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.

True DMA Attributes

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

 

Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 66-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Broker Type Regulation Minimum deposit Maximum leverage Minimal lot size Spreads EUR/USD
24option ECN/STP, DMA/STP, STP CYSEC, IFSC $1 1000 : 1 - Mini account
300 : 1 - Standard account
500 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
1.2 pips - Mini account
0.8 pips - Standard account
AAAFx DMA/STP HCMC in Greece $300 500 : 1 - Mini account
500 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
0.2 pips - Mini account
0.2 pips - Standard account
Abshire-Smith DMA/STP, Market Maker FCA $1 400 : 1 - Mini account
400 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
1.2 pips - Mini account
1.2 pips - Standard account
Advanced Markets ECN/STP, DMA/STP ASIC $500000 100 : 1 - Mini account
100 : 1 - Standard account
100 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
Amenda ECN/STP, DMA/STP FCMC $500 100 : 1 - Mini account
100 : 1 - Standard account
100 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
AssetsFX ECN/STP, DMA/STP $200 200 : 1 - Mini account
200 : 1 - Standard account
200 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
ATIORA ECN/STP, DMA/STP, STP $50 100 : 1 - Mini account
100 : 1 - Standard account
100 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
1.2 pips - Mini account
1.2 pips - Standard account
0.15 pips - ECN account
Atom8 ECN/STP, DMA/STP, STP FCA 200 : 1 - Mini account
200 : 1 - Standard account
200 : 1 - ECN account
0.1 - Mini account
0.1 - Standard account
0.1 - ECN account
0.6 pips - Mini account
0.6 pips - Standard account
Axiory DMA/STP FSC $500 500 : 1 - Mini account
500 : 1 - Standard account
1 - Mini account
1 - Standard account
0.3 pips - Mini account
0.3 pips - Standard account
Axiory Europe ECN/STP, DMA/STP CYSEC $1000 200 : 1 - Mini account
200 : 1 - Standard account
200 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
0.9 pips - Mini account
0.9 pips - Standard account
0.1 pips - ECN account
AxiTrader ECN/STP, DMA/STP ASIC, FCA $1 400 : 1 - Mini account
400 : 1 - Standard account
400 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
0.6 pips - Mini account
0.1 pips - Standard account
0.1 pips - ECN account
Blitzbrokers ECN/STP, DMA/STP FCA $100 400 : 1 - Mini account
400 : 1 - Standard account
400 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
1 pips - Mini account
1 pips - Standard account
Capital Index DMA/STP CYSEC, FCA 500 : 1 - Mini account
500 : 1 - Standard account
500 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
1 - ECN account
1.4 pips - Mini account
1 pips - Standard account
0.4 pips - ECN account
Core Liquidity Markets ECN/STP, DMA/STP ASIC $250 500 : 1 - Mini account
500 : 1 - Standard account
400 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.1 - ECN account
0.3 pips - Mini account
0.3 pips - Standard account
Currency House DMA/STP $1000 200 : 1 - Mini account
200 : 1 - Standard account
0.01 - Mini account
0.1 - Standard account
1.6 pips - Mini account
1.6 pips - Standard account
Darwinex DMA/STP FCA $500 200 : 1 - Mini account
200 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
0.25 pips - Mini account
0.25 pips - Standard account
Divisa Capital ECN/STP, DMA/STP FSPR, FSC, FCA, Central Bank of Armenia $5000 100 : 1 - Mini account
100 : 1 - Standard account
100 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
0.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
Euro Pacific Bank DMA/STP, Market Maker FSA $1000 100 : 1 - Mini account
50 : 1 - Standard account
0.5 - Mini account
0.5 - Standard account
1.8 pips - Mini account
1.8 pips - Standard account
FCI Markets ECN/STP, DMA/STP, STP FCA $250 400 : 1 - Mini account
100 : 1 - Standard account
100 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
0.8 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
FIBO Group DMA/STP, Market Maker FSC $300 200 : 1 - Mini account
200 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
2 pips - Mini account
0.8 pips - Standard account
Fidelis (Belize) ECN/STP, DMA/STP FSC $5 400 : 1 - Mini account
200 : 1 - Standard account
200 : 1 - ECN account
0.01 - Mini account
0.1 - Standard account
0.01 - ECN account
0.8 pips - Mini account
0.8 pips - Standard account
Forest Park FX DMA/STP, STP NFA, CFTC $1 50 : 1 - Mini account
50 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
0.2 pips - Mini account
0.2 pips - Standard account
Forex FS DMA/STP ASIC $100 500 : 1 - Mini account
500 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
1.9 pips - Mini account
1.9 pips - Standard account
Forex4you DMA/STP, STP, Market Maker FSC $1 1000 : 1 - Mini account
1000 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
0.31 pips - Mini account
0.31 pips - Standard account
FP Markets ECN/STP, DMA/STP ASIC $250 500 : 1 - Mini account
500 : 1 - Standard account
500 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
0.7 pips - Mini account
0.7 pips - Standard account
0.1 pips - ECN account
FW Markets ECN/STP, DMA/STP $100 500 : 1 - Mini account
300 : 1 - Standard account
200 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.1 - ECN account
2.5 pips - Mini account
1.5 pips - Standard account
0.3 pips - ECN account
FXFair ECN/STP, DMA/STP $25 500 : 1 - Mini account
500 : 1 - Standard account
500 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
2 pips - Mini account
2 pips - Standard account
Gallant Capital Markets (GCMFX) DMA/STP FSC $250 400 : 1 - Mini account
400 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
2 pips - Mini account
1.5 pips - Standard account
GBE brokers DMA/STP, STP CYSEC 200 : 1 - Mini account
200 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
Grinta Invest DMA/STP $100 500 : 1 - Mini account
500 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
1.7 pips - Mini account
1.7 pips - Standard account
Indigo DMA ECN/STP, DMA/STP $10 100 : 1 - Mini account
100 : 1 - Standard account
100 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
Invast Global DMA/STP ASIC, FSA $18000 100 : 1 - Mini account
100 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
Investorseurope ECN/STP, DMA/STP FSC $250 400 : 1 - Mini account
400 : 1 - Standard account
400 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
1 pips - Mini account
1 pips - Standard account
1 pips - ECN account
ITI FX ECN/STP, DMA/STP $50 300 : 1 - Mini account
300 : 1 - Standard account
300 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
1.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
KAWASE DMA/STP CYSEC $100 500 : 1 - Mini account
500 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
0.1 pips - Mini account
0.1 pips - Standard account
LMAX DMA/STP FCA $10000 100 : 1 - Mini account
100 : 1 - Standard account
0.01 - Mini account
0.1 - Standard account
0.36 pips - Mini account
0.36 pips - Standard account
Market Investment DMA/STP $100 500 : 1 - Mini account
400 : 1 - Standard account
0.01 - Mini account
1 - Standard account
1.5 pips - Mini account
1.3 pips - Standard account
Markets.com ECN/STP, DMA/STP, STP CySEC, FSCA, FSB $100 300 : 1 - Mini account
300 : 1 - Standard account
500 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
2 pips - Mini account
2 pips - Standard account
Marshal FX DMA/STP $500 100 : 1 - Mini account
100 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
1.5 pips - Mini account
1.5 pips - Standard account
Milton Markets DMA/STP FSC, FSPR, FSC $250 800 : 1 - Mini account
800 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
1.5 pips - Mini account
0.1 pips - Standard account
NAS Broker DMA/STP, ECN/STP $300 100 : 1 - Mini account
100 : 1 - Standard account
100 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
0.7 pips - Mini account
0.7 pips - Standard account
OctaFX DMA/STP FCA $5 500 : 1 - Mini account
200 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
0.2 pips - Mini account
0.2 pips - Standard account
Pepperstone ECN/STP, DMA/STP FCA, ASIC $200 500 : 1 - Mini account
500 : 1 - Standard account
500 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
1 pips - Mini account
1 pips - Standard account
Profx Market ECN/STP, DMA/STP $10 500 : 1 - Mini account
400 : 1 - Standard account
200 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
1 pips - Mini account
1 pips - Standard account
0.5 pips - ECN account
Sterling Gent Trading (SGT) ECN/STP, DMA/STP FSC $50 400 : 1 - Mini account
400 : 1 - Standard account
400 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
1.6 pips - Mini account
0.9 pips - Standard account
STO - SuperTradingOnline ECN/STP, DMA/STP, Market Maker CYSEC, FCA, CONSOB $20 500 : 1 - Mini account
500 : 1 - Standard account
500 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
1.8 pips - Mini account
1.8 pips - Standard account
0.3 pips - ECN account
Sun Hung Kai Forex DMA/STP SFC of Hong Kong $5000 20 : 1 - Mini account
20 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
1.6 pips - Mini account
1.6 pips - Standard account
Sunbird ECN/STP, DMA/STP $1000 300 : 1 - Mini account
300 : 1 - Standard account
300 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
1.2 pips - Mini account
1.2 pips - Standard account
0.7 pips - ECN account
TIX FX DMA/STP $500 300 : 1 - Mini account
300 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
1.5 pips - Mini account
1.5 pips - Standard account
TRADE.com ECN/STP, DMA/STP, STP CYSEC $250 400 : 1 - Mini account
200 : 1 - Standard account
500 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
2.2 pips - Mini account
2.2 pips - Standard account
Traders Way ECN/STP, DMA/STP, Market Maker $1 1000 : 1 - Mini account
1000 : 1 - Standard account
500 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
2 pips - Mini account
0.7 pips - Standard account
TradeStation Securities DMA/STP NFA, CFTC, FINRA, FCA $2000 100 : 1 - Mini account
100 : 1 - Standard account
0.1 - Mini account
0.1 - Standard account
1.6 pips - Mini account
1.6 pips - Standard account
Tradeview Forex ECN/STP, DMA/STP CIMA $100 400 : 1 - Mini account
400 : 1 - Standard account
100 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.1 - ECN account
0.7 pips - Mini account
0.7 pips - Standard account
0.1 pips - ECN account
Unum Capital DMA/STP, STP $500 100 : 1 - Mini account
100 : 1 - Standard account
0.1 - Mini account
1 - Standard account
3 pips - Mini account
3 pips - Standard account
Valbury Capital DMA/STP FCA $10000 100 : 1 - Mini account
100 : 1 - Standard account
0.1 - Mini account
0.1 - Standard account
1.5 pips - Standard account
VARIANSE ECN/STP, DMA/STP FCA $500 200 : 1 - Mini account
200 : 1 - Standard account
200 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.1 - ECN account
1 pips - Mini account
1 pips - Standard account
vPE Bank DMA/STP BaFin, FSSA, FINRA, U.S. SEC, is a licensed bank $5000 100 : 1 - Mini account
100 : 1 - Standard account
0.4 - Mini account
0.4 - Standard account
0.8 pips - Mini account
0.8 pips - Standard account
WH SelfInvest DMA/STP CSSF, Ministry of Finance of Luxembourg 50 : 1 - Mini account
50 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
0.8 pips - Mini account
0.8 pips - Standard account
XGLOBAL Markets DMA/STP, STP CYSEC $500 200 : 1 - Mini account
200 : 1 - Standard account
0.01 - Mini account
0.01 - Standard account
1 pips - Mini account
1 pips - Standard account
Yadix ECN/STP, DMA/STP FSC $100 500 : 1 - Mini account
500 : 1 - Standard account
500 : 1 - ECN account
0.01 - Mini account
0.01 - Standard account
0.01 - ECN account
1.5 pips - Mini account
1.5 pips - Standard account

Do you know another DMA Forex broker?
Please suggest by adding a comment below. Thank you!

DMA/STP vs STP

dma forex brokers platform

With regular STP (Straight Through Processing) – a broker will fill clients’ orders (though Instant execution) on his own side. Then a broker will go to hedge these orders with own liquidity providers.
Since a broker seeks profits in this hedging operation, traders can experience re-quotes if there is no profitable hedging opportunities for a broker at the very moment your trading request was submitted.
The price you get from an STP broker will be higher than the best price a broker can receive from the liquidity provider.

With DMA/STP (Direct Market Access STP) – a broker will pass clients’ orders directly to the liquidity providers, where it’ll be filled at the best available price with one of the liquidity providers (+ a small fixed mark-up from the broker).
This is done using Market execution, which ensures that all orders will be filled at the best offered rate (which, however, might not be the exact rate you clicked on (your connection speed combined with short-lived price bids from liquidity providers), but since DMA technology always has only real tradable prices, there will be no re-quotes, your trade will always be opened and closed on your click.

DMA/STP brokers

DMA/STP brokers provide transparent direct access to the best bid/ask prices offered by liquidity providers.
Unlike regular STP brokers:
1) DMA broker has a greater number of liquidity providers;
2) DMA broker never offers fixed spreads, only variable, because bid/ask prices constantly change as they come from liquidity providers;
3) DMA order execution is always Market execution;
4) There is no re-quotes.
5) DMA can also offer Depth of the Market book (similar to ECN), where traders are able to see all bid/ask quotes from different liquidity providers;
6) DMA trading model welcomes traders of all types and styles: scalpers, news traders, swing traders, position traders or other regular traders.

DMA vs ECN

Spread competition
Each DMA broker has his own contract with each liquidity provider (LP), and even with the same LPs these contract conditions may vary from broker to broker.
Even then, DMA spreads are quite competitive comparing to ECN. This is explained by 2 factors:

  • ECN brokers are connected to anonymous ECN pools (where there are no direct contracts with each LP). Inside these ECN pools brokers may not receive the best possible rates from all liquidity providers (for example, banks are known to hold back their best prices inside ECN pools).
  • ECN technology solutions (facilitation, processing, execution) come at a cost, which has to be paid for.

DMA/STP broker doesn’t have fewer technology expenses and no ECN-associated expenses. The spreads from DMA/STP brokers remain low because these brokers enjoy the best direct price quotes from the banks and/or other liquidity providers. To make profits, DMA/STP brokers add small mark-ups to all spreads they pass from liquidity providers.

Execution

  • DMA price rates are streamed directly from liquidity providers, which are committed to their bid/ask offers. This ensures that there will be no re-quotes, rate rejections or partial fills.
  • While due to the nature of ECN liquidity pools (where anonymous participants can place “illusive” orders and then reject them) traders might see more re-quotes, slippage and partial fills.

Fee Structure

  • ECN brokers are compensated though commission.
  • DMA brokers add a small fixed mark-up on the spreads, but there is no commission.

Some DMA brokers can also charge monthly volume fees (including inactivity fees) based on investor’s trading volume. Thus if you don’t plan to trade frequently and with high volume, you may end up paying higher fees for the privilege to trade on best price quotes and low spreads with such DMA brokers.

Other

  • DMA and ECN brokers offer only variable spreads;
  • both have fractional pricing;
  • both have DOM (Depth of the Market) orders book, although you won’t always see it with DMA/STP brokers.

As DMA becomes more popular, it rises the standards of execution technology and overall trading quality.

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Relevant topics:

ECN vs DMA vs STP vs Market Maker
ECN Forex brokers
STP Forex brokers
Market execution vs Instant execution

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