Top No Dealing Desk (NDD) Forex Brokers

See our selection of the best forex brokers with no dealing desk:

  • FP Markets - Best No Dealing Desk Forex Broker Overall
  • Pepperstone - Top Forex Broker for MetaTrader 4
  • Fusion Markets - Great Forex Broker for Low Commissions
  • ThinkMarkets - Good Forex Broker With VPS Services
  • IC Markets - Best Forex Broker With Lowest RAW Spreads
  • FxPro - Top Forex Broker for cTrader
  • Saxo Markets - ECN Forex Broker With Top Trading App
  • FXTM - Best Forex Broker For Range Of Markets
Broker Our Rating Regulation Standard
(USD Base)
MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage Read Full Review
1.1 1.3 1.3 0.10 0.20 0.20 $3.00 225ms $100 70+ 10+ 30:1 500:1 Visit Site
1.10 1.40 1.20 0.10 0.40 0.20 $3.50 77ms $0 62+ 12+ 30:1 500:1 Visit Site
82 ASIC, VFSA, FSA-S 0.93 1.08 0.92 0.13 0.21 0.12 $2.25 79ms $0 90+ 10+ 500:1 500:1 Visit Site
1.1 1.3 1.1 0.1 0.3 0.2 $3.50 161ms $0 46+ 21+ 30:1 500:1 Visit Site
0.62 0.83 0.77 0.02 0.23 0.17 $3.50 134ms $0 61+ 18+ 30:1 500:1 Visit Site
1.32 1.7 1.95 0.32 0.37 0.51 $3.50 151ms $0 69+ 30+ 30:1 200:1 Visit Site
1.20 1.8 0.9 - - - - 135ms $2000 209+ 9+ 50:1 50:1 Visit Site
1.9 2 2 0.0 0.0 0.5 $2.00 160ms $500 63+ - 30:1 300:1 Visit Site

What Are The Best Forex Brokers With No Dealing Desk?

1. FP Markets Best No Dealing Desk Forex Broker Overall

FP Markets

Forex Panel Score


Average Spread

EUR/USD = 0.1
GBP/USD = 0.2
AUD/USD = 0.1

Trading Platforms

MT4, MT5

Minimum Deposit


Why We Recommend FP Markets

We highly recommend FP Markets for scalpers because of its consistently low RAW spreads. Our testing found that FP Markets offered zero-pip spreads an impressive 97.83% of the time (outside rollover).

FP Markets RAW spreads are tight even when they don’t offer zero spreads. The broker averages just 0.1 pips on EUR/USD, significantly lower than the average of 0.22 pips. Trading is available with MT4 and MT5.

Pros & Cons

  • Low trading costs
  • Offers MT4 and MT5 platforms
  • 24/7 customer support
  • The trading app has basic features
  • IRESS platform requires a large minimum deposit
  • Not all shares available on MT5

Broker Details

Best No Dealing Desk Forex Broker Overall

Our top choice among online No Dealing Desk (NDD) brokers is Sydney, Australia-based FP Markets. Established in 2005, this excellent online broker offers CFDs on a broad range of tradeable assets, including Foreign Exchange (Forex) currency pairs, indices, stocks, commodities and cryptocurrencies.

First Prudential (FP) Markets has been chosen as the best NDD forex broker based on four factors:

  1. Range of Trading Platforms
  2. Ultra-tight spreads from 0.0 pips (RAW Spread account only)
  3. Online Trading Academy
  4. Extremely Fast order execution under 40 milliseconds

FP Markets Advantages
FP Markets Has Low Fees Based On Our Forex Calculator

When it comes to pricing, FP Markets offers super-tight Forex spreads as narrow as 1 pip in its Standard commission-free account and 0 pips in its Raw account that has a $3 commission per full lot. You can easily open a demo account, and the minimum deposit required to open either type of live trading account is a very accessible AUD $100 or the equivalent in other currencies.

Calculate Your Trading Costs Below

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Spread Costs


Below you can review the typical spreads that come with trading CFDs on metals:

Forex Low Spreads
FP Markets Advanced Trading Platforms

If you prefer the ever-popular, portable and free MetaTrader 4 or MetaTrader 5 (MT4/5) trading platforms from MetaQuotes, you will not be disappointed with FP Markets. Depending on the device you use to trade forex, MT4 and MT5 software is available as a desktop, web trader and mobile trading app platforms. You can also use the broker’s own cutting-edge IRESS platform that will suit active traders with its comprehensive and advanced functionality.

IRESS, FP Markets proprietary trading platform comes with two interface models (IRESS ViewPoint and IRESS Trader) and advanced capabilities including:

  • 59 technical indicatorsIress ViewPoint Trading Platform
  • 50+ drawing tools
  • Over 10,000 trading instruments
  • Multiple timeframes
  • Ability to compare and overlay different instruments on different time frames
  • Depth of Market (DOM) feature
  • Integrated real-time news and an economic calendar
  • Auto open and close positions
  • Manage multiple portfolios

FP Markets Online Trading Academy

Those who are just learning to trade can find plenty of educational material on FP Markets’ website. It also has a Traders Hub area where traders of any experience level can benefit from reading high-quality technical and fundamental analysis written by market experts.

FP Markets’ educational material includes professional material developed  by FP Markets’ experts:

  • eBooks – designed to help retail traders learn technical and fundamental analysis along with tricks to find new trading opportunities
  • Video Tutorials – designed to teach forex traders how to use the MetaTrader 4 platform
  • Trading Glossary – designed to teach traders the forex jargon and terminology used in the foreign exchange market

Forex Trading Academy
FP Markets Order Execution Benefits

FP Markets funnels bid and ask prices for quotes directly from tier-one liquidity providers which is the way they get the best price by having direct access to the financial market. Like all NDD brokers, FP Markets streams interbank rates via direct market access (DMA) and electronic communication network (ECN) technologies. With direct market access, FX traders can take advantage of ultra-fast automatic execution.

Note* According to orders executed between 01-04-2020 to 30-04-2020, FP Markets can boost ultra-fast order execution of 41 milliseconds.

The ECB pricing model ensures reduced slippage on both market orders and limit orders. FP Markets offer access to a diverse pool of tier-1 forex liquidity providers including Barclays, BNP Paribas, CitiBank, Commerzbank, Credit Suisse, Goldman Sachs, HSBC, JP Morgan, RBS, Standard Chartered, Societe Generale, and State Street.

Forex Tier-one Liquidity Providers

Our team of experts at Compare Forex Brokers tested FP Market’s latency execution speed. We have used the latest technology and tested the execution time between the order being received, processed and confirmed by FP Markets’ servers and found a forex latency of 80 milliseconds.

Note* We have used limit orders to execute the order between our terminal and FP Markets’ servers.

Final Verdict On FP Markets

Overall, you can hardly do better when it comes to regulation, pricing, asset range, platform or minimum deposit accessibility than FP Markets, so it remains our selection for the best broker overall that uses an NDD model. To practise trading strategies and familiarise yourself with FP Markets trading platforms, a free demo account is available.

2. Pepperstone Top Forex Broker for MetaTrader 4


Forex Panel Score


Average Spread

EUR/USD = 0.1
GBP/USD = 0.4
AUD/USD = 0.2

Trading Platforms

MT4, MT5, cTrader, TradingView

Minimum Deposit


Why We Recommend Pepperstone

Scoring an impressive 98/100 in our review, Pepperstone stands out as the highest-rated broker. Reasons we gave Pepperstone this high rating include low average spreads of 0.1 pips with their Razor account (made possible through deep liquidity pools) and a fast execution speed of (77 ms for limit orders).

We also liked that Pepperstone helps you make the most of the MT4 platform by offering 3rd party tools. These include MyFXbook, DupliTrade and Signals for copy trading and for code-free automation.

Pros & Cons

  • Offers excellent MT4 trading tools
  • Fast execution speeds
  • Low trading fees
  • Lacks guaranteed stop-loss order
  • Crypto range is limited
  • Demo account expires

Broker Details

Best Forex Broker For Trading Experience

In 2024 Pepperstone was voted the best foreign exchange broker. It’s based in Melbourne, Australia and offers a top-quality overall trading experience with straight-through processing order execution. The broker combines superfast execution speeds, raw dealing spreads, low commissions, support and education to help you better attain your trading goals.

With respect to transaction speed, Pepperstone fills most orders in under 30 milliseconds, which should serve scalpers and Robo-traders very well. Pepperstone also supports the standard MT4/5 trading platform many traders favour, including its web-based and iOS or Android mobile versions. If you prefer cTrader, then you can also use it with this broker.

Our team of devoted FX experts have put to the test the order execution quality offered by Pepperstone and other no dealing desk (NDD) forex brokers. We tested the transfer time between the order being sent, processed and submitted by Pepperstone servers.

Note* The order speed tests revealed that Pepperstone can boost 85 milliseconds when submitting market orders. Compared to other ECN and STP brokers, Pepperstone is the fastest NDD broker. See a full speed comparison in the graph below.

Pepperstone Active Trader Program

High-volume trading clients can also qualify for cash rebates via the broker’s Active Trader program, and you can refer friends to the broker for a $100 credit to your trading account. Other perks of trading via Pepperstone include access to its 24/5 multilingual customer support and its award-winning learning resources aimed at getting traders started out on the right foot.

Pepperstone cash rebate program is contingent on the monthly trading volume executed by its clients. The maximum cash rebate you can get is USD $200 – $500 contingent on a trading volume exceeding 200-500 lots traded per month. For a detailed view of the forex cash rebates offered by Pepperstone, see the table below.

Forex Cash Rebates

Pepperstone NDD Broker With Minimum Deposit

If you lack the funds to make a large deposit, then Pepperstone will still open an account for you, although the broker does recommend having at least an AUD $200 initial deposit.

Forex Deposit and Withdrawal

Note* Pepperstone UK also offers a tax-efficient spread betting account with no dealing desk execution.

Final Words – Best ECN And STP Brokers

Overall, Pepperstone comes across as an excellent broker for trading Forex, index CFDs, Best Broker For Automated trading and commodities. This makes it our top pick for the overall trading experience it provides clients. Pepperstone minimum account deposit is only USD 200. Grab your free demo account by clicking the button below.

3. Fusion Markets Great Forex Broker for Low Commissions

Fusion Markets

Forex Panel Score


Average Spread

EUR/USD = 0.13
GBP/USD = 0.21
AUD/USD = 0.12

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit


Why We Recommend Fusion Markets

We recommend Fusion Markets as the best forex broker for low commissions, perfect if you’re conscious about trading costs. Fusion Markets emerged as best in class in our tests, charging the lowest commission of just $2.25 per lot traded.

This is a significant savings, especially compared to other brokers, who average around $3.48 per lot. Alongside these impressive savings, you also access a decent range of markets, including forex, indices, commodities, and shares.

Pros & Cons

  • Tight RAW spreads with low commissions
  • Solid range of trading tools
  • Fast execution speeds
  • Lacks TradingView platform
  • Charges an inactivity fee
  • Educational resources are limited

Broker Details

Best Forex Broker For Low Commissions

Melbourne, Australia-based and ASIC-regulated Fusion Markets features a very low per lot commission of only $2.25 and offers Forex dealing spreads from just 0.0 pips, so it gets top marks as an economical dealing partner.

Fusion Markets offers two types of trading accounts with two different commission structures:

  1. The Zero Account – with a round-turn commission of AUD $4.50 and institutional spreads
  2. The Classic Account – with zero commission and floating spreads as low as 0.8 pips

Below, our team of experts will review some of the benefits of trading with a no dealing desk broker.

Forex Trading Accounts

Fusion Markets No Minimum Deposit Policy

The NDD broker also does not have a minimum account size, so it could be the perfect deal execution choice for less-well-funded retail traders who still need the best possible pricing and commission structure.

Fusion Markets Personalised Customer Support Service

Like to have someone available to help you out as you trade? Fusion Markets have you covered then since all live account holders get their own trading specialist to assist them in using its trading platform and trading the markets.

Note* Trustpilot, one of the world’s leading online review websites, gives Fusion Markets a 4.8 TrustScore (based on a total number of 135 reviews).

Fusion Markets customer support facilitates the interaction between the brokerage’s clients and the support team through 3 different communication forms:Forex Customer Support Service

  • Live chat with one of Fusion Markets experts
  • Direct email
  • By phone number (+61 3 8376 2706)

To sign up for a trading account, prospective customers can fill out an online application form.

Fusion Markets MetaTrader 4 Platform

When it comes to trading platforms, Fusion Markets supports MT4, so you can Robo-trade using your favourite Expert Advisors (EAs) and enjoy using one of the most sophisticated and portable online Forex trading platforms around. MT4 also has versions for web and mobile trading, so you can trade wherever you are and whenever the market is open.

The Fusion Markets MT4 is energised with a lot of useful trading tools:MetaTrader 4 Trading Platform

  • 50+ technical indicators and MT4 scripts
  • Flexible charts
  • Flexible trading orders
  • Supports MetaQuotes programming language
  • Supports fast order execution speed (0.02 seconds)
  • Range of trading products: Forex, Metals and CFDs

Final Words – Forex Trading With Low Commissions

Fusion Market is the perfect fit for low commission trading on the currency market and a few selected CFD instruments. On average, Fusion Markets commissions are 36% cheaper than other ECN brokers. Fusion Markets doesn’t enforce any minimum deposit policy on its retail investor accounts. Think about signing up? Click the button below!

4. ThinkMarkets Good Forex Broker With VPS Services


Forex Panel Score


Average Spread

EUR/USD = 0.1
GBP/USD = 0.3
AUD/USD = 0.2

Trading Platforms

MT4, MT5, ThinkTrader

Minimum Deposit


Why We Recommend ThinkMarkets

As a top NDD broker, ThinkMarkets offers tight spreads and a VPS service ideal for automated trading. The RAW account features low average spreads starting from just 0.1 pips.

If you prefer trading without commission, its standard account is also a great choice, with spreads averaging 1.1 pips for EUR/USD – significantly better than the industry average.

Pros & Cons

  • Offers a decent VPS service
  • Low average spreads
  • No minimum deposits for the standard account
  • ThinkZero account unavailable on ThinkTrader platform
  • Trading tools provided are limited to ThinkTrader only
  • Client support can be slow after hours

Broker Details

Best Forex Broker For Range Of Platforms

ThinkMarkets (formally ThinkForex) is one of the top no dealing desk brokers trading forex and CFDs. They offer three different account types all with different preferences depending on your trading experience level. You have the option of choosing from three different platforms including their proprietary platform and the MetaTrader platforms.

Thinkmarkets why trade with us
Account Types

At ThinkMarkets, there are three different account types on offer. The first is their standard account which offers no commission per trade placed, and relatively low spreads. The second option is their ThinkZero account which offers very low average spreads, but a commission of $3.50 per side. There is also an option for both a professional account or an Islamic account.

Standard Account

  • A popular choice if you are a beginner trader and looking to get into the markets
  • This account comes with no commission as it has already been built into the spreads
  • With a minimum deposit amount of $500, it is easy for anyone to start trading
  • Average forex spreads start from 1.20 pips

Think Zero Account

  • Good choice for more experienced traders as they can take advantage of the lower spreads with high volume
  • $3.50 USD commission per side, per lot ($100,000)
  • Average forex spreads are 0.10 pips, with the possibility to go as low as 0.0 pips
  • Personal account manager available

thinkmarkets account types description

Other Account Types

There is an option of opening an Islamic account to comply with Sharia law. This account is a swap-free account and will never accrue interest.

If you are a professional trader then you have the option of opening a separate professional account. This account allows up to 500:1 leverage instead of the standard 30:1. You will have access to a direct line to a senior trader/account manager. This account is only permitted for European and UK clients under FCA regulation.


ThinkMarkets offers you three different platforms to trade from. The first is their proprietary platform ThinkTrader which has a powerful interface and over half a million global users. The next platforms are the more popular MetaTrader 4 & 5 platforms with ultrafast execution rates.

thinkmarkets platforms


ThinkTrader is the proprietary platform for ThinkMarkets. This is an intelligent platform with the option of being used on your desktop or mobile applications on IOS and Android. We have listed some of the features below.

  • With over 80 indicators, 50 drawing tools, and 14 chart types this platform makes customizing your trading style easy
  • Real-time news reports from FX Wire Pro to stay up to date on the latest market developments
  • Find the next trading opportunity with TrendRisk scanner on multiple timeframes

Tools ThinkTrader Mobile App FSCA Brokers ThinkMarkets
MetaTrader 4 & 5

The MetaTrader applications have quickly become the most popular trading platforms around the world. Through the use of superfast execution speeds with servers at the Equinix data centres, both MetaTrader applications provide an unparalleled trading experience. We have listed some of their benefits below.

  • Advanced indicators and timeframes to help analyse the charts for potential patterns
  • Multiple pending order types including fill or kills to never miss a market move and protect your portfolio
  • Algorithmic trading strategies with access to the MQL4 (MT4) or MQL5 (MT5) trading community
  • Strategy testing to discover if your Australian Automated Trading Systems will work in the future markets

ThinkMarkets metatrader Platforms

Social Trading

ThinkMarkets provides an array of social trading tools and platforms for you to choose from. We have listed some of these below.

  • Copy trade with ZuluTrade from the best expert traders with a ranking board and their performance
  • Customize your strategy with lot size for different traders to fully diversify your portfolio
  • ZuluGuard can trigger to close your positions with the trader that you follow if their performance is not up to standard

thinkmarkets zulutrade

5. IC Markets Best Forex Broker With Lowest RAW Spreads

IC Markets

Forex Panel Score


Average Spread

EUR/USD = 0.02
GBP/USD = 0.23
AUD/USD = 0.17

Trading Platforms

MT4, MT5, cTrader

Minimum Deposit


Why We Recommend IC Markets

We recommend IC Markets as the best forex broker if you’re looking for the lowest RAW spreads. The broker stands out with its low average RAW spreads, just 0.02 pips on EUR/USD with the RAW account, one of the lowest we’ve seen.

Along with these low spreads, IC Markets offers fast execution speeds and access to various trading platforms. These features combined make it a top choice, earning a strong rating of 84/100 from us.

Pros & Cons

  • Lowest average spreads
  • Offers MetaTrader and cTrader platforms
  • No fees for withdrawing
  • Has a minimum deposit
  • Lacks TradingView platform
  • It doesn’t have its own trading platform

Broker Details

Best Forex Broker With Tight ECN Pricing

With NDD execution, the ECN-style broker leads the pack when it comes to tight variable spreads. The broker is based in Sydney and regulated by ASIC (Australian Securities and Investments Commission) in Australia, CySEC (Cyprus Securities and Exchange Commission) in Europe, as well as oversight from the FSA (Financial Services Authority of Seychelles).

The ECN model employed by IC Markets ensures there is no direct conflict of interest with their clients. IC Markets ECN pricing model comes with the following advantages:

  • Interbank rates with raw spreads (95% of the time the EUR/USD spread is 0.0 pips)
  • ECN trading speed (under 40ms)
  • Powerful trading terminals (including cTrader the only true ECN forex platform)

Note* The average forex spreads were calculated using price data from 01-07-2019 to 31-12-2019.

In addition to its commission-free Standard Account that boasts dealing spreads as low as 1 pip for Euro vs United States Dollar (EUR/USD), IC Markets offers a Raw Spread Account with a $3.50 commission per lot that lets you trade on institutional-grade pricing. This is virtually the same price levels offered by leading global execution venues.

IC Markets Raw Account Spreads
0.02 0.23 0.27 0.85 0.17
0.10 0.30 0.30 1.40 0.20
0.10 0.60 0.40 2.40 0.20
0.20 0.50 0.40 1.50 0.20
0.17 0.59 0.54 N/A 0.30
0.20 0.60 0.50 10.00 0.40
0.10 0.60 0.60 1.30 0.50
n/a 0.20 0.60 3.10 0.50
0.44 0.85 0.40 1.30 0.42

Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024

Compare All Spreads

IC Markets ECN Trading Speed

With respect to speed, IC Markets’ MetaTrader 4 and 5 (MT4/5) trading servers have a super low latency of less than a millisecond on average. Its major Virtual Private Server (VPS) providers transmit pricing data via dedicated lines to nearby data centres, making direct Forex market access fast and highly efficient for IC Markets’ clients.

Forex Order Speed

When it comes to market breadth, IC Markets’ quotes arrive from up to 25 pricing providers who send Executable Streaming Prices (ESP) to the broker. These prices are then directly offered to Raw Spread Account clients using its NDD model where Interbank market rates are not manipulated. You will also never see a re-quote from IC Markets.

IC Markets ECN Trading Platforms

In addition to supporting the market-standard MT4/5 trading platforms that have sophisticated automation capabilities and widespread acceptance, IC Markets also allows you to use the up-and-coming cTrader platform for extra functionality. If you want to trade via the web or a mobile app for iOS or Android, then MetaTrader offers great solutions for those platform types that IC Markets also supports.

No Dealing Desk ECN

For high volume or frequency Forex traders, especially those who use scalping trading strategies or algorithms and have a need for super-tight dealing spreads, IC Markets really does offer the best possible online deal execution and pricing, as you can see in the comparison table below.

Final Words – Best ECN Brokers

Overall, IC Markets offer unfiltered access and no dealing desk interventions to the world’s biggest market. IC Markets clients can deposit and withdraw money safely and secure with 0% commission. The minimum deposit to start trading with a true ECN broker is only USD 200.

6. FxPro Top Forex Broker for cTrader


Forex Panel Score


Average Spread

EUR/USD = 0.2
GBP/USD = 0.2
AUD/USD = 0.5

Trading Platforms

MT4, MT5, cTrader, FxPro Trading Platform

Minimum Deposit


Why We Recommend FxPro

FxPro stands out as one of the few brokers offering cTrader, an excellent alternative to MT4, known for its cleaner interface and faster performance. When you trade with cTrader at FxPro, you gain access to its RAW spreads, which average at just 0.32 pips on EUR/USD.

This means you can trade more effectively with lower costs, enhancing your trading experience and potentially boosting your trading success.

Pros & Cons

  • Decent average RAW spreads
  • Top market analysis provided
  • Offers VPS services for cTrader
  • Minimum deposit required
  • Charges inactivity fees
  • Higher spreads if you don’t use cTrader

Broker Details

Best Forex Broker For Execution Speed

Based in London with regulated offices in the UK, South Africa, Cyprus and the Bahamas, FxPro is a top CFD provider with a well-earned reputation for fast trade executions.

FxPro uses a lightning-fast NDD model to fill most trades in below 11.06 milliseconds, and the broker can execute as many as two thousand trades per second. It boasts a current record of facilitating almost 200 thousand trades in a single day.

The company also makes trading more efficient for its clients by matching buy and sell orders before executing the balance in the market. This differentiates its speedy NDD model from those used by pure ECN and STP brokers.

FxPro NDD Broker With Collocated Servers

Trades executed via FxPro get routed to its Equinix Data centres in London or Amsterdam. FxPro’s trading servers connect with tier 1 banks that provide liquidity using its proprietary Quotix software that acts as a trade aggregator engine, auto-dealing system, and liquidity bridge.

Forex Slippage Trading

Although slippage on stop-loss orders is possible with this broker, 82% of the broker’s market orders left by clients in 2019 were executed at the specified price. Furthermore, 9% of such orders were executed at a better price, while 9% were executed at a worse price.  Re-quotes can also happen, although they occurred in just 0.68% of all market orders given to the broker in 2019, with 0.32% receiving an even better execution price than initially quoted.

Forex Order Requotes

FxPro Direct – Secure Mobile Wallet

FxPro also offers a unique wallet feature separate from traditional trading accounts. This funding reservoir can help with risk management by keeping the bulk of your available capital securely separate from your trading account in case of a sharp unfavourable market movement that could otherwise bankrupt you. A FxPro wallet also provides traders with instant access to an additional reserve trading capital when desired.Forex Mobile Wallet

Forex traders can enjoy the following advantages via the powerful FxPro Direct wallet:

  • Deposits and withdrawals at your fingertip directly from your mobile phone
  • Supports multiple trading accounts
  • 8 supported funding currencies (USD, EUR, GBP, CHF, PLN, AUD, JPY and ZAR)
  • Multiple payment methods (Visa cards and bank transfers)

Furthermore, the broker does not charge fees on deposits or withdrawals, which can be a substantial benefit if you plan on making regular transactions of that type.

Final Words – Fastest Dealing Desk Brokers

FxPro’s industry-leading services in the Forex industry is trusted by more than 1.3 millions forex traders from over 173 countries worldwide. In 2017, FxPro was awarded as the Best Execution Broker Global by Global Brands Magazine. If you want to benefit from ultra-fast order execution, click the button below and start trading today.

7. Saxo Markets ECN Forex Broker With Top Trading App

Saxo Markets

Forex Panel Score


Average Spread

EUR/USD = 0.9
GBP/USD = 0.7
AUD/USD = 0.9

Trading Platforms

MT4, TradingView, SaxoTraderGo, SaxoTrader Pro

Minimum Deposit


Why We Recommend Saxo Markets

We recommend Saxo Markets if you’re looking for an ECN Forex Broker with a top trading app. Saxo’s trading app packs all the same tools and features as its desktop platform, SaxoTraderGO.

This includes an extensive charting package and technical analysis tools, which are often lacking in other brokers’ apps. You essentially get the full power of a desktop trading experience right in your pocket, making it easier to trade on the go without losing access to crucial tools.

Pros & Cons

  • A large range of markets
  • Excellent mobile trading app
  • Well regulated
  • Minimum deposit required
  • No MetaTrader 4 is available
  • Lacks 24/7 customer service

Broker Details

Best Forex Broker For Range Of Markets

Based in Hellerup, Denmark, Saxo Capital Markets is regulated in 15 jurisdictions and offers access to over 42,000 tradable assets, making it our top broker choice for the very broad range of markets offered and very low risk of scams.

With Saxo Capital Markets you can trade 10 different asset classes, including:

  • Forex currency pairs: 182 FX pairs major, minor and exotic pairs
  • Commodities: 4 spot metals, 4 commodity CFDs, 4 commodity futures, 4 commodity options, 4 commodity ETCs
  • CFDs instruments: +9,000 financial instruments
  • ETFs: 3,000 instruments from +30 global exchanges
  • Futures: +200 contracts from 23 global exchanges
  • Forex Options: 44 FX Vanilla options contracts
  • Listed Options: +1,200 options from 23 global exchanges
  • Stocks: +19,000 stock shares from 37 global exchanges
  • Bonds: +5,000 government debt contracts
  • Mutual Funds: 250 global top-rated mutual funds

Saxo Direct Market Access DMA

Saxo offers competitive pricing using either its DMA or market maker execution options. You can trade major Forex pairs on dealing spreads starting at 0.4 pips, with more competitive rates available for high-volume traders.

Saxo Bank offers three pricing tiers with different levels of spreads based on the account type you opt for. Below you can review the typical ECN and STP spreads on the most traded currency pairs.

Forex Bid and Ask Spread

Saxo can provide traders with deep liquidity and the best possible exchange rates by getting its Forex dealing quotes from a broad range of tier 1 financial institutions that participate in the interbank market. These include banks, ECNs and other market-making firms that act as liquidity providers.

Saxo Proprietary NDD Trading Platform

Although Saxo Capital Markets does not support popular trading platforms such as MT4/5, it does have its own proprietary platform called SaxoTraderGO that lets you use over 50 technical indicators for market analysis. This powerful and simple-to-use platform has different versions that let you operate from a Mac or Windows desktop computer, as well as using an iOS or Android tablet or smartphone.

SaxoTraderGo uses the same technology and advanced tools and indicators that hedge funds use. Below you can view what competitive advantages you can gain with SaxoTraderGO:

  • Enhanced trade ticketForex ECN Proprietary Platform
  • Fundamental analysis tools (for equity research)
  • Technical analysis tools
  • News and expert research (price data, trade ideas and educational material)
  • Extensive charting package
  • Option chain with historical puts and calls
  • View portfolio summary
  • Performance analysis dashboard
  • Risk management tools (account balance, stop loss, cancel all orders feature, margin alerts, quick close positions)

Final Words – The Biggest No Dealing Desk Broker

Saxo Bank has $16 billion in total customer assets, and it is processing more than 1 million transactions every single day. At Saxo Bank, you can enjoy direct market access with competitive pricing and a liquidity network composed of tier-one banks, MTFs, ECNs, SIs, Interdealer brokers and additional 36 exchanges.

8. FXTM Best Forex Broker For Range Of Markets


Forex Panel Score


Average Spread

AUD/USD = 0.5

Trading Platforms

MT4, MT5

Minimum Deposit


Why We Recommend FXTM

We recommend FXTM as the best forex broker for a wide range of markets, which is ideal if your trading strategy involves multiple markets. The broker offers an impressive 12,000+ markets, one of the most extensive ranges available.

Additionally, its low average RAW spreads, at just 0.32 pips on EUR/USD, place it in the top 3 in our testing.

Pros & Cons

  • A large range of markets
  • Decent educational resources
  • Low average RAW spreads
  • Only offers MT4 platform
  • Minimum deposit required
  • Trading commissions are average

Broker Details

Best Forex Broker For Account Types

FXTM is a broker offering a wide range of markets to trade with their no-dealing desk policy. The scope of markets includes shares, forex, commodities, and more. They offer a good range of trading platforms with both MetaTrader 4 & MetaTrader 5.

Forex Tier-1 License

Account Types

FXTM offers clients the choice of three different account types. The first being the more popular standard account type which is more suited for if you’re a regular retail trader. The second is a high-volume professional account. The last account is similar to the second one, but it involves no commission with the same ECN execution-style. We have gone into more detail below.

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Standard AccountFXTM Standard Account

This is the more popular account type as most retail traders are not professionals that do it for a living. This account is commission-free, meaning that the costs are built into the spreads. We have listed some benefits below.

  • Simple trading cost calculation because of no commission per trade
  • Can use both MT4 & Mt5
  • Minimum deposit amount of $100

ECN AccountFXTM ECN Account

FXTM ECN account is designed for a professional or day trader. With lower spreads and discounted commission it is beneficial for you if you trade in higher volumes. We have listed a few benefits below.

  • Minimum deposit amount of $500
  • Minimum spread of 0.0 pips for the popular EUR/USD pair
  • Tiered commission amounts if you hold more equity in your account
  • Commissions start as low as $2 per lot ($4 round trade), but go as high as $10 per lot ($20 round trade)

ECN Zero AccountFXTM ECN Zero Account

This account is slightly different from the last because it involves no commission, but with the same ECN trading execution. This means that the spreads are slightly wider than the ECN account.

  • Use of both MT4 and MT5 platforms
  • Minimum spreads from 1.50 pips for EUR/USD pair
  • Minimum deposit of $200
  • Leverage up to 1000:1 (30:1 for Europe/UK)

If higher-margin trading is of interest to you then you may want to view our best high-leverage forex broker page.

Education Centre

FXTM has one of the best education centres compared to any other broker on this list. If you’re a beginner trader then they have tutorials and articles throughout the website to help you start your journey. We have compiled some of the best features below.

  • Webinars with industry experts on education and market analysis to get a better scope of the future direction
  • Forex trading guides and eBooks to expand your knowledge and develop new strategies
  • Education and news videos to stay up-to-date with the latest market progress

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MetaTrader Platformsmetatrader 4 & 5 logos

FXTM offers you two of the most widely used platforms in the world. The first platform is MetaTrader 4, which was made by MetaQuotes back in 2005 as an exclusive forex trading platform that is still popular to this day.

The second platform is MetaTrader 5, which was made in 2010 as a multi-asset platform with multiple upgrades from the previous edition. We have made a chart with the features and differences between the two platforms below.

mt4 vs mt5