find anymore



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