ECN brokers list | ECN/STP Forex brokers

ECN Forex Brokers (No Dealing Desk + STP + DMA + ECN)

*To be able to compare commission rates, we list them all as “Commission per round turn (100K)”.

There are different ways of listing commission rates:

Example: $6.00 per round turn lot (100k) = $3.00 per side (100k) or $3.00 per 100K USD traded = $30.00 per million USD traded or $60.00 per million USD traded round turn = 0.006% of the trade.

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 Spreads EUR/USD
24option ECN/STP, DMA/STP, STP CYSEC, IFSC $1 1.2 pips - Mini account
0.8 pips - Standard account
4XNetworks ECN/STP $1 2 pips - Mini account
2 pips - Standard account
AAATrade ECN/STP, STP, Market Maker CYSEC $500 1.8 pips - Mini account
1.8 pips - Standard account
0.2 pips - ECN account
Adamant Finance ECN/STP $1 2 pips - Mini account
0.5 pips - Standard account
ADS Prime ECN/STP, STP FCA 0.7 pips - Mini account
0.7 pips - Standard account
Advanced Markets ECN/STP, DMA/STP ASIC $500000
AITS FX ECN/STP $500 1.6 pips - Mini account
1.6 pips - Standard account
1.6 pips - ECN account
Alvexo ECN/STP CySEC $250 3.3 pips - Mini account
Amenda ECN/STP, DMA/STP FCMC $500
ArgusFX ECN/STP, STP CYSEC $1 0.7 pips - Mini account
0.7 pips - Standard account
AssetsFX ECN/STP, DMA/STP $200
ATC Brokers ECN/STP, STP NFA, CFTC, FCA $5000 0.1 pips - Mini account
0.1 pips - Standard account
ATIORA ECN/STP, DMA/STP, STP $50 1.2 pips - Mini account
1.2 pips - Standard account
0.15 pips - ECN account
Atom8 ECN/STP, DMA/STP, STP FCA 0.6 pips - Mini account
0.6 pips - Standard account
Axiory Europe ECN/STP, DMA/STP CYSEC $1000 0.9 pips - Mini account
0.9 pips - Standard account
0.1 pips - ECN account
AxiTrader ECN/STP, DMA/STP ASIC, FCA $1 0.6 pips - Mini account
0.1 pips - Standard account
0.1 pips - ECN account
Bacera ECN/STP ASIC $300 1.7 pips - Mini account
1.7 pips - Standard account
1.7 pips - ECN account
Back Bay Markets ECN/STP, STP, Market Maker $250 0.1 pips - Mini account
0.1 pips - Standard account
0.1 pips - ECN account
BancoFX ECN/STP $1 0.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
BANX Trading ECN/STP, STP, Market Maker $1 0.6 pips - Mini account
0.6 pips - Standard account
0.2 pips - ECN account
BAXTER-FX ECN/STP ASIC $50000 1 pips - Mini account
1 pips - Standard account
1 pips - ECN account
BCapitalsFX ECN/STP, STP FSA $10 0.6 pips - Mini account
0.1 pips - Standard account
0.4 pips - ECN account
BelforFX ECN/STP, STP $100 3 pips - Mini account
3 pips - Standard account
0.4 pips - ECN account
BILLION CAPITALS ECN/STP $50 2.5 pips - Mini account
1.6 pips - Standard account
0.6 pips - ECN account
BlackBull Markets ECN/STP FSPR, FSC $200 0.1 pips - Mini account
0.1 pips - Standard account
0.1 pips - ECN account
Blitzbrokers ECN/STP, DMA/STP FCA $100 1 pips - Mini account
1 pips - Standard account
Bulbrokers ECN/STP, STP, Market Maker FSC, CNVM Romania $100 2 pips - Mini account
0.8 pips - Standard account
CAPPROFX ECN/STP, STP $10 1 pips - Mini account
1 pips - Standard account
1 pips - ECN account
CFH Clearing ECN/STP, STP FCA $50000
CIM Bank ECN/STP, STP SBA, FINMA, is a licensed bank 0.7 pips - Mini account
0.7 pips - Standard account
Circle Markets ECN/STP, STP FSPR, FSC $100
Core Liquidity Markets ECN/STP, DMA/STP ASIC $250 0.3 pips - Mini account
0.3 pips - Standard account
CornerTrader ECN/STP, STP FINMA $1 4 pips - Mini account
3 pips - Standard account
0.2 pips - ECN account
Divisa Capital ECN/STP, DMA/STP FSPR, FSC, FCA, Central Bank of Armenia $5000 0.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
Dukascopy Bank SA ECN/STP FINMA, ARIF, SCF Revision SA, is a licensed bank $100 0.1 pips - Mini account
0.1 pips - Standard account
0.1 pips - ECN account
ECM Trader ECN/STP FSC $100 20 pips - Mini account
20 pips - Standard account
15 pips - ECN account
EightCap ECN/STP, STP, Market Maker ASIC $100 0.9 pips - Mini account
0.9 pips - Standard account
EVFOREX ECN/STP FCA $500 0.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
EXNESS ECN/STP, Market Maker CYSEC, FCA $1 0.3 pips - Mini account
0.1 pips - Standard account
FCI Markets ECN/STP, DMA/STP, STP FCA $250 0.8 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
Fidelis (Belize) ECN/STP, DMA/STP FSC $5 0.8 pips - Mini account
0.8 pips - Standard account
Fidelis Capital Markets (Cyprus) ECN/STP CYSEC $5 2.1 pips - Mini account
1.7 pips - Standard account
0.2 pips - ECN account
FOREX.com ECN/STP, Market Maker CIMA, NFA, CFTC, FCA, IIROC, ASIC, FFA Japan, MAS, SFC of Hong Kong $250 1.5 pips - Mini account
1.5 pips - Standard account
Forex.ee ECN/STP, STP Ministry of Economic Affairs in Estonia $50 0.5 pips - Mini account
0.5 pips - Standard account
Formax Prime Capital ECN/STP, STP FCA $1000 0.6 pips - Mini account
0.6 pips - Standard account
0.2 pips - ECN account
Fort Financial Services ECN/STP, STP FSC $5 2 pips - Mini account
1.3 pips - Standard account
0.1 pips - ECN account
FreshForex ECN/STP, STP, Market Maker $1 2 pips - Mini account
1.3 pips - Standard account
Fullerton Markets ECN/STP, STP FSPR $100 2 pips - Mini account
2 pips - Standard account
0.6 pips - ECN account
FW Markets ECN/STP, DMA/STP $100 2.5 pips - Mini account
1.5 pips - Standard account
0.3 pips - ECN account
FX Choice ECN/STP, Market Maker FSC $100 0.5 pips - Mini account
0.5 pips - Standard account
FX-EDGE ECN/STP $200 0.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
FXBM STP, ECN/STP $50 1.6 pips - Mini account
1.6 pips - Standard account
0.6 pips - ECN account
FXCC ECN/STP, STP CYSEC $100 0.4 pips - Mini account
0.4 pips - Standard account
0.4 pips - ECN account
FXDD Malta ECN/STP, Market Maker FSA $1 1.5 pips - Mini account
1.5 pips - Standard account
0.1 pips - ECN account
FXFair ECN/STP, DMA/STP $25 2 pips - Mini account
2 pips - Standard account
FxFlame ECN/STP $50 1.2 pips - Mini account
1.2 pips - Standard account
0.5 pips - ECN account
FXGlobe ECN/STP, STP CYSEC $250 1.7 pips - Mini account
1.7 pips - Standard account
FxNet Market Maker, ECN/STP, STP CYSEC $50 2.3 pips - Mini account
2.3 pips - Standard account
FxOnUs ECN/STP $50 0.7 pips - Mini account
0.7 pips - Standard account
0.7 pips - ECN account
FXOpen ECN/STP, Market Maker ASIC, FCA $1
FXOpen UK ECN/STP FCA $300
FXORO ECN/STP, STP, Market Maker CYSEC $250 2 pips - Mini account
1.2 pips - Standard account
FXPRIMUS ECN/STP, STP CYSEC $100 2 pips - Mini account
0.8 pips - Standard account
GAINSY Market Maker, ECN/STP, STP $10 0.1 pips - Mini account
0.1 pips - Standard account
GCM Forex ECN/STP, Market Maker SPK $100 2 pips - Mini account
2 pips - Standard account
1.7 pips - ECN account
GDA Fincorp ECN/STP, STP $50 2.5 pips - Mini account
1.7 pips - Standard account
0.8 pips - ECN account
GDMFX ECN/STP, STP $100 2 pips - Mini account
2 pips - Standard account
0.4 pips - ECN account
GO Markets ECN/STP, STP ASIC $200 1.2 pips - Mini account
1.2 pips - Standard account
0.8 pips - ECN account
Grand Capital ECN/STP, STP $10 2.1 pips - Mini account
2.1 pips - Standard account
1.4 pips - ECN account
Hantec Markets ECN/STP, STP FCA, ASIC $1000 1.8 pips - Mini account
1.8 pips - Standard account
0.2 pips - ECN account
HiWayFX ECN/STP, STP $20 0.8 pips - Mini account
0.8 pips - Standard account
House of Borse ECN/STP FCA $50000
Hydra Markets ECN/STP, STP $100 1.2 pips - Mini account
1.2 pips - Standard account
0.4 pips - ECN account
IC Markets ECN/STP, STP ASIC $200 1 pips - Mini account
1 pips - Standard account
IC Markets Forex Rebates ECN/STP, STP $200 1 pips - Mini account
1 pips - Standard account
ICM Capital ECN/STP, Market Maker FCA $200 1.6 pips - Mini account
1.6 pips - Standard account
Indigo DMA ECN/STP, DMA/STP $10
Interactive Brokers ECN/STP NFA, CFTC, FCA, IIROC, NYSE, FINRA, SIPC $3000
InterTrader Direct ECN/STP FSC
INTFX ECN/STP, STP $25 2 pips - Mini account
2 pips - Standard account
0.1 pips - ECN account
Investorseurope ECN/STP, DMA/STP FSC $250 1 pips - Mini account
1 pips - Standard account
1 pips - ECN account
IronFX ECN/STP, STP, Market Maker FCA, ASIC, CYSEC $100 1.1 pips - Mini account
ITI FX ECN/STP, DMA/STP $50 1.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
IV Brokers ECN/STP, STP FSC $100 1.4 pips - Mini account
1.4 pips - Standard account
JustForex ECN/STP, STP, Market Maker FSC $1 2 pips - Mini account
Key To Markets ECN/STP, STP FSPR, FSC, FCA $100 1 pips - Mini account
1 pips - Standard account
0.2 pips - ECN account
KRC (KRCNZ and KRC Group) ECN/STP, STP FSPR $200
KVB Kunlun ECN/STP, STP ASIC, SFC of Hong Kong, FMA New Zealand, FSPR $1 1.3 pips - Mini account
1.3 pips - Standard account
1.3 pips - ECN account
Land-FX ECN/STP, STP FCA, FSPR $300 0.3 pips - Mini account
0.3 pips - Standard account
Larson and Holz ECN/STP $250 0.01 pips - Mini account
0.01 pips - Standard account
0.01 pips - ECN account
LCG (London Capital Group) ECN/STP, STP, Market Maker FCA $1 0.6 pips - Mini account
0.6 pips - Standard account
0.2 pips - ECN account
Markets.com ECN/STP, DMA/STP, STP CySEC, FSCA, FSB $100 2 pips - Mini account
2 pips - Standard account
MaxFX ECN/STP, STP CYSEC $200 0.9 pips - Mini account
0.9 pips - Standard account
0.1 pips - ECN account
MB Trading ECN/STP NFA, CFTC, FINRA, SIPC $400 0.1 pips - Mini account
0.1 pips - Standard account
0.1 pips - ECN account
MBA ECN/STP, Market Maker $10 2.5 pips - Mini account
1.5 pips - Standard account
0.2 pips - ECN account
MEX EXCHANGE ECN/STP, STP, Market Maker ASIC $200 0.5 pips - Mini account
0.5 pips - Standard account
MEX Group ECN/STP, STP FCA, ASIC, FSC, UAE RAK $200 2 pips - Mini account
1.4 pips - Standard account
0.2 pips - ECN account
MFX Broker ECN/STP, Market Maker FSC $1 2 pips - Mini account
2 pips - Standard account
Mocaz Financial Markets ECN/STP, STP $10 2.1 pips - Mini account
1.2 pips - Standard account
0.2 pips - ECN account
MTI Markets ECN/STP, STP $100
MTrading ECN/STP, STP FSC $100 2 pips - Mini account
2 pips - Standard account
NAS Broker DMA/STP, ECN/STP $300 0.7 pips - Mini account
0.7 pips - Standard account
Nexsus Financial Markets ECN/STP, Market Maker FCA $250 2 pips - Mini account
1.8 pips - Standard account
0.6 pips - ECN account
NordFX ECN/STP, STP CySEC $5 3 pips - Mini account
1 pips - Standard account
NSD Markets ECN/STP, STP, Market Maker $50 0.3 pips - Mini account
2.5 pips - Standard account
0.3 pips - ECN account
NSFX ECN/STP, STP FSA $300 3 pips - Mini account
3 pips - Standard account
0.9 pips - ECN account
One Financial Markets ECN/STP, Market Maker FCA, FSB $250 0.7 pips - Mini account
0.7 pips - Standard account
0.4 pips - ECN account
Orbex ECN/STP, Market Maker CYSEC $500 1.9 pips - Mini account
1.5 pips - Standard account
0.6 pips - ECN account
Pacific Financial Derivatives (PFD-NZ) ECN/STP, STP FMA New Zealand, FSPR, FDR $1 0.4 pips - Mini account
0.4 pips - Standard account
Pearl Capital Markets ECN/STP FSA $200
Pepperstone ECN/STP, DMA/STP FCA, ASIC $200 1 pips - Mini account
1 pips - Standard account
PhillipCapital ECN/STP ASIC $200 1 pips - Mini account
1 pips - Standard account
0.6 pips - ECN account
Price Markets ECN/STP, Market Maker FCA $500
Profx Market ECN/STP, DMA/STP $10 1 pips - Mini account
1 pips - Standard account
0.5 pips - ECN account
Progrex ECN/STP, STP $5 3 pips - Mini account
3 pips - Standard account
RBS - Royal Bank of Scotland ECN/STP, Market Maker FCA, is a licensed bank 1 pips - Mini account
1 pips - Standard account
Real-Forex ECN/STP, STP $2000 1.6 pips - Mini account
1.6 pips - Standard account
1.2 pips - ECN account
Renesource Capital ECN/STP, STP FKTK in Latvia $10 0.6 pips - Mini account
0.6 pips - Standard account
RoboForex ECN/STP, STP, Market Maker CYSEC, FSC $1 0.4 pips - Mini account
0.4 pips - Standard account
Royal Forex Trading (RFXT) ECN/STP, Market Maker Central Bank of Lebanon, CMA Lebanon, ASIC $1 0.6 pips - Mini account
0.6 pips - Standard account
0.1 pips - ECN account
Rubix FX ECN/STP ASIC $500 0.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
SaudiQuote ECN/STP, STP $10000 1.5 pips - Mini account
1.5 pips - Standard account
0.3 pips - ECN account
Seven Star FX ECN/STP, STP FSC $200 1 pips - Mini account
1 pips - Standard account
Solforex ECN/STP, STP FSPR $200 1.5 pips - Mini account
1.5 pips - Standard account
0.1 pips - ECN account
Sterling Gent Trading (SGT) ECN/STP, DMA/STP FSC $50 1.6 pips - Mini account
0.9 pips - Standard account
STO - SuperTradingOnline ECN/STP, DMA/STP, Market Maker CYSEC, FCA, CONSOB $20 1.8 pips - Mini account
1.8 pips - Standard account
0.3 pips - ECN account
Sucden Financial ECN/STP, STP FCA 3 pips - Mini account
3 pips - Standard account
Sunbird ECN/STP, DMA/STP $1000 1.2 pips - Mini account
1.2 pips - Standard account
0.7 pips - ECN account
Synergy FX ECN/STP ASIC $100 1.2 pips - Mini account
1.2 pips - Standard account
0.2 pips - ECN account
tegasFX ECN/STP FSC $200 0.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
TempleFX ECN/STP FCA $50 1.6 pips - Mini account
1.1 pips - Standard account
Tickmill ECN/STP, STP FSA, FCA $25 1.6 pips - Mini account
1.6 pips - Standard account
Tifia ECN/STP FSPR $100 0.8 pips - Mini account
0.8 pips - Standard account
Titan FX ECN/STP, STP FSPR $200 1 pips - Mini account
1 pips - Standard account
0.1 pips - ECN account
TMS Europe ECN/STP, Market Maker FSA 1.2 pips - Mini account
1.2 pips - Standard account
1.2 pips - ECN account
TopFX ECN/STP CYSEC $1 0.1 pips - Mini account
0.1 pips - Standard account
0.1 pips - ECN account
TRADE.com ECN/STP, DMA/STP, STP CYSEC $250 2.2 pips - Mini account
2.2 pips - Standard account
TradeFxP ECN/STP, STP, Market Maker $25 2.1 pips - Mini account
2.3 pips - Standard account
0.5 pips - ECN account
TraderNovo ECN/STP, STP $100 0.8 pips - Mini account
0.8 pips - Standard account
0.8 pips - ECN account
Traders Way ECN/STP, DMA/STP, Market Maker $1 2 pips - Mini account
0.7 pips - Standard account
TradersTFX ECN/STP $100
TradeV ECN/STP, STP $500 2.5 pips - Mini account
1.5 pips - Standard account
0.3 pips - ECN account
Tradeview Forex ECN/STP, DMA/STP CIMA $100 0.7 pips - Mini account
0.7 pips - Standard account
0.1 pips - ECN account
TradeWiseFX ECN/STP, STP $25 1.6 pips - Mini account
1.6 pips - Standard account
TradingForex.com ECN/STP CYSEC $1000 0.5 pips - Standard account
TrioMarkets ECN/STP, STP CYSEC $500 1.4 pips - Mini account
1.4 pips - Standard account
0.1 pips - ECN account
Turnkey Forex ECN/STP, STP $5 0.3 pips - Mini account
0.1 pips - Standard account
0.1 pips - ECN account
USGFX ECN/STP, Market Maker ASIC, FSPR $100 2.8 pips - Mini account
2.2 pips - Standard account
1.3 pips - ECN account
Valutrades ECN/STP FCA $100 1 pips - Mini account
1 pips - Standard account
Vantage FX ECN/STP, STP ASIC $100 1 pips - Mini account
1 pips - Standard account
VARIANSE ECN/STP, DMA/STP FCA $500 1 pips - Mini account
1 pips - Standard account
Vipro Markets ECN/STP, STP CYSEC $25 0.2 pips - Mini account
0.2 pips - Standard account
0.2 pips - ECN account
Wenn Markets ECN/STP $100 3 pips - Mini account
3 pips - Standard account
0.1 pips - ECN account
XtreamForex ECN/STP, STP $5 1 pips - Mini account
1 pips - Standard account
Yadix ECN/STP, DMA/STP FSC $100 1.5 pips - Mini account
1.5 pips - Standard account

Do you know another NDD/STP/ECN Forex broker? Please suggest by adding a comment below.

Forex brokers: ECN vs STP vs NDD vs DD

Dealing desk versus No dealing desk order processing

DD — Dealing Desk — Forex brokers that operate (route orders) through the Dealing Desk and quote fixed spreads. A dealing desk broker makes money via spreads and by trading against its clients. A Dealing Desk Forex broker is called a Market Maker – they literally “make the market” for traders: when traders want to sell, they buy from them, when traders want to buy, they sell to them, e.g. they will always take the opposite side of the trade and in this way “create the market”. A trader doesn’t see the real market quotes, which allows Dealing Desk brokers (Market Makers) manipulate with their quotes where they need to in order to fill clients orders.

NDD — No Dealing Desk — NDD Forex brokers provide access to the interbank market without passing orders trough the dealing desk. With true No Dealing Desk brokers there are no re-quotes on orders and no additional pausing during order confirmation. This, in particular, allows trading during news times with no restrictions on trading.
An NDD broker can either charge commission for trading or choose to increase the spread and make Forex trading commission free.
No Dealing Desk brokers are either STP or ECN+STP.
STP — Straight Through Processing — STP Forex brokers send orders directly from clients to the liquidity providers – banks or other brokers. Sometimes STP brokers have just one liquidity provider, other times several. The more there are liquidity providers and therefore liquidity in the system, the better the fills for the clients.
The fact that traders have access to the real-time market quotes and can execute trades immediately without dealer intervention is what makes the platform STP.
ECN — Electronic Communications Network — ECN Forex brokers additionally allow clients’ orders to interact with other clients’ orders. ECN Forex broker provides a marketplace where all its participants (banks, market makers and individual traders) trade against each other by sending competing bids and offers into the system. Participants interact inside the system and get the best offers for their trades available at that time. All trading orders are matched between counter parties in real time. A small trading fee – commission – is always applied.
Sometimes STP brokers are discussed as if they were ECN brokers. To be a true ECN, a broker must display the Depth of the Market (DOM) in a data window, let clients show their own order size in the system and allow other clients to hit those orders. With ECN broker traders can see where the liquidity is and execute trades.

Broker types and revenues: fixed vs variable spreads vs commission

ECN Forex brokers always have variable spreads. Only ECN brokers charge commission for trading Forex. Commission is the only revenue/profit an ECN broker receives. ECN brokers are not making money on bid/ask (spread) difference.

An STP Forex broker is compensated through the spread (spread markups – to be explained in details below).

STP brokers have a choice of offering variable or fixed spreads. STP brokers route all trading orders to the liquidity providers – banks. These brokers, as intermediaries between their clients and banks, receive prices (spreads) posted by the banks on the Interbank market. Most banks, in fact, offer fixed spreads and are market makers.
An STP broker therefore has 2 options:
1. Let spreads be fixed.
2. Leave the spread at 0 and let the system take the best bid and ask from the number of banks (the more the better) and in this way provide variable spreads.
How an STP broker earns its money? Since STP brokers (as well as ECN) don’t trade against their clients, they add own small markups to the spread quote. This is done by adding a pip (or half a pip, or any other amount) to the best bid and subtracting a pip at the best ask of its liquidity provider. All client orders are directly routed to the liquidity providers at original spread quoted by those providers while an STP broker earns its money from own markups.

Many STP brokers run a hybrid STP model: DD + NDD
Every STP broker signs a business contract with its liquidity providers (prime brokers), where the contract terms regulate the minimum transactions level which will be accepted by the liquidity provider. This means that all small orders placed by traders (usually those which are below 0.1 lot) cannot be sent to the liquidity providers, because they won’t be accepted; and therefore such orders should be handled by the STP broker, who in this case becomes a counter-party for your transaction (Dealing desk model). If you trade with “Cents account” or a “Mini account”, your STP broker is most likely always is a counter-party of your trades.
For all larger orders (as a rule, above 0.1 lot), the STP broker uses its real STP technology bridge & sends orders to its liquidity provides. With each transaction, the broker receives a portion of the spread.

Forex market maker – a broker with a dealing desk earns money on bid/ask difference as well as when a client loses a trade, since market makers are trading against their clients by hedging – entering in an opposite trade.

Conclusion:

ECN brokers are the purest breed among all Forex dealers. They don’t profit on spread difference. Their only profit comes from commission. ECN brokers are interested in their clients to be winning, otherwise there will be no commission to earn.

STP brokers make money on spreads, thus even though they do not have a physical dealing desk to monitor and counter-trade client orders (unless its a hybrid STP model), they are still able to set their own price – the spread markup – for routing trading orders to liquidity providers and providing their clients with advanced trading services, lower account deposits, faster execution and anonymous trading environment with no dealing desk. STP brokers are also interested to see their clients trading profitable, so that a broker can continue earning on spreads.

Market makers make money on spreads and by hedging against their clients. However, if a client becomes “too” profitable, it can directly “upset” the broker. While this may be tolerated and professionally managed by a larger reputable market maker, with a smaller dealer such client will be soon asked to leave.

Benefits of trading with No Dealing Desk brokers

Among the main reason why traders look for NDD brokers is transparency, better and faster fills and anonymity.
Transparency means that a trader enters a true market instead of the market being artificially created for him.
Better fills are a result of the direct and competitive market bids and offers.

Anonymity means that there is no Dealing Desk watching who has come to the market and is asking for an order to be filled, instead client orders are executed automatically, immediately through the market network and totally anonymously.
On the opposite side is a Dealing Desk broker, who is able to profile their clients. In the worst case scenario, such broker can split clients into groups and put less successful ones on auto-execution and trade against them because on average they will lose, while clients that show signs of successful trading will be put on “slow-down” mode and can be provided with frequent re-quotes, slippage and/or slower execution especially during fast moving markets while a broker tries to offset own risks. The transparency of a Dealing Desk broker depends on the rules inside the company.
Forex Brokers aren’t bad on general, whether a Dealing or Non-Dealing Desk, they aren’t there to be against any particular trader. They look to make business, not just work for traders in terms of cooperation in the market environment. Many large Forex brokers who have lots of clients tend to try to help their clients become profitable as much as they can, but once a trading order is placed, its everyone for themselves.

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