ECN vs DMA vs STP vs Market Maker

What is the difference between ECN, DMA, STP and MM?

Full name Market Maker Straight Through Processing Direct Market Access Electronic Communication Network
Broker structure DD STP + NDD DMA + STP + NDD ECN + DMA + STP + NDD
Dealing model Dealing Desk No Dealing Desk No Dealing Desk No Dealing Desk
Execution Instant Execution Instant & Market Execution Market Execution Market Execution
Spreads fixed fixed & floating floating floating
Pricing 4 & 5 digits 4 & 5 digits 5 digits 5 digits
Commission no no no & yes yes
Who is on the other side of your trade Your broker Orders sent to another broker Orders sent to several other brokers/banks Orders sent to the ECN network
Conflict of interests yes no no no
Depth of the Market (DOM) no no no & yes yes
Speed of execution regular regular fast fast
Re-qoutes yes yes no no
Slippage yes yes yes yes
News trading no no yes yes
Scalping no & yes no & yes yes yes
Deposit requirements amount low low average high
Spread cost high average low very low
STP broker
Prime broker
Aggregator platform
Global connection
Banks & other Liquidity providers
ECN Network
ECN vs Market maker ECN vs STP ECN vs DMA ECN vs DMA vs STP

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Related topics:
ECN Forex brokers – in-depth description & comparison
DMA Forex brokers – DMA vs ECN vs STP
STP Forex brokers – difference and trading conditions


  • ECN – Electronic Communication Network
  • DMA – Direct Market Access
  • STP – Straight Through Processing
  • NDD – No Dealing Desk
  • DD – Dealing Desk
  • MM – Market Maker

Searching for the best brokers is always important in any market but the FX market will always stand out because it’s the largest in the world, these broker types will affect how you trade so make sure you choose the correct one.

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