Good market makers Forex brokers should have low spread costs and no commissions. We look at the best market makers to trade with.
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Our list of the top broker in the category is:
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
7.17 |
ASIC, MAS, FCA CIRO, FMA, BaFin |
1.12 | 1.30 | 1.64 | 0.5 | 0.9 | 0.6 | $2.50 |
|
|
|
138ms | $0 | 338+ | 19+ | 30:1 | 500:1 |
|
|
7.17 |
ASIC, CySEC, MFSA FCA, FSA, FINRA GFSC |
1.0 | 2.0 | 1.0 | - | - | - | - |
|
|
|
130ms | $200 (Australia), $50-$100 (EU) | 49+ | 46+ | 30:1 | 400:1 |
|
|
7.33 |
ASIC, CySEC FSA, FSC |
- | - | - | - | - |
|
|
|
155ms |
$200 (Standard) $3,000 (Premium) $10,000 (VIP) |
62+ | 17+ | 30:1 | 500:1 |
|
||
|
6.67 |
ASIC, FCA, BaFin FINMA, NFA/CFTC, MAS CySEC, DFSA, FMA JFSA, BMA, FSCA |
1.13 | 1.66 | 1.01 | 0.16 | 0.59 | 0.29 | $6.00 |
|
|
|
174ms | $450 | 100+ | 12+ | 30:1 | 200:1 |
|
|
8.33 |
ASIC, FSCA CBI, KNF, CIRO ADGM, FSC-BVI |
- | - | - | - | - | - | - |
|
|
|
160ms | $100 | 55+ | 15+ | 30:1 | 400:1 |
|
|
7.42 |
ASIC, FCA CYSEC, DFSA, IFSC |
1.6 | 1.9 | 1.6 | 0.10 | 0.20 | 0.40 | $3.50 |
|
|
|
148ms | $5-$100 | 57+ | - | 30:1 | 400:1 |
|
|
8.17 |
NFA, CFTC, CBI ASIC, FCA, MAS CIRO, JFSA |
- | - | - | - | 0.08%-0.2% |
|
|
|
110ms | $0 | 100+ | - | 30:1 | 500:1 |
|
CMC Markets Has Great Spreads And Trading Platforms
CMC Markets is one of the longest-standing forex brokers with a traditional market maker model. Established in 1989 in the UK, CMC Markets is popular as the company is publically traded on the London Stock Exchange (LSE), as well as being overseen by multiple tier-1 regulators.
Forex and CFD Trading
CMC Markets offers one of the largest selections of currency pairs currently available to retail traders. Over 300 major, minor and exotic forex pairs can be traded commission-free as spot or forward pairs. Spreads are low, starting from 0.7 pips for the AUD/USD, USD/JPY, and EUR/USD. Other commonly traded currency pairs like the GBP/USD also offer competitive variable spreads as low as 0.9 pips.
As well as hundreds of currency pairs, you can speculate on a range of financial markets by trading CFDs. Shares, ETFs, commodities, indices, and treasuries are offered by CMC Markets.
To get access to all of CMC Markets financial instruments, you’ll need to use the broker’s proprietary trading platform, Next Generation. With a choice of either a beginner or advanced interface, the Next Generation platform is ideal for all levels of trading experience. The platform’s key features include:
CMC Markets also offers MetaTrader 4 (MT4) if you are looking for algorithmic trading features. While you’ll have more restricted market access than Next Generation users, you’ll be able to fully automate trading with Expert Advisors. The MT4 platform is available as a desktop platform, WebTrader platform, or mobile trading apps.
Our Verdict On CMC Markets
The market maker broker is ideal for traders looking for the best trading platforms combined with a wide range of forex pairs. Over 300 spot and forward currency pairs can be traded with no commission spreads from 0.7 pips.
View CMC Markets ReviewVisit CMC Markets
eToro Has The Best Copy Trading Trading Platform
eToro is a hybrid market maker broker that offers one of the most popular social trading platforms worldwide. Its popularity stems from a range of features, including:
Social Trading With eToro
eToro boasts one of the globe’s largest social trading communities, with millions of traders from 140+ countries. To automate trading, you can use the broker’s CopyTrader feature that allows you to find other traders you want to follow, and copy the trades they make.
You also have the option of Auto Trading App via CopyPortfolios, yet instead of duplicating the strategies of individual traders, you copy a portfolio that comprises a basket of financial instruments. The portfolio is managed and rebalanced by eToro’s experts, saving you time and effort in making individual trades. There are two types of CopyPortfolios that eToro offers:
Hybrid Market Maker
eToro promotes a hybrid market maker model with a combination of market maker and NDD/STP features. While many market makers only use their own liquidity to fill forex traders’ orders, hybrid models both pass on trades to external liquidity providers and absorb some exposure in trades themselves.
eToro – Final Words
eToro is a hybrid market maker that uses a combination of a dealing desk and NDD/STP execution. The broker is one of the most popular worldwide for copy trading, with a wide range of account mirroring and social features.
*Your capital is at risk ‘68% of retail CFD accounts lose money’
EasyMarkets Offers Great Risk Management Tools
EasyMarkets is a traditional market maker broker that is well-known for its unique risk management tools. The broker’s top five features include:
easyTrade allows you to limit your risk when trading forex while eliminating the need for margin requirements and stop-loss orders. It takes three simple steps to set up your easyTrade – you specify the amount you will risk, the trade duration, and whether the exchange rate will increase or decrease in value.
dealCancellation allows you to choose a window where you can undo losing trades when the market moves against you. For a fee, you can pick a one, three, or six-hour margin to cancel your trade, eliminating some risk from trading big events or volatility. dealCancellation is only available on the broker’s day trading products like gold, silver, oil, and forex.
The Freeze Rate tool allows you to freeze the price, giving you some breathing room to set up and execute your trade. The price is frozen for 3 seconds, which may be very useful in volatile conditions.
Our Verdict On easyMarkets
The broker’s unique risk management tools such as easyTrade, dealCancellation, Freeze Rate, and free guaranteed stop-loss orders make easyMarkets one of the best market makers for risk management. They are featured on the top forex trading company list based on these features and their fixed spreads.
IG Has The Most Traders And Largest CFD Range
With nearly 50 years of experience providing trading services, IG is a reputable broker available to most retail traders worldwide. Using a traditional market maker pricing and execution model, the broker offers both CFD and traditional share trading.
CFD Trading
IG provides access to one of the most diverse selections of CFDs with a staggering 17,000 financial instruments to choose from.
To develop and execute trading strategies, the broker provides access to an array of trading platforms. On top of IG’s proprietary platform (WebTrader or mobile apps), you can use ProRealTime for advanced charting, MetaTrader 4 for automation, of L2 Dealer for direct market access (DMA).
Final Words – IG
With a staggering 17,000 financial instruments available to trade, IG offers some of the best market access available to retail traders. You also get a range of trading platforms to choose from that suit different needs, including proprietary software and MetaTrader 4.
AvaTrade Has 16 Crypto CFDs To Trade
AvaTrade is a traditional market maker broker that offers CFD trading with both cryptocurrencies and currency pairs included in its product range. While many market makers provide variable spreads, AvaTrade only offers fixed-spread account types with Auto Forex Trading App.
In terms of trust and safety, AvaTrade is regulated by various financial authorities around the globe, including CySEC in Cyprus, ASIC in Australia, and the NFA in Japan.
Cryptocurrency Trading
AvaTrade is a great option if you want to focus your trading strategies on cryptocurrency CFDs. Sixteen major cryptos can be traded with no commission fees. As well as trading the cryptos against the USD, crypto/fiat pairs are available (JPY, EUR, and others).
Crypto CFDs offered by AvaTrade include:
Disclaimer: as with foreign exchange, cryptocurrency markets are very volatile and come with a high risk of losing money. It is important to incorporate risk management techniques into your trading strategy, along with using a regulated broker such as AvaTrade.
Final Words – AvaTrade
With 16 major cryptocurrency CFDs available, AvaTrade is a top option for crypto traders wanting a trusted broker with strong regulation.
XM Is A Solid Market Maker With Tight Spreads
XM is a market maker that is well-known for its low variable spreads and range of commission-free account types. To trade, you can choose from two of the world’s most popular platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both of which offer three account types.
The initial minimum deposit to open an account with XM is low compared to other brokers. Only $5 is needed to open a Micro or Standard Account, while only $50 is required for an Ultra-Low Account.
Each account type allows hedging, and an Islamic account option is available for those following Sharia Law.
XM – Final Words
XM is a top market maker with tight no commission spreads from 0.6 pips. To access the broker’s lowest spreads, you’ll need to sign up for an Ultra Low account type, where a low minimum deposit of $50 is needed.
Regardless of the XM account type you sign up for, you can choose between MetaTrader 4 or MetaTrader 5 as your trading platform.
Interactive Brokers Has The Best Trading Software
Interactive Brokers is a top broker that offers a market-maker-designed trading platform ideal for experienced traders. Trader Workstation (TWS) Mosaic is a fully customisable platform where you can trade the broker’s full range of financial instruments while conducting comprehensive technical analysis and risk management.
For instance, The IB Risk Navigator is a real-time risk management tool that measures risk exposure across multiple asset classes around the world. Over 100 order types and algos are available to TWS users to help minimise trading risks, enhance execution, and simplify trading.
If you prefer a simpler platform and interface, the market maker broker also offers a beginner-friendly mobile trading app and WebTrader option (Client Portal). Regardless of the trading platform you choose, Interactive Brokers provides access to over 100 currency pairs.
Interactive Brokers – Final Words
Interactive Brokers Trader Workstation offering is a brilliant choice for those wanting a market maker optimised trading platform with advanced trading and risk management tools. A good range of currency pairs is available, along with a mobile app.
View Interactive Brokers ReviewVisit Interactive Brokers Markets
A market maker is a type of brokerage model that is common in forex trading. Market makers use a dealing desk and their own liquidity to fill clients’ orders. This is compared to no dealing desk (NDD) brokers that use electronic communications network (ECN) or straight-through processing (STP) execution.
Unlike no dealing desk brokers (NDD) that pass your trade onto external liquidity providers, market maker brokers are the counterparty to your trade and fill orders using their own internal liquidity.
Our list of Market Makers is by no means extensive, other market makers include Forex.com. City Index, Plus500 and Trading 212. We could have easily included these brokers on our list but we went with the brokers we thing offer the best services, platforms and costs.
Market Makers vs STP And ECN Brokers
A market maker is a type of brokerage firm where a dealing desk and internal liquidity are used to fill orders. The key features of a market maker are that they set their own bid and ask prices, and act as the counterparty to your trade. Conversely, electronic communication network (ECN) and straight-through processing (STP) are no-dealing desk brokers that use external liquidity sources to determine the spreads they offer traders, as well as fill orders.
There are pros and cons to both types of brokerage models. As STP and ECN brokers use a range of external liquidity providers and connect to the interbank market, spreads have the potential to be competitive. Spreads with market makers, however, can be equally competitive if the broker price matches liquidity providers without price interference. Market makers also tend to have more risk management tools, more products to trade and larger education resources. You can view high-leverage brokers if you’re looking to trade with higher exposure to the markets.
As market makers set their own bid-ask prices, commission fees are often included in the spread. Yet, some believe market makers have a conflict of interest as they set their own prices and are the counterparty to your trade. Although you will usually get better pricing with STP and ECN brokers, the combination of strong risk management tools and commission-free spreads can appeal to beginners with little forex trading experience.
Disclaimer
This information is not intended as a trading strategy or investment advice. It is purely a summary of different market makers’ offerings. Please note, trading forex and CFDs are high risks. Ensure you are aware of the risks and avoid scams by trading with regulated brokers.
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