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DMA Forex brokers | DMA (Direct Market Access)




DMA Brokers. What is DMA?

DMA - Direct Market Access - is a type of FX execution where traders are offered direct access to the physical market, enabling them to place trading orders with liquidity providers (leading foreign exchange banks, other brokers, market makers etc).

Sounds similar to STP and ECN dealing? It's close, but there is a difference.

DMA (Direct Market Access) is offered by ECN brokers and by some STP brokers. In fact, ECN brokers always offer DMA, but not all STP brokers offer DMA. Let's take a look at the differences.
Read more...



Broker discussion area

BrokerGuru

July 5, 2012

AccentForex is STP + MM, but not DMA/STP.


trader

July 3, 2012

Hy, Please tell me Accent forex is DMA/STP or not


BrokerGuru

July 2, 2012

Dear Ramzi Samuel,

At 100forexbrokers we can't show any biases towards any brokers, thus we can't suggest any particular broker. We must remain 100% neutral all the time.
Our goal is to provide you with maximum information about each broker, so that you can easily compare them and make own choice. Thank you for your understanding!


Ramzi samuel

July 2, 2012

i am very new in the matket opend around 19 demo for diff company but ineed to open live account but with big amount not less than 50000$ could u tell me whith broker i can go a head
Ramzi samuel
UAE


BrokerGuru

June 3, 2012

After reading carefully for a few times, at least 2 discrepancies there:
- a dealing desk they mentioned is for phone orders. This is no a Dealing desk (Market maker) its a physical desk for taking orders.
These two terms are confusing, and I met this many times.

- Trading Point offers only Market execution of orders. While Market makers work with Instant execution.

I'd suggest revising the chat.


trader

May 29, 2012

Hi.. quick update on the previous post (may 28,2012).
live chat with the Trading Point rep.

_____ | 12:43

Hi there. can you elaborate what this paragraph essentialy means? I'm confused about the execution policy definition of your company:
"...the Company acts as principal and not as agent on the Client’s behalf; therefore the Company is the sole Execution Venue for the execution of the Client’s orders".
are you a DMA/STP or any other kind of broker?

Jeet Singh | 12:46

Strictly speaking we are a market maker as we do have a Dealing Desk primarily responsible for phone orders; however, please note that we operate with an STP model of execution – Almost all (>99.85%) of our client’s orders are executed in under 1 second and we pride ourselves on our no re-quotes and no rejection policies.

Please note that all of our client's positions are covered and as such it is in our benefit for our clients to be making money as the more they make the more they trade, and the more they trade the more money we make by covering them at a slightly better price. By covering our client’s positions we eliminate any risk and also do not benefit from our client's loses. Furthermore we are continuously trying to help our clients through their trades by releasing numerous fundamental (and soon to come technical) analysis reports throughout the day.

Axel | 12:49
so what you are saying is that you are a Market Maker and you take the counterpart of all the clients positions and them through a STP you hedge them in the external market right?
do you guarantee market execution or instant exe?

Jeet Singh | 12:50

Yes.

After all, I like to thank Broker Guru for making me save some money and spare myself some headaches.


BrokerGuru

May 28, 2012

We need to further clarify it with the broker. I'll post additional updates here.

This is a particularly interesting definition: "The Company does not transmit the Client order in the external market if the order is for the financial instrument provided by the Company".

Update: I found these quotes initially at 3TG FX broker website, and here is their official reply:

"thank you for your inquiry! As to your question, 3TG FX is an NDD/ECN broker. The quotation above refers to the company being able to fill your order should it choose to do so. The company does not act as a market maker, it offers ECN accounts to each of its clients connecting them to over 70 liquidity providers and allowing them to freely profit from their trades. Feel free to test the trading environment by opening a demo account with us!"


trader

May 28, 2012

Hi. I am checking the order execution policy of a broker who pretends to be a DMA/STP ( the same shown on your list too).
"...Execution Venues are the entities with which the orders are placed or to which the Company transmits orders for execution. For the purposes of orders for the Financial Instrument provided by the Company, the Company acts as principal and not as agent on the Client’s behalf; therefore the Company is the sole Execution Venue for the execution of the Client’s orders. The Company does not transmit the Client order in the external market if the order is for the financial instrument provided by the Company".
Does this mean that the company acts as the counterpart of the clients' trade and then goes to the external (interbank market) to hedge this position? (...and we know how this goes on...).
If this is true then this broker doesn't seem to be a real DMA/STP but just a STP, right?...am I making sense?


BrokerGuru

May 15, 2012

Brokers will protect themselves with Client Agreements. Of course, if there is even a signle transaction where a broker is acting as a counterparty, they must mention it, and, despite loudly promoting themselves as STP (beacuse they are STP most of the time), there is a second side to the story.

If you choose to go with Currenex platform, you can easily find Currenex brokers using our search:
Forex brokers comparison
where select option: Trading platform "Currenex"
(Be sure to verify on broker's sites which account gives you access to Currenex platform).


trader

May 13, 2012

Interesting write up on types of brokers. last week I started looking for a new broker to run managed accounts thru. Obviously, to raise capital is tedious, but it does help when you can include words like "bank" or " currenex " in your pitch to possible clients.
I have narrowed my search for a forex provider the following:
divisa capital, fxdd malta, MIG capital ( subsidiary of MIG bank ) , all using currenex viking platform, which supposedly takes me straight to major liquidity providers ( DB, HSBC, Goldman, barclays, etc). However, when i read the client and disclosure agreements I run into clause like:
FXDD- all contracts made and entered into between customer and fxdd hereunder will be entered into by fxdd as principal.
MIG- when MIG executes a transaction for you, we are entering into a trade as principal and will be your counterparty..
divisa capital- DC may deal in contracys as " principal" on its own account...
DC may take opposite position in a contract
As you can see , even though the sales guy preaches STP, the contract leads one to believe that they are likely to act as market maker.
So, my question will be, since I can't get with FX-ALL or currenex directly, which of the brokers listed flow orfers thru fxall or currenex and put it in writing?


BrokerGuru

May 6, 2012

"DMA/STP+Market maker" usually means that for some accounts (usually with higher deposit) you'll have DMA/STP conditions, while for other account - dealing desk. IBFX is rather an exception: all their accounts start from $1 and there is no difference between mini and standard account. All accounts are DMA/STP, however, on IBFX's request, we've added the "+Market maker" words. As IBFX explained, they want to follow NFA rules fully and completely, which means that if there is even a single transaction, which doesn't make it to the liquidity providers (under DMA execution) and has to be facilitated by the broker himself (dealing desk), they want to make sure that traders known about it.

So there you have: IBFX is a DMA/STP broker, and they want to be 100% transparent with traders, while also abiding NFA rules to the full extent in order to avoid penalties. On their request we're listing them as "DMA/STP + Market maker".


trader

May 6, 2012

Hi BrokerGuru,

May I know is IBFX a DMA/STP broker or a market maker? It shows IBFX is DMA/STP+Market maker in your website. What does it means? Can you explain it briefly?

Thanks a lot :)


BrokerGuru

May 1, 2012

TradeBankFx - need to verify. Thank you!
One Financial Markets offer ECN accounts called "ONE | XTS | DMA FX" and dealing desk accounts.


trader

May 1, 2012

One financial markets also has DMA mt4 plotform


trader

April 28, 2012

sorry wrong web, dma broker with min $10 deposit www.tradebankfx.com


BrokerGuru

March 30, 2012

tradebank.com doesn't offer Forex trading.


trader

March 29, 2012

others DMA with minimum deposit $10 www.tradebank.com


BrokerGuru

March 19, 2012

Universal FX is ECN.


trader

March 17, 2012

HI Universal is Dma?


BrokerGuru

March 10, 2012

fxdme. com opens accounts via GAIN Capital (Forex.com)
Gain Capital offers ECN only on accounts from $100,000. The rest is a dealing desk. As far as I know Gain Capital doesn't have DMA accounts.

ECN brokers charge commission for trading, and offer Depth of the market (DOM) in their platforms.
FBS doesn't charge commission, only spreads. It fits into the DMA category for standard accounts with variable spreads and market execution of orders.


trader

March 10, 2012

Hello BrokerGuru,

this site is the best forex site I have ever seen.

I have a question.
FBS broker is listed in the DMA/STP list, but on their website I only can see ECN/STP.

why?

Thank you


trader

March 10, 2012

I doubt FBS is a real DMA or ECN broker


trader

March 8, 2012

hi.
fxdme (fxdirectmarkets) is dma also


BrokerGuru

March 6, 2012

Mig Bank - yes.


trader

March 6, 2012

Migbank is DMA?


trader

March 5, 2012

TradeNovaFX is DMA/STP
(http://www.tradenovafx.com/)


BrokerGuru

February 10, 2012

Yes, absolutely.
You can run several MT4 platforms from different brokers on the same computer.

@ trader: more details about ecn+ndd+stp brokers here: http://www.100forexbrokers.com/stp-ecn-brokers


trader

February 9, 2012

Hello Broker Guru
I am new to FX, I want to ask one question
is it ok to download and use MT4 from 2 different brokers at same time on same computer?
Thanks


trader

January 17, 2012

I thought my choice was made and that i would go for an ECN broker, but i just foudn out that apart from few advantages it has,
The DOWNFALL to ECN trading is that unless there is an exact match, the forex sale cannot be executed.
Does it mean the price has to stall for a while at a certain level ex: 1.2790(5) and then can close the trade? What about during fast moves or spikes ? will the order be filled or not with ECN technology? Will the stop be honored ?

I read so much about ECN vs DMA STP vs DD/MM, that now i really start to think the best of the best is DMA/STP, with the condition to trade only with :
(1)Brokers that have more LP
(2)Standard lots and not 0.1 or below.
(3)and stay away from the news release.

Whereas if you are using a Market maker, can make pips during news release, or during one or two of those big spikes that the Eur-Usd displays some times. Close and re-open the trade after 12/15 pips, placing stops not in cluster zones, and moving the entry stop-sell or buy stop... limit every 3/4 mins.
MM hates not stable people.It confuses them.That is at least what i have found out in my three months trading.


trader

January 7, 2012

sir i want a detaill for ecn+ndd+stp brokers name please


BrokerGuru

December 30, 2011

All I can say is that Currenex is the true ECN platform. While MT4 can't offer ECN without special bridges.
Knowing how to make EAs is a tremendous advantage for any trader. I'm not familiar with programming for Currenex though, sorry.


trader

December 29, 2011

hello Brokers Guru ,
I had a issue regarding strategy tester in MT4 , which i used to back test some EA's . to my surprise the tester was putting some orders which were not calculated in EA . HOWEVER , i do no mind this using MT4 ,as this is parcel and pack with MT4 . ALSO , MT4 was not primarily built to trade on ECN or STP execution . Currently most of the brokers are using Currenex to bridge between MT4 and ECN/STP executions . No wonder , i wish learn Programing for executing trades on Currenex Platform , which i had barely handled . could you provide some details about this platform ?


BrokerGuru

December 28, 2011

1. Yes, it's a dealing desk (Market making) for small orders. A broker will trade against you.
2. It's STP (or possibly DMA/STP) - a broker will send orders (large orders, I'd suppose) to their liquidity providers - banks. Banks are always market makers. But your relationship with a broker is Straight-Through Processing (STP), which means no conflict of interests.


trader

December 27, 2011

Dear Members,
I have read the following two statements on the webiste of broker "Forex4U". Can anybody tell me if i am right about my interpretation:

1. "Low-volume orders are executed using internal liquidity according to the Market Maker model."
Meaning: Is the broker operating as Market Maker for smaller orders?

2. "Direct interaction with Market Maker banks (exclusive price request with numerous types of orders)"
Meaning: Is the broker a DMA/ STP?

Pls. help me..


BrokerGuru

December 26, 2011

Firstly, the term "DMA" is not your standard term in Forex trading. All we knew before was: "Market maker", "STP" and "ECN". While DMA should rather be approached as a more or less new term, which helps us separate:
- STP brokers from DMA/STP brokers
- and ECN/STP brokers from DMA/STP brokers

Yes, most of the time you won't find any relative information about DMA/STP/ECN etc on brokers' sites, but that's their fault that they don't offer enough eduction & transparency, or, quite possibly, they don't belong to the category of brokers they pretend to be (if so, it would be against the law to post any misleading information for traders, thus there is none at all).

How can you be sure that a broker is ECN?
To start with, every ECN broker should have:
1. Only market execution of orders
2. Only variable spreads
3. Only 5 digit pricing
4. There is always commission besides spreads
5. No one should care if you scalp or trade news etc. etc.
6. Trading platforms often allow to see the depth of the market (DOM)
Then you read the Trading Terms & Client Agreements. Later - consider talking to a broker representative as well.
Finally, get a demo account and test it. That's how you make decisions instead of relying on promises etc.
You also ask your broker about liquidity - only they can shed some light on that.

Forex has no central exchange. Prices are determined by supply and demand: Buy/Sell quotes come from all market participants, including leading banks and large financial institutions who actively compete & speculate on the currency exchange. The best rates win, while supply and demand shift those rates all the time. The level of supply and demand depends on many global economical factors/events around the world.
And some more reading: http://en.wikipedia.org/wiki/Exchange_rate


trader

December 21, 2011

So what now?

STP vs ECN vs DMA?

To be honest I kind of doubt in DMA since I can't find any relevant information on broker's websites about the type of brokerage they are.

How can you be sure that the broker claiming to be ECN is really ECN? Is there a way to verify that? How can you find out who provides liquidity to ECNs and how many of them do they have?

And one off-topic question, if Forex doesn't have a central stock exchange, who sets the price?

Thank you for your honest posts and answers, this blog is very useful.


trader

December 19, 2011

Very funny comments and knoweledge about DMA.. only Exachanges have this as CME. The orderbooks from "ECNs" can't change price what is provide from MasterMarket with true orderbook.. DMA DMA DMA... this is only ads.. be aware gays.. in all "ECNs" as offer mt4,intergral,currenex price is provided from one cleared price and modified by dealers/manager or fees and agremenst.. no DMA for small retails .. simple BBO must change price if on your ECN you see DOM and under cur price are good offer when ypu put Limit price sholud change.. I gues it's not posible on "ECNs" coz matching not working as on True ECN witch OB-fifo.


BrokerGuru

December 19, 2011

No, unfortunately, I don't have enough data on the lot limits yet. We have a list of brokers who offer no order limits here: http://www.100forexbrokers.com/mini-micro-accounts-comparison

but there is still some work needed, not to mention that it's not about ECN brokers only, but rather about all brokers. Sorry.


trader

December 17, 2011

Hi there broker guru. Do you know any dma/ecn broker which allows unlimited trading per lot on mt4. For example i wanna execute 2000 lots on a single click. A broker with a great liquidity.


BrokerGuru

December 17, 2011

Hi GoG,
MB Trading is ECN.
MB trading UK is registered with FSA UK (#528328).


GoG

December 17, 2011

hi bg how about mb trading uk...they offer 2 different account pay for limit and free exn. is mbt uk regulated by fsa uk? thanks
regard
GoG


BrokerGuru

December 14, 2011

I disagree. Regular STP Forex brokers and those that provide DMA/STP trading conditions are different.

We need this classification to distinguish between those 2 broker categories; call it "DMA" or any other way.

DMA brokers offer:
- only Market execution
- only variable spreads
- only 5 digit pricing
- optional feature: DOM access (depth of the market book access)

Regular STP brokers offer:
- Instant or Market execution
- fixed or variable spreads
- 4 or 5 digit pricing
- no DOM access.


trader

December 14, 2011

There's no such thing as DMA in forex unless it's currency futures, so the above list is all wrong.


BrokerGuru

December 13, 2011

Hi Pipkid,

we list PFGBEST as ECN/STP broker, although aware that their customer support sometimes says that its DMA model and other times ECN.

Here are some quotes from the representatives:
1. "While the platform is ECN, the trades are matched against prime banks like Goldman Sachs, ABN Amro, and JP Morgan Chase."

2. "The feed is directly to the interbank market where it is offset by prime banks like Goldman Sachs and JP Morgan."

All ECN brokers feed "directly" to the Interbank, but here we separate DMA category for brokers who feed directly to certain number of selected banks and liquidity providers which they work directly with; opposed to ECN brokers who place orders on the Interbank to be filled by any bank/liquidity provider.


Pipkid

December 13, 2011

I was told by my customer service rep that PFGBest is a DMA/STP broker. Can you verify this?

Pipkid


BrokerGuru

December 5, 2011

It's up to a broker to choose margin levels.
If they think it's better to match other MT4 brokers conditions, that's ok. Just make sure you're comfortable with it.


trader

December 3, 2011

Hello.
How do you think about Divisafx (divisa capital)?

I sent email to divisafx.

helllo.
I installed both the Currenex Viking and the MT4 Quant platforms and running on demo accounts for a while. One strange thing I realized is that the margin calculations are different when comparing the platforms.
both demo accounts are in USD.
The margin used in Currenex Viking is 100 000 x 0,01 x actual quote for currency pair.
But The margin used in MT4 Quant platform is simply 1000.(standard lot size)
All pairs are symply 1000.
What is the reason for this difference?
bye.

----->reply.
You are correct in your observations. While Currenex margin is set to account to account for the currency rate, we set the MT4 margin calculations to align with the majority of brokers who offer MT4 and charge initial margin of $1000 per $100,000 traded. Please let us know if you have any additional questions.

Regards,
Divisa Capital


BrokerGuru

November 12, 2011

DMA brokers won't be interested in slowing execution speed I think, the reason for that is because the best quotes which they receive from liquidity providers are very quick to expire, if a broker doesn't use this opportunity to offer clients better prices, then it's no better than a regular STP/MM broker with average spreads.


trader

November 9, 2011

Hi BG,

I was wondering that a mt4 DMA/STP broker can make a client's execution speed slower?


BrokerGuru

November 2, 2011

FXCM ActiveTrader is ECN/STP, which is positioned by the company as even superior as other regular accounts (which are DMA).
As far as I know, there are no segregated accounts at FXCM, unless you want to open an account with their UK branch (www.fxcm.co.uk/)
FXCM is a veteran broker, so based on the statistics, yes.
If something happens to FXCM your account won't be protected though, unless they offer some special conditions/protection to VIP clients, which should be asked in person.



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