STP Forex brokers

(No Dealing Desk + STP)

STP broker	Platform execution:	Spreads:	STP available on accounts:	Number of Liquidity providers:
1lotstp	Instant & Market execution	fixed & variable	All accounts	over 30
1pipfix	Instant execution	fixed	All accounts	25
3TG Brokers	Instant & Market execution	fixed & variable	Fixed & Variable accounts	70+
4runnerforex	Instant execution	fixed	Fixed spread accounts	25
4XDG	Instant execution	fixed & variable	STP accounts	3
AAAFx	Market execution	variable	All accounts	3
Abshire-Smith	Instant & Market execution	fixed & variable	All accounts	12
AccentForex	Instant & Market execution	fixed & variable	STP accounts - Market execution	5+
ACFX	Market execution	variable	STP accounts	2
ACM Gold	Market execution	fixed	All accounts	1
ACM (Swissquote Bank)	Instant execution	fixed	All accounts	7
ActivTrades	Market execution	variable	Interbank accounts	2 (Citi, Deutsche Bank)
Advanced Markets	Market execution	variable	All accounts	11 (Macquarie Bank, Bank of America, Barclays Capital, Citi, Commerzbank, BNP Paribas, Deutsche Bank, J.P. Morgan, Morgan Stanley, Nomura, UBS)
AFX Capital	Market execution	variable	AFX Classic accounts	5
AmigaFX	Instant execution	fixed	All accounts	2
Arab Financial Brokers (AFB)	Instant execution	fixed	All accounts	2
Araxo4x	Instant & Market execution	fixed & variable	All accounts	22+
Armada Markets	Market execution	variable	All accounts	5
ATC Brokers	Instant & Market execution	variable	All accounts	1 (FXCM)
Axiory	Market execution	variable	All accounts	8 banks
AxiTrader	Market execution	variable	All accounts	14
BeamFX	Instant execution	variable	All accounts	1 (one of: Alpari, dbFX, Dukascopy, FXCM, Forex.com brokers)
Blackwell Global	Instant & Market execution	fixed & variable	All accounts	12 (BOA, Barclays, Citi, Credit Suisse, HSBC, JP Morgan, Standard Chartered, BNP Paribus, Deutsche Bank, RBS, USB, and Morgan Stanley)
BNFX	Market execution	variable	All accounts	11
Boston Prime	Market execution	variable	All accounts	12
Brokers Star	Market execution	variable	All accounts	14
CFH Markets	Instant & Market execution	variable	All accounts	all top tier 1 banks
Direct FX	Instant & Market execution	variable	All accounts	15 (tier 1 banks)
Divisa Capital	Market execution	variable	All accounts	12
ECNTradeFX (ETF)	Market Execution	variable	"ECN" accounts	16 (banks)
eToro	Instant execution	fixed	All accounts	1 (RetailFX)
Exto Capital	Instant execution	variable	All accounts	13-15
FBS	Market execution	fixed & variable	All accounts	10+
Fidelis	Market execution	variable	All accounts	10+
FinFX	Market execution	variable	All accounts	15, including Integral’s FX Grid
Finotec	Instant execution	variable	All accounts	18
Forex Broker Inc	Instant & Market execution	fixed & variable	All accounts	3
Forex Club	Instant execution	fixed & variable	ActTrader platform	7-10
Forex FS	Instant & Market execution	variable	All accounts	4 (banks)
Forex4you	Instant & Market execution	fixed & variable	All accounts	2 (primary; + few reserve)
ForexTrading	Instant & Market execution	fixed & variable	All accounts	12+
Fortune4x	Instant execution	fixed	All accounts	2
Fortress Capital	Instant execution	fixed & variable	All accounts	over 30
FXcast	Instant execution	fixed	All accounts	5
FXCH	Instant execution	fixed	All accounts	8
FXCM - Forex Capital Markets	Market execution	variable	All accounts	10+
FXDealer	Instant & Market execution	fixed	All accounts	1 (FXDD Malta)
FxGlory	Instant & Market execution	fixed	All accounts	5
FXGM	Instant execution	fixed	All accounts	broker refused to provide information
FxNet	Instant execution	fixed	All accounts	3
FXOptimax	Market execution	fixed & variable	All accounts	1
FXPRIMUS	Instant execution	fixed & variable	All accounts	5-10
FXTG (ForexTG)	Instant execution	fixed & variable	All accounts	15 banks
FX|Clearing	Instant execution	variable	"ECN-PRO" accounts	1
GAINSY	Market execution	variable	STP accounts	20
Gallant Capital Markets	Market execution	variable	Micro & Standard accounts	15
GCI Financial	Instant execution	fixed	All accounts	10
GDMFX	Instant & Market execution	fixed & variable	All accounts	15
GKFX	Instant & Market execution	fixed & variable	All accounts	10
GO Markets	Market execution	variable	All accounts	70
Goldstein Brokers	Market execution	variable	All accounts	9
Grand Capital	Instant & Market execution	variable	All accounts	11 (Bank of America, BNP Paribas, Citibank, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Newedge, Prudential Financial, Societe Generale)
GreenFX traders	Instant execution	fixed & variable	All accounts	6 banks
GTL Forex	Instant execution	fixed	All accounts	broker refused to provide information
Hirose Financial UK	Instant & Market execution	fixed	All accounts	10
HotForex	Market execution	variable	All accounts	6
IamFX	Market execution	variable	All accounts	2 (IB for GCMFX)
IBFX	Market execution	variable	All accounts	11-12
Iceberg Brokers	Instant execution	variable	All accounts	18
IC Markets	Market execution	variable	STP accounts	2
IFC Markets	Instant execution	fixed	All accounts	5
IKON Markets	Instant & Market execution	variable	All accounts	15-20 global banks and financial institutions
InstaForex	Instant execution	fixed	All accounts	broker refused to provide information
InvestTechFX	Instant execution	fixed	All accounts	1 (Globex Interbank - Interbank FX Clearing group)
Investorseurope	Market execution	variable	All accounts	15 banks
IronFX	Instant execution	variable	All accounts	2
JFX	Instant execution	variable	STP accounts	9
Lider Forex	Instant execution	variable	All accounts	1 (FXCM broker)
Liquid Markets	Instant execution	fixed	All accounts	14+
Liquidex	Market execution	variable	All accounts	3
LiteForex	Instant execution	fixed	All accounts	broker refused to provide information
LMAX	Market execution	variable	All accounts	4 (LCH.Clearnet (central LP), Goldman Sachs, JPMorgan, Optiver)
Loyal Forex	Instant execution	fixed	Mini & Standard accounts	25
Lucror FX	Instant execution	variable	All accounts	broker refused to provide information
Mandus Invest	Instant execution	fixed	All accounts	1 (ODL Securities broker)
Masarut Capital Group	Instant execution	fixed	All accounts	broker refused to provide information
MaxProCapital (MPCL)	Instant & Market execution	fixed & variable	All accounts	27+
MAYZUS	Instant & Market execution	fixed & variable	STP accounts	2 banks (+10 via Currenex)
MBCFX	Instant execution (Market execution on Currenex)	fixed & variable	All accounts	20
MIG Bank	Instant & Market execution	variable	All accounts	17 (Bank of America, Barclays, BNP Paribas, Citibank, Commerz Bank, Credit Suisse, Deutsche bank, Goldman Sachs, HSBC, J.P.Morgan, Lucid Markets, Morgan Stanley, Nomura, RBS, SEB, Societe Generale, UBS)
MFC Investment	Market execution	variable	All accounts	18
MyTrade Markets	Instant & Market execution	fixed & variable	STP accounts	5
Nord FX	Instant execution	variable	Standard accounts	18+ (via Currenex and Integral to: Bank of America, Barclays, BNP Paribas, Citibank, Commerz Bank, Credit Suisse, Deutsche bank, Goldman Sachs, HSBC, J.P.Morgan, Morgan Stanley, MUFG, Natixis, Nomura, RBS, SEB, SMBC, UBS))
OctaFX	Market execution	variable	All accounts	10
PaxForex	Instant execution	variable	All accounts	5
Pepperstone	Market execution	variable	All accounts	22 (banks and ECNs)
Pacific Financial Derivatives (PFD-NZ)	Instant & Market execution	fixed & variable	All accounts	12
PipFixed	Instant execution	fixed & variable	All accounts	1 (2PipFixed)
Profiforex	Instant & Market execution	fixed & variable	All accounts	3
Real-Forex	Market execution	variable	All accounts	10 (Bank of America, Citibank, Deutsche Bank, Goldman Sachs, J.P.Morgan, Morgan Stanley, UBS)
Renesource Capital	Market execution	variable	FX Calssic accounts	26 (ADM, Deutsche Bank, MAREX, GFT, JSC IBC Finasta, JSC Citadele Banka, JSC Latvijas Krajbanka, KIT Finance, MF Glbal, ODL Securities, Penson Financial, Pinnacle Capital Markets, Saxo Bank, Swedbank, Commerzbank and other )
RFXT - Royal Forex Trading	Instant execution	fixed & variable	R-Fixed, R-Variable accounts	5 (Deutsche Bank NY, Alpari UK, CMS Forex UK, ASD Securities etc.)
RoboForex	Instant & Market execution	fixed & variable	Pro accounts	16 (through Integral: Citibank, Deutsche Bank, Bank of America, UBS, HSBC, NOMURA, RBS, BNP Paribas, Credit Suisse, COMMERZBANK, SEB, SMBC, Morgan Stanley, Goldman Sachs, JPMorganChase, NATIXIS
RobustFX	Instant execution	fixed	All accounts	30+
RPD FX	Market execution	variable	All accounts	20 (through Integral)
Sensus Capital Markets	Market execution	variable	All accounts	10
SGT - Sterling Gent Trading	Instant & Market execution	fixed	All accounts	12
Shaw Markets	Instant execution	variable	All accounts	broker refused to provide information
Sun Hung Kai Forex	Market execution	variable	All accounts	broker refused to provide information
Sisma Capital	Instant & Market execution	fixed & variable	All accounts	67
Strategem FX	Instant & Market execution	fixed & variable	All accounts	10+
Solidity Brokers	Instant & Market execution	fixed	FIX-STP accounts	11 (banks)
SpartanFX	Instant execution	variable	All accounts	5
STRATO Markets	Instant execution	fixed & variable	All accounts	10+
Sucden Financial	Instant & Market execution	variable	All accounts	15 banks
Sunbird	Market execution	variable	All accounts	5
Synergy FX	Market execution	variable	All accounts	20 banks
The Collective FX GLOBAL	Market execution	variable	All accounts	1 (FXPro) -> to 27 LPs
ThinkForex	Market execution	variable	All accounts	70 (banks via Currenex)
Trade Bank FX	Market execution	variable	All accounts	10+
TradeFort	Instant & Market execution	fixed & variable	All accounts	8 (Deutsche Bank, Barclays, Goldman Sachs, Morgan Stanley, Nomura, UBS, Merrill Lynch, Credit Suisee)
TradeNovaFX	Market execution	variable	All accounts	7 banks
Trader's Way	Instant execution	variable	STP accounts	18
Traders Pulse	Instant execution	variable	All accounts	30
Traders Trust	Instant execution	variable	STP accounts	3 (Barclays, Deutsche Bank and Citybank)
TradersChoiceFX	Instant & Market execution	fixed & variable	STP accounts	1 (one of: GAIN Capital, FXDD and FXCM brokers)
Tradestation Securities	Market execution	variable	All accounts	23 (numerous market centers such as NYSE, Nasdaq, ATD, CME, CBOT)
Tradeview	Market execution	variable	All accounts	30
UFXMarkets	Instant execution	fixed	All accounts	1 (broker)
UpFX	Instant & Market execution	variable	All accounts	10 banks and 4 private hedge fund/brokers
UPME Group	Instant & Market execution	fixed & variable	All accounts	broker refused to provide information
Valbury Capital	Market execution	variable	All accounts	a basket of banks
Vantage FX	Instant & Market execution	variable	All accounts	70
Vantage FX UK	Instant & Market execution	variable	All accounts	70
Varengold Bank FX	Instant & Market execution	variable	All accounts	10+
Velocity Trade	Market execution	variable	All accounts	8
WFX Markets	Market execution	variable	All accounts	over 30
WH SelfInvest	Market execution	variable	All accounts	15 (banks: J.P.Morgan, Citibank, Deutsche Bank, Barclays ...)
Windsor Brokers	Instant & Market execution	variable	Dynamic STP accounts	broker refused to provide information
WorldPro FX	Instant execution	fixed & variable	All accounts	7
YouTradeFX	Instant execution	fixed	All accounts	60
XEMarkets	Market execution	variable	All accounts	6

No Dealing Desk - means STP

Any Forex broker that doesn't run a dealing desk nowadays is called an "STP broker".

But STP brokers can be different:

Broker A - a no dealing desk IB (introducing broker) who simply passes all client orders to the Prime broker - calls it "STP"
Broker B - a no dealing desk broker, who fills client orders himself using Instant execution, and then immediately (and automatically, without human intervention) offsets 100% of those orders with own liquidity providers - calls it "STP"
Broker C - a no dealing desk broker, who passes all client orders directly to the liquidity providers using Market execution - calls it "STP"

What kind of STP is each one of these brokers?

QUICK BASICS

STP - Straight Though Processing - means that there is no dealing desk involved in quoting & controlling market prices (no market making), but instead all orders are passed through to Liquidity Providers (other brokers and banks), where they are executed at the bid/ask rate given by those Liquidity Providers.

So, an STP broker with no dealing desk will direct all orders to Liquidity Provider(s). What happens next?

A Liquidity Provider (LP) always acts as a Principal and a Conterparty to your trade. An LP takes the other side of your position, while looking to make profits by closing this position later in a trade with another party.
(Same as with ECN brokers, who pass your trades to an ECN pool, where other liquidity providers - banks, hedge funds, brokers, investors - become a counterparty to your trade).

Thus, in the end your order always meets a Liquidity Provider, who is a final Counterparty to your trade.

3 ESSENTIAL COMPONENTS of an STP

There are 3 essential components that will help you to learn more about any STP broker:

1. Depth of the liquidity pool (number of liquidity providers)
2. Type of the spread (fixed or variable)
3. Type of execution (instant or market)

1. Liquidity providers and Depth of the liquidity pool. Why it matters?

Unlike ECN brokers who send orders to ECN liquidity pools with a large number of liquidity providers trading on the Interbank, an STP broker has it's own "internal liquidity pool", which consists of a smaller predetermined number of liquidity providers - only those with whom an STP broker has signed a business contract. Those Liquidity providers will then compete for providing the best bid/ask rates for orders coming from an STP broker.

The more there are liquidity providers in the system - the deeper is the liquidity pool.

It's worth mentioning that if an STP broker has only one Liquidity Provider (LP), there will be no price competition among LPs, and therefore it'll be equal to just adding yet another "middleman" into the trading. These days Forex brokers try to have more than one liquidity provider to be able to offer deeper liquidity, better bid/ask quotes and, as a result, lower spreads.

2. STP spreads: fixed vs variable?

STP brokers nowadays are known to offer both types of spreads: fixed and variable.

An STP broker with variable spreads works in a way similar to ECN model (but inside its own internal liquidity pool): while liquidity providers compete to offer the best bid/ask prices, an STP broker will pick the best Bid price from one liquidity provider and the best Ask price from another liquidity provider and deliver the best current spread to own clients (+ own small mark-up, which allows an STP broker to earn its profit).

An STP broker with fixed spreads won't adjust spreads for the clients based on the lowest bid/ask prices offered by Liquidity providers. The spreads will remain fixed all the time.
If an STP broker has only 1 liquidity provider, this Liquidity Provider will act as a single counterparty to all client trades. In this case traders are at the mercy of the liquidity provider, who decides which prices to quote and when.

If there are several liquidity providers, but the spreads remain fixed, this means that an STP broker uses its own back-office price matching engine, which ensures that a broker is able to make profits on spread difference. To do that, a client is charged a fixed spread, which is higher than the best available rate a broker can get from the LP(s). A broker then earns on the spread difference while immediately hedging this trade with an LP at a better rate.

3. Instant vs Market execution?

As practice shows, when it comes to reading about trading advantages on brokers' sites, the term "Instant execution" can be used differently:

Version 1: "Instant execution" in reference to the speed of order execution: fast, instantaneous order processing.
Version 2: "Instant execution" in reference to the method of order execution: an execution technology used on the trading platform. (Traders can find it in the order window when they open/close positions).

We're interested in the second definition - "Instant execution as the method of platform order execution".

Instant execution means that the order won't go to the market (it'll be instantly filled by your broker).
Market execution means the order will go to the market (where it'll be filled based on available quotes from the liquidity providers).

STP brokers who offer Market execution provide true Direct Market Access (DMA) trading to their clients.

Summary

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